Crain's New York Business back issues from December 2008:
L.I. brokers fill void with advice; Big drop in deals forces role change; fees fall far short.(Real Estate Report)
Dec 01, 2008 ... Byline: Laura Koss-feder Like many companies in these somber economic times, Nu Horizons Electronics Corp. is keen to save every dollar it can. Late last year, that quest took the Melville, L.I.-based electronics distribution company to the door of CB Richard Ellis Inc. ...
Workers take stock; Jobs gone, Wall Streeters reassess and retool.(Business Lives)
Dec 01, 2008 ... Byline: samantha marshall Eddie raychaudhuri knew the pink slip was coming. So when he got laid off from Wall Street equity research firm Guidepoint Global last month, he had a plan. He loaded up a U-Haul, drove to his parents' house in Boston to store his belongings and booked ...
NO TIME FOR NEW DREAMS.(Business Lives)
Dec 01, 2008 ... While younger finance workers are turning mass layoffs into an opportunity for reinvention, Wall Street veterans have fewer options. With more obligations and less time to revamp before retirement, they're plunging straight into the job search and casting as wide a net as possible. ...
New York, New York.(Briefs)
Dec 01, 2008 ... Byline: edited by Valerie Block The Week shows no weakness Newsweeklies have taken a pounding in 2008, with Time and Newsweek suffering double-digit ad page declines and No. 3 title U.S. News & World Report planning to go monthly. Meanwhile, The Week is having the ...
Best of Bob Lape.(Business Lives)(Restaurant review)
Dec 01, 2008 ... Here's another local Italian option for a more formal occasion. Convivio (3) www.convivionyc.com 45 Tudor City Place (between East 41st and East 42nd ...
Gov't comes to Citi's rescue.(Briefs)
Dec 01, 2008 ... Byline: from staff reports and bloomberg news reports The Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corp. agreed to bail out Citigroup Inc. The government will inject $20 billion into the struggling bank and guarantee up to $306 billion of loans ...
Music mogul.(Business Lives)
Dec 01, 2008 ... Byline: sarah studley Ali Dee, 38, is giving Hollywood its groove. As the owner and president of DeeTown, he's written and produced songs for artists like Miley Cyrus and films from Transformers to August Rush. Bumpy ride The Upper East Side native is the son of an ...
WHERE'S THE SHOPPING?(Real Estate Report)
Dec 01, 2008 ... A glaring problem is emerging as people move into the new apartments along Kent Avenue--the profound lack of essential services, including dry cleaners, drugstores and grocers. Developers expect a boom in waterfront retail, but no leases have been signed so far along Kent Avenue, where ...
TRANSPORTATION Toll politics.(Briefs)
Dec 01, 2008 ... A commission headed by Richard Ravitch is hard at work on a plan to raise revenue for the Metropolitan Transportation Authority, which is staring at a $1.2 billion operating deficit and is a cool $17 billion short of funding for its next five-year capital plan. But elected ...
Bioresearch firm counts on a cure; SIGA could reap millions from smallpox drug.(News)
Dec 01, 2008 ... Byline: Gale Scott Smallpox has been all but wiped off the planet, but that doesn't mean the deadly disease is not a threat. When it comes to bioterrorism, it is still considered a dangerous weapon, primarily because countries have built up stockpiles of the virus and there are ...
Saying goodbye to so many greats.(Viewpoint)
Dec 01, 2008 ... Byline: Alair Townsend Some estimable figures exited the New York stage in 2008. I salute them. Two iconic companies lost past leaders when Bill Modell and Henry Steinway died. Frank Shattuck II was the last president of the family-owned company that ran Schrafft's ....
E-tailer charms the pants onto men; Good design, unusual business choices pay off for trousers line.(Small Business)
Dec 01, 2008 ... Byline: Malika Zouhali-worrall While the cloud of takeovers and bankruptcies loomed over Wall Street in September, Brian Spaly and Andy Dunn were celebrating their personal silver lining: Their company, which designs men's trousers and sells them online, had just become ...
SHOPPING PROGRESS.(Real Estate Report)
Dec 01, 2008 ... Hunters Point is still an eternity away from ranking as a shopper's paradise, much less a place for trendy window-shopping. The main commercial thoroughfare, Vernon Boulevard, does boast authentic French bistro Tournesol, but beyond that, pickings remain slim. In recent months, ...
