new york business

28 Pages·2014·5.95 MB·English

20140922-NEWS--0001-NAT-CCI-CN_-- 9/19/2014 7:11 PM Page 1
CRAIN’S
REPORT
EDUCATION
People to
watch in
higher ed
N E W Y O R K B U S I N E S S® PAGE 13
VOL. XXX, NO. 38 WWW.CRAINSNEWYORK.COM SEPTEMBER 22-28, 2014 PRICE: $3.00
Taxi foes
join forces
to take on
rival Uber
CMT and VeriFone
put aside differences
to build app so riders
can pay fare by phone
BY ANDREW J. HAWKINS
They compete in more than a dozen
markets across the country,talk trash
over technology upgrades and have
even sued each other.
But in New York,the two compa-
nies that control the payment systems
for the city’s nearly 20,000 taxis are
uniting to fight an even greater foe:
B&B be gone Uber,the fast-growing San Francisco-
based startup valued at $17 billion.
Creative Mobile Technologies and
VeriFone Systems earlier this month
announced they would join forces so
that their mobile apps could pay for a
ride in every yellow and green cab in
the city.
A law cracking down on illegal hotels in city, and the rise Previously, passengers could use
each company’s app only in taxis
of Airbnb, have put real bed-and-breakfasts out of business See UBER on Page 23
Wall Street
15 rent out apartments or rooms in residential build-
BY LISA FICKENSCHER
ings for less than 30 days.The legislation was in-
For more than two decades,the Wyman House NUMBER OF tended to shut down illegal hotels—mostly cool kids
B&Bsestimated
on Riverside Drive and West 76th Street hosted to remain in the single-room-occupancy properties that have been
opera singers,performers at Lincoln Center and city, a 40% drop converted to youth hostels or landlords renting
since 2011 fail on fees
ordinary tourists who preferred to stay in an ele- out rooms on a nightly basis—not traditional
gant Victorian-style bed-and-breakfast with 30 bed-and-breakfast inns that pay taxes and register
apartments that had a kitchen and a living room. with the city.
MINIMUM
The owners, Pamela and Ronald Wyman, The law,along with competition from home-
NUMBER of days
lived there,too,along with their daughter.But last B&Bs must rent sharing service Airbnb,has decimated the already In rejecting hedge
year,they sold their five-story home,put their fine rooms to comply small bed-and-breakfast business in the city,cur- funds, Calif. power
with 2011 law
antiques in storage and moved to Charleston, rent and former B&B operators say.
pressures an industry
S.C.,where they are renovating a mansion to con- $160K The city slapped the Wyman House, along
vert into a bed-and-breakfast business. with other inns like it,with a hefty fine.The cou-
TOTAL LOST by
“It was next to impossible to do business in B&BIvy Terrace in ple decided doing business in New York wasn’t BY AARON ELSTEIN
New York,”said Ms.Wyman. fines, legal fees worth the hassle anymore.
and revenue
la The tipping point for the Wymans was the since law passed Since 2011,the number of traditional bed-and- Hedge-fund managers are the cool
a
cz 2011 New York state law that made it unlawful to Source: StayNYC See B&Bs on Page 24 kids on Wall Street. They make the
u
n k most money,get the best apartments
oh and land the choicest tables at restau-
j
rants.They don’t even have to adhere
38 NYNY to the banker dress code of dark suits
and white shirts.
5
IMMIGRANT SUCCESS But last week,the cool kids got their
01068 SPAPER STeTnOemReYntL Mowuseer uEmas its S aid heit pcPrauanbttsls if crp ouEmlml eSdpa clodrayomeweensn tbRoye. Ttsiorhemem Cee anbltiuf roSeranyusia--
86 EW with visitors PAGE 25 tem,the nation’s largest public pension
4 N
1 See HEDGEFUNDS on Page 23
7
0
20140922-NEWS--0002-NAT-CCI-CN_-- 9/19/2014 6:12 PM Page 1
FYI
REPORTER’S NOTEBOOK
Togetherness
CRAINSNEWYORK.COM
As Scotland goes,so goes New
High Line’s
York City? The prospect of an
independent Scotland had high returns
business leaders in a tizzy last
week.(“If the U.K.can’t keep it The Sept.21 opening of the
together,who can?”said Steve
High Line’s third leg again
Forbes at the kickoff of the annual
showed how the elevated
Business Council conference,
Andrew J. Hawkins track is breathing as much life into
according to Capital New York.)
the far West Side as the new nis
Ultimately,Scotland voted for the towers sprouting up around it.¶ k en
status quo.But the concept of secession isn’t new uc
No developer may benefit as much b
for New Yorkers,who have been kicking around
from the latest expansion than the Related Cos.The new stretch,from West 30th Street and 10th
the idea for more than 200 years,from Gov.George
Avenue to West 34th Street and 12th Avenue,wraps the company’s mega-development at the
Clinton weighing the issue during the nation’s first
Hudson Yardsin an arboreal embrace.¶ One of the High Line’s next steps will be the development of
constitutional convention,to Jimmy Breslin and
the railroad spur at 30th Street and 10th Avenue that used to allow mail trains to carry packages to
Norman Mailer running on a pro-secession ticket
and from the loading docks of the post office’s Morgan Processing and Distribution Center.¶
against Mayor John Lindsay in 1969.Staten Island
Related Cos.executives once told Crain’sthat the old-and-in-the-way spur should be
approved seceding from the rest of the city in 1993
demolished.The park’s nearly 5 million annual visitors have convinced the company otherwise.¶
in a nonbinding vote,while various pockets of
“It’s going to be an important connector piece for us,”saidJay Cross,president of Related’s
upstate New York have considered splitting off
Hudson Yards development.¶ Related,he said,always welcomed the park’s third section even as
from downstate.Long Island,too.We live in a state
competing developers suggested tearing it down because it was too costly to restore.The company
that can barely keep it together.But the idea of the
is contributing $30 million to the nearly $100 million restoration.¶ The spur,meanwhile,will be
city seceding from the rest of the state,which came
transformed into a park after Related completes the building that will house Coach Inc.’s
up in the City Council in 2003 and again in 2008,
headquarters.In the meantime,the third leg will serve as a viewing platform that Mr.Cross
is rooted in the belief that New York City would be
hopes will generate excitement as Hudson Yards rises into the sky during the next 10 years.
better off as an independent fiefdom.The city
—daniel geiger
sends more than $11 billion more in taxes to
Albany each year than it gets back in funding. LICH DEAL COLLAPSES. NYU Lan- ZEE LOAN NIXED.The state’s request HOORAY!
gone Medical Center abandoned its for a $511 million federal loan for the
Think of what the city could do with that money. plans to take over Long Island Col- new Tappan Zee Bridge project was
THE TUNNELconnecting the R train from
Better yet,think of what Mayor Bill de Blasio could lege Hospital in Cobble Hill,Brook- almost entirely rejected by the Envi- Manhattan to Brooklyn reopened—a few
lyn, because the nurses’ union sued ronmental Protection Agency. The weeks earlier than planned and $58
do without Albany nixing his ideas.A mega-
million under budget.
