Crain's New York Business articles from November 2008

Crain's New York Business archives from November 2008

Health care becomes fallback position; Sector sees surge in job seekers from finance.(News)
November 3, 2008... Byline: Gale Scott As head of a medical employment agency, Steven Craig has read thousands of resumes over the years. But he has seen something new in the past two weeks: applications for hospital jobs from people who last worked in...

PUBLIC ADVOCATE Jockeying starts.(Briefs)
November 3, 2008... Even though the possibility of a third term is now open to her, Public Advocate Betsy Gotbaum (right) announced last week that she will leave the post. An opponent of term limits extension, Ms. Gotbaum says she could not benefit from something...

Budget hoteliers unfazed; With their segment holding up, group forges ahead with ambitious projects.(News)
November 3, 2008... Byline: Lisa Fickenscher Tourist crowds are thinning; corporate travel is tanking. And the combination is eroding both occupancy and room rates at city hotels--a trend that many experts say is just beginning. New York's most prolific...

'Yes' on Willets Point is crucial.(Viewpoint)
November 3, 2008... The city council should approve the Bloomberg administration's comprehensive plan to redevelop the blighted Willets Point section of Queens--not in spite of the financial crisis, but because of it. Anything less than resounding approval would...

Midsize deals suddenly the only game in town; Competition grows as larger firms compete with established shops.(Business of Law Report)
November 3, 2008... Byline: Hilary Potkewitz Back in 2006, multibillion-dollar deals were the rage, and the biggest law firms in the city had their names written all over them. Now that credit markets have stalled and investment banks been dismantled,...

A fresh start without gridlock.(Viewpoint)
November 3, 2008... Byline: Alair Townsend It's been a long time since I have looked forward so eagerly to seeing the back of a president. There's not much for me to celebrate, and some big causes of despair from the eight years of George W. Bush. I want...

B&N plots advantage with social network; Online feature designed to connect readers.(News)
November 3, 2008... Byline: Kira Bindrim Barnes & noble inc. doesn't just want to know what you're reading; it wants you to tell everyone else, too. The Manhattan-based book retailer last week launched My B&N, an online social network that allows users to...

Group seeks Host businesses; exploring careers.(Real Estate)
November 3, 2008... The Greater New York Councils' Exploring program is seeking businesses to host educational sessions offering high school students the chance to explore various industries and make better decisions about possible career choices. The...

Law Resources and More on Web.(Business of Law Report)
November 3, 2008... Largest law firms list online Readers can download the list of the largest law firms in the New York area by visiting Crain's Web site, www.crainsnewyorkbusiness.com/businesslists. The list is available in PDF, Excel or HTML form. In addition,...

Office vacancies rising faster than expected; 17.6% rate in next year, according to study.(News)
November 3, 2008... Byline: Elisabeth Butler Cordova In the next year, commercial vacancies for the New York metropolitan area will surge to 17.6%, up from today's 12% rate, according to a revised forecast issued last week by Property & Portfolio Research...

OVERLAPS; Wounded giant scrambles to cut costs and shed troubled assets; rivals seize openings.(Business of Law Report)
November 3, 2008... Byline: Aaron Elstein Law school students worried about landing a job should focus on areas such as bankruptcy or intellectual property as it applies to the Internet, says Paul Mourning, a hiring partner for Cadwalader Wickersham & Taft....

Firms migrating to cash-rich star in the East; More set up offices in Persian Gulf, enticed by flow of investable capital.(Business of Law Report)
November 3, 2008... Byline: Hilary Potkewitz it used to take a lot of coaxing to get New York lawyers to move to the Persian Gulf, but the U.S. financial freeze is prompting more of them to warm to the idea. The Gulf kingdoms are awash with capital to...

Retailers pin hopes for holiday on Internet; Even more shoppers migrate online, but site designs are costly.(News)
November 3, 2008... Byline: Adrianne Pasquarelli Facing a christmas that's more red than green, many retailers are looking to their e-commerce sites for a silver lining. Holiday spending is expected to increase this year by a meager 2.2%, to $470 billion,...

Should U.S. taxpayers bail out New York? CRAIN'S ONLINE POLL.(Viewpoint)
November 3, 2008... 304 VOTES Date of poll: Oct. 29 57% No. The budget deficits are largely the result of reckless spending in Albany. Why should the rest of the country help out? 43% Yes. Because Wall Street is in New York, the state is going to be...

