Pop! Pop!

32 Pages·2014·10.91 MB·English

20140804-NEWS--0001-NAT-CCI-CN_-- 8/1/2014 7:35 PM Page 1
CRAIN’S
POP?
CUOMO’S
BUBBLE
DEFLATES
Guv’s landslide
strategy at risk
N E W Y O R K B U S I N E S S®
PAGES 2, 11
VOL. XXX, NOS. 31, 32 WWW.CRAINSNEWYORK.COM Pop! DOUBLE ISSUE AUGUST 4 -17, 2014 PRICE: $3.00
2,250
POINT AT WHICH
THE S&P500 INDEX
will be blowing bubbles,
says one prognosticator.
That’s about 17% higher
than current levels
P. 5
6 NYC
The
BIOTECHS
TO WATCH
LAND GRAB! IS
THERE ANY LIMIT TO
HOW MUCH THE P. 12
SUPER-RICH WILL
PAY FOR A PIECE OF
Bubble
NEW YORK?
P. 26
+31%
ONE-YEAR SPIKE
in average prices for
buildable land
in Manhattan
Issue
Pop!
From manic
stock run-ups
to the madness of
crowdfunding, New
York resembles a
CARROT TOP?
WHEN A JUICE bubble town
BAR’S REVENUE
METRICS
RIVAL
TIFFANY’S
THE BY AARON ELSTEIN
P. 27 $3K+
ORIGINAL Bubbles litter the news these days.Real
AVERAGE SALES
PER SQUARE FOOT or imagined examples can be found in the
at Juice Press,
similar to numbers BUBBLE BOY: soaring values of tech names like Airbnb,Snapchat
for Tiffany &Co. and Uber.And who can forget Bitcoin,artisanal foods
WHY THE NEW and crowdfunding? Then there are the usual suspects:real
estate,small-cap stocks,fine art and just about any market in
AOL IS NOT LIKE China. ¶ Even sober-sided Federal Reserve Chairman Janet
Pop! Yellen is warning of bubbles, saying last month that prices for
THE OLD AOL biotechnology and social-media stocks look “substantially
stretched,” and noting a broader “deterioration in lending
P. 26 standards,”especially to less-creditworthy companies. ¶ All that
chatter has led to a certifiable bubble in mentions of the
ck B-word.The term “market bubble”is on pace to appear 2,559
o
t
is times in English-language media this year, according to
STATEN
2 Crain’s research.That would not only break last year’s
3
ISLAND: record of 2,448 such mentions, it also would
5
represent a 73% jump over 2006,when there
01068 SPAPER TWECOHU LMDE-BCEC A was a genSueien We EmLCaOrMkEe otn b Puabgeb 5le.
6 W
8 E
14 N P. 27
7
0
20140804-NEWS--0002-NAT-CCI-CN_-- 8/1/2014 6:54 PM Page 1
FYI
REPORTER’S NOTE
Doubling down
CRAINSNEWYORK.COM
July is usually sleepy in New York
City to Elmo: Get your
politics.Even so,Gov.Andrew
Cuomo’s press shop maintains a paws off the tourist lady
steady flow of announcements to
reporters,averaging about 20 a
Elmo,Spider-Manand other
week during that month.But after
costumed characters parading
The New York Times’investigation
around Times Square need to be
into his alleged interference in a
Andrew J. Hawkins taught a lesson,lawmakers say.¶ A recent
state anti-corruption commission,
spike in complaints of characters harassing
Mr.Cuomo’s press office doubled
tourists has city officials cracking down on
its pace.I tweeted that the Second Floor was firing
the impersonators.Most recently,a n
on all cylinders.Others noticed,too.“Empty the panhandler dressed as Spider-Man was elso
u
hatches!”tweeted Business Insider reporter Colin m
Campbell.The governor’s office called me,saying arrested for punching a cop in the face a sa
after officers confronted him for rin
there was nothing unusual going on.A challenge was at
overcharging tourists for photos.¶ Even k
issued to prove otherwise.We accepted.We counted
Sesame Workshophas joined the campaign.The company is considering legal action against
39 press releases from July 23—the day of the Times
performers dressed as Elmo and Cookie Monsterwho are running amok.¶ “We care about our
bombshell—through July 30,from the arguably
fans and the image of our brand,and,like everyone else,we care about public safety on our
important (“Governor Cuomo Directs State Labor
streets,”the nonprofit said.¶ The city is in the process of drafting legislation to clamp down on the
Commissioner to Convene Wage Board”) to the
costumed characters.As details are being hammered out,the issue at hand is whether these
feel-good (“Governor Cuomo Signs Legislation to
impersonators are performers protected by the First Amendment or solicitors engaged in
Strengthen Penalties for Theft and Mistreatment of
commercial activity.Under Mayor Bill de Blasioand Police Commissioner Bill Bratton,there has
Pets”).Mr.Cuomo’s press people had produced 21
been an increase in arrests of aggressive panhandlers across the city.¶ Mr.de Blasio recently
releases the previous week,14 the week before that
announced his support of regulating the costumed characters and wants them to be licensed.
and 20 during the first week of July.Our post-Times-
story seven-day tally also exceeded the July 2013 LYFT ISSUES.After weeks of threat- plan. … NORDSTROM ON STATEN HOORAY!
pace of 22 statements a week.Meanwhile,the man ening to launch in New York City, ISLAND. A 34,000-square-foot
himself remained elusive.Mr.Cuomo did not appear ride-sharing app Lyft was permitted Nordstrom Rack store will open at MORE THAN A
to operate here,provided its drivers the future Empire Outlets on Staten DECADE after
in public until five days after the Timesstory are licensed by the Taxi and Limou- Island. The discount retailer will the National
Horse Show left
dropped,when he took 30 minutes of reporters’ sine Commission.To lure more driv- anchor the new mall,which will be Madison
ers,Lyft is offering them as much as located right next to a 625-foot Fer- Square Garden,
questions on the Moreland Commission.On the
$10,000 a month to work 60-hour ris wheel—among the world’s a four-day
final day of the month,Team Cuomo responded to weeks.… NYU LANGONE GETS SANDY largest. … LUCKY NUMBER. The 7 equestrian
program will
Crain’snumbers with—what else?—a PowerPoint- CASH.The hospital will receive $1.13 train topped the Straphangers Cam- debut in Central
ready chart that showed four years of total July press billion in Federal Emergency Man- paign’s ranking of the city’s subway Park Sept. 18. o
t
releases,peaking at 100 for July 2013 versus 97 as of agement Agency funding to help re- lines for the seventh time since 1998, pho
pair Superstorm Sandy damage. based on its frequent service,cleanli- ck
midday this July 31.“Unless we put out three more Some $540 million will be used to fix ness and seat availability.The 2 was isto
releases today,”a Cuomo spokeswoman noted that various buildings,and $589 million deemed the worst. … DONATIONS
OY VEY!
afternoon,“we will have put out fewer this July than will go toward flood-mitigation NEEDED. Just 22% of New York
projects. It is the adults are registered
last.”Promises,promises. ‘Even the IKEA IS PHASING OUT its minimalist
second-largest organ donors—less Galant desk, a popular choice among
FEMA award ever than half the nation- startups across the country.
sharknadoes
granted to a single wide rate of 48%—
THIS WEEK IN CRAIN’S
project. … POL CON- are tougher in according to a study
VICTED. After an from Excellus Blue
New York’
IN THE MARKETS 1 eight-week trial and Cross Blue Shield....