NYU Langone for not hiring nurses feds denied New York’s bid to use
millionaire’s tax? A $13 minimum wage? Red-light
who previously worked at LICH. Clean Water Act funds to help cover
cameras at every intersection? Commercial rent The State University of New York the cost of construction,rather than
control? Business-minded readers may shudder at currently operates LICH’s emer- to improve the environment.The re-
gency department, the only service jection may result in higher tolls for
the prospect.Maybe Al Green is right:Whether
still running.LICH is now in danger commuters.… NYC UNEMPLOYMENT
times are good,bad,happy or sad,New Yorkers, of shuttering again. … CULTURE FALLS.The city’s jobless rate dropped
like the Brits,are better off staying together. CLUB.Individuals who sign up for the a half-point, to 7.3%, from July to
city’s new municipal ID card will be August—the biggest monthly de-
OY VEY!
offered one-year free cline ever recorded.
THIS WEEK IN CRAIN’S memberships to 33 ‘Every time … RICH GET RICHER.
MANHATTANbraces for the U.N. General
cultural institutions, The top 5% of Man-
I’m frustrated, Assembly’s annual East Side street
IN THE BOROUGHS 3 including the Bronx hattan households shutdowns and black-car traffic jams.
--------------------------
Zoo and the Metro- I watch earned $864,394 in
IN THE MARKETS 4
---------------------------------- politan Museum of 2013,or 88 times as
[Forrest
THE INSIDER-----------------------------------------------6 Art.The perk is de- much as the poorest ws
SMALL BUSINESS------------------------------7 sdiogcnuemd etno teendt ice Nboetwh Gump]’ 2ce0n%t ,Cacecnosrudsi ndga ttao. r…e- rg ne
e
OPINION 10 Yorkers and undocu- —Jack Ma, founder SANDY MONEY. The mb
-------------------------------------------------------- o
STEVE HINDY------------------------------------------11 mtoe gnette tdh e icmarmd,igwrhaincths ofe -Acloibmambaer, cthe es iCteh tihnaets e Mpoerttarotipoonl itAanu tThroarnitsy-, blo
GREG DAVID--------------------------------------------11 will also offer access went public Friday the Port Authority of New Yorkers were among 21 fellows
REPORT:EDUCATION 13 to other services. … in what was the biggest New York & New selected by the John D. and
----------------- VERIZON FIOS SCRUTI- IPO in U.S. history Jersey and the city Catherine T.MacArthur Foundation
CLASSIFIEDS-----------------------------------------19 NIZED.The city’s De- Department of to receive a $625,000 grant over five
REAL ESTATE 22 partment of Information Technology Transportation will get $1.9 billion years:IBM computer scientist Craig
-------------------------------------------
and Telecommunications will audit from the U.S.for Sandy-related up- Gentry, playwright Samuel Hunter
NEW YORK, NEW YORK 25
---------- Verizon to investigate why it missed grades.Projects include $190 million and Ai-jen Poo, a labor organizer
GOTHAM GIGS
SOURCE LUNCH 26 its June 30 deadline for a citywide for new Staten Island ferries and $40 who was a Crain’s 40 Under 40 in
--------------------------------
Investment adviser Shama OUT & ABOUT 27 rollout of its high-speed FiOS broad- million to help create Moynihan 2009.
Zehra’s entrepreneurial spirit --------------------------------------- band and cable service. … TAPPAN Station.… ‘GENIUS’ GRANTS. Three —emily laermer
was instilled by her mom.P. 8 SNAPS 27
--------------------------------------------------------------
CORRECTIONS (SEE PAGE 24)
STORIES TO WATCH THIS WEEK
VOL.XXX,NO.38,SEPTEMBER22,2014—Crain’s New York Business(ISSN8756-789x) is published
weekly,except for double issues the weeks of June 23,July 7,July 21,Aug.4,Aug.18 and Dec.
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Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, Metropolitan Bill de Blasio to supporters hold Night Live’s 40th
MI 48207-2912. Opera season speak at U.K. pro-police rally on season premieres.
for subscriber service:Call [phone].Fax [phone].$3.00 a copy,$99.95one
year,$179.95 two years.(GST No.13676-0444-RT) begins under new Labour Party Staten Island.
©Entire contents copyright 2014by Crain Communications Inc.All rights reserved.
labor contract. conference
2| Crain’s New York Business |September 22,2014
20140922-NEWS--0003-NAT-CCI-CN_-- 9/19/2014 6:12 PM Page 1
IN THE
BOROUGHS
STARTUP—AND UP: Edo
Segal’s bMuse has 10 BROOKLYN
startups so far. “We are
modeled on a film studio,”
he said, “but we don’t
produce films; we produce
companies.” Billyburg
a secret lab
for retailers
Global upscale brands
try out new concepts
in cutting-edge nabe
BY ADRIANNE PASQUARELLI
When a small shop opened on
Williamsburg’s bustling main drag
last month, it drew little notice—
and with good reason. The front
window showcased stylized man-
nequins beneath a sign that simply
He’s one busy tech factory read “101.”Nobody at the Turkey’s
Nest, the mainstay watering hole
across Bedford Avenue,or anywhere
else around the neighborhood
nis seemed to know that the sign re-
n
k e ferred to both the shop’s address and
c
bu its name.