The Insider.(Briefs)
November 3, 2008... Byline: erik engquist and matthew sollars No Capital trip for New York pols If sen. Barack Obama (left) wins Tuesday, don't expect many New Yorkers to join his administration. Most Democrats here hitched their hopes for a D.C. job to...

All work, some play; Adding time off to biz trips saves bucks.(Business Lives)
November 3, 2008... Byline: LISA FICKENSCHER Roland alonzi's job as a New York City marketing executive has required him to fly to Colorado at least 30 times over the past year. Last month, for the first time, he asked his girlfriend to join him so that they...

THE SEARCH FOR A SUCCESSOR.(Business of Law Report)
November 3, 2008... By Dec. 1, a commission will deliver seven names to Gov. David Paterson, who must then select a new chief judge of the Court of Appeals. The state Senate must confirm his appointment between Jan. 1 and Jan. 15. Speculation about Chief...

In the Markets.(Briefs)
November 3, 2008... Byline: erik ipsen Snoopy hits a rough patch Getting met certainly hasn't paid for investors lately. Shares in MetLife Inc. have plummeted by nearly 50% in the last six weeks. And with good reason: The nation's largest life insurer...

Time Inc.'s tough transition; Reorganization brings titles together but draws criticism for lack of digital focus.(News)
November 3, 2008... Byline: Matthew Flamm As time inc. goes through its second major restructuring in three years, which is expected to include more than 600 layoffs, the publishing giant is trying to create a more centralized operation that makes the best...

New York By The Numbers.(News)
November 3, 2008... If you've ever wondered which opera has been performed the most times at the Met (Puccini's La Boheme) or what was the city's lowest recorded temperature (-15 F in February 1934), then The Almanac of New York City, recently published by...

Art auctioneers prepare for low-bid season; Sotheby's, Christie's ask sellers to lower minimum prices.(News)
November 3, 2008... Byline: Elisabeth Butler Cordova New york's auction houses are bracing for the start of their key fall sales season this week, which will show how badly the global financial crisis has affected the art market. Both Sotheby's and...

New York, New York.(Briefs)
November 3, 2008... Holocaust production stepping to Broadway Irena's vow, the off-Broadway Holocaust play starring Tovah Feldshuh (left), is heading to Broadway this spring. The production, which tells the true story of a Polish Catholic woman who risked her...

At Deadline.(Late News)
November 3, 2008... The city reached a tentative agreement with the Corrections Officers Benevolent Association for 4% wage increases in each of the next two years. Along with other increases, the new contract amounts to a nearly 10% increase in compensation for...

Networks make Times Square election night headquarters; U.S. and global organizations to cover from spot.(News)
November 3, 2008... Byline: Lisa Fickenscher Times square will be transformed into Election Central on Tuesday. Almost every major U.S. and international news organization is setting up operations in hotels and studios in the neighborhood, hoping to...

Fort Greene tries art of promotion; Myrtle Ave. stores flash local paintings in effort to bring in more foot traffic.(Neighborhood Journal)
November 3, 2008... Brooklyn's Fort Greene neighborhood has long drawn more than its fair share of artists, largely due to the area's longtime mainstay--Pratt Institute, a school that specializes in art and design. Pratt students, eagerly clutching sketch pads,...

Hospital system proceeds with project to build new facility in Village; Hospital system proceeds with project to build new facility in Village.(News)
November 3, 2008... Byline: Theresa Agovino Saint vincent catholic medical Centers' hopes of building a new hospital brightened after it secured a major victory from city officials last week that allows it to raze a former union hall, paving the way for...

Debtors left in limbo; Without Lehman funds, developers' projects founder; unanswered queries.(News)
November 3, 2008... Byline: Theresa Agovino Kent swig's condo conversion at 25 Broad St. has entered a frightening new place: Lehman Brothers limbo. In happier times, Lehman was bankrolling Mr. Swig's effort to transform the stately 21-story tower into an...

Creative deal for penthouse tenant; Financial advisers opt for West 57th Street; space comes with skylights.(Real Estate)
November 3, 2008... Consulting firm ML Management signed a 10-year lease for the 26th floor penthouse of 250 W. 57th St., between Broadway and Eighth Avenue. The asking rent for the roughly 9,300-square-foot space was $65 a square foot. The company, which...

