Crains New York - May 6, 2013 - (Page 15)

NY Area’s Largest Minority-Owned Companies Ranked by 2012 revenue Co-Managing Director David Loo pride technologies T his year’s list of the New York area’s top 25 minority-owned firms reflects the dramatic growth and success of the Asian community. Eleven of the 25 biggest minority-owned firms are at least partially owned by Asians, according to Crain’s research. Six of them are 100% Asian-owned. In contrast, 10 firms on the list are at least partially owned by Hispanics or Latinos, and six are black- or African-Americanowned. Though Asian-owned firms saw the smallest revenue increase between 2011 and 2012—10.1%, compared with 11.9% growth overall—three of the five fastest-growing firms, and four of the 10 largest, have Asian owners. No. 8-ranked Hudson Realty, a real estate fund management company that is 36.3% Asian-owned and 36.3% Hispanicowned, saw its revenue jump a whopping 162.2% between 2011 and 2012, the largest increase on Crain’s list. “We’re the product of a generation where parents came to the country, started up their own businesses and made sure the next generation went to school,” said David Loo, co-managing director of Hudson Realty. “We went to college, got professional degrees and embarked upon our careers. Combining that with the entrepreneurial heritage of our families, we were in a position, professionally, that made the choice to start our own businesses easy.” In part, the strong performance of Asian-owned companies is a product of population influx. The number of Asian-Americans in New York City increased by 30%, to 1.1 million, between 2000 and 2010.And for Chinese-Americans,their enduring connection to their native country also helps, said Tom Hoi, general counsel at Lafayette 148 New York (No. 10), which is 75% Asian-owned. “For many Chinese, it’s about being able to leverage China, both as a source of raw material as well as a market,” said Mr. Hoi. —emily laermer TRENDS robert kim THE SCOOP caryl communications THE LIST CEO Leo J. Russell CEO Cheryl McKissack Daniel Revenue Total employment NYC employment As a group, Hispanic/Latino-owned companies saw the largest jump in revenue. At Asianand Hispanic/Latino-owned Hudson Realty (No. 8), revenue grew the most, 162.2%. McKissack & McKissack (No. 25), up 25.4%, was the only black- or African-Americanowned company to show growth in total employment. At Pride Technologies (No. 5), local employment increased 87.5%, the most of any firm on Crain’s list. 17.5% 12.7% 2.9% 3.1% Hispanic/ Latino Asian 5.9% 10.1% 6.9% -8.2% -10.8% Hispanic/ Latino Asian Black/ African-American Hispanic/ Latino Asian Black/ African-American Black/ African-American Charts reflect percentage change between 2011 and 2012 at the top 25 New York area minority-owned firms, by minority ownership. Companies are least partially owned by individuals of designated race/ethnicity. Continued on Page 16 May 6, 2013 | Crain’s New York Business | 15

Table of Contents for the Digital Edition of Crains New York - May 6, 2013

THE INSIDER
IN THE BOROUGHS
IN THE MARKETS
BUSINESS PEOPLE
REAL ESTATE DEALS
SMALL BUSINESS
OPINION
GREG DAVID
REPORT: DIVERSITY
THE LIST
CLASSIFIEDS
NEW YORK, NEW YORK
SOURCE LUNCH
OUT AND ABOUT
SNAPS

Crains New York - May 6, 2013