The real surprise, however, was
Edo Segal’s bMuse is bro’s popular Angry Birds Star Wars II game;a Believing publicity would be a distraction,he that the modest,1,000-square-foot
“connected” children’s thermometer that can has grown the company during the past six years store,in what many consider the na-
behind some of hottest
create a “health map” of a neighborhood’s ail- into a collaborative operation with 100 employ- tion’s capital of hip,belongs to glob-
ments;and TouchCast,an interactive video plat- ees,about 10 startups and the ambitious goal of al mega-brand Diesel,which is us-
media ideas in the land.
form used by the BBC? reimagining media and giving it new tools—all ing the place for a four-month test
The answer is bMuse, and those products without taking a dollar of venture-capital invest- of a bold new merchandising con-
Prepare for more
have been developed by startups,like Retoy,cre- ment.Each new startup is financed out of the cept.Inside,an assortment of Diesel
ator of Telepods,that are its wholly owned sub- others’profits. products shares shelf space with
sidiaries.The parent company supplies their cap- Mr.Segal is talking publicly about bMuse for Brooklyn-made soy candles, New
BY MATTHEW FLAMM ital investment and a development the first time because he plans to speed up York-themed nail polish and other
infrastructure,as well as the concepts,though no growth, and wants potential partners and in- products of local artisans.
This could be a New York tech trivia question, one would ever know from the stories and press vestors to know how it works. “This is the perfect time for
except that the answer has long been a secret: releases about them. “We are modeled after a film studio,but we Diesel to have a presence there,”said
What company includes in its product portfolio That’s because founder and Chief Executive don’t produce films;we produce companies,”he Tommaso Brusò,chief executive at
the blockbuster holiday mobile app ElfYourself; Edo Segal has done what he could to keep said.“And as we’ve been building these individ- Diesel USA.
interactive toy figures,called Telepods,in Has- bMuse out of the press—until now. See TECH FACTORYon Page 21 See BILLYBURGon Page 12
For these condo developers,
STATS AND THE CITY
byNicholas Wells
midblock is the place to be
ANCIENTARCHIVES: The Brooklyn Public Library sold the land under one of its
branches for $52 million to help fund the $300 million needed to repair its 60
locations. More than half of the city’s 207 library buildings are older than 50.
25MNNUUMMBBEERRof items checked out by the New York Public
Once overshadowed, tween 10th and 11th avenues. been anyone’s idea of prestige in the Library’s 14 million visitors in fiscal 2014
“We do market-leading projects, past,but with the city’s condo mar-
squeezed-in sites are $781KTTOOTTAALL2013 compensation for Anthony
and this will be no different,” Mr. ket at record highs,hordes of devel-
Marx, the NYPL’s president and CEO
suddenly fetching Stern said,citing his successful recent opers share Mr. Stern’s conviction
conversion of nearby Walker Tow- that Manhattan’s once-sleepy side 8NNUUMMBBEERRof Queens Public Library trustees
corner-lot prices er—the former Verizon building on streets have gone from second-best removed by the city in July for failing to perform
to top-tier.Not only have premium their duties
‘Buyers want
sites on the avenues virtually all been
BY DANIEL GEIGER developed,forcing builders onto the 0.55%PPOORRTTIIOONNof city capital
privacy and a expenditures for
side streets,but condo buyers’tastes
improving libraries from 2004 to 2013,
For his next condo development, have changed,and more are willing
quieter, more compared with 25% for education
Michael Stern has “starchitecture” to pay top dollar midblock.
firm Roman Williams designing a “For buyers,it’s more about the
residential feel’ $5KPRICE PAIDfor carving Patience
building with an ornate terra-cotta neighborhood now than their exact Sources: Center
for an Urban and Fortitude, the marble lions
façade, copper-clad windows and location in it,”said Kevin Maloney, Future, 2014 outside the Fifth Avenue library, in 1911. It
other nods to classic Manhattan chief executive of development firm Mayor’s
Management would cost $120,000 today
luxury. Property Markets Group,which is Report, New York
But though the project would fit planning a midblock residential Public Library, 55THE LONGEST
NYPL tax forms,
nicely in the city’s toniest precincts of condo building on West 22nd Street Queens borough TIME, in years, it
yesteryear,Mr.Stern,who heads JDS West 17th Street—into high-priced between 10th and 11th avenues. president took a borrower to return a book to the NYPL.
Development Group, will raise his condos.“Buyers want to be on the Illustrating the huge potential Fire of Francis Xavier, due on April 10, 1958, was nis
n
latest high-end residences not on a midblock because they want the pri- that developers see in midblock returned Feb. 4, 2013, along with a $100 check k e
c
grand avenue or a sunny corner lot but vacy,and they respond to its distinct- parcels are the exorbitant sums that bu
crammed between buildings midway ly quieter,more residential feel.” many are increasingly willing to pay ADDICTED TO NUMBERS? GET A DAILY DOSE AT @STATSANDTHECITY
down a block of West 24th Street,be- A midblock locale may not have See MIDBLOCKon Page 24
September 22,2014 | Crain’s New York Business |3
20140922-NEWS--0004-NAT-CCI-CN_-- 9/19/2014 6:13 PM Page 1
IN THE
Losses spur Aetna to trim
MARKETS
network for individual buyers
byAaron Elstein
Insurer to replace employer.Insurers are required to of- the evolution of networks.”
fer individual coverage in order to sell Aetna said that NY Signature
money-losing service
certain other products in the state. will include more than 80% of the
with limited plan But an expansion of Medicaid doctors and hospitals in its full com-
eligibility and Obamacare softened mercial network,though there will
the burden of buying individual be no coverage outside the state.