Trouble in paradise: Crisis crimps Hamptons housing; 3Q prices, sales fall in resort area and elsewhere on L.I.(News)
November 3, 2008... Byline: Theresa Agovino Residential real estate in the Hamptons has been hit harder by the sinking economy and the credit crunch than housing in New York City. The average price of a house in the posh coastal enclave plunged 23.3% in...

Harlem eatery hit by lean times; MoBay Uptown files for Chapter 11 but keeps partying.(News)
November 3, 2008... Byline: Elisabeth Butler Cordova For weeks, Harlem restaurant MoBay Uptown has been planning an all-night election party on Tuesday, and it's already lined up music, signature Obamatinis and free appetizers for everyone who attends. ...

Hot Jobs.(Business Lives)
November 3, 2008... Byline: damian ghigliotty WANTED: Senior Sales Director company Bank of New York Mellon JOB DESCRIPTION Selling investment services to high-net-worth individuals and funds via various means, including personal meetings MOST...

Fulton another good catch; Citarella group's new member features the freshest seafood in a warm setting.(Business Lives)(Restaurant review)
November 3, 2008... Joe "citarella'' gurrera, honored last week as Retailer of the Year by the Manhattan Chamber of Commerce, is expanding his seafood empire with a posh new fish house, Fulton. Celebrating Fulton Fish Market, New York's storied, 179-year-old...

Budget crisis will cut deep in NYC; Faces $1 billion in losses; schools, hospitals, nursing homes big targets.(News)
November 3, 2008... Byline: Erik Engquist More crowded classrooms. Longer waits in emergency rooms. Tax increases. The impact of the state's budget crisis on New York City will be profound and will be felt in many ways. The city could face $1 billion or...

Taking a new stage; Fundraising vet will run Atlantic Theater's business side; aims to bring in $10 million.(Business Lives)
November 3, 2008... Byline: Miriam Kreinin Souccar Embarking on a capital campaign during the worst economic crisis in decades could be fodder for a comedy of errors or a Shakespearean tragedy for an off-Broadway theater. But that is exactly what the...

French standard for new century; In TriBeCa, Nieporent's Corton excels with clean, precise, intense flavors; affordable dishes.(Business Lives)
November 10, 2008... Corton, Drew Niepor- ent's superb new restaurant named for Burgundy's largest area of Grand Cru wines, is really all about great food and service. It's no surprise that the man whose Montrachet sparked TriBeCa's renaissance 23 years ago creates...

Peacock network fails to take off, again.(News)
November 10, 2008... Byline: Matthew Flamm Hip chief's slate can't land coveted young audience; needs identity, defining night nbc universal thought it was the hippest broadcaster in Hollywood when it hired high-flying producer Ben Silverman as co-chairman...

STATE SENATE Out in left field.(Briefs)
November 10, 2008... Regardless of whether Malcolm Smith (below) or someone else lands the job of majority leader of the state Senate, the new Democratic majority will shift the chamber's politics decidedly leftward. Initiatives routinely banished by...

The Insider.(Briefs)
November 10, 2008... Byline: Erik Engquist and Matthew Sollars Forget the rebate check, mate The checks, it turns out, were not in the mail. City homeowners won't get the $400 property-tax rebate checks that they've been receiving for the past four years,...

Timing off on city's raises; Pay hikes for union workers despite cutbacks elsewhere.(News)
November 10, 2008... Byline: Daniel Massey Last monday, Mayor Michael Bloomberg stood in the Blue Room at City Hall to announce a two-year contract that provides 100,000 municipal workers in District Council 37 with 4% annual raises. The increases didn't...

Making the case for Wall St. bonuses.(Viewpoint)
November 10, 2008... Byline: Greg David The line "Wall Street versus Main Street'' has become a mantra this fall. They shouldn't be enemies, especially in New York. It is understandable that politicians from California and Massachusetts want to prevent...

Paterson's conservative ally.(Viewpoint)
November 10, 2008... Democrats may hold all the power in Albany following Tuesday's election victory, but the key decisions about the budget, spending and taxes will be a struggle of two against one. The questions: Which two, and who is the odd man out? The...

