Crains New York - January 28, 2013 - (Page 25)
INSIDE
HELLUVA TOWN
Source Lunch
Former Port Authority
chief Christopher Ward
Applebee’s
stands alone
P. 26
When Applebee’s opens in Coney
Island in May, it may not have
much competition, at least initially.
Surf Avenue, where restaurateur
Zane Tankel is developing a $3
million Applebee’s franchise, took
a beating during Superstorm
Sandy. Many retailers, including
Nathan’s Famous, the flagship of
the iconic hot-dog chain at 1310
Surf Ave., remain closed.
“There are only one or two
stores that have reopened,” said
Mr. Tankel.
He signed a lease for the
10,000-square-foot space about
two months before the storm.
Though the building, which had
Out and About
The Music of Now P. 27
NOT BY THE BOOK:
Lyss Stern’s luxury
lifestyle website has
drawn a large and
loyal following.
been empty for several years, did
not flood, Mr. Tankel’s design
plans are now focused on ways to
seal the entrance to avoid water
damage in the future.
He is also considering several
ideas to make the restaurant a
destination in the neighborhood,
including a huge fish tank that
would separate the dining room
from the bar area and a secondfloor patio with a long fireplace “to
keep you warm as you look out at
the ocean during the colder
months.”
—lisa fickenscher
Art boom
proves boon
Killer maternal
instincts
Tastemaker Lyss Stern spots mommy trends like no on else,
and her half-million well-heeled followers pay heed
B
buck ennis
Those who are short on cash but
long on Warhols have proved to
be a boon to Borro.
The company, which provides
personal short-term loans
collateralized by assets like fine art,
jewelry and luxury cars, opened an
office in Manhattan a year ago and
lent out about $10 million in 2012.
It took Borro roughly two and a
half years to reach that level in
Britain, where it was founded in
2008. In the U.S., about 55% of
the loans’ value are derived from
fine art, compared with 25% in the
U.K., where jewelry and watches
account for half the loans’ value.
“I think people just have more
art here,” said Paul Aitken, Borro’s
founder and chief executive
(below). He adds that there is also a
tradition of lending against art in
the U.S., where private banks have
long provided the service.
However, those banks typically will
make loans for more than $1
million only, while Borro won’t go
beyond that amount.
Mr. Aitken said the service is
attractive for a few reasons. Borro
can make loans more quickly than
banks and provides faster access to
cash than selling a piece of art at
auction. And if anyone defaults,
the transaction doesn’t appear
on a credit report. Borro
just sells the item used for
collateral. So far, it has
kept about $100,000
worth of art when
borrowers didn’t
repay their loans.
—theresa
agovino
WEB DIVA
BY MIRIAM KREININ SOUCCAR
efore the steamy trilogy 50 Shades of Grey got its U.S. book deal, Lyss Stern
was already reading the novels and blogging about them—helping to start
the word-of-mouth buzz among sex-starved moms that created an
international phenomenon. ¶ At a party Ms. Stern threw for then-fledgling
author E.L. James in New York, one of the guests happened to be an
executive at Vintage Anchor, which ended up with the North American
publishing deal. ¶ “Lyss is the prize billiard ball on the snooker table that
touches all the other balls,” said Valerie Hoskins, E.L. James’ agent, in an
interview from London. “She’s a very good networker with the right people.” ¶ Meet the founder
of Divalysscious Moms, New York’s tastemaker for well-heeled mothers. Ms. Stern, an Upper
East Sider who was raised in the affluent Five Towns of Long Island, has an uncanny knack for
trend-spotting. And she’s turned that talent into a luxury lifestyle company with a large and loyal
following of hedge-fund wives, socialites and high-powered female executives who depend on
her advice for all their shopping and social needs.
See MATERNAL on Page 26
1M
NUMBER OF HITS
that Divamoms.com
gets per month
$5M
DIVALYSSCIOUS MOMS’
projected gross earnings
for 2013
January 28, 2013 | Crain’s New York Business | 25
http://www.Divamoms.com
Table of Contents for the Digital Edition of Crains New York - January 28, 2013
Crains New York - January 28, 2013
In the Boroughs
In the Markets
The Insider
Business People
Opinion
Greg David
Alair Townsend
Report: The Business of Sports
The List
Classifieds
Small Business
For the Record
New York, New York
Source Lunch
Out and About
Snaps
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