---------------------------------
less than two hours of WINTOUR’S DAY.
IN THE BOROUGHS 4 —Lead character in the
--------------------------- jury deliberation,for- Syfy cable-channel Condé Nast an-
THE INSIDER 6 mer Queens Coun- schlock flick Sharknado 2, nounced a long-
-----------------------------------------------
cilman Daniel Hallo- which drew a record expected executive
OPINION 10
-------------------------------------------------------- ran was found guilty 3.9 million viewers and transition, making president and nearly 40 years at the
ALAIR TOWNSEND 11 of five counts of 581,000 tweets Vogue Editor in museum, Emily Rafferty, one of
-------------------------
bribery and corrup- Chief Anna Win- Crain’s50 Most Powerful Women in
GREG DAVID 11
-------------------------------------------- tion.He faces 45 years in prison.… tour the top editorial voice for the New York,will retire from the Met-
REPORT:HEALTH CARE 12 $350M FOR AFFORDABLE HOUSING. media giant. President Bob Sauer- ropolitan Museum of Art next
----------
The city will partner with major fi- berg was put in charge of all revenue- spring.Ms.Rafferty,65,was the mu-
CLASSIFIEDS 18
----------------------------------------- nancial institutions,including Citi- generating activities,while Editorial seum’s first female president. …
REAL ESTATE 22 group and Deutsche Bank,to create Director Tom Wallace and Chief Fi- R.I.P., ACE. Alan “Ace” Greenberg,
-------------------------------------------
GOTHAM GIGS SMALL BUSINESS 23 a fund to construct or preserve 7,500 nancial Officer John Bellando will the longtime CEO of Bear Stearns,
-------------------------- apartments as part of the mayor’s leave the company.… MET MUSEUM died of cancer at 86.
FMaashgniouns dmoatvtiern is A mslaakuigng a NEW YORK, NEW YORK----------29 200,000-unit affordable-housing PREZ TO RETIRE. After a decade as —emily laermer
name for herself.P. 7 SOURCE LUNCH--------------------------------30
CORRECTIONS (SEE PAGE 28) STORIES TO WATCH
vol.xxx,nos.31,32,august 4,2014—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.
22,by Crain Communications Inc.,685Third Ave.,New York,NY 10017.Periodicals postage Aug. 4: Aug. 6: City Aug. 6: AOL to Aug. 7: Contents
paid at New York,N.Y.,and additional mailing offices.Postmaster:Send address changes to:
Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, Registration opens Planning hearing release 2Q earnings of abandoned Bank
MI 48207-2912. for the .nyc domain on Astoria Cove (see this week’s of America
for subscriber service:Call [phone].Fax [phone].$3.00 a copy,$99.95one
year,$179.95 two years.(GST No.13676-0444-RT) housing proposal story on Page 26) safe-deposit boxes
©Entire contents copyright 2014by Crain Communications Inc.All rights reserved.
to be auctioned
2| Crain’s New York Business |August 4,2014
20140804-NEWS--0003-NAT-CCI-CN_-- 8/1/2014 5:28 PM Page 1
‘Inventor of leisure suit sues
inventor of boutique hotel’
Millionaire entrepreneurs in $50M wrangle over
Bowery Hotel penthouse amid soaring market
BY ANDREW J. HAWKINS
On a street once synonymous with skid row,two millionaires are quarreling
over the penthouse of a trendy hotel that,if put up for sale,would be among
the most expensive condos ever sold in lower Manhattan.
In April, developer Jerry Rosengarten filed a lawsuit in state court
against celebrity hotelier Richard Born and several of Mr.Born’s part-
HOTELIER RICHARD ners,alleging a scheme to cut Mr.Rosengarten out of a deal to sell the
BORN saysa lawsuit by a penthouse suite and several other apartments atop the Bowery Ho-
Bowery Hotel partner tel.Mr.Born denies any wrongdoing and blames the dispute on
misinterprets the original
faulty memory.Mr.Rosengarten is seeking a highly memorable
nnis dLoewale trh Eaat sctr Seaidteed h otht espot. $50 million in damages.
k e Both entrepreneurs consider themselves pioneers who
c
u doubled down on a once-downtrodden neighborhood
b
ws, and are now looking to cash in on real estate values that
e
n have hit stratospheric heights.
g
er Mr.Born claims to be the inventor of the boutique ho-
b
om tel.He is the force behind trendy New York City proper-
blo ties such as the Bowery,the Maritime,the Mercer,the FORMER GARMENTO
(and now developer)
Greenwich and the Pod.Mr.Rosengarten,meanwhile,is
Jerry Rosengarten
often cited as the original designer of the leisure suit, alleges trickery by his
that blend of polyester and kitsch that found popular- Bowery Hotel partners.
ity (and ridicule) in the 1970s.
The clash of egos is all the more combustible given the high
stakes.Mr.Born described the impasse as “different interpre-
See BATTLE on Page 28
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20140804-NEWS--0004-NAT-CCI-CN_-- 8/1/2014 6:56 PM Page 1
IN THE
BOROUGHS
FRESH FACE:Director
GlennAdamson will have BROOKLYN
room to experiment now
that the Museum of Arts
and Design has shed debt
and hired new staff.
Prosperity
rides rails
of L train
Top line of hipsters,
techies spurs change
all along its route
BY JOE ANUTA
In the past few years, Roberta’s, a
pizzeria in Bushwick,Brooklyn,has
garnered critical acclaim from re-
viewers including Zagat,hosted Bill
Clinton and family for dinner,and
helped start an annual block party
that today draws more than 10,000
nis people.
n
k e In short, the place has come a
c
u long way since it opened in 2007,
b
It’s a MAD world. But it’s his when it catered to a mix of artists
and workers from the few ware-
houses and manufacturing plants
still in operation nearby. Yet even
then,Roberta’s owners saw change
racing down the tracks.