Progress on site near Atlantic Yards; Telecom Building revamp moves ahead in Brooklyn; no such luck for big neighbor.(Neighborhood Journal)
November 10, 2008... Bruce ratner, eat your heart out. While his vast Atlantic Yards hangs in limbo, awaiting resolution of court cases and his ability to come up with mountains of financing, a rival developer is moving swiftly to renovate the Telecom Building...

BEATING A PATH TO THE POTOMAC.(News)
November 10, 2008... Byline: erik engquist and matthew sollars beating a path to the potomac High-profile endorsers of victorious presidential candidates often line up for White House appointments. But the payoff for New Yorkers from Barack Obama's success...

What Obama means for NY; Urban-centric policies a help, but tax plan mixed bag.(News)
November 10, 2008... Byline: Erik Engquist What will Barack Obama's presidency mean for New York? There is no great gathering of Gotham-ites in line for senior White House posts, so the state will not have any particular influence in the new administration....

What will Barack Obama's approval rating be a year from now? CRAIN'S ONLINE POLL.(Viewpoint)
November 10, 2008... 402 VOTES Date of poll: Nov. 5 52% Around 50%, as the economy gets slightly better 28% Below 30%, as he continues to struggle with a recession 20% Above 70%, as the economy rebounds strongly

These Listings.(Report: Growing a Business Guide)
November 10, 2008... These listings were compiled by Denise Southwood, Maia Blume, Stephanie Kim and Sarah Studley. Organizations were asked to provide listings if they appeared last year or if they contacted Crain's requesting inclusion. Some entries were edited...

Small BiZ Resources on CRAINSNEWYORK.COM.(Report: Growing a Business Guide)
November 10, 2008... GROWING A BUSINESS GUIDE ONLINE Crain's list of more than 600 organizations that help small businesses can be accessed through the "Resources" tab at www.crainsnewyork.com. SMALL BUSINESS ALERTS Sign up for free e-mail alerts and be the...

Repairing Brand Central; Finance whiz promoted to guide NexCen's recovery from problems with loans, rapid growth.(Business Lives)
November 10, 2008... Byline: Adrianne Pasquarelli When ken hall joined NexCen Brands Inc. as chief financial officer and treasurer in March, he thought he would be part of a high-growth success story. In the previous 14 months, NexCen had acquired nine...

New York, New York.(Briefs)
November 10, 2008... Byline: Valerie Block Another cable TV comic gets with print Like almost any comic with a following these days, Sarah Silverman is shopping a book. Hard on the heels of Tina Fey's $5 million deal with Little Brown, Ms. Silverman is...

In Brief.(Briefs)
November 10, 2008... After last week's disappointing sales, the art world is bracing for even worse showings this week at Christie's and Sotheby's contemporary art auctions. First up will be Sotheby's Tuesday evening sale, featuring 64 lots that are predicted to...

Export Assistance.(Report: Growing a Business Guide)
November 10, 2008... The following agencies offer services for New York exporters seeking overseas business opportunities. Exporters wishing to expand can get an array of services, including trade counseling and advice, training and financial and marketing...

Assistance for Women and Minorities.(Report: Growing a Business Guide)
November 10, 2008... These organizations offer programs, counseling, training and other services specific to women and minorities wishing to start or expand their businesses. Asian American Business Development Center Provides technical and professional...

Business Improvement Districts.(Report: Growing a Business Guide)
November 10, 2008... The BID program of the city's Department of Small Business Services provides sanitation and maintenance, public safety and visitor assistance, marketing and promotional programs, capital improvements and beautification to enhance local business...

HONESTY NOT BEST POLICY.(Business Lives)
November 10, 2008... Holding down two gigs is stressful, and not just because of the added hours. Many people have to keep their second jobs a secret. Their employers might forbid moonlighting outright or at least frown on it. Some experts say it's best to...

In the Markets.(Briefs)
November 10, 2008... Byline: Erik Ipsen Bloodied News Corp. still has legs After a year off, Jack Bauer and the hit show 24 return to television in two weeks, but it will take more than an aging superhero to lift the sagging fortunes of Fox Television,...

