Crain's New York Business articles from June 2009

Crain's New York Business archives from June 2009

Hot Jobs; WANTED: president.
June 1, 2009... Byline: Miriam Kreinin Souccar WANTED: president Organization: Brooklyn Children's Museum JOB DESCRIPTION: Running the nonprofit, recently expanded to 102,000 square feet MOST IMPORTANT TASKS: Fundraising to compensate for...

Winners Like Results.
June 1, 2009... Crain's top entrepreneurs of 2009 are people who excel at delivering results in good times and bad. Their taste in politicians reflects that bottom-line orientation. We asked all six of our winners to rank the on-the-job performance of...

SPITZER REDUX? Image on upswing.
June 1, 2009... In a Siena poll released last week, 21% of New Yorkers say they wish Eliot Spitzer were governor, up from 11% a month ago. The disgraced former governor placed third, behind former governors Mario Cuomo (31%) and George Pataki (30%); Gov. David...

Dry cleaner presses for smoothest service; Answer to customers is always `yes'.
June 1, 2009... Byline: Cara S. Trager Surviving, much less standing out, in a city that boasts thousands of dry cleaners is a struggle. For Victoria Aviles, the key is customer service. At her two shops, she does more than tenderly tailor, clean and...

Designer crafts artisan community; Site provides paths for direct purchases.
June 1, 2009... Byline: Cara S. Trager As a high-school dropout who had gone on to attend half a dozen colleges before finally emerging from New York University with a major in the classics, Rob Kalin seemed to have fewif anyof the ingredients for...

Fed funds come to B'klyn complex.
June 1, 2009... Byline: Amanda Fung Brooklyn's whitman-ingersoll Houses complex has emerged as one of the biggest local beneficiaries of President Barack Obama's federal stimulus spending. Out of the 70 New York City Housing Authority public housing...

Low cost of burgers lucky for Lucky's.
June 1, 2009... Byline: Adrianne Pasquarelli Lucky's famous burgers is still trying to grow into its name. The eatery just signed a 12-year lease for 800 square feet of ground-floor space, along with a 325-square-foot basement, at 264 W. 23rd St., between...

Central Perk.
June 1, 2009... It's easy to take a public place like Central Park for granted, so the Central Park Conservancy wants to remind peopleespecially donorshow valuable it is. Today, the conservancy is releasing its first study of the park's economic impact on...

Etsy.
June 1, 2009... Etsy Founded 2004 Revenue $1 million/month Employees 65 Best recession strategy: Not spending what Etsy doesn't have. Not doing things that are outlandishlike ballooning the head count from 65 to 500. Biggest recession...

From laid-off to owner; Recession sparks franchising boom.
June 1, 2009... Byline: Lisa Fickenscher As months without a job dragged on, Jason Saber began thinking about starting his own business. The idea clicked into place one afternoon early this spring when his 13-year-old daughter persuaded him to take her to...

A must-do list for Albany.
June 1, 2009... With the state legislative session in its final weeks, three business-related issues deserve action: overhauling the state's antiquated liquor laws, providing long-term tax incentives for the film industry and increasing New York's woefully...

Guv-O-Meter.
June 1, 2009... Beleaguered Gov. David Paterson has hit yet another rough patch. Last week, a judge blocked his new bottle bill from taking effect June 1, prompting environmentalists to blame Mr. Paterson for not fixing the legislation weeks ago. "The governor...

New York, New York.
June 1, 2009... Byline: edited by Valerie Block Gen Art wishing on stars The celebrities whose careers Gen Art helped launch are coming together to try to keep the organization from going under. Adrien Brody, Adrian Grenier and Zac Posen are just a...

Good signal for radio ads.
June 1, 2009... Good signal for radio ads the market for local radio advertising may have finally bottomed out. According to industry insiders, some of New York's top-rated stations, including WCBS-AM and WLTW-FM, sold out their inventory for May....