BY BARBARA BENSON plans sold on the open market for Like its predecessor,it is not sold on
younger, healthier and less costly New York State of Health, the
Aetna has become the latest insurer enrollees:The Affordable Care Act state’s exchange created under the
a
to pare back its coverage for individ- allows dependents up to ACA.The company was edi
uals after losses in New York that age 26 to stay on their par- 20% still notifying providers of kip
wi
oyenaer .sTouhrec eu nppurto afitt a$b2l5e bmuislilnioenss tlheids einnctos’mep-blaans ed asnudb sidoiefsfe tros PORTION of tNhYe fSiniganl actoumrep,obsuitt ioNnY oUf ews;
Aetna to begin sending letters to its many who enroll via the Aneettwnao’rsk icnudti vbidy uthael Langone Medical Center erg n
nearly 5,000 enrollees in July,saying state’s health exchange. insurer and its doctors will not be mb
o
it would discontinue the service and “The individual market part of it. lo
b
replace it with coverage that is much in New York state is Aetna said the new
more limited. markedly different from what it was product is not a response to the Bankruptcy case
The cancellation reflects broad- in 2013,”Mr.Newell said.There are ACA and will not affect its employ-
er market transformations. more plans to choose from and er-sponsored coverage. “Our net-
“The health care system is chang- cheaper options,too.But off the ex- works remain robust and are in line hits close to home
ing,and there is a national trend of change, the plans have become with our competitors who offer
health plans making strategic deci- stripped down. plans both on and off the exchange,”
sions to go with narrow networks for Aetna’s new product for individ- an Aetna spokeswoman said.
many reasons,”said Peter Newell,di- uals,called NY Signature,will have Insurance experts said that Aet-
rector of the Health Insurance Pro- fewer hospitals.It will include New na’s losses were somewhat expected,
ject at United Hospital Fund. York-Presbyterian Health System given that it offered a very large net- Billionaires are often sensitive when the subject of
and the Mount Sinai Health System, work,including major academic cen- where they live comes up.It’s an especially touchy
Effect of Obamacare as well as their employed physicians. ters such as New York-Presbyterian,
matter when your house is said to be the largest in the
New York’s individual insurance Doctors who are not employees may as well as Memorial Sloan Kettering
nation and a bankruptcy trustee is saying you looted a
market was in disarray for years prior also be in the network,depending on Cancer Center. Individual buyers
to the advent of Obamacare, with where they have admitting privi- flocked to Aetna to take advantage of company to pay for it.Say hello to the situation facing
products too expensive for many leges,among other factors. its generous network and coverage. Ira Rennert(pictured).
uninsured.Enrollment in New York These so-called skinny networks To cover its costs and mounting
Mr.Rennert is an industrialist who during nearly 50 years
state’s individual market was a mere are increasingly common but aren’t losses,Aetna had requested a nearly
26,000 in 2010,reflecting its standing necessarily worse,added Mr.Newell. 20% rate increase with the state In- on Wall Street has amassed an estimated $6.3 billion fortune
as a last resort for people who needed “It could mean better integrated care surance Department.But it was ap- by buying and selling mining and manufacturing companies.
insurance because of their poor health and quicker access to specialty care,” proved for only a 5.32% hike, or His midtown-based Renco Groupgenerates an estimated $6
but did not have coverage through an he said.“I don’t think we’re done with 14.64 points below its request.(cid:2)
billion a year in revenue,according to Crain’sresearch,and its
holdings range from the manufacturer of Humvees to a
metals refinery in Peru.
THE LEUKEMIA & LYMPHOMA SOCIETY
But Mr.Rennert,who wouldn’t bankruptcy,the Justice Department
C NGRATULATES
comment for this article, is best filed a lawsuit charging the company
known for his 67,000-square-foot with mishandling toxic waste.It ob-
residence in Sagaponack,L.I.,which served that “the MagCorp plant has
THE 2014 NEW YORK CITY sports 29 bedrooms, three dining ranked No.1 on the EPA’s toxic re-
rooms, three swimming pools, a lease inventory”—making it the
MAN & WOMAN OF THE YEAR.
164-seat theater,a basketball court,a biggest polluter around.
gymnasium and a two-lane bowling Mr. Rennert doesn’t want any-
alley.Construction of what The New thing mentioned about his fortune,
York Timesonce called “Versailles on his house or MagCorp’s environ-
the Atlantic”generated a huge fuss in mental history at a trial coming soon
the late 1990s among Hamptons to federal court in Manhattan.Mag-
residents, who objected to such a Corp’s emissions were legal, his
colossus in their midst. lawyers assert in court papers,and
To pay for the house,Mr.Rennert talking about Mr.Rennert’s fortune
extracted more than $110 million and lifestyle in court would “inflame
from an ailing magnesium miner the jury’s prejudice against—and
called MagCorp between 1995 and jealousy of—a wealthy individual.”
1998.At least,that’s the contention No way, say lawyers for the
of the trustee representing creditors trustee. “The evidence is not in-
of MagCorp,which filed for bank- flammatory,”they insist in their re-
ruptcy in 2001.The trustee alleges sponse to the court.“Of course,it
Mark Torello Grace Ng
that Mr.Rennert and his deputies does show that Ira Rennert was per-
Staten Island, NY New York, NY
M & S Mechanical Barclays caused MagCorp to more than dou- sonally and unjustly enriched at the
ble its debt load in the mid-1990s,to expense of MagCorp … by more
$150 million,and accuses them of than $110 million,but those are the
using the proceeds to pay themselves simple facts of the trustee’s claim.”
“unlawful dividends” that pushed The trial is set to begin Feb.2,and
the company into insolvency. Mr. Rennert, who seldom speaks
The Leukemia & Lymphoma Society congratulates this year’s Shortly before MagCorp entered publicly,is expected to testify. (cid:2)
winner and all the candidates who competed for the title.
157%
Their efforts and commitment have made an impact in the INCREASEin
search for cures and effective blood cancer therapies. JetBlue’s stock price
during the past three
www.mwoy.org/nyc(cid:1)(cid:116)(cid:1)888.HELP.LLS years. That’s well above its peer group, but only half
of Southwest Airlines’ stock-price gain. JetBlue CEO
David Barger said last week he would step aside.
4| Crain’s New York Business |September 22,2014
Denise Hernandez & Chris Hernandez
Owners, Hernandez Companies
Phoenix, AZ
Chase Business Client
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20140922-NEWS--0006-NAT-CCI-CN_-- 9/19/2014 6:13 PM Page 1
THE
We congratulate our client INSIDER
byChris Bragg
AFFORDABLE
HOUSING?To meet
its fairness mandate,
one city agency will
offer viewings for low-
income mourners.
on the successful financing of
o
t
o
h
p
k
c
o
t
is
Equality, even in death
Mayor Bill de Blasiowasn’t kidding when he said
fighting inequality would be the top priority for
his administration.When the first Mayor’s
Management Report of Mr.de Blasio’s tenure was released
last week,the document came with a twist:In addition to
Want more info on our donedeals? Scan the QR Code with your smart phone.
the usual wonky government metrics detailing things like
how long it took to fix potholes,each city agency had to lead
its section with evidence of its “focus on equity.”