EARLY WARNING SIGNS.(News)
Dec 01, 2008 ... RETAILERS THAT ARE somewhat loss endangered, though still troubled, include Duane Reade and Macy's. The local drugstore company was recently downgraded by Moody's Investors Service. Though it is burdened with more than $550 million in total debt and posted a third-quarter loss of $22.3 ...
Help for rabbit-eared residents; Councilwoman urges city to aid seniors with switch to digital TV.(Business Lives)
Dec 01, 2008 ... Byline: Amanda Fung New yorkers who still rely on television sets with rabbit ears to watch their favorite dramas or sitcoms have less than three months to upgrade their sets or be tuned out. To avoid viewing disruptions due to the upcoming switch to digital, the ...
Three Recent Additions.(Real Estate Report)
Dec 01, 2008 ... The biggest building boom to hit Harlem in decades has added several high-profile projects. 111 Central Park North Location Central Park North at West 110th Street Developer Athena Group Size 48 units Talking point All 48 units have ...
COMMERCIAL STRUGGLES.(Real Estate Report)
Dec 01, 2008 ... If only Harlem's commercial renaissance were going as smoothly as its housing revival. Sure, many restaurants, boutique stores and even chain stores have popped up over the past four years, but plans for hotels and office space have faced far tougher sledding. Most prominently, ...
All aboard the combo cafe; Mount Kisco station's Via Vanti! offers trattoria, pizzeria and gelateria `grazing'.(Business Lives)
Dec 01, 2008 ... Via vanti! translates as "the way forward,'' and the dynamic new Italian cafe in the Mount Kisco train station might be just that. The founder of Via Vanti!, Carla Gambescia (below), a Chappaqua-based marketing expert and branding expert, nurtured the idea for 12 years. No ...
Javits Center goes on the offensive; Makes marketing and pricing moves to help curb drops.(News)
Dec 01, 2008 ... Byline: Lisa Fickenscher in early november, hotel and restaurant executives from around the world came to the Jacob K. Javits Convention Center to check out everything from the latest kitchen equipment to plushly upholstered armchairs. But they found much less at the ...
By the Numbers.
Dec 01, 2008 ... The Giants and the Jets have never won their respective divisions in the same year. Moreover, there has never been a Super Bowl matchup between two teams from the same metropolitan area. The best chances came with Bay Area teams in 1972, 1990 and 2002, when both the ...
Shelter in the storm; Head of Hachette's new luxury group battles downturn with niche affluent titles.(Business Lives)
Dec 01, 2008 ... Byline: Joyce Hanson Shelter magazine powerhouse Deborah Burns often wears sheath dresses made of her advertisers' upholstery fabrics to show that she lives and loves the Elle Decor and Metropolitan Home brands. Now, as the head of the new Luxury Design Group at ...
A worthy successor to Hillary.(Viewpoint)
Dec 01, 2008 ... All the buzz surrounding whom Gov. David Paterson should name to replace Sen. Hillary Clinton centers on politics. Should it be a woman, a Hispanic or someone from upstate--all groups that are barely represented in the upper reaches of the state's key offices? Should he appoint ...
Grayz fades to black; Midtown restaurant to close by end of year; chef Kunz looks to Asia.(News)
Dec 01, 2008 ... Byline: Lisa Fickenscher Grayz, the upscale restaurant and lounge nestled in a townhouse on West 54th Street, will officially part with its celebrity namesake, chef Gray Kunz, this month. The restaurant's owner, Stephen Distler, plans to close the 15-month-old ...
Mortgage holders are marks; Loan modification specialists take money, do little in return.(News)
Dec 01, 2008 ... Byline: Daniel Massey Shelly ann bell was only a month behind on her mortgage in August, but with the interest rate scheduled to adjust upward and $4,000-a-month payments staring her in the face, she knew it would soon be impossible to keep up. So when the ...
Economy puts chill into NYC; Poll respondents say city's economy is in poor condition; 40% fear for jobs.(News)
Dec 01, 2008 ... Byline: Matthew Sollars Wall street's worst collapse since the Great Depression has put a scare into New Yorkers, with nearly 40% believing their jobs are at risk, a new Crain's New York Business poll shows. A growing fear that job losses will ripple throughout the ...
The Insider.(Briefs)
Dec 01, 2008 ... Commingled deficits confuse school cuts Mayor michael bloomberg's aides continue to refer to a combined $4 billion city budget deficit for the remaining seven months of the fiscal year and the following full year. But the administration does not like to discuss how much of that ...