IN BRIEF.
June 8, 2009... Helped ALONG by the financial meltdown, hotel room rates HAVE declined faster in the city than in any other major market in the country. In April, the city's hotel room rates were down 26%, to $224$78 below year-earlier levels, according to PKF...

Nonprofits gird for long battle; Groups struggle to hold skittish donors.
June 8, 2009... Byline: Miriam Kreinin Souccar KAREN BROOKS HOPKINS saw it coming. "Last summer, when it was clear that the world as we knew it was coming apart, I looked at my boyfriend and said, `The next year of my life is going to be hell,' ''...

THE INSIDER.
June 8, 2009... Byline: Erik Engquist and Daniel Massey Bloomberg canvassers hit streets Mayor Michael Bloomberg's re-election campaign has begun extensive voter outreach a whopping five months before the election. Paid and volunteer canvassers,...

Gussied-up 515 Madison draws crowd; Three deals follow $5 million makeover.(Brief article)
June 8, 2009... Byline: THERESA AGOVINO Fresh off a $5 million makeover that includes an expansion and renovation of its lobby, 515 Madison Ave. lured two new tenants, while an existing one expanded its footprint. The new deals total nearly 34,000 square...

Paterson fights to stay in game; Time running out for headway before Legislature adjourns.
June 8, 2009... Byline: Erik Engquist AN INCREASINGLY anxious Gov. David Paterson, cornered by an uncooperative Legislature and a slumping economy, has charted a course back to popularity. Back-slapping and joke-cracking are out; tough talk and vetoes are...

STIRRING THE POT The president.(Brief article)
June 8, 2009... President Barack Obama's nomination last week of northern New York Rep. John McHugh as Secretary of the Army was blasted as a political maneuver by the National Republican Congressional Committee, but it also creates dangers for Democrats. ...

NEW YORK, NEW YORK.
June 8, 2009... Byline: Lisa Fickenscher Celeb chef's new course Star chef Geoffrey Zakarian (left) has been knocked around during the downturn. In April, his Town eatery filed for bankruptcy, and last year, the formal dining room of his Country...

THE WEEKS AHEAD.
June 8, 2009... Byline: MAIA BLUME This Week's Events June 9 A Career Choice holds networking program on seven strategies for investing during a recession and in volatile markets. 7:30 a.m. to 9 a.m., Hippodrome, 1120 Sixth Ave., fourth floor....

Life's a Beach for Art Institute.(Art Institute of New York)(Brief article)
June 8, 2009... Byline: THERESA AGOVINO THE ART INSTITUTE of New York City inked a deal for 12,500 square feet at 11 Beach St., bringing its total in the building to 75,000 square feet. The two-year school will take over the third floor in July. It...

Rudy's picks up beat on Broome.(Brief article)
June 8, 2009... Byline: ADRIANNE PASQUARELLI RUDY'S MUSIC AND GUITAR SHOP is playing a new song in SoHo. The venerable retailer, which has been in the same location on West 48th Street for 31 years, recently signed a 10-year deal for its second location....

The Insider.
June 15, 2009... Byline: Erik Engquist and Daniel Massey Cuomo gets mileage from bill State attorney general Andrew Cuomo (right) says that with 10,521 governments across New York, his consolidation bill would lower taxes. Never mind that 77% of them...

You are to blame for Albany's mess.
June 15, 2009... Byline: Greg David Almost exactly five years agoin July 2004the Brennan Center for Justice put its finger on what was wrong in Albany: There was no democracy in the state Legislature. All 11,474 bills that reached the floor of either the...

LAWYERS HIT THE WEB TO WOO CUSTOMERS.
June 15, 2009... In the high-stakes world of medical malpractice, lawyers are turning to the Web to aggressively market their services. That is particularly true for cases involving babies injured at birth. On average, even the best obstetricians get sued...