For some agencies,the answers were fairly obvious.For
arms of government not typically in the inequality-fighting
business,the new task seemed a bit of a strain.
The Office of the Chief Medical Examiner,which
investigates deaths resulting from criminal violence,
accident or suicide,highlighted some interesting inequality-
busting programs.It is developing a “viewing policy”for
New Yorkers placing their loved ones in the City Cemetery
who don’t have thousands of dollars to pay a funeral home,
and serves as an independent Democratic or Republican way to
pathologist for families who cannot pick up the garbage,but the Depart-
afford a consultant when they have ment of Sanitationnoted that its ma-
suspicions about a cause of death. rine transfer station in northeast
The Department of Education, of Queens will open in early 2015 and
course, proudly noted that it has lessen the trash burden on “commu-
begun rolling out universal, full- nities of need”in the Bronx,Brook-
day prekindergarten, the mayor’s lyn and Queens. (Construction,
top policy priority.And the Depart- which began in 2009,was original-
ment of Consumer Affairs emphasized ly expected to conclude in 2012.)
its role in implementing mandated Some agencies needed real cre-
paid sick leave for businesses with ativity to link their efforts to the
five or more employees,another de fight against inequality.The Office of
Blasio hallmark. Emergency Management, which re-
Other notable agencies dis- sponds to crises,noted that it makes
cussed important but less publi- its preparedness guides available in
cized initiatives.The Department of 13 languages,as well as audio books
Finance,whose mission is to collect and Braille. The Department of
taxes,is now creating a Taxpayer’s Records and Information Services,
Advocate Office, which will help which preserves historical records
low-income people pay less. The of city government,said it is work-
Department of Environmental Protec- ing on “bringing primary source
tion,long known for jousting with material to new audiences through-
property owners over water bills,is out the world,with a special focus
launching a Home Water Assis- on attracting and informing a more
tance Program,which will provide diverse demographic.”The 311 Cus-
an annual water-bill credit to low- tomer Service Centeressentially punt-
income homeowners. ed on the question,noting that it is
Legendary Mayor Fiorella La providing “equitable service deliv-
Guardia famously said there is no ery to all customers.”(cid:2)
QUOTE OF THE WEEK: ‘Oh, bring it on.
Bring it on, press corps. Oh, I am so there’
—Mayor Bill de Blasio, responding to a staff softball game
challenge by City Hall reporters
20140922-NEWS--0007-NAT-CCI-CN_-- 9/18/2014 5:58 PM Page 1
SMALL BUSINESS
Entrepreneurship lab opens at NYU
University aims ration of 22 student groups. campus entrepreneurship—a pow- commitment to bridging the gap
“I hope that people who pursue erful draw for students. Columbia with New York City’s startup scene.
to nurture campus
their dreams and see them come true University opened the Lab, a co- “Anyone who is involved in the
CONNECTOR:
startups in new, think back about this as one of the working space for alumni entrepre- startup community knows that
NYU’s Frank
places that helped them do that,”Mr. neurs,in July. Stanford and Berkeley were huge Rimalovski aims
expert-staffed hub
Leslie,a 1966 NYU graduate and the Although most programs at parts of Silicon Valley,and MIT and to bring
founding chairman and CEO of NYU’s new space will be available Harvard were huge in making innovators
Veritas Software,said following the only to the university’s population, Boston what it is,”Mr.Rimalovski together.
BY TRIPP WHETSELL ribbon-cutting ceremony last week. Entrepreneurial Institute Executive said.“As the cliché goes these days,
Director Frank Rimalovski said that every startup needs a hacker,a hus-
As a New York Universi- Bridge to city’s startup scene some will be open to the public,not- tler and a designer.We have all of nis
n
ty M.B.A. student, NYU is not alone in recognizing ing that the opening of the facility that here,and this is a place where k e
Brian Shimmerlik the need for more space to nurture represents the university’s ongoing they can come together.“ (cid:2) uc
b
dreamed up a touch-
screen device for cabs BOREDOM
in 2011 that seemed promising. It
won first prize in the NYC Next
Idea contest—a new-venture com-
petition—less than a year later.
But when he got a lukewarm re-
action from the head of the Taxi &
Limousine Commission, Mr.
Shimmerlik pivoted in a new direc-
tion.He became CEO of Vengo,a
Manhattan-based manufacturer of
mini-vending machines that sell
everything from candy to condoms MUST HAVE MISSED ITS FLIGHT.
and has annual revenue of $120,000.
When Mr. Shimmerlik raised
$3.1 million that he tapped to create
a prototype for the cashless vending
machines, he got most of it from Nowhere does it state that “on board” must equal “being bored.” Thanks to
NYU’s Innovation Fund,a seed-stage
Delta Studio,™ you can stream all kinds of free entertainment on your personal
venture-capital fund.
devices. Movies. Shows. Even live TV. In fact, it’s the most entertainment in the
‘At a crossroads’
sky. No wonder more people choose Delta than any other airline.
“Before I enlisted the help of this
program,I was at a crossroads about
how to take things to the next level,
even though I knew I had a viable
product,”said Mr.Shimmerlik,who
graduated in 2013.He now has his
sights set on expanding beyond the
city,where his vending machines are
currently used in local restaurants,
colleges,hotels and bars.
Mr.Shimmerlik will now be able
to tap the resources of the Mark and
Debra Leslie Entrepreneurs Lab, a
5,900-square-foot facility at NYU
that opened last week at 16 Washing-
ton Place.The space will also serve as
the headquarters of NYU’s Entre-
preneurial Institute. The Leslie
eLab,as it is known,is dedicated to
giving aspiring business owners di-
rectly affiliated with the university’s
20-plus colleges and schools hands-
on experience and access to financial
capital in sectors ranging from soft-
ware and biosciences to fashion.
The facility is named after NYU
alumnus and trustee Mark Leslie and
his wife,who donated an undisclosed
amount to support its design, con-
struction and initial staffing.It includes
spaciousmeetingrooms,a fabrica-
tion lab and a workspacestaffedby an
entrepreneur in residence,a full-time
lab manager and a “startup concierge”
to help guide entrepreneurs.
