Crains New York - August 27, 2012 - (Page 2)

FYI buck ennis RED HOOK: One of three sites in the city in the running for an outlet mall CRAINSNEWYORK.COM Another year lost for 9/11 museum Wrangling stalls all construction BY THERESA AGOVINO Nearly a year after the memorial to the victims of the Sept. 11 attacks was opened in time for the 10th anniversary of the tragedy, the ribbon-cutting ceremony for the museum is nowhere in sight. Some insiders say the museum may not be ready even by next year’s anniversary. What’s clear is that work on the project ceased nearly a year ago—and attempts to restart it seem to be stuck. A disagreement between the board of the National September 11 Memorial & Museum foundation and the Port Authority of New York and New Jersey, which owns the World Trade Center site, over who should pay millions in construction costs has only metastasized over the past year. Other issues—such as who should have financial overSee LOST YEAR on Page 43 NEW YORK, NEW YORK Matthew Price is one of a growing number of New York executives who surf the waves at Rockaway Beach—before heading to the office P. 45 CORRECTIONS IN THE BOROUGHS-------------------------- 3 IN THE MARKETS ----------------------------------4 THE INSIDER -----------------------------------------------6 REAL ESTATE DEALS -----------------------7 BUSINESS PEOPLE ---------------------------8 CORPORATE LADDER --------------------9 OPINION --------------------------------------------------------10 GREG DAVID--------------------------------------------11 SMALL BUSINESS --------------------------12 FROM AROUND THE CITY----12 STATS AND THE CITY ------------------13 CLASSIFIEDS -----------------------------------------41 SOURCE LUNCH --------------------------------46 OUT AND ABOUT ------------------------------47 SNAPS --------------------------------------------------------------47 OY VEY! AN ERRANT blast at the Second Avenue subway station site on East 72nd Street shattered windows and scared hundreds of locals. ‘New York City is not immune to the national problem of gun violence’ The Aug. 20 Greg David column, “Lies, damned lies, and jobless statistics,” identified the wrong source for a recent New York Times story on African-American unemployment. The source was the Fiscal Policy Institute. The column also should have noted that the Times is one of a few news media outlets that routinely use both jobs and unemployment figures in their coverage of the New York economy. Composer-lyricist Jeff Bowen said social media has a “Saturn ring” effect. The quote was printed incorrectly in the Aug. 20 story “Another opening.” Mazzola Bakery is located on Henry Street in Carroll Gardens, Brooklyn. That fact was misstated in the Aug. 6 “Court St.’s mom & pops defy odds.” vol. xxviii, no. 35, 36, august 27-september 9, 2012—Crain’s New York Business (issn 8756789x) is published weekly, except for double issues the weeks of July Fourth, Labor Day and Christmas, by Crain Communications Inc., 711 Third Ave., New York, NY 10017. Periodicals postage 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, MI 48207-2912. for subscriber service: Call (877) 824-9379. Fax (313) 446-6777. $3.00 a copy, $99.95 one year, $179.95 two years. (GST No. 13676-0444-RT) ©Entire contents copyright 2012 by Crain Communications Inc. All rights reserved. years and one digital revolution, the owners of Colony Records at West 49th Street and Broadway are packing it in. These days, those folks out front may be retailers queuing for their own shot at a record run. ... STARS OVER ALBANY. Lady Gaga, Alec Baldwin, Uma Thurman and more than 140 other stars are banding together to persuade Gov. Andrew Cuomo to reject fracking to extract natural gas, according to the Times. Advice to the governor: Wear your sunglasses. —lauren elkies STORIES TO WATCH Aug. 27: U.S. Open tennis play begins. Finally, excitement hits Flushing. Sept. 4: City’s landmarks czars mull a hotel by Merchant’s House Museum on East Fourth Street. Sept. 5: Planning Commission votes on Chelsea Market expansion. Conditional ‘yea’ likely. Sept. 6: New York Fashion Week, packing an expected $433M economic wallop, kicks off. 2 | Crain’s New York Business | August 27, 2012 bloomberg news THIS WEEK IN CRAIN’S JUDGES TO CITY: NO