Crains New York - November 26, 2012 - (Page 1)

CRAIN’S NEW YORK BUSINESS ® VOL. XXVIII, NO. 48 FPO THE FUTURE OF MANUFACTURING MAY BE IN THIS BOX Bre Pettis and the MakerBot Replicator 2 PAGE 3 NOV. 26-DEC. 2, 2012 PRICE: $3.00 WWW.CRAINSNEWYORK.COM Last Air Rights A holy trinity says midtown rezoning is their best hope to raise cash for their sacred landmarks. If only the city agreed ST. PATRICK’S CATHEDRAL sits on about 1.2 million square feet of development rights, but has no way yet to sell them. Ship glut sinks global tanker biz Worst downturn hits titans who’ve roamed NY waters since the Dutch anchored here BY AARON ELSTEIN The shipping business, a key cog in the local economy since the Dutch created New Amsterdam, is experiencing the ugliest collapse in its long history. No less than 90% of global shipping companies are in deep financial distress, according to investment bankers and industry analysts. About a dozen major operators have filed for bankruptcy in the past year, including the largest U.S. tanker operator, New York-based Overseas Shipholding Group Inc., in mid-November. Others, overwhelmed by sinking shipping rates, submerged ship values and crushing debt loads, are desperately See SHIPPING on Page 25 Tavern’s new team speaks out BY DANIEL GEIGER buck ennis Four months after the city unveiled a preliminary plan to spur new development in the heart of midtown, three prominent houses of worship in the neighborhood are pressing their case to get a share of the cash bonanza the proposal is expected to generate. St. Patrick’s Cathedral, St. Bartholomew’s Church and Central Synagogue, whose ornate buildings are among the city’s most prominent landmarks, have about 2 million square feet of air rights among them—a trove that could be worth $400 million or more—that they have never been able to sell. The trio sees the city’s proposal, designed to spur construction of a new generation of bigger, state-ofthe-art office buildings in the core midtown business district, as a golden opportunity to finally cash in. In order to do so, they want the city to allow them the See LAST RIGHTS on Page 28 Despite thrashing in the local media, Philly restaurateurs forge on with Central Park site BY LISA FICKENSCHER Philadelphia restaurateurs Jim Caiola and David Salama celebrated this summer when they were selected by the Bloomberg administration over several local heavyweights to run Tavern on the Green. But their joy was quickly tempered by a torrent of criticism about their qualifications. The partners, who for 15 years have owned Crêperie Beau Monde and L’Etage 624,a restaurant and lounge in See TAVERN on Page 28 REPORT REAL ESTATE NEWSPAPER Builders get hammered by huge rise in insurance costs P. 15 THE LIST Largest commercial property managers P. 19 http://WWW.CRAINSNEWYORK.COM

Table of Contents for the Digital Edition of Crains New York - November 26, 2012

Crains New York - November 26, 2012
IN THE BOROUGHS
IN THE MARKETS
THE INSIDER
BUSINESS PEOPLE
OPINION
ALAIR TOWNSEND
GREG DAVID
SMALL BUSINESS
REPORT: REAL ESTATE
THE LIST
REAL ESTATE DEALS
CLASSIFIEDS
FOR THE RECORD
NEW YORK, NEW YORK
SOURCE LUNCH
OUT AND ABOUT
SNAPS

Crains New York - November 26, 2012