“I think we knew that ultimately
New director looks to make his mark, showcase hidden Chocolate Factory(minus the snozberries). what had begun in Williamsburg
Mr.Adamson wanted his first show to make was going to keep coming,” said
talent with the Museum of Arts and Design’s first biennial
a statement,so he opted to launch a biennial,be- Chris Parachini,one of three part-
lieving it would create more buzz around the mu- ners in the eatery.
out party since taking over as director in October. seum while highlighting what he considers an What made it almost inevitable
BY THERESA AGOVINO The director’s debut, “NYC Makers: The overlooked element of the city’s talent pool. was the L train, the line that cuts
MAD Biennial,”features a jumble of more than “Biennials give people something to look across 14th Street from the back
Glenn Adamson,the director of the Museum of 100 works reflecting the diversity of talent among forward to—it is an opportunity to take the door of Google’s vast complex in the
Arts and Design,describes his current show as “a the city’s artisans.There are the traditional crafts: pulse of what’s going on,”he said.“New York is meatpacking district to the East
festival,a celebration”of New Yorkers who create. vases,costumes from the Metropolitan Opera,a a cultural hub, but people don’t think of it as River,and then on to Williamsburg,
It’s a fitting description with a personal subtext: video by Yoko Ono.Even the zany:Scratch-and- place where things are made.” Bushwick and ultimately East New
The exhibit represents Mr.Adamson’s coming- sniff wallpaper seems straight out of Charlie and the See MADon Page 28 See LTRAINon Page 21
Key to hitting city housing
STATS AND THE CITY
byNicholas Wells
goals is who’s counting
TOUGH TIMES FOR YOUTHS: About 305,000 NYC young adults, ages 18 to
24, aren’t in school or are stuck in low-paying jobs, according to a new
report by JobsFirstNYC. The total is equal to the population of Pittsburgh.
35%PORTIONof the city’s total population of 18- to 24-year-olds
Current and former Both sides agree that each unit When Mr.Bloomberg made his (870,700) who are not in school, are out of work or have limited
counts only when financing falls into then-bold pledge nine years ago,the opportunities for advancement
mayors both claim
place and an affordability agreement mayor also promised he’d seal the
36KNUMBERof jobs provided to
8,700 apartments is signed.What’s more,in the case of deal by the end of the 2014 fiscal
young people in July and
the 8,700 units in projects across the year, according to the city’s Inde-
August 2013 by the city’s Summer Youth
city,all agree the mag- pendent Budget Of-
The magic Employment Program, 22% more than in 2012
BY JOE ANUTA ical moment came in fice,which has closely
the first half of the moment tracked the former 65KNUMBERof young adults unemployed
To some real estate observers, the current calendar year. mayor’s housing because of family-care responsibilities,
city’s latest affordable-housing “We wouldn’t dou- progress.That means about 7% of the age group’s total population
came in the
numbers don’t seem to add up. ble count,”said Alicia he had until June 30 to
The controversy arose late last Glen, deputy mayor deliver the goods. 31%PORTIONof the city’s high-schoolers
first half deemed college-ready after four
month,when de Blasio administra- for housing and eco- Mr. Bloomberg
years, despite a record 66% four-year
tion officials proudly called the 8,700 nomic development, likely picked that time
graduation rate in 2013
units of affordable apartments that in a July 30 news con- frame because a large
had received financing in the first six ference. “When peo- portion of all public fi- 15.7%UNEMPLOYMENTrate
months of the year “a significant ple talk about the pri- nancing deals close among the city’s 16- to
down payment” on achieving their or plan,that would be just ahead of the end 24-year-olds, compared with 8.3%
goal to build or preserve 200,000 all [unit starts before] Jan.1,2014.” of the financial year.What’s more, overall*
such units over the next decade. But what seems like an open-and- he could argue that all of the deals o
One problem: The Bloomberg shut case—which would mean that would technically be done using *S1ou2r-cmeosn: Jtho bpseFriirosdtN eYnCd,e NdY JCu nDee p2a0r1t4m ent of phot
administration had already counted the famously data-driven Bloomberg money he allocated in his final Education, NYC Mayor’s Management Report, NYS ck
those same units as the final install- administration fell short of its afford- budget.To drive this point home, Bureau of Labor Statistics isto
ment payment on its 2005 pledge of able objective by about 5,000 apart- the Bloomberg administration is- ADDICTED TO NUMBERS? GET A DAILY DOSE AT @STATSANDTHECITY
165,000 affordable apartments. ments—has another side to it. See HOUSINGon Page 28
4| Crain’s New York Business |August 4,2014
20140804-NEWS--0005-NAT-CCI-CN_-- 8/1/2014 6:58 PM Page 1
IN THE
MARKETS
(cid:2)RESIDENTIAL REAL ESTATE.One sign Treasury bond,” said David the company’s annual sales.That’s a
of how frothy the market has be- Bagatelle, president of the New hefty price in the food world,where
come is that stated-income mort- York metro market at Sterling fierce competition for shelf space
byAaron Elstein gages have bounced back. National Bank.“One of those cer- and ever-changing consumer tastes
These mortgages,once labeled as tainly carries a lot more risk than the mean that companies seldom grow
“liar loans” because they don’t re- other.” rapidly for long.
quire borrowers to provide proof of (cid:2)FINANCIAL TECHNOLO- But in recent months,
Welcome, NY, income, were banned earlier this GY. One of the prices for food makers have
$54K
year by the Consumer Financial hottest sectors in escalated to three or even
Protection Bureau. But that move the world’s finan- three and a half times
AMOUNT RAISED ON
to Bubble Town only applies to lenders writing such cial capital is “fin- KICKSTARTER by an sales, according to Greg
loans for primary residences. Liar tech,” the startups Wank, partner in charge
aspiring potato-salad
loans for investment or commercial that develop secu- entrepreneur who had of the food and beverage
properties remain fair game. rity, processing and never made potato practice at accounting firm
One provider, Velocity Com- other services for big salad Anchin.