Small businesses; City plans to issue more violations to raise revenue, even as it promises to cut red tape.
June 15, 2009... Byline: Daniel Massey They fought hard to defeat Mayor Michael Bloomberg's ban on smoking in restaurants, and when they lost that battle in 2003, Staten Island's restaurant and tavern owners, bruised and battered, disbanded their trade...

Related's rumble in the West Bronx; Kingsbridge Armory project runs into community push for `living wage'.
June 15, 2009... Byline: Hilary Potkewitz On June 24, Bronx Community Board 7 will hold its last public hearing on the Kingsbridge Armory project, which would turn the sprawling, long-vacant building into a shopping mall. The Related Companies...

Citi's and New York's misery.
June 15, 2009... Last week, most of New York's major banks, including J.P. Morgan Chase, Goldman Sachs, Morgan Stanley and Bank of New York Mellon, repaid their bailout money, thus loosening government control over their operations. Then there's Citigroup. It...

AD EXECS FILL SPACE; Corporate Ladder.
June 15, 2009... Byline: Maia Blume John Partilla, 44, has joined Clear Channel Communications Inc. as executive vice president and president of global media sales, a newly created position. He will be responsible for the development of Clear Channel's...

PICK OF THE WEEK.
June 15, 2009... Thursday, June 25 Support the global peace effort with AIDSfreeAFRICA and Swim Strong Foundation at the Jazz for Peace Concert featuring Rick DellaRatta (above). The band, featuring musicians from around the world, formed in 2002 to perform at...

Executive MOves.
June 15, 2009... Byline: Maia Blume Lincoln Center: Katherine G. Farley, 59, was named chairwoman. She will serve jointly with current chairman, Frank A. Bennack Jr., until he steps down in June 2010. Ms. Farley, a managing director at Tishman Speyer, will...

The Week Ahead June 22-28.
June 15, 2009... Byline: Maia Blume Forums Tuesday, June 23 The New York Building Congress will host a forum with NYC Council Speaker Christine C. Quinn from 8 a.m. to 9 a.m. at the Hilton New York in the Trianon Ballroom, 1335 Sixth Ave. Fees are...

Landlords woo tenants with savings; Change tacks as vacancies mount the fashion tower is out of vogue.
June 15, 2009... Byline: Theresa Agovino Management shed the old name of 499 Seventh Ave. like last year's shoe style and now refers to the building by its address alone, in the hope that the property will no longer be pigeonholed as a single tenant-type...

Letters to the Editor.
June 15, 2009... Gay marriage's economic benefits STATE COULD GAIN $210 MILLION IN 3 Years the economic benefits of legalized marriage for same-sex couples witnessed by Massachusetts over the past five years clearly would be borne in our state as well...

Medicine meets social networking; Doctors turn to blogs, Twitter to share advice.
June 15, 2009... Byline: Judith Messina When a patient asked recently for a prescription for Dostinex to revive his flagging libido, Brooklyn internist Sean Khozin was uncomfortable recommending the drug, which is used to treat hormonal disorders. Dr....

New York, New York.
June 15, 2009... Study guides lower standards Generations of high school students have scraped by in literature classes with the help of CliffsNotes versions of Crime and Punishment and Moby Dick. But the venerable study guide might be loosening its...

The rapid rise and faster fall of Sen. Smith; Malcolm's crash offers a case study in how not to lead an organization.(Case study)
June 15, 2009... Byline: Erik Engquist The coup that toppled Senate Democratic leader Malcolm Smith came suddenly, but the foundation of his power had been crumbling since November, when several Democrats held up his coronation as majority leader. The...

Summer Brew.
June 15, 2009... Just in time for the season, Fire Island Beer Co. last month introduced its first commercial offering, Lighthouse Ale. The amber beer is the handiwork of brothers Tom and Bert Fernandez and their cousin Jeff Glassman. The trio developed their...