The space will be available to ex-
isting programs such as the NYU
Entrepreneurs Festival,startup ac-
celerator NYU Summer Launch-
pad, Startup Bootcamps for NYU
Scientists & Engineers, and NYU
Entrepreneurs Network,a collabo-
To sign up for Crain’s
SMALL BUSINESS newsletter, go to
www.crainsnewyork.com/smallbiz.
September 22,2014 | Crain’s New York Business |7
20140922-NEWS--0008-NAT-CCI-CN_-- 9/19/2014 10:54 AM Page 1
B U S I N E S S 35%
PEOPLE
Difference in median
compensation for male
NYC law partners ($775K)
compared with women
($575K) in 2013
Source: Major, Lindsey & Africa
EXECUTIVE MOVES
Alstom Transport:
Jerome Wallut,50,
was promoted to
president of Alstom
Transportation Inc.,
a metro,subway and
high-speed rail
developer,and sen-
ior vice president of
its North American rail transporta-
tion business.He was previously
managing director at Alstom Trans-
port France.
Rose Associates Inc.:Marc Ehrlich,45,
was promoted to chief financial offi-
cer at the residential real estate servic-
es firm.He was previously senior
project manager.
The New School:Mark Gibbel,56,
joined the university as chief develop-
ment officer.He was previous vice
president for college advancement at
Baruch College.
WX New York Women Executives in Real
Estate:Beth Zafonte,54,was appoint-
ed to the board of the association of
female executives involved in com-
mercial real estate.She continues as
director of economic-development
services in the real estate practice
group at Akerman.
New York University School of Profes-
sional Studies Tisch Institute for Sports
Management, Media and Business:
Wade Davis,37,joined as an adjunct
PAVING THE WAY: instructor.He continues as executive
Newly launched director of the You Can Play Project.
investment adviser GumGum:Mike Ros-
Shama Zehra traces ner,44,joined the
her entrepreneurial
nnis spirit to her mother. iinng-i mpraogveid aedrv aesr tcihs-ief
e
k revenue officer.He
c
bu was previously vice
president of sales
GOTHAM GIGS for North America
at MediaMind.
Gracie Mansion:Roxanne John,47,
No one told her she couldn’t
joined the residence of the mayor of
the city of New York as executive
director.She was previously vice pres-
ident of marketing at the Institute for
International Research.
NYC Tech Talent Pipeline:Kristen Titus,
Pakistani Shama Zehra takes to the Street
30,joined the initiative to recruit
local tech talent as director.She was
previously executive director at Girls
Who Code.
‘It was a Growing up in Karachi,Pakistan,with a serial- years later to a department store.¶ Ms.Zehra Genesis Media:Dr.Souptik Datta,35,
joined the online video technology
entrepreneur mother and two sisters was a boon attended flight school,hoping to be Pakistan’s
good thing company as director of data science.
to Shama Zehra’s professional future:There second female pilot,but her stepfather suggested He was previously a senior research
there weren’t any men around to say she couldn’t have she meet a few people he knew in banking.She scientist at Thomson Reuters.
Yasmeen Coning,36,joined as vice
one.¶ “It was a good thing there weren’t any boys landed a job at Pakistani bank MCB,and a few president of marketing.She was
weren’t
in our household,”Mr.Zehra recalled.“They years later moved to the local branch of Standard previously head of marketing for
PlaceIQ.
any boys in don’t let sisters work.”¶ Ms.Zehra,40,has Chartered,a big U.K.-based institution,where Refinery29:Mikki Halpin,49,joined
already had several successful careers:clothing she helped wealthy people manage their money. the media and technology company
our house. as editorial director.She was previ-
retailer and manufacturer,money manager in In 2005,she left for her second M.B.A.,at the
ously deputy editor at Glamour.
They don’t Pakistan,and financial adviser at Morgan Stanley University of Michigan.Then it was on to Wall Naomi Nevitt,29,
joined as market
and Goldman Sachs in New York.She’s now Street.¶ Making it on her own in finance won’t
let sisters and shopping direc-
launching an investment firm called Aligned be easy,but Ms.Zehra has dealt with challenges tor.She was previ-
work’ Independent Advisors.¶ Ms.Zehra started before:A professional clothing buyer from South ously the online edi-
torial director at
working as a youth,teaching English and Urdu to Africa vanished after paying for only half the
Teen Vogue.
Arabic speakers at a language institute run by her merchandise he ordered.Thieves once broke into Caroline Stanley,33,
joined as managing
mother.She also worked at her mother’s her family home and put a gun to her head.“My
editor of local markets.She was pre-
computer-training school.A voracious reader of mother calls to say how much she supports me,” viously editorial director at Bauer
Vogue,she and her mother and sisters in 1991 Ms.Zehra said.“That means a lot,because all Teen Network.
Phillip Picardi,23,joined as senior
started a clothing business,which they sold three this started with her.” —aaron elstein beauty editor.He was previously
8| Crain’s New York Business |September 22,2014
20140922-NEWS--0009-NAT-CCI-CN_-- 9/18/2014 7:43 PM Page 1
online beauty editor at Teen Vogue. CORPORATE LADDER
CBRE Group Inc.:Spencer Levy,43,was
promoted to Americas head of research
at the commercial real estate services MORE THAN JUST COSMETIC CHANGES AT GELLER
and investment firm.He was previously
executive managing director in the capi-
tal markets group. ELANA DRELL SZYFER, new CEO of Laura Geller Beauty, plans to use her more than 20 years of experience in the beauty
DeVries Global:Laura industry to revamp and expand the Manhattan-based cosmetics company beyond its booming QVC business.
Springer,39,joined Founded by makeup artist Laura Geller, the 17-year-old company has partnerships with Ulta and Beauty Brands, which
the consumer public- it joined forces with earlier this year. With Ms. Drell Szyfer at its helm, the business is turning its attention to markets in
relations and market- the United Kingdom, Italy and Germany. In the U.K., Laura Geller plans to boost its e-commerce presence and create
ing firm as managing
new wholesale partnerships. It has grown 50% on QVC in the U.K. this year.
director.She was pre-
“I was attracted to the potential of this brand,” said Ms. Drell Szyfer, 45, who plans a revamp to appeal to a broader
viously a director at
Burston-Marsteller. audience. That includes updating its packaging and modernizing the company’s logo. “I love the idea of taking
Megan VanBlarcom, something that has a strong core and evolving it, expanding it and modernizing it to attract consumers.” ck
32,joined as senior art director for cre- Ms. Drell Szyfer has served as an adviser on beauty acquisitions and portfolio development at Tengram Capital Partners uri
ative and strategic services.She was pre- since becoming CEO in July. The private-equity firm made a majority investment in Laura Geller Beauty in 2012. Previously, ael j
vWiaorues lMy aalrcto dmirbe:cBtoirll aSto 3to6m0ai.yor,52, Ms. Drell Szyfer was executive vice president of global brand strategy at Kenneth Cole Productions. —NAZISHDHOLAKIA mich
joined the international design firm as
regional director to lead the New York
City office.He was previously chief
executive of TSC Design,which he
founded.