Continued from Page 1 ment,however,may want two years mercial Capital, is offering institutions. Inflows of Manufacturers of organic or
Still,today’s bubble fears may be of additional trial data before ap- adjustable-rate stated-income capital to those firms have mush- artisanal products are especially hot.
well founded. The S&P 500 has proving the drug, according to mortgages that mature in five years roomed by 45% annually during the But those who make anything that
tripled during the past five years,yet Bloomberg News. at rates starting at about a hefty past five years,or double the rate of can command a healthy markup are
the Fed says it won’t raise interest “It’s a bubble when any positive 7.5%,but activity is brisk. growth in funding for similar com- in heavy demand. Long Island-
rates, which have been near zero announcement causes a major “We’re doing a lot of panies in Silicon Valley,according to based Hain Celestial, best known
since the financial crisis because of [stock price] surge,” ob- business in New a June report by Accenture and the for its Celestial Seasonings teas,ear-
300+
the weak labor market and absence served Christopher Tsai, York,” said ac- Partnership Fund for New York lier this year paid $300 million for a
of inflationary pressures. president of Manhat- count executive City. company that deals in trendy Bas-
“A 6% unemployment rate is cer- tan-based hedge fund Katina Magac. Things started looking bubbly in mati rice.
NUMBER OF ASSET
tainly better than the 10% we had a Tsai Capital. “There’s been a the spring after a company called (cid:2)CROWDFUNDING.Speaking of food,
BUBBLES tracked
few years ago,” said Lawrence Although he’s significant in- Mercury Payment Systems agreed last month an aspiring entrepreneur
White,an economist at New York deeply skeptical about over history by crease in de- to be acquired for $1.7 billion, a turned to Kickstarter to raise some
University,“but it’s still not robust, biotech, whose stocks markets guru mand for the whopping six times its annual rev- cash for a project.“Basically I’m just
and at the same time,people see the have posted average an- loans in the last enue.Just two or three years ago,fin- making potato salad,” he wrote.“I
Jeremy Grantham
stock market at all-time highs.” nual gains of 42% since the several months.” tech companies fetched only one or haven’t decided what kind yet.”
It’s been just seven years since the start of 2012—double the Meanwhile, de- two times their revenue,according What’s more,he included a daunt-
implosion of the housing bubble S&P 500’s rise—Mr.Tsai said mand for investment to Mandeep Sihota, a principal in ing risk factor:“It might not be that
triggered the Great Recession,and it’s too early to shout out the B-word. properties in hot areas like Park the valuation and forensic services good.It’s my first potato salad.”
14 years since the dot-com bubble With interest rates near zero,it’s Slope and Brooklyn Heights have group at advisory firm Citrin Nonetheless,by the end of July
popped, but ConvergEx Group only natural for investors to bid up driven up their prices to the point Cooperman. On the other hand, he’d raised nearly $54,000 from
Chief Market Strategist Nicholas the value of assets that offer decent where the return on rental proper- just before the dot-com bust in about 6,700 backers. Feeding that
Colas isn’t surprised to see new bub- returns, he argued. What’s more, ties has sunk to 4%.That’s well be- 2000,they sold for 10 times revenue. inflow, about 387,000 people had
bles inflating. He noted that in- corporate profit growth remains low the typical rate of about 6% and “A lot of that excitement is com- shared his request on Facebook.
vestors are prone to the same kind of strong, and individual investors, not much higher than the 3.2% ing back,”Ms.Sihota said. “There’s your crowdfunding
poor judgment as criminals,43% of burned by 2008, have not yet re- yield offered by hypersafe long- (cid:2)FOOD.What constitutes a fair price bubble,” ConvergEx Group’s Mr.
whom return to prison within three turned to the market—normally one term U.S government bonds. for a salty snack? New Jersey-based Colas said.(cid:3)
years of their release because of a of the surest signals that stock prices “The question for a real estate in- B&G Foods forked over about $200
fresh offense.“Punishment is a poor are peaking.Indeed,flows into equi- vestor is whether to put money in million to buy the maker of Pirate’s LISTENto a discussion at
CrainsNewYork.com/podcasts
motivator for changes in human be- ty mutual funds declined by 30% in Brooklyn multifamily housing or a Booty last year,or more than twice
havior,”Mr.Colas said. the first half,according to the Invest-
For now,the most effer- ment Company Institute. ADVERTISEMENT
vescent corners of the “Bull markets end after
1
market appear to be the last burst of eupho-
venture capital ria,” Mr. Tsai said.
and biotech in- MINUTE “We haven’t seen
vesting. that yet.”
Time it took shares of
VC firms Jeremy Gran-
revenue-less Puma
poured $2.1 tham,the chief in-
billion into Biotechnology to quadruple, vestment strategist
New York to $230, after a press at money manager
startups in the GMO who is
release touted the
first half of this known for his con-
company’s product
year, for example. trarian views,also reck-
That was the most ons the markets will push
since 2001,when thou- even higher.Mr.Grantham,
sands of high-flying dot-coms who has identified more than 300
crashed to earth. bubbles in different asset classes over
the course of history,recently wrote
Jumping the sharknado that the stock market won’t be blow-
The current tech boom may have ing bubbles until the S&P 500
reached its sharknado-jumping mo- reaches 2,250,or 17% higher than its
@UPPERSTORYNY
ment on July 21.That is when New current level.Until then,he predicts
York Knicks basketball star Carme- a frenzy of dealmaking as business
lo Anthony,who started dabbling in leaders race to build their companies
VC investing only last year,when he before the party ends.
put money in an app developer,an- “I think it is likely (better than
nounced he would co-found a VC 50-50) that all previous [merger]
fund called M7 Tech Partners.The records will be broken in the next
“M”stands for “Melo,”and 7 is his year or two,”Mr.Grantham wrote. OPENING FALL 2014 · CHEF CHARLIE PALMER’S PREMIER PRIVATE EVENTS SPACE OVERLOOKING MANHATTAN
uniform number.“For as long as I “This of course will help push the D&D BUILDING · 979 THIRD AVENUE · 14TH FLOOR · NEW YORK, NY · 212.644.9394 · UPPERSTORYNY.COM
can remember,I’ve been interested market up to true bubble levels,
in technology,”Mr.Anthony said in where it will once again become very
a statement. dangerous indeed.”
A day after that announcement,
the biotech frenzy took center stage. THE FROTHIEST
A company with no revenue called
ASSETS
Puma Biotechnology put out a press
release touting “positive”results in a
clinical trial of its breast-cancer With the day of reckoning looming,
treatment, and its stock price Crain’s asked financial executives
quadrupled to $230 a share in a sin- across the city to identify which
gle minute of trading on the New assets they see as stretched into
York Stock Exchange.The govern- bubble territory.