New Yorkers stick with mayor.(News)
Dec 01, 2008 ... Byline: matthew sollars Most in Crain's poll say he can lead city out of financial crisis new yorkers are putting their faith in Mayor Michael Bloomberg to rescue the city's economy, a new Crain's New York Business poll shows. While nearly three out of ...
Gridiron threatens diamond dominance; Giants, Jets could boost marketing muscle, unseat NY baseball teams.(News)
Dec 01, 2008 ... Byline: Hilary Potkewitz For the first time in recent memory, both the New York Giants and the New York Jets are favored to win their divisions, giving the National Football League its best chance ever to break Major League Baseball's hegemony in the area's sports marketing ...
Williamsburg waterfront vacancies soar; Luxury condos sit unsold as developers add yet more space.(Real Estate Report)
Dec 01, 2008 ... Byline: Wendy Davis One northside piers seemed destined to be a winner when the project broke ground two years ago. The luxury condominium, on the waterfront in Williamsburg, Brooklyn, had sweeping views of the Manhattan skyline, a rooftop terrace and a screening room. ...
Rebuilt L.I. City finds pricing edge dulled; Once-hot area cools as home buyers look elsewhere; builders offer more incentives.(Real Estate Report)
Dec 01, 2008 ... Byline: Wendy Davis The night before the 45 condominiums at 10-50 Jackson Ave. in Long Island City, Queens, hit the market, builder Craig Axelrod stopped by the sales office on his way home and got a shock. A dozen eager buyers were already camped on the doorstep in lawn chairs ....
High-end office market in NJ grinding to a halt; The few major deals being closed involve lots of cash or cheap money.(Real Estate Report)
Dec 01, 2008 ... Byline: Joe Cavaluzzi In august, KBS Real Estate Investment Trust agreed to pay $184 million for four buildings in Park Avenue at Morris County, a New Jersey office campus. The following week, KBS said it would pay $181 million for the other two buildings in the development. ...
CORRECTION.(Corrections)(Correction notice)
Dec 01, 2008 ... Although very small businesses may have difficulty getting approval for SBA-guaranteed loans, they are eligible for such loans and cannot be turned down ...
In Brief.(Late News)
Dec 01, 2008 ... In another sign that residential construction in the city is approaching a virtual standstill, the number of building permits authorizing housing units in October fell 70% compared with a year earlier. Developers say the leading factors in the decline are the credit crunch, which has made ...
Harlem's makeoverstalls out; Area altered by housing boom; offices, hotels, retailers lag.(Real Estate Report)
Dec 01, 2008 ... Byline: Steve Garmhausen It wasn't long ago that people flocked to a gritty stretch of Harlem centered on Frederick Douglass Boulevard and West 118th Street to buy heroin. Today the area draws an entirely different crowd--a transformation symbolized by the March ...
Executive Moves.(Business Lives)
Dec 01, 2008 ... Byline: maia blume Accounting & Consulting McGladrey & Pullen: Steven D. Schwartz, 31, was promoted to partner from director. Cristin Singer, 34, was promoted to partner from director. RSM McGladrey Inc.: Michael J. Grossman, 30, was promoted to ...
The Weeks Ahead.(Business Lives)
Dec 01, 2008 ... Byline: maia blume This Week's Events December 2 Workshop in Business Opportunities and National Employment and Law Project hold a free legal clinic. 6 p.m. to 8 p.m., 55 Exchange Place, fifth floor. Free. Preregistration required. (212) 684-0854, ext ....
Misery Meter; Weekly reading on the direction of the city's economy.(News)
Dec 01, 2008 ... -175,000 Forecast of New York City job losses, the bleakest assessment thus far (NYS comptroller) -50% Predicted drop in Wall Street bonuses, which totaled $33.2 ...
Boutique bankers make hay; Snap up talent, add clients and sidelines as big players collapse.(News)
Dec 01, 2008 ... Byline: Aaron Elstein Greenhill & co. is exploding in size. The investment bank has just opened offices in Chicago and Tokyo, and it has expanded its roster of senior bankers by 40% this year--thanks in part to the recent signing of 14 seasoned managing directors from Lehman ...
SEXTON MAKES RIGHT MOVES; President's pre-crash efforts keep New York University on course.(News)
Dec 01, 2008 ... Byline: AMANDA FUNG Luck or prescience? In March, New York University embarked on a plan to reduce administrative costs by 10%, putting it on track to save more than $25 million within 18 months. A few months later, the university completed a seven-year capital ...
