Crains New York - May 28, 2012 - (Page 1)

INSIDE TOP STORIES City’s scarcest resource these days? Engineers PAGE 3 The Facebook fallout ® NASDAQ ATTACK In the Markets Page 4 Kids’ lines behave badly for retail industry PAGE 2 VOL. XXVIII, NO. 22 WWW.CRAINSNEWYORK.COM MAY 28-JUNE 3, 2012 PRICE: $3.00 Ironworkers bend on wages Desperate for jobs, union gives back raises; rare move could trim project costs by 25% BY DANIEL MASSEY The ironworkers’ union—desperate to regain market share from surging nonunion construction, and afraid of missing out on lucrative work at Hudson Yards and the Tappan Zee Bridge—has agreed to an unprecedented wage and benefit rollback. It’s already shaking up development in the city. Members of Metallic Lathers and Reinforcing Ironworkers Local 46 voted earlier this month to cut their overall compensation by 15%, or by about $14 an hour, and to work-rule changes that could slash total project costs by up to 25%. The 1,500-member union relinquished a 4% raise this year and cut next year’s scheduled 4% increase to 2%. Wages and benefits will now total $79 an hour instead of the $93 the union had previously won in negotiations. In addition, the union members agreed to allow on job sites a higher percentage of apprentices, who earn less than half the standard pay, and to expand the workday to eight hours from seven. The unusual decision to amend their existing contracts across the board comes as the ironworkers face the possibility that the Tappan Zee Bridge could be rebuilt without them—with steel fabricated offsite to save the state money— and as the heavyweight real estate developer Related Cos. aggressively seeks cost savings to jumpstart its massive Hudson Yards See IRONWORKERS on Page 7 Taxi! Follow that cab’s fare increase PAGE 3 Bronx retail strip goes from famously bad to bustling NEIGHBORHOODS, PAGE 5 It’s the return of the Automat NEW YORK, NEW YORK, P. 6 BUSINESS LIVES GOTHAM GIGS Taking urban farming to a new level P. 21 ● HEALTHY HUNCH: Chop’t founders Colin McCabe and Tony Shure rightly bet that customers were hankering for fresh lunch options. MAPPING SUCCESS: Former eBay exec Joe Meyer is expanding HopStop. CULTURE WARRIORS: WiT Media principals Clint White and Simona Tanesescu spread the word about NY’s arts groups. ANNE FISHER Manufacturing jobs make a comeback P. 21 MOVERS & SHAKERS Russian banker shares his U.S.plans P. 22 GAEL GREENE Fighting the crowd at Primola P. 23 SPECIAL DELIVERY: Matt Blumberg’s firm protects emails from spam filters. ● ● INDEX THE INSIDER___________________________________________________8 REAL ESTATE DEALS _________________________________9 OPINION _________________________________________________________11 FOR THE RECORD ___________________________________12 THE WEEK ON THE WEB _____________________17 CLASSIFIEDS ______________________________________________18 HOT JOBS ______________________________________________________21 THE WEEK AHEAD ___________________________________23 ENTREPRENEURS COSMETICS PRO: Laura Geller’s makeup biz projects $36 million in revenues. T OP BRIGHT STAR: Charles Feit plans to install New York’s largest solar setup. NEWSPAPER photos: buck ennis Starting a business in New York isn’t for the timid. But for entrepreneurs with mettle, having a big vision can pay off. Crain’s Top Entrepreneurs for 2012 have built thriving companies despite severe economic turbulence. Read the inspiring stories of how they made their mark. PAGE 13 http://WWW.CRAINSNEWYORK.COM

Table of Contents for the Digital Edition of Crains New York - May 28, 2012

Crains New York - May 28, 2012
Contents
Kids’ Lines Behave Badly for Retail Industry
City’s Scarcest Resource These Days? Engineers
Taxi! Follow That Cab’s Fare Increase
Nasdaq Attack the Facebook Fallout in the Markets
Bronx Retail Strip Goes From Famously Bad to Bustling
It’s the Return of the Automat
The Insider
Real Estate Deals
Opinion
For the Record
The Week on the Web
Classifieds
Taking Urban Farming to a New Level
Anne Fisher: Manufacturing Jobs Make a Comeback
Hot Jobs
Movers & Shakers: Russian Banker Shares His u.s.plans
Gael Greene: Fighting the Crowd at Primola
The Week Ahead

Crains New York - May 28, 2012