August 4,2014 | Crain’s New York Business |5
20140804-NEWS--0006-NAT-CCI-CN_-- 8/1/2014 5:29 PM Page 1
THE
INSIDER
be enshrined in the state’s constitu- more regulation and mandates for would each appoint two members,
tion if a majority of voters back it. employers. Democratic voters out- and those eight members would ap-
The groups say the proposal is a far number Republicans two-to-one prove the final two.But if the Leg-
byChris Bragg cry from truly impartial redistrict- statewide, requiring the GOP to islature doesn’t like the commis-
ing,which has been adopted in states gerrymander to keep its numbers up. sion’s districts,it could draw its own.
such as California,because final ap- Common Cause plans to raise Gov.Andrew Cuomohas touted the
Biz uneasy as reformers fight reform proval of the district maps would re- money for a grassroots advocacy ef- constitutional amendment,saying it
main in the hands of the Legislature. fort,though its funding is expected “permanently reforms the redistrict-
“In the end,this is an attempt to to be relatively modest. ing process.”That’s exactly what re-
Good-government groups have long sought to change constitutionally memorialize a sys- Redistricting is controlled by the formers are afraid of: locking into
the once-a-decade redistricting process in Albany tem where both parties run state Legislature. In a tacit non- place a system by which incumbents
roughshod over the voters,” said interference arrangement,the Sen- can essentially draw their own dis-
that has resulted in oddly shaped legislative lines
Susan Lerner, executive director of ate and Assembly majorities let each tricts.If the measure passes,chang-
favoring incumbents.But with a proposal on the November Common Cause New York. other draw the lines for their respec- ing the system again would require
ballot to finally and dramatically alter the process,the But some fear that reformers’so- tive chambers,then vote them into approval from two consecutive Leg-
lutions would run roughshod over effect. If the amendment passes, a islatures and another voter referen-
reformers are launching a campaign against it.
the business community instead by 10-member commission would dum—an arduous and rarely execut-
Common Cause New York,NYPIRG and others are
facilitating a Democratic takeover of draw the districts.The majority and ed process that takes two years.
opposing what they call “fake redistricting reform”that would the state Senate,which could lead to minority conferences in each house The amendment will go to voters
as a result of a 2012 deal between Mr.
Cuomo and Senate Republicans.
Most Senate Democrats voted
against putting the question on the
ballot,and although they now have a
OUR JOB IS TO HELP MAKE
much closer political relationship
with Mr.Cuomo,they still oppose it.
YOUR JOB EASIER.
COFFEECUPScan be made into these pellets.
Foam war revisited
Last year, then-Mayor Michael
Bloombergsigned into law a ban on
plastic-foam food-service contain-
ers to take effect July 1,2015.But it
came with a hard-won caveat for the
foam industry:The city must first
conduct a test to determine if the
containers can feasibly be recycled
instead of outlawed.
Though the decision must be
made by Jan.1,the Department of
Sanitation seems to be in no hurry.
An agency spokesman would only
say,“I think we’re planning to con-
duct a study in the fall,but I don’t
have many details.”
That worries Dart Container
Corp.,a major producer of single-
When people are your priority, MassMutual’s healthcare nonprofit expertise is here to help.
use food-service products that lob-
Whether it’s consolidating multiple retirement plans, navigating filing requirements or bied for the feasibility analysis after
it became clear the ban would pass.
finding ways to help your participants retire with confidence, we simplify the process — so
“That doesn’t leave much time for a
you and your employees can spend more time where it’s needed most. It’s probably why fair test,which is a real concern,”the
company said in a statement.“We
100% of MassMutual’s nonprofit clients gave us top ratings for “would highly recommend”
hope the [City] Council,which re-
and “investment options and performance.”1 To learn more, call your retirement plan quired the test,will hold the depart-
ment accountable.” But members
professional or contact MassMutual at 1-866-444-2601, MassMutual.com/Nonprofit
who helped Dart have left office.
Dart has retained well-known
attorney Randy Mastroand might sue
if it believes the city isn’t complying
with its own law.
So desperate is the company to
keep foam food containers legal that
it has offered to pay for the first two
years of a recycling program,which
would require separating and wash-
ing used containers and combining
TOTAL RETIREMENT SERVICES + TPA + DEFINED CONTRIBUTION + DEFINED BENEFIT + NONQUALIFIED + them with rigid plastics to add
NONPROFIT + PUBLIC SECTOR + TAFT-HARTLEY + STABLE VALUE + PEO + IRA weight. The material would be
melted into pellets for use in picture
frames and other products.
©2014 Massachusetts Mutual Life Insurance Company. All rights reserved. MassMutual Financial Group refers to Massachusetts Mutual Life Insurance Ron Gonen,the deputy sanitation
&RPSDQ\0DVV0XWXDO>RIZKLFK5HWLUHPHQW6HUYLFHVLVDGLYLVLRQ@DQGLWVDIÀOLDWHGFRPSDQLHVDQGVDOHVUHSUHVHQWDWLYHV0XWXDO)XQG,QGXVWU\$ZDUGV
commissioner who championed the
“Hall of Fame” selection announced 12/2/13 by Fund Industry Intelligence & Fund Director Intelligence (Euromoney Institutional Investor) for MassMutual’s
ban,has left city employ but contin-
prior awards: Retirement Leader of the Year for industry leadership and excellence in retirement plan services, April 2012; Deal of the Year, April 2013;
Ad Campaign of the Year$SULO0DVV0XWXDOLVWKHRQO\ÀUPHYHUWRKDYHHDUQHGD+DOORI)DPHLQGXFWLRQLQMXVWWZR\HDUV1Based on MassMutual’s ues to defend it. Dart might find
2013 full-year customer satisfaction survey released by Chatham Partners on March 10, 2014. RS: 30790-01 Mayor Bill de Blasio no more sympa-
thetic than his predecessor: Mr. de
Blasio once tried to ban plastic-foam
trays from public schools.(cid:2)
6| Crain’s New York Business |August 4,2014
20140804-NEWS--0007-NAT-CCI-CN_-- 8/1/2014 12:04 PM Page 1
B U S I N E S S
$138K
PEOPLE
Average total
compensation for a
corrections officer in
New York City
Source: NYC OpenData
EXECUTIVE MOVES
ASLAUG MAGNUSDOTTIR’S HAP Investments:
firm allows shoppers to Kfir M.Ribak,34,
customize designer apparel joined the interna-
or create their own fashions tional real estate
from scratch. investment and
development com-
pany as chief finan-
cial officer.He was
previously a partner
at Citrin Cooperman.
Community Preservation Corp.:Daniel
Brandt,44,joined the nonprofit
affordable-housing lender as chief
financial officer and executive vice
president of risk management.He
was previously executive director of
Capstone Advisory Group.