Holiday Travel Bargain hunting.(Business Lives)
Dec 01, 2008 ... Guests are particularly sensitive to high costs this season, so it's easy to find some great deals. Hotels are offering discounts, from parking rebates to complimentary gas cards. Look into joining loyalty programs with different hotel chains--they're free to join and an excellent way to ...
Hot Jobs.(Business Lives)
Dec 01, 2008 ... Byline: miriam kreinin souccar WANTED: director organization Cooper-Hewitt National Design Museum JOB DESCRIPTION Running the institution, which is part of the Smithsonian MOST IMPORTANT TASKS Raising money for and overseeing the museum's ...
What's the best way to raise revenue for the MTA? CRAIN'S ONLINE POLL.(Viewpoint)
Dec 01, 2008 ... 214 VOTES Date of poll: Nov 25 5% Increased vehicle registration fees 7% Higher gasoline taxes 12% A ...
Business group on Broadway; Renovations, location seal deal for minority supplier council.(Real Estate Report)
Dec 01, 2008 ... The national Minority Supplier Development Council, which links minority-owned vendors with major corporations, signed a 14,000-square-foot lease at 1359 Broadway, between West 36th and West 37th streets. The nonprofit inked a 10-year deal for about 75% of the 10th floor. The ...
Support for small firms lags; Federal, local aid for jobs-generating firms an afterthought.(News)
Dec 01, 2008 ... Byline: Judith Messina ***** Correction: Although very small businesses may have difficulty getting approval for SBA-guaranteed loans, they are eligible for such loans and cannot be turned down for them because they have no collateral. The Nov. 24 story "Support for ...
Suggestions for quashing cash-flow problems early; Quick, effective action becomes even more critical during a downturn.(Small Business Report)
Dec 08, 2008 ... Byline: Elaine Pofeldt It was late spring when patients at Dr. Catrise Austin's 10-year-old dental practice in midtown started canceling appointments for both routine care and cosmetic procedures. They had lost their dental insurance along with their jobs. "I'm ...
Hits & Misses.(Small Business Report)
Dec 08, 2008 ... Green living in a blue economy Though three former WebMD techies were concerned about launching a green-lifestyle site during an economic downturn, they believe that the know-how they brought to Ecomii.com will make it a winner. "There was no single online resource ...
Ousted workers start ventures of their own; Well-heeled trade deal-making for DIY.(Small Business Report)
Dec 08, 2008 ... Byline: Steve Garmhausen When a franchise broker suggested to Joe Cocomero and Daniel Quinn early last year that they get into the dog grooming business, the two men laughed in disbelief. The pair had only recently lost their high-adrenaline, high-paying jobs as New York Stock ...
A blogger's life; Tim Sykes.(Small Business Report)
Dec 08, 2008 ... Former career Hedge fund manager New business Blogs at www.timothysykes.com; publishes financial-advice DVDs Startup cost $50,000 Annual revenues $1 million (projected) Date that business was started October 2007 Advice for Wall ...
Another age of excess bites dust; Luxury purveyors scramble to adjust in lean market.(Small Business Report)
Dec 08, 2008 ... Byline: Steve Weinstein Soothing the father of the bride is part of Josyane Colwell's job, so the owner of Le Moulin Ltd., a New York event planner and caterer, was not surprised to get a call from a Wall Street executive about his daughter's big day. It was rife with details, ...
A place where entrepreneurs find the perfect (monetary) match.(Small Business Report)
Dec 08, 2008 ... Banks and venture capitalists aren't exactly giving away money these days. But entrepreneurs with a good idea, a tested product or a need for cash to expand might find a match on RaiseCapital.com, which connects entrepreneurs and investors. "Given the current credit crisis, ...
Publishing industry writes dismal new chapter; Upheaval, consolidation as acquisitions for all but celebrity titles dry up.(News)
Dec 08, 2008 ... Byline: Matthew Flamm Random house inc. shook the publishing industry last week when it broke up two venerable fiefdoms, the Doubleday Publishing Group and Bantam Dell, and parceled out the pieces to its other divisions. Meanwhile, Simon & Schuster axed 35 jobs; other ...
Trattoria team retries East Side; New spot Opus serves both gluten-free and regular dishes; some steep wine markups.(Business Lives)(Restaurant review)
Dec 08, 2008 ... Byline: Bob Lape Restaurant success in today's economy takes more than a little creative tap-dancing. It may mean tapping new meal periods. As Tavern on the Green and Benjamin Steak House, among others, break out breakfast, Opus--a new Upper East Sider--launches lunch. But that ...