Glutton for punishment? Bonnier Corp. CEO picks up 5 titles as others cut and run.
June 15, 2009... Byline: Matthew Flamm This could be the worst time in history to own magazines, but for Bonnier Corp.'s Terry Snow, it's a very good time to buy them. The 54-year-old chief executive has just acquired five titlesAmerican Photo, Popular...

Dressing the Part.(Brief article)
June 15, 2009... Byline: Miriam Kreinin Souccar Even after dressing countless celebrities in his 24 years at The Public Theater, costume master Luke McDonough remains starstruck. [paragraph] A highlight of his work on the current production of Twelfth...

In the markets.
June 15, 2009... Byline: Aaron Elstein BlackRock's big deal to fuel money mergers Blackrock inc. shook up the stodgy world of asset management last week by agreeing to acquire Barclay's investment management business for $13.5 billion to form the...

Rolling in it.
June 15, 2009... Largest New York-based money managers' assets under management BlackRock* - $2.8 trillion J.P. Morgan - $1.1 trillion BNY Mellon - $900 billion Goldman Sachs - $800 billion *Includes Barclays Global merger. Note: Assets as...

In Brief.
June 15, 2009... Most big banks agreed last week to repay their federal bailout money, but they still face big costs to get the government out of their hair. The banks now must repurchase the warrants they issued to the government last fall, and that's expected...

State of emergency for med mal coverage; Insurers may raise their rates; doctors, hospitals would feel pinch.
June 15, 2009... Byline: Gale Scott A yearlong state moratorium on medical malpractice insurance rate hikes is set to expire on June 30, and that means long-simmering issues are about to boil over. All stakeholders are pushing for state action....

AFRAID OF MALPRACTICE SUITS, INSURER DROPS DOCTORS.
June 15, 2009... Obstetrician Jacqueline Perlman works for a small group practice whose physicians deliver 400 babies a year, mostly at Brooklyn's Methodist Hospital. By all accounts, she is a good doctor who loves the hard work. But Dr. Perlman may leave the...

Polo exec adds flair to trendy thrift shop; Sales jump at Housing Works clothing stores, even as economy slows.
June 15, 2009... Byline: Adrianne Pasquarelli Eleven months ago, trendy Housing Works Thrift Shops got even trendier with new President Richard Vorisek, who joined the nonprofit from fashionable clothier Polo Ralph Lauren. Mr. Vorisek arrived at the...

An army of one; How a media-savvy parks gadfly ticks off city, developers--on less than $30,000 a year.
June 15, 2009... Byline: DANIEL MASSEY Geoffrey Croft wolfed down a plate of rice and beans last week and hustled to City Hall, where he told a NY1 reporter that the new High Line elevated park in trendy Chelsea was getting more than its fair share of...

More NYC banks exit a hedge fund niche; Push to attract small investors worked. Until it didn't.
June 15, 2009... Byline: Hilary Potkewitz After an abysmal year for hedge funds and hedge fund-related investments, some banks are quietly backing out of the very businesses they prized as innovative and groundbreaking a mere two years ago. Banks are...

Lawyers Alliance sets example.
June 15, 2009... Byline: Amanda Fung The Lawyers Alliance for New York Inc., which provides business law services to nonprofits, got what it believes is an inspiringly good deal on its new midtown space. "We are happy to set an example and find cheaper...

No vacancy at 1440 Broadway.
June 15, 2009... Byline: Theresa Agovino Inner Workings Inc. signed a 12-year lease for nearly 23,000 square feet at 1440 Broadway, bringing the building to 100% occupancy. The asking rent for the deal was $50 a square foot. Inner Workings, which...

Locanda Verde.
June 15, 2009... Locanda Verde 377 Greenwich St. (212) 925-3797 www.thegreenwichhotel.com * * * Cuisine Modern Italian Price range Entrees, $14-$26 Serving Breakfast, lunch, dinner RESERVATIONS Absolutely * * * I can't...