Friends of the High Line:Jerome Barth,
41,joined the nonprofit as chief oper-
ating officer.He was previously vice
president of business affairs at Bryant
Park Corp.
Saatchi & Saatchi NY:Wanda Pogue,
44,was promoted to chief strategy
officer at the advertising company.
She was previously global planning
director.
Siegel+Gale:Kevin Grady,49,joined
the global branding firm as global
head of content and design.He was
previously design director of IDEO’s
Boston office.
NYC & Company:
Peter Yacobellis,34,
joined the New
York City market-
ing,tourism and
partnership organi-
zation as chief of
nnis sotuasflfy. Hdiere wctaosr p orfe vthi-e
e
k New York Office of Rent Adminis-
c
bu tration.
New York Restoration Project:Deborah
GOTHAM GIGS Marton,51,was promoted to execu-
tive director at the nonprofit.She was
previously senior vice president of
The coolest name in fashion programs.
adMarketplace:John Tolson,45,joined
the advertising network as executive
director of client relations and devel-
opment.He was previously managing
director and senior partner at
Aslaug Magnusdottir (and her Tinker Tailor, too) GroupM.
East River Partners:Ravi Bhatia,50,
joined the private-equity investment
and real estate development firm as
‘This is for Altering a designer dress can lead to lawsuits.At she was born,Ms.Magnusdottir,who holds director of development.He was pre-
viously director of operations and
Tinker Tailor,it generates sales.The midtown- degrees from Harvard Business School and Duke
the woman program management at LIGTT
based company,launched in May by fashion University School of Law,took her talents to the Regional Center.
who loves veteran Aslaug Magnusdottir,allows shoppers to U.S.She learned the fashion business from stints Fidelis Care:Sahar
Elezabi,47,joined
customize designer wares or create their own at McKinsey & Co.,retail consulting firm the health insurance
luxury but
apparel from scratch using 3-D renderings. Marvin Traub & Associates and e-commerce site provider as medical
director and vice
wants to Changes made with a designer’s approval give Gilt Groupe.She co-founded Moda Operandi,a
president.She was
consumers the choice of shortening a hem here, site for preordering luxury goods,four years ago. previously medical
tweak it’ director and behav-
adding an embellishment there,or changing a Tinker Tailor,which operates out of a 1,200-
ioral medical direc-
shade.So far,80 fashion houses—including well- square-foot office and atelier on West 44th tor at North Shore-LIJ CareConnect
Insurance Co.
known labels Marchesa,Preen and Rodarte—are Street,takes the concept of high-end buying
Seleni Institute:Christiane Manzella,
onboard.¶ “You see a big trend in our society online one step further.¶ She declined to 67,was promoted to clinical director
toward customization—that need and desire to disclose how much Tinker Tailor received in seed at the women’s mental health and
wellness nonprofit.She was previous-
have something a little bit more personalized and funding,but expects to start a Series A round
ly supervision director and senior psy-
suited toward them,”Ms.Magnusdottir said. soon.The company will expand into accessories chologist.
Infusion:Alexander Liss,35,joined the
“There are apparel customization sites for the by the end of the year.¶ “This is for the woman
global consulting company as director
mass market,but nobody had built a platform who loves luxury but wants to tweak it to make it of analytics and insights.He was previ-
within luxury.”¶ The 46-year-old knows her more personal and more relevant,”she said. ously senior data strategist at Droga5.
TPG Architecture:Nicole Varadi,43,
audience.After studying law in Iceland,where —adrianne pasquarelli See EXECUTIVE MOVESon Page 8
August 4,2014 | Crain’s New York Business |7
20140804-NEWS--0008-NAT-CCI-CN_-- 8/1/2014 12:05 PM Page 1
CORPORATE LADDER EXECUTIVE MOVES
DIRECTOR HITS RIGHT NOTES AT THIRD STREET MUSIC
Continued from Page 7
was promoted to design director of the
VALERIE LEWIS, 41, began her first day at the Third Street Music School Settlement by attending its prekindergarten sing-along, and retail studio at the design firm.She was
she capped it by dropping in on a concert performed by the school’s “50 or better” senior citizens’ group. previously a senior designer.
As Third Street’s 15th executive director, Ms. Lewis takes the helm as the East Village institution, which offers music and Centerline Capital Group:Mustafa
dance classes to more than 5,000 students, prepares to celebrate its 120th birthday this fall. “The anniversary is an Haque,36,joined the real estate finance
opportunity to focus on the history, strengths and reputation of this organization,” said Ms. Lewis. She plans to mark the and asset management firm as vice
president and assistant general counsel.
occasion by developing additional programming and special events to raise the school’s visibility.
He was previously in-house counsel at
Third Street, the oldest community music school in the country, provides classes in violin, guitar, hip-hop, music theory and
Asset Based Lending Fund.
more. It also partners with more than 20 public schools and community centers to provide music and dance instruction—a Enterprise Community Partners Inc.:Judi
program that Ms. Lewis plans to expand. The nonprofit has an annual operating budget of just over $7 million. Kende,45,joined the real estate invest-
Ms. Lewis was previously executive director of the Brooklyn Youth Chorus Academy. “Valerie is a fierce ment services company as vice president
advocate of the arts,” said Debra Simon, Brookfield Properties’ vice president of arts and events, who met Ms. and New York market leader.She was
previously senior vice president of the
Lewis when they worked at the Downtown Alliance. “She knows how to grow organizations.” —NAZISHDHOLAKIA
Eastern and central regions at the Low
Income Investment Fund.
eXelate:Jonathan
Doan,47,joined the
independent data
platform as senior vice
president and general
HOW DO YOU CONNECT WITH manager of platform
software.He was pre-
viously group vice
president of the
Americas at Limelight Networks.
THE LEADERS IN YOUR MARKET?
Pyramid Consulting Group:Erika Mendez,
35,was promoted to vice president at the
staffing firm.She was previously vice
president of the fashion division.
Catalyst Investors:Susan Bihler,28,was
promoted to vice president at the
Crain’s Business Lists make it easy growth equity firm.She was previously
a senior associate.
FreshDirect:Larry Scott Blackmon,40,
joined the online grocer as vice presi-
dent of community and government
affairs.He was previously deputy com-
missioner for community outreach at
STEP 1 STEP 2 STEP 3 the New York City Department of
Parks & Recreation.
Intrepid Sea, Air & Space Museum:
Lynda Kennedy,46,joined the nonprofit
educational institution as vice president
of education.She was previously associ-
ate executive director of the Louis
August Jonas Foundation.