Business Libraries.(Report: Growing a Business Guide)
November 10, 2008... Business owners can use area public libraries to conduct research into new markets and products. Brooklyn Public Library's Business Library Address: 280 Cadman Plaza West, Brooklyn, NY 11201 Contact: Maud Andrew, (718)...

Procurement Help.(Report: Growing a Business Guide)
November 10, 2008... The following local, state and federal agencies and organizations assist small businesses in obtaining government contracts by providing counseling, education and technical assistance. LaGuardia Community College Its Procurement...

Local Development Corporations.(Report: Growing a Business Guide)
November 10, 2008... Though their services vary widely, local development corporations promote economic growth throughout the city by helping businesses prepare loans, find real estate and deal with government agencies. These organizations also offer marketing...

FiOS entry fails to ignite price war; Cable rates to rise despite competition.(News)
November 10, 2008... Byline: Amanda Fung When verizon Communications Inc. started selling its FiOS TV service to residents in parts of the five boroughs in July, New Yorkers had a new choice for cable TV for the first time in decades. The duopoly held by Time...

Advice and Education.(Report: Growing a Business Guide)
November 10, 2008... These organizations and agencies provide technical, managerial or financial advice and training to entrepreneurs interested in starting up or expanding their small businesses. Business Outreach Center Network Free services and...

Small Business Development Centers.(Report: Growing a Business Guide)
November 10, 2008... Small business development centers provide business counseling, management assistance and training to New Yorkers who want to start a business or improve the performance of an existing business. Entrepreneurs can receive counseling and training...

Financial Assistance.(Report: Growing a Business Guide)
November 10, 2008... The following organizations provide financial assistance or incentives to small businesses that are expanding in or are relocating to the New York area. ACCION New York and New Jersey A community financial institution providing loans...

Sources of Capital for Small Businesses.(Report: Growing a Business Guide)
November 10, 2008... Crain's editors drew upon recent stories and surveyed local organizations to develop a list of places for small businesses to turn for capital in an environment where many lenders are cutting back. Best bets include government aid programs. ...

Utility Services.(Report: Growing a Business Guide)
November 10, 2008... The following is a list of companies that provide energy-related assistance, such as reductions in energy costs, to small businesses looking to expand or relocate within the five boroughs. Consolidated Edison Co. of New York Offers...

Chambers of Commerce.(Report: Growing a Business Guide)
November 10, 2008... New York's chambers of commerce offer services, including financial help, networking opportunities and legislative initiatives. They are also a great resource for city government information. Brooklyn Chamber of Commerce A...

9 to 5, and beyond; Squeezed workers take on second jobs.(Business Lives)
November 10, 2008... Byline: MATTHEW FLAMM Making ends meet has always been a struggle for Ginger Hanson, an administrative assistant at a New York book publisher earning $30,000 a year. With living costs surging in recent months, it has become a losing...

Election gives MSNBC a leg up; Cable news network scores with political programming, beats CNN in prime time.(News)
November 10, 2008... Byline: Matthew Flamm The 2008 election gave MSNBC more than a story of epic proportions to cover. It transformed the long-suffering cable news network into a liberal-leaning ratings winner with serious momentum. The network,...

The Axman Cometh; Decimated money managers slash staff.(News)
November 10, 2008... Byline: Aaron Elstein In good times and bad, Wall Street's army of money managers have quietly added to their ranks and bulked up their income--until now. Faced with stunning declines in their revenues this year, money management firms...

Manhattan ad agency defecting to Brooklyn; MetroTech Center lands a budget- minded unit of WPP Group; 10-year lease.(Real Estate)
November 10, 2008... Advertising agency UniWorld Group Inc. is leaving Manhattan for Brooklyn, drawn by the borough's cheaper rents and easy commute for its employees. UniWorld, which is part of the WPP Group, inked a 10-year deal for 37,000 square feet at 1...

Hot Jobs.(Business Lives)
November 10, 2008... Byline: amanda fung WANTED: chief information officer organization New York City Office of Chief Medical Examiner JOB DESCRIPTION Oversee the agency's information technology department and IT strategy MOST IMPORTANT TASK Help...

Bakers hold prices as costs decline; Steep falls in charges for flour and fuel fail to show up on shelf; variety of reasons.(News)
November 10, 2008... Byline: Lisa Fickenscher With the price of everything from flour to fuel spiking earlier this year, most of the city's commercial bakers didn't move fast enough to raise their own prices. Now that key commodity prices are dropping,...