Business Lives.(Brief article)
June 15, 2009... Byline: Xana Antunes Today marks the debut of two columnists in the pages of Crain's New York Business. Gael Greene, whose writing on restaurants and food has set the gold standard in this city and beyond, returns to print with a column...

Sales of towers a good sign; But too early to tell if market rebound is taking place.
June 15, 2009... Byline: Theresa Agovino The commercial real estate market got some rare good news in the past two weeks when agreements were struck to sell three Manhattan office towers. But experts say it may be too early to talk about the beginning of a...

WHAT HE'S READING.(Brief article)
June 15, 2009... Byline: Lisa Fickenscher Restaurant guide book guru Tim Zagat just dove into Family of Secrets: The Bush Dynasty, the Powerful Forces That Put It in the White House, and What Their Influence Means for America, by Russ Baker. The...

Murdoch's MySpace hit now a miss; Layoffs eyed as networking site, like, loses it.
June 15, 2009... Byline: Matthew Flamm If the world were a fair place, Tom Freston would get his job back. Three years ago, Viacom Chairman Sumner Redstone fired his favorite chief executive for letting MySpace slip awayinto the hands of Rupert...

Hot Jobs.
June 15, 2009... Byline: Miriam Kreinin Souccar Associate dean ORGANIZATION Columbia Business School JOB DESCRIPTION Head the school's external relations and development activities MOST IMPORTANT TASK Help raise $400 million CREDENTIALS...

Recession-proof child care; With some tweaks, providers thrive by catering to both kids and parents.
June 15, 2009... Byline: Kira Bindrim Though parents are cutting back on everything from haircuts to designer duds for their broods, some child care providers are weathering the storm by offering programs that also cater to moms and dads. Others are...

Tourism & Entertainment.
June 29, 2009... Though suffering because of the recession, tourism, sometimes called New York's second-most-important industry, still is doing well by historical measures. Entertainment venues haven't seen the declines some had feared. In this economy, people...

Media & Technology.
June 29, 2009... Traditional media struggled in 2008 and early 2009, caught between a recession and the Internet revolution. One bright spot was Internet advertising. Meanwhile, some of the tech titans in the New York area continue to post healthy profits.

Professional Services.
June 29, 2009... New York is home to many of the top-ranked lawyers, accountants and consultants. Workers in the sector were 23% more productive than national counterparts at the asset bubble's height in 2007. Despite their prowess, these firms aren't likely to...

City In Transition.
June 29, 2009... The federal stimulus package is sending $2.2 billion to NY state to fix potholes in transportation budgets; for a list of projects, see Page 16. This fall, a city-friendly Obama administration may help redirect permanent funding from highways...

Executive Moves.
June 29, 2009... Byline: Maia Blume Jewish Theological Seminary: Abby Joseph Cohen, 57, was appointed chair of the board of trustees, replacing Gershon Kekst. She is a senior investment strategist and president of the Global Markets Institute at Goldman...

More educated consumers; Syms doubles its store count with Filene's buy.
June 29, 2009... Byline: Adrianne Pasquarelli Local retailer Syms Corp.'s nose for bargains doesn't stop at designer ties and suits. In mid-June, the company purchased fellow discounter Filene's Basement out of bankruptcy, beating several other bidders,...

Retail.
June 29, 2009... New York's Fifth Avenue is the most iconicand expensiveshopping street in the world. Retailers paid $1,850 a square foot there in 2008, though prices have dropped since. Most New Yorkers spend in more mundane places: Dunkin' Donuts is the...

City In Transition.
June 29, 2009... Average asking Retail Rents slid 11% between fall 2008 and spring 2009, according to the Real Estate Board of New York. Brokers say they don't expect rents to bottom out until spring 2010, when in some areas they may be 30% below the peak.

The tides bear surprising riches; Pasta outdoes fish at Marea, star chef's latest venture.
June 29, 2009... Byline: Gael Greene There might have been a moment in the countdown toward opening Marea (Italian for tide) when chef Michael White and partner Chris Cannon could have scaled down their ambition. By the time it was clear the city was in...