PlaceIQ: Phil London,62,joined the
location-intelligence company as senior
vice president of product and technolo-
gy.He was previously senior vice presi-
dent of marketing and engineering at
SynapSense.
Ed Haslam,50,joined as senior vice
president of marketing.He was previ-
ously senior vice president of marketing
at YuMe.
Payoneer: Jani Gode,
Visit Select And Make
42,joined the
Internet-based
financial-services
Crain’s Download New
business as vice presi-
dent of enterprise risk.
She was previously
Data Center Your List Connections manager of interna-
tional payments and
the prepaid group at SightSpan.
Worthy: Ezzie Schaffran,37,joined the
online marketplace for preowned luxury
goods as vice president of operations,a
All Crain’s lists are researched and verified by our editorial
newly created position.He was previ-
ously chief operating officer at Ice.com.
team so you can be assured that you’re getting the most McNamara/Salvia Inc.:Vladimir Seijas,
44,joined the structural-engineering
firm as a principal.He was previously
accurate data possible. All lists are available for download
senior vice president at WSP.
Bart Sullivan,43,joined as a principal.
in an easy-to-use Excel compatible format. He was previously senior vice president
at WSP.
Rose Associates Inc.:Andrea Mignone,
32,joined the residential real estate serv-
ices firm as manager of residential mar-
keting.She was previously vice president
at Marketing Directors Inc.
—nazish dholakia
View all our lists at:
EXECUTIVE PROMOTIONS
www.crainsnewyork.com/datacenter
The fastest way to get an announcement into
Crain’s is to submit online. Fill out the form
at www.crainsnewyork.com/section/
executive_moves. The Executive Moves column
is also available online.
8| Crain’s New York Business |August 4,2014
20140804-NEWS--0009-NAT-CCI-CN_-- 8/1/2014 12:17 PM Page 1
DIGITAL NY $2.1B
AMOUNT VC FIRMS
poured into New York
Summer deal flow remains sunny startups in the first
half of 2014—the most
since 2001
Local startups company was founded in their competitors.The SoHo-based them,frankly.”He expects such de-
2011 by Harvard Business firm will now work on persuading vices to be “largely ubiquitous” in
have no problems
School classmates Amy Jain other kinds of e-commerce sites to the next few years, noting that he
raising their profiles and Daniella Yacobvosky. think of themselves as publishers sees them around the office as well
“When women go to and sell ads from competitors. as at sporting events.
as well as cash buy makeup, they go —thornton mcenery Fashion houses are recognizing
straight to Sephora,” Ms. and matthew flamm this growing market. Tory Burch,
Jain said in an interview. partnering with Fitbit,recently re-
The doldrums of summer “When women go to buy Fast fashion leased a line of tech accessories,
may be upon us,but that jewelry,they don’t have one while Diane von Furstenberg de-
hasn’t stopped tech place they can go.” The city’s annual triathlon marked a signed styles for Google Glass.
dealmakers from in- Investors continue to tech milestone:The majority of the Ringly,a local startup selling a ring
CHRIS BURCH(left) has bellied up to Bauble Bar. MARC
vesting millions of dol- LOREhas shed Diapers.com to form e-commerce site Jet. fund firms building tech- race’s 3,000 participants,or 58%,in- that signals when its wearer receives
lars in local startups. nology to help brands tended to use wearable devices during a cellphone call,launched in June.
Marc Lore secured one of the reach potential consumers the event, according to a survey by The wearable-electronics mar-
biggest deals of recent weeks.The collection of e-commerce sites most across devices. management consultant Accenture. ket reached $8 billion in sales last
entrepreneur behind Diapers.com known for the Diapers.com vertical, Digital marketing company Such devices include watches year,and is expected to hit $20 bil-
said he raised $55 million for an to Amazon for a reported sum of Dstillery doubled its raised capital that monitor pace and include GPS lion by 2017,according to research
e-commerce site he’s calling Jet. $545 million,and then stayed with with a $24 million infusion led by tracking,heart monitors and step- firm Futuresource Consulting.
That’s about all he’d say about his the company for four years before New Spring Capital.The Series C tracking wristbands. The survey —adrianne pasquarelli
startup,other than it will be based in leaving with other Quidsi founders to round will help the midtown south found that nearly 75% of those plan- and matthew flamm
Hoboken,N.J.,and “will make use form Jet.One Quidsi alum who did firm,one of Crain’s2013 Best Places ning to wear devices were going to
of the latest advancements in tech- not join Jet is Vinit Bharara,brother to Work,expand further.Its CEO, use them to track speed and distance
nology to create a new shopping ex- of U.S.Attorney Preet Bharara. Tom Phillips,was a 1988 Crain’s40 for the race,which combines swim- os
perience that will empower cus- Other boldface names in New Under 40. ming,cycling and running. ot
h
tomers like never before.” York business also have been busy. Ad-tech firm Intent Media One enthusiast is John Ratzan, ws p
Mr.Lore in 2010 sold Quidsi,a The investment firm of Chris raised $22.7 million to expand into managing director of Accenture’s e
n
Burch,co-founder with his ex-wife new office space downtown and to New York office and a five-time rg
e
To sign up for Crain’sDIGITAL NY of the high-end fashion powerhouse build a bigger international opera- triathlete in New York.He was go- mb
o
emails, go to www.crainsnewyork Tory Burch,led a $10 million Series tion. The company’s approach is ing to use a racing watch and heart- lo
b
.com/newsletters. B round for e-commerce jewelry site novel:It talks travel sites like Expe- rate monitor.“It helps,”he said.“I FRAME WORK:Wearable tech has attracted
Bauble Bar. The midtown south dia or Orbitz into running ads from would be challenged to race without designers such as Diane von Furstenberg.