Simulmedia:Peter Ban,44,joined the
advertising technology company as sen-
ior vice president of business operations,
a newly created position.He was previ-
ously senior vice president and general
manager of domestic network distribu-
tion at HBO.
Shatterproof:Nancy Palo,35,joined the Hall 2o0f14 Fame
nonprofit organization to tackle addic-
tion as national vice president of com-
munity empowerment.She was previ-
ously a senior strategy consultant at
Blackbaud.
Fidelis Care:Franceen Spadaccino,58,
joined the health insurance provider as
assistant vice president of government
relations.She was previously senior
director of provider relations and net-
work strategy at Express Scripts.
Milbank Tweed Hadley & McCloy:Antonia
M.Apps,45,joined the law firm as a Crain’s
partner in its global litigation depart- Join in honoring this year’s inductees representing
ment.She was previously assistant U.S.
attorney for the Southern District of the city’s business community at its best.
New York,criminal division.
OptionMetrics:Eran
Steinberg,44,joined HONOREES
the financial data and
analytics provider as
Lifetime Achievement
vice president and
head of global sales Michael Bloomberg, Chief Executive Officer, Bloomberg L.P.
and marketing.He
was previously vice
Karen Brooks Hopkins, President, Brooklyn Academy of Music
president and head of
Americas account management at S&P Kenneth Chenault, Chairman & CEO, American Express Company
Capital IQ. Henry Kravis, Co-Chairman & Co-Chief Executive Officer, Kohlberg Kravis Roberts & Co.
Hughes Hubbard & Reed:James W.
Terry Lundgren, Chairman & CEO, Macy’s Inc.
Dabney,59,joined the law firm as a
partner in its patent and intellectual Danny Meyer, Chief Executive Officer, Union Square Hospitality Group
property practice.He was previously a Dick Parsons, Senior Advisor, Providence Equity Partners
partner and head of the intellectual-
Steve Ross, Chairman and Founder, Related Companies
property and technology practice at
Fried Frank Harris Shriver & Jacobson. Jonathan Tisch, Chairman, Loews Hotels
Stephen S.Rabinowitz,56,joined as a
Diane von Furstenberg, Founder & Co-Chairman, Diane von Furstenberg
partner in its patent and intellectual-
property practice.He was previously a
partner at Fried Frank Harris Shriver & monday, november 10, 2014
Jacobson. cipriani 42nd street, 110 east 42nd street
Alexander Yanos,47,joined as a partner
and co-chair of the treaty arbitration 12:00 p.m. – 12:30 p.m. 12:30 p.m. – 2:00 p.m.
practice.He was previously a partner in Registration and Networking Reception Luncheon and Awards Ceremony
Freshfields Bruckhaus Deringer’s inter-
national arbitration group.
Early Bird Pricing: $250 for individual ticket(s). $2,500 for table(s) of ten.
DJK Residential:Teddy Montee,32,
joined the real estate brokerage and
relocation firm as a sales agent.He was
previously chief executive and opera-
tional director at Global Realty Oppor- Register Today
tunities.
Piquet Realty:Jesse Yoskowitz,22,joined
crainsnewyork.com/events-halloffame2014
the real estate agency as a founding
member and Realtor.He was previously
an associate at Lee & Associates.
Space is limited. You must be pre-registered to attend this event. No refunds permitted.
—nazish dholakia For more information, contact the Events Hotline at 212-210-0739 or email [email protected].
EXECUTIVE PROMOTIONS For sponsorship and journal advertising opportunities, contact Joanna Harp at 212-210-0278 or [email protected].
The fastest way to get an announcement into
Crain’s is to submit online. Fill out the form
at www.crainsnewyork.com/section/
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is also available online.
September 22,2014 | Crain’s New York Business |9
20140922-NEWS--0010-NAT-CCI-CN_-- 9/18/2014 7:44 PM Page 1
OPINION
CRAIN’S
Making the city even greener
NEW YORK BUSINESS
editor in chiefRance Crain
publisher,vpJill R. Kaplan
P
resident Barack Obama and other world policies must continue to promote high-density development EDITORIAL
leaders come to the city this week to talk near transit lines rather than bow to knee-jerk opponents editorGlenn Coleman
managing editorJeremy Smerd
climate change.They couldn’t have picked a who want to pull up the drawbridge behind them. deputy managing editorsValerie Block,
better place:With its walkable But there is much room for improvement.One immense Erik Ipsen
assistant managing editorsBarbara Benson,
neighborhoods and extensive,24-hour challenge is that so many residents lack financial incentives Erik Engquist
senior news producerAmanda Fung
mass-transit system,New York has the to go green.Barely 40% of households control the contributing editor Elaine Pofeldt
lowest per-capita carbon footprint of any thermostats for their living space;the heat in many buildings columnistsGreg David, Steve Hindy, Alair Townsend
senior reportersTheresa Agovino,
U.S.city and cleaner air than it’s had in 50 years.And it’s is cranked up to keep the coldest apartment warm, Aaron Elstein, Lisa Fickenscher, Matthew Flamm,
Daniel Geiger, Adrianne Pasquarelli
getting better. compelling occupants of other units to open windows in reportersJoe Anuta, Chris Bragg,
Mayor Bill de Blasio is doubling the number of City Hall midwinter.Public-housing tenants don’t pay for electricity, Andrew J. Hawkins, Irina Ivanova,
Thornton McEnery
staffers working on climate change and is continuing the encouraging waste.On the streets,traffic congestion reporter/videographer Ken M. Christensen
Bloomberg administration’s groundbreaking efforts to cut continues unabated in news producer Emily Laermer
web reporter/producer Nazish Dholakia
greenhouse-gas emissions.Garbage transport is shifting to People lead a the absence of tolls for art directorSteven Krupinski
deputy art directorCarolyn McClain
rail and barge instead of truck.Composting is being scaled lower-carbon Manhattan’s choked staff photographerBuck Ennis
up.The municipal fleet is getting smaller and more fuel- streets and bridges,the copy desk chiefSteve Noveck
copy editorThaddeus Rutkowski