Demographics.
June 29, 2009... As much as growth in jobs, an expanding population signals a community's health. New York City's population has grown steadily since 1990a trend that demographers expect to continue, given immigration patterns and longer life spans.

Why Atlantic Yards matters.
June 29, 2009... Amid an outcry that the state and the MTA have given Forest City Ratner a sweetheart deal to keep alive its Atlantic Yards project, it's time to recall how this scheme originated and why it has such steadfast backing from responsible city and...

Employment.
June 29, 2009... NYC began losing jobs in late 2008, well after nationwide unemployment levels started rising. City job losses for some industries are expected to continue through 2012, but three-quarters of the total decline is projected to occur by the third...

Health Care.
June 29, 2009... Health care spending in NY state is over $6,500 per capita, one of the highest levels in the U.S. Heavy regulations, the high cost of living and inefficient hospital systems are often cited as culprits. After years of expanding its public...

Real Estate.
June 29, 2009... The commercial real estate sector is beginning to give back some of the gains from the boom years, but rents are still well-above levels of five years ago. On the residential side, foreclosures are falling in New York; the city has avoided the...

Banking.
June 29, 2009... The magnitude of the fall 2008 financial crisis and the government's response to it are calling into question Wall Street's legendary ability to reinvent itself. Meanwhile, the recession is ending the retail banking boom of the past decade.

City In Transition.
June 29, 2009... The real estate community is awaiting the opening of 11 Times Square, 510 Madison and Goldman Sachs' headquarters in the coming months. Collectively, they'll add about 3.5 million square feet and could push the vacancy rate up a percentage...

Landmark conversion on track, but sales lag; Manhattan House at last gets its act together.
June 29, 2009... Byline: Amanda Fung Earlier this month, nearly 150 tenants sipped cocktails and nibbled on hors d'oeuvres in Manhattan House's newly renovated 10,000-square-foot rooftop club. Both the upgrade and the sustenance came courtesy of O'Connor...

Education.
June 29, 2009... More than half a million students attend the 110 institutions of higher education in New York City, making it the biggest college town in the country. The city's public school system, with more than 1 million students, is the largest in the...

In Brief.
June 29, 2009... THE LOCAL JEWELRY INDUSTRY lost some of its shine last week after diamond district wholesaler Henry Dunay Designs Inc. and Madison Avenue retailer David Webb Precious Jewels filed for Chapter 11 bankruptcy protection. Each listed liabilities of...

WHAT SHE'S READING.
June 29, 2009... Byline: Amanda Fung Barbara Corcoran, founder of The Corcoran Group, sold the residential brokerage eight years ago for $70 million. The author of two books, she recently picked up a copy of The Twitter Book, by Tom O'Reilly. "I'm trying...

Summertime blues; Job scarcity hurts teens trying to save for college, get some spending money.
June 29, 2009... Byline: Kira Bindrim Five months and six applications after starting his search, Summit Pal is still jobless. The Queens native, who graduated from Information Technology High School last week, plans to attend the Polytechnic Institute of...

Small business.
June 29, 2009... Small businesses traditionally lead a recovery, but in New York, some of their economic power is squelched by taxes and regulations. The state and the city governments are often judged among the worst in the nation for the difficulties they...

Transportation & trade.
June 29, 2009... It's a thin silver lining in a bad economy: Traffic is down this year. Even New York's bustling port, the third-largest in the nation, is quieter as the global recession slows trade. Come fall, expect to hear the sound of jackhammers as...

City In Transition.
June 29, 2009... At the beginning of 2008, the world's five largest investment banks were in NYC. Then Bear Stearns was acquired by J.P. Morgan, Lehman went bankrupt and Merrill Lynch was acquired by BofA. Goldman Sachs and Morgan Stanley have become bank...