Health Care Summit:
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August 4,2014 | Crain’s New York Business |9
20140804-NEWS--0010-NAT-CCI-CN_-- 8/1/2014 12:18 PM Page 1
OPINION
CRAIN’S
An easy way to boost tourism
NEW YORK BUSINESS
editor in chiefRance Crain
publisher,vpJill R. Kaplan
W
hy would anyone want to limit But the legislation,called the Jolt Act,would certainly EDITORIAL
the number of visitors from help the national economy as well.It would trigger an editorGlenn Coleman
managing editorJeremy Smerd
Brazil,Israel,Poland and other estimated 600,000 annual visits and create 42,000 jobs, deputy managing editorsValerie Block,
Erik Ipsen
U.S.-friendly countries with according to the U.S.Travel Association.The nations that
assistant managing editorsBarbara Benson,
hordes of wealthy travelers eager would get visa-waiver status are close allies of the U.S.and Erik Engquist
senior news producerAmanda Fung
to spend their money here? have security measures in place on par with countries already contributing editor Elaine Pofeldt
columnistsGreg David, Steve Hindy, Alair Townsend
Surprisingly,these nations— in the program.
senior reportersTheresa Agovino,
along with Argentina,Bulgaria,Croatia,Panama,Romania The Senate has passed the bill,but in the House it is tied Aaron Elstein, Lisa Fickenscher, Matthew Flamm,
Daniel Geiger, Adrianne Pasquarelli
and Uruguay—are not among the 38 that can send tourists to comprehensive immigration reform,which Republicans reportersJoe Anuta, Chris Bragg,
Andrew J. Hawkins, Irina Ivanova,
and businesspeople here for up to 90 days without a visa. have declared dead for this year.Some House members have
Thornton McEnery
Some politicians in the U.S.fear that visitors from these said the Jolt Act must be accompanied by a system that scans reporter/videographer Ken M. Christensen
news producer Emily Laermer
countries would stay longer than permitted,creating a fingerprints or retinas web reporter/producer Nazish Dholakia
security risk,and therefore should be required to get visas. Let Brazilians, of people entering and art directorSteven Krupinski
deputy art directorCarolyn McClain
Imagine a mall trying to deter loitering by locking its doors Israelis, Poles exiting the country.But staff photographerBuck Ennis
copy desk chiefSteve Noveck
and forcing each shopper to apply for entry. there is no funding to copy editorThaddeus Rutkowski
New York City hospitality businesses have joined a and others visit create such a system, data editor Suzanne Panara
researchers Malik Singleton, Nicholas Wells
national tourism-industry effort to persuade Congress to and some conservative editorial interns Valentina Cordero,
without visas
Mark Fahey, Gianna Lakenauth, Katrina Samuelson
pass legislation tweaking the Visa Waiver Program’s groups oppose the use
conferences and events editor
admissions criteria.It would sweep in the aforementioned of biometric Jessica Kramer
nine nations by virtue of their visa applicants’rejection rates, technology.The ADVERTISING, MARKETING AND PRODUCTION
advertising director Joanna Harp
which are low but just above the current threshold. screening-system sales manager Irene Bar-Am
The bill would particularly benefit New York:The city is a demand is either a senior account managers
Jill Bottomley Kunkes, Courtney McCombs
favorite destination of foreigners,who account for more than congressional poison pill or an excuse for inaction. director of custom content Trish Henry
account executives Lauren Black, Rob Pierce
20% of our 50 million-plus annual visitors and an outsize However,there is a chance that the Jolt Act will be
events coordinator & scheduler
50% of their spending.Brazil is the Big Apple’s second- included in an appropriations bill,which would provide Alexis Sinclair
creditTodd J. Masura (313-446-6097)
largest overseas feeder market.And 18% of international political cover for immigrant-phobic representatives.That’s director of audience & content
partnership development Michael O’Connor
travelers to the U.S.arrive in New York first.Deep-pocketed a promising path to passage this year,and probably the only
senior marketing manager
South Americans are not desperate to visit Dubuque. one.Congress should take it. Catherine Schutten
director of conferences & events
Courtney Williams
events coordinator Adrienne Yee
reprint account executive Alicia Samuel
CCRRAAIINN’’SS OONNLLIINNEE PPOOLLLL CCOOMMMMEENNTTSS production and pre-press director
Simone Pryce
Not on the money ONLINE AND INTERACTIVE SERVICES
general manager Rosemary Maggiore
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SHOULD COMMISSIONER real benefit”(July 7) incorrectly New Yorkers,especially happened to freedom of choice www.crainsnewyork.com/subscribe
BILL BRATTON SCALE BACK argues that encouraging banks immigrants,for more than 70 in the marketplace? TO ADVERTISE:
to accept municipal ID cards years.More than 800,000 New —larry penner Contact Joanna Harpat [email protected]
THE NYPD’S ‘BROKEN will help undocumented Yorkers currently use us—not Great Neck,N.Y. or call 212-210-0278.
WINDOWS’ POLICING? workers access bank accounts because we’re expensive and www.crainsnewyork.com/advertise
and avoid overpriced check inconvenient,but because we THEMOST CONNECTED FOR INFORMATION ON OUR EVENTS:
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Yes.There’s little evidence that it deters more-
This argument assumes —andrew siegel Thank you for recognizing our [email protected] or 212-210-0257.
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New Yorkers with bank President chairman and CEO,Maurice
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editorial phone:[phone]
No.Allowing minor offenses would worsen the typically means “high fees.” LEAD BY EXAMPLE 23).I wanted to provide a more fax [phone]
quality of life and risk disorder. Turnstile- Second,it ignores the complete understanding of Starr Entirecontents©copyright2014CrainCommunicationsInc.
jumping, graffiti, public urination and the like terrible choice that New Re “ ‘Chek’with business first” Cos.and its financial results. Allrightsreserved.®CityBusinessisaregisteredtrademark
ofMCP Inc.,usedunderlicenseagreement.
can’t be tolerated. Yorkers with bank accounts, (editorial,July 21):Why not The firm is comprised of the
but low balances,face:paying amend Councilman Daniel global insurance and travel CRAIN COMMUNICATIONS INC. BOARD OF DIRECTORS
Date of poll: July 29
high overdraft fees to banks or Garodnick’s bill,which would assistance business of Starr chairman Keith E. Crain
136 votes president Rance Crain
paying high late fees to utilities. compel businesses with 20 or International Co.,and the
treasurerMary Kay Crain
The state Department of more employees to offer investment business of C.V. Cindi Crain
Financial Services and the IRS TransitChek,to include council Starr & Co.In 2013,gross
executive vp,operationsWilliam Morrow
regulate and oversee New York members and staff? Mr. premiums written were $3.6 executive vp,director of strategic
check cashers and their Garodnick and colleagues billion,operating income was operationsChris Crain
21% 79% transactions.We are held to the could give up their free City $390 million,total assets were execoupterivaet ivopn,dsiKr.Ce.c Ctraoinr of corporate
Yes No high requirements of the Bank Hall parking and join millions $13.1 billion,and shareholders’ senior vp,group publisherDavid Klein
Secrecy Act,and our customers of constituents who take buses equity was $6.7 billion. vp/production,manufacturingDavid Kamis
must present valid ID to and subways to work. —howard i.smith chief financial officerThomas Stevens
chief information officerAnthony DiPonio
conduct any kind of financial Mr.Garodnick and his Vice chairman,finance
transaction. colleagues are addicted to using C.V.Starr & Co. 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 |August 4,2014