efficient.Biking has blossomed.One million trees are being lifestyle here city’s new taxi is not a data editor Suzanne Panara
researchers Malik Singleton, Nicholas Wells
planted.The city is building a hydroelectric plant in the than elsewhere hybrid,and free conferences and events editor
Catskills and a solar farm on the former Fresh Kills Landfill. parking triggers Jessica Kramer
The most important programs focus on buildings,which unnecessary driving. ADVERTISING
advertising director Joanna Harp
are responsible for 75% of the city’s emissions.A Mr.de Blasio should sales manager Irene Bar-Am
Bloomberg-era law is phasing out dirty heating oil,and city speed expansion of the senior account managers
Jill Bottomley Kunkes, Courtney McCombs
staffers are helping property owners comply with it,even city’s little-noticed senior account executive Rob Pierce
account executive Lauren Black
pointing them toward financing for new boilers.The Carbon Challenge (a voluntary program for large properties sales coordinator LeAnn Richardson
building code is being changed to improve energy efficiency. to lower emissions) and an initiative to persuade people to creditTodd J. Masura (313-446-6097)
CUSTOM CONTENT, EVENTS AND PRODUCTION
Roofs are getting reflective paint. save energy even when their own money is not at stake.He
director of custom content Trish Henry
Moreover,the city’s population growth is a plus for the should champion congestion pricing,too.While New York director of audience & content
partnership development Michael O’Connor
environment because people lead a lower-carbon lifestyle is a model of environmentalism compared with other cities, director of conferences & events
here than they would elsewhere.That’s why city and state it must set the bar higher still. Courtney Williams
events coordinator Adrienne Yee
events coordinator & scheduler
Alexis Sinclair
reprint account executive Alicia Samuel
CCRRAAIINN’’SS OONNLLIINNEE PPOOLLLL CCOOMMMMEENNTTSS production and pre-press director
Simone Pryce
ONLINE AND INTERACTIVE SERVICES
Lobby looks to cash in
general manager Rosemary Maggiore
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erg news h“CaHnEdC”K( ACAuSgH.E1R8S) ptrayi nletsn daing a FERRIES, NOT FANTASY FINUFNRDAISNTGRUCTURE o3th1r3 ec- ap4lr4li 68n7-t 07e-4d85i2t0i4o(-na9l;3l o7or9t h$(e9inr9 l.to9hc5ea otUino.eSn .sy)ae.na$dr,3 .$C01a07n9aa. 9dc5ao)pt woyr of or
mb misleadingly rosy picture of the Re “Proposed aerial gondola years,for print subscriptions with digital access.
oo check-cashing lobby’s system makes a splash” If you believe people should www.crainsnewyork.com/subscribe
l
b
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SHOULD NFL COMMISSIONER
pushed for a carve-out in our proposed East River Skyway is answer to New York’s Contact Joanna Harpat [email protected]
ROGER GOODELL RESIGN state usury law for check quite literally a pie-in-the-sky crumbling infrastructure is or call 212-210-0278.
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OVER RAY RICE’S SPOUSAL- cashers to make usurious, idea—and a pricey one at that, simple:a land-value tax (Greg
short-term loans at triple-digit estimated at $300 million. David,CrainsNewYork.com). FOR INFORMATION ON OUR EVENTS:
ABUSE SCANDAL?
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www.crainsnewyork.com/events
Yes.He either was not telling the truth about
25%,when in fact it would sands of people across our island to pay for infrastructure while
the video or has lost complete control over the allow fees that enable check metropolis.We call it the “Blue encouraging the highest and TO CONTACT THE NEWSROOM:
league. cashers to charge more than Highway.”Instead of spending best use of precious lots,and 685Third Ave.,New York,NY10017-4024
editorial phone:[phone]
No.Until the investigation is complete, it’s 200% on certain loans. $300 million to build a luxury- discouraging hoarding and land fax [phone]
unclear whether Mr. Goodell knew about the Department of Financial ski-resort-style gondola more speculation (exactly what Entirecontents©copyright2014CrainCommunicationsInc.
video. Services Superintendent Ben- suitable to Aspen than Astoria, caused the subprime Allrightsreserved.®CityBusinessisaregisteredtrademark
ofMCP Inc.,usedunderlicenseagreement.
jamin Lawsky is doing the the city could invest a fraction of meltdown).It’s proven in cities
Date of poll: Sept. 12 right thing by blocking that sum in a robust network of all over the world,from CRAIN COMMUNICATIONS INC. BOARD OF DIRECTORS
150 votes authorization of these preda- boats and landings that Pittsburgh to Hong Kong and chairman Keith E. Crain
president Rance Crain
tory loans.The check cashers connects Staten Island,Red back to New York City again
treasurerMary Kay Crain
are not trying to “lend a Hook,Roosevelt Island,the (in the 1920s and early 1930s). Cindi Crain
hand”—they are trying to Bronx and more,in addition to We are leaving billions “in executive vp,operationsWilliam Morrow
dupe the Legislature into the East River waterfront. the ground”or in the hands of executive vp,director of strategic
exempting them from long- —helena durst developers who would build operationsChris Crain
52% 48% standing state usury protec- roland lewis anyway and produce more executive vp,director of corporate
Yes No operationsK.C. Crain
tions so they can exploit low- The writers are president ofthe affordable housing,too,if only senior vp,group publisherDavid Klein
income New Yorkers. New York Water Taxi and a land-value tax existed. vp/production,manufacturingDavid Kamis
—josh zinner president and CEO ofthe —scott baker chief financial officerThomas Stevens
chief information officerAnthony DiPonio
Co-director Metropolitan Waterfront President
New Economy Project Alliance,respectively. Common Ground-NYC founderG.D. Crain Jr.(1885-1973)
chairmanMrs. G.D. Crain Jr.(1911-1996)
secretary Merrilee Crain (1942-2012)
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10| Crain’s New York Business |September 22,2014