Farewell to all that.(News)
November 10, 2008... Byline: Aaron Elstein The annual winter bacchanal known as Wall Street bonus season will be subdued this year, and it should be. As the Treasury shovels $125 billion into propping up banks, public outrage at the mere idea of large bonuses...

Luxury goods for the sampling; Pre-holiday sales explode as even high-end designers look to unload.(News)
November 10, 2008... Byline: Adrianne Pasquarelli Spending lavishly is not stylish this holiday season, so makers of luxury goods are banking on bargain shoppers and throwing more sample sales, where leftover designer duds are sold for a fraction of the...

BARTERING FOR A NIGHT OUT.(Business Lives)
November 17, 2008... Olga Kuchukov, a massage therapist in Brooklyn, has found a way to maintain her active social life during the recession: bartering. Early this month, Ms. Kuchukov began trading hour massages--regularly priced at $150--for a night on the...

Financial Lessons for Students.(Business Lives)
November 17, 2008... because of the financial crisis, fewer banks are giving student loans, and donations for scholarships are decreasing. Many students are struggling. Don't be afraid to ask for help. Talk to the financial aid office about available loans through...

Art market bubble bursts; Dealers report weak sales, hesitant buyers, fewer art fair visitors; some bright spots.(News)
November 17, 2008... Byline: Miriam Kreinin Souccar Since art dealer Kathleen Cullen opened an exhibit of photographs by award-winning artist Joe Lewis at her Chelsea gallery last month, not one piece has sold. It was the same story with her previous show...

Layoffs mount as tech sputters; Wall Street woes and ad declines hit NYC operations.(News)
November 17, 2008... Byline: Amanda Fung One of the bright spots in the New York economy is dimming. A few months ago, local tech firms planned to take advantage of the 22,000-plus Wall Street layoffs and open their doors to new talent. But in recent...

The Weeks Ahead.(Calendar/Datebook)
November 17, 2008... Byline: maia blume This Week's Events November 18 New York Public Library holds information session on export research. 6:15 p.m. to 7:30 p.m., Science, Industry and Business Library, 188 Madison Ave., lower level. Free. (212)...

A rip in the fabric; Hit by downturn, Ann Taylor cuts staff, closes stores; is leader to blame?(News)
November 17, 2008... Byline: Adrianne Pasquarelli Like most stores these days, Ann Taylor's windows feature can't-miss sale signs, promoting 60% discounts off original prices. But troubles for the long-struggling women's apparel retailer go beyond major...

Clearing clutter hones client focus; Autonomy frees staffers to do their jobs; revenues rise.(In-Depth Report)
November 17, 2008... Byline: Margaret Jaworski Lockton has a no-tolerance policy when it comes to red tape and bureaucracy. "We're serious about making sure that our clients are the focal point of everything we do, and as executives, we do our best to...

Should the government keep pouring money into AIG? CRAIN'S ONLINE POLL.(Viewpoint)
November 17, 2008... 580 VOTES Date of poll: Nov. 10 26% Yes. Letting AIG fail would be a worse alternative. 20% No. It increases the likelihood that taxpayers will have to bail out more companies down the road. 53% No. The government obviously...

Buttering up a brand-new market; Prestigious award opens door for specialty food product, but distribution is a challenge.(Small Business)
November 17, 2008... Byline: Nadia Zonis Thierry farges and Franois Baumont almost didn't enter the competition at this summer's Fancy Food Show in New York. What chance could their truffle butter have against more than 590 entries? The day of the...

Crisis grounds carriers at JFK; Service cut back or halted altogether.(News)
November 17, 2008... Byline: Hilary Potkewitz Two years of record fuel costs compounded by the recent worldwide credit crunch are forcing many airlines to resort to drastic measures. Some are cutting the frequency of flights to cut costs, while others are...

Raising a glass to happy workers; Employees take stakes in growing sports bar brand.(In-Depth Report)
November 17, 2008... Byline: Catherine Curan To succeed in a job interview with Village Pourhouse co-founder Sean McGarr, applicants first need to smile. Equal parts father figure, fun-loving uncle and savvy entrepreneur, Mr. McGarr hires staff who will...