WAY. First, a to turn the borough’s historic, longManhattan Supreme Court judge on vacant Kingsbridge Armory into a Aug. 17 rejected city plans to put an- $275 million ice-sports center boastother 2,000 yellow taxis on the street, ing nine rinks. It is backed by a ruling that left the mayor scram- Olympic gold medalist Sarah Hughbling to fill a $1.46 billion hole—the es and hockey Hall of Famer Mark amount the sale of taxi medallions Messier. A rival plan from Koreanwould have generated over three born developer Young Woo calls for years—in the city’s budget.Less than a distinctly Bronx twist on a Chelsea a week later, a judge in Nassau Coun- Market-type complex. The city’s ty nixed the payroll mobility tax. Economic Development Corp. will That’s the 3-year-old levy by which pick the winner by year’s end....WHAT businesses were expected to chip in ABOUT BARRY DILLER? Billionaire In$1.26 billion to the coffers of the ternet mogul Barry Diller’s ManhatMetropolitan Transportation Au- tan-based IAC is angling to pick up thority this year. In both cases, offi- About.com, the reference website cials are hoping to do much better on the New York Times Co.recently put appeal. ... START YOUR on the block. IAC is ENGINES. Trendy bidding more than Williamsburg is $300 million, accordmoving even deeper ing to Reuters. But into the fast lane. A wait—there are redesigner of state-ofports that the Times the-art Indy race-car Co. had earlier given engines has ana tentative nod to a nounced an agree$270 million offer ment with the city from Answers.com, under which the and others may yet —Mayor Michael company will open enter the fray. ... FLYBloomberg, after the shop next summer on ING SOLO. Cool your Aug. 24 shooting near the a former industrial jets: JetBlue Airways Empire State Building site. It is one of 50 Corp. is single, proud polluted plots reand still going places. claimed by the city in the past two The Queens-based carrier said it has years. “You might say this is Silicon “no interest” in a merger with AMR Alley meeting Gasoline Alley,” the Corp.’s American Airlines but is inmayor said. ... RINK SCORES HIGH- stead focusing on expanding in LEVEL SUPPORT. Bronx pols are Boston, Puerto Rico and Central throwing their support behind a plan America. … RECORD RUN. After 64 HOORAY! CORNELLNYC TECH began accepting applications for its first class, which begins in January. bloomberg news A MOVING BEGINNING: The 9/11 Memorial has drawn good crowds since its 2011 opening T NYC’s newest must-have he city’s days—make that decades—of living without a sprawling Woodbury Commons-like outlet mall look to be numbered. No fewer than three companies— each with its own borough in mind—are vying to build one here. On the heels of recent reports that the Lightstone Group has its eye on the Bronx and that Don Capoccia of BFC Partners is pitching his own project for Staten Island, Thor Equities’ Joseph Sitt is mulling the possibility of adding such a thing in south Brooklyn. Mr. Sitt said a handful of developers and more than a dozen retailers have approached him in recent months about transforming a 600,000-square-foot site he owns near the huge Ikea store and Fairway market in Red Hook. “So far, we’ve just been listening to the sudden blitz of interest,” he said. His potential rivals appear to be much further along. The Lightstone Group, which paid $30 million for a nearly 1 million-square-foot property north of the Whitestone Bridge in the Bronx in May, has already met with borough officials. The company would not need any government approvals to build a mall, while Mr. Sitt’s property would. Meanwhile, The Wall Street Journal reported that the Bloomberg administration is in “advanced talks” with Mr. Capoccia about building a 500,000-square-foot outlet mall near the —shane dixon kavanaugh Staten Island Ferry terminal. http://www.CRAINSNEWYORK.COM http://www.About.com http://www.Answers.com

Table of Contents for the Digital Edition of Crains New York - August 27, 2012

Crains New York - August 27, 2012
Contents
In the Boroughs
In the Markets
The Insider
Real Estate Deals
Business People
Corporate Ladder
Opinion
Greg David
Small Business
From Around the City
Stats and the City
Classifieds
Source Lunch
Out and About
Snaps

Crains New York - August 27, 2012