Traders take up a heavy load; Bill Ellis and Pat Lackey.(Small Business Report)
Dec 08, 2008 ... Former careers Mr. Ellis--global equity sales executive; Mr. Lackey--institutional-sales trader New business Volvo Rents franchises, which rent out construction equipment Startup cost "Millions of dollars,'' says Mr. Ellis. Annual revenues $12 million ...
Big-time bartender.(Business Lives)
Dec 08, 2008 ... Byline: maia blume A successful tavern owner and event planner, Village Pourhouse owner Michael Sinensky, 29, has built an extensive business network here and around the world. STARTING YOUNG The New York City native started by hosting parties for his peers in high ...
Betting on foreclosures; Smart buyers can find good deals among the lemons.(Business Lives)
Dec 08, 2008 ... Byline: Julie Satow Estee tobaly, a newcomer to the world of foreclosure auctions, had what one might call beginner's luck. During a recent auction at Manhattan's main courthouse at 60 Centre St., the Park Avenue doyenne outbid a competitor for a 750-square-foot co-op on East ...
Apollo falls to earth; Leon Black's LBOs flaming out; new investors undeterred.(News)
Dec 08, 2008 ... Byline: Aaron Elstein Outside a Linens 'n Things store in Jersey City hangs a giant yellow-and-black "Going Out of Business'' sign. The shop, one of 371 Linens outlets across the country in liquidation, is slated to close immediately after the holidays. Last week, bargain ...
A DOWNWARD SPIRAL, LED BY THE BIG BANKS.(Small Business Report)
Dec 08, 2008 ... The number of SBA loans in the area dropped precipitously in the fiscal year ended Sept. 30. The decline came from the top, as stalwart lenders such as J.P. Morgan Chase and BofA cut back. Citibank, which had been ramping ...
Hard times and Wal-Mart.(Viewpoint)
Dec 08, 2008 ... Across the country, hard-pressed and out-of-work consumers are flocking to the retailer that gives them the highest-quality merchandise at the lowest prices. Sales at Wal-Mart Stores rose 7.5% in the third quarter as most of its rivals watched their revenues plunge. Of course, New Yorkers ...
Will you donate the same amount to charity this year? CRAIN'S ONLINE POLL.(Viewpoint)
Dec 08, 2008 ... 254 VOTES Date of poll: Dec. 3 41% Yes. I plan to give the same amount as I did last year. 40% No. I'm putting ...
High-flying developer faces loan deadline; $750 million due in January; is Lawlor the first of many?(News)
Dec 08, 2008 ... Byline: Theresa Agovino Time is running out for Scott Lawlor, one of New York's most prolific purchasers of prime real estate. Mr. Lawlor's firm, Broadway Partners, faces a January deadline to repay a loan of $750 million--one of many he used to help fuel a ...
In the Markets; In a downright gloomy economy, Sterling Bancorp shines brighter.(Briefs)
Dec 08, 2008 ... Byline: Erik Ipsen Since the financial crisis broke last year, bank shares have been among the biggest losers, with most of them shedding more than half of their value. Not Sterling Bancorp. So far this year, its stock has sustained a relatively modest 13% fall ....
WEEK IN REVIEW: U.S. recession is a year old.(Briefs)
Dec 08, 2008 ... Byline: from staff reports and bloomberg news reports The National Bureau OF ECONOMIC RESEARCH confirmed that the U.S. is officially in a recession and that it started last December. Adding gloom to the announcement, the Labor Department said employers laid off 533,000 employees ...
A bad boy grows up; Effective, self-effacing AG may replace Clinton.(News)
Dec 08, 2008 ... Byline: Erik Engquist When andrew cuomo dropped out of the race for governor in 2002, his political career seemed crushed. But in less than two years as state attorney general, he has reinvented himself and is now poised to become New York's next U.S. senator. He has ...
The future of NYC; Crain's Feb. forum will address economy.(News)
Dec 08, 2008 ... j.p. morgan chase Chief Executive Jamie Dimon and Mayor Michael Bloomberg will headline a conference on the future of New York, to be presented by Crain's and the Partnership for New York City on Tuesday Feb. 3. The program is designed to increase understanding of the local ...
Late News.(Briefs)
Dec 08, 2008 ... The New York Botanical Garden is cutting its $64 million annual operating budget by 12% because of a steep drop in earned income--despite an 8% increase in visitors from last year--fundraising and government aid. To balance the budget, which the Bronx institution has done for 20 years, it ...