Crain's New York Business

TRANSPORTATION Port Authority makes progress while navigating challenges PAGE 5

NEW OPPORTUNITY

EMS firm carves out niche offering workplace Covid screening PAGE 3

CRAINSNEWYORK.COM

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JULY 27, 2020

CORONAVIRUS ALERT A WORKER wipes down a counter in the lobby of 3 World Trade Center.

MTA faces ‘fiscal tsunami’ without federal aid Washington lawmakers are debating the next virus relief package

BY BRIAN PASCUS

A

See WORK on page 38

See MTA on page 2

SILVERSTEIN PROPERTIES /WTC CAMPUS

still does not mean the city’s offices will ever return to their pre-pandemic levels.

“The truth is we are seeing a very cautious return of the workforce,” said Ken Fisher, a partner at major Manhattan landlord Fisher Brothers. “However, we continue to hear that tenants are looking forward to returning to the office and to their normal routines.”

“fiscal tsunami” has swept over the Metropolitan Transportation Authority, its leaders said Wednesday, draining the agency of $200 million each week and creating a $16 billion budget crater through the next four years. Only a Washington bailout can fill the gap, the leaders said.

A plunge in fares, tolls and subsidies, and increased Covid-19related expenses, are responsible for the gap, MTA Chairman Patrick Foye said Wednesday during a board meeting.

“We are in the midst of a oncein-100-years fiscal tsunami, which has left our infrastructure intact but AMOUNT the has demolished MTA is losing fully 40% of our every week due to the revenues,” Foye pandemic said.

The MTA’s financial situation is increasingly precarious due in part to its inability to get federal funding from Washington. The authority has requested $3.9 billion in federal funding to maintain operations through the end of the year and “prevent systemwide calamity.”

Congress and the White House are debating a relief package that would ostensibly include federal aid to states and municipalities. It is

MIND THE GAP

$200M

BACK TO WORK What it’s really like in the office now

BY NATALIE SACHMECHI

N

ew Yorkers may say they’re eager to return to their offices, but landlords say few of them are rushing back to work.

When they do return, what will

they find?

From temperature checks to limits on the

NEWSPAPER

VOL. 36, NO. 26

numbers of people in elevators, the roughly dozen landlords and building designers Crain’s spoke with for this article have come up with myriad ways to make offices safer. They’re finding that those workers who have returned are cooperating with them on curbing the continued spread of the coronavirus by embracing these protocols. Employees are also staggering work hours with colleagues and often driving to and from the office. But all of this collaboration

© 2020 CRAIN COMMUNICATIONS INC.

OUT OF OFFICE

10 EATERIES THAT OPENED DURING THE PANDEMIC PAGE 39

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PAGE 17

7/24/20 2:06 PM

CORONAVIRUS ALERT

City leaders fear urban flight gaining momentum

Bronx jobless rate highest in the city

BY GWEN EVERETT

BY RYAN DEFFENBAUGH

W

inston Fisher is afraid New York City is emptying out.

Occupancy in the Fisher Bros. real estate firm’s commercial portfolio, which has five massive office buildings in Midtown, is at a staggering 3%, Fisher said at a Center for an Urban Future panel last week. The number was that high only because two of the firm’s tenants are the Japanese and Turkish consulates, which remain open, he said.

“This is an existential crisis to New York City today: the migration out of the city. And it’s happening in droves,” Fisher said. “When you

WE’LL BE BACK! Crain’s New York Business publishes a print edition every other week during July and August. Our next issue will be Aug. 10. Meanwhile, you can keep up with the city’s news every day by visiting our website, CrainsNewYork.com.

WEBCAST CALLOUT

actually look at companies, they are not returning to work.”

Doomsday fears that New York will not rebound to being the business mecca it is known as have mounted recently. A report released by the Partnership for New York City, the trade group that convenes the largest local companies,

deputy mayor for economic development during the Bloomberg administration and now the chief executive officer of Sidewalk Labs, a startup focused on technology to enhance city life. “And that vicious decline is really one in which you lose people, the tax base declines, you cut essential services … the city deteriorates, more people leave the city, and the cycle perpetuates itself.”

One key to reviving the city will be innovation, said Margaret Anadu, head of the urban investment group at Goldman Sachs. But she raised a warning signal there too: During the last six months, later-stage rounds of venture capital funding outpaced early stage ones for the first time in five years, she said.

“So if you unpack that a bit, we’re all talking about innovation and New York City as this great hub for new ideas,” she said, “but you have to be very creative and keep your eye on the ball to make sure capital is actually getting to those new ideas.” ■

“WHEN YOU LOOK AT COMPANIES, THEY ARE NOT RETURNING TO WORK” found that 16% of office employers plan to move jobs out of New York, and a quarter of them are planning to reduce the space they have in the city by at least 20%.

Fear of the city’s decline was a central theme during forum presented by the Center for an Urban Future last week. Other speakers echoed Fisher’s concerns.

“We were starting to see a decline in population before Covid.

Now what we’re running the risk of is accelerating sort of a vicious decline, sort of like the way we saw in the ’70s,” said Dan Doctoroff, the

N

early 1 in 4 Bronx residents were out of work in June, the highest unemployment rate among the five boroughs, the state Labor Department said last week.

The Bronx—which has suffered the largest number of deaths per 100,000 residents in the city from Covid-19—had an unemployment rate of 24.7% last month, compared to 20.4% citywide. Unemployment in Manhattan was 16%.

The jobless rate increased in every borough between May and June, leaving 1 in 5 New Yorkers unemployed, according to Labor Department estimates. Staten Island, with a rate of 18.1%, and Manhattan were the only boroughs with an unemployment rate below 20%.

Brooklyn recorded 20.5% unemployment, and Queens, 21.8%.

The state unemployment rate was 15.6%. Nationally the rate was about 11%, according to the Bureau of Labor Statistics.

A May report from the Center for an Urban Future warned that the city’s outer boroughs would face steeper job losses from the pan-

demic because of the fields residents commonly work in. Fewer than 10% of residents on the Upper East Side work in industries where layoffs have been most prevalent— restaurants, hotels, retail and personal-care services—while 27% of residents in Elmhurst, Queens, and 24% in the Bronx neighborhood of Norwood work in those fields, the report found.

‘Incredibly alarming’ Jonathan Bowles, executive director of the Center for an Urban Future, said the data provides “further proof that the economic effects from this crisis—just like the health impacts—have not been felt equally across the city.”

“It’s incredibly alarming that roughly 1 in every 4 Bronx residents is unable to find work right now,” Bowles said. “We’re going to see a massive uptick in poverty there unless unemployment benefits are extended.”

The Bronx had the city’s highest unemployment rate pre-pandemic.

It was 5.2% in June 2019, but the rate grew year over year at a faster rate than in Manhattan, which was at 3.5% unemployment that June. ■

MTA FROM PAGE 1

not clear if an agreement will be reached anytime soon.

“To say that these challenges are existential in scope isn’t an exaggeration,” Foye said. “Without further substantial assistance from the federal government, anything and everything must be on the table with respect to responding to financial damage from the pandemic.”

CRAIN’S SUMMIT: HOW THE PANDEMIC IS AFFECTING REGIONAL TRANSPORTATION What is the future of the city’s airports, long-term infrastructure projects and overall transportation policy? Starting with the newly renovated LaGuardia Airport and exploring the financial prospects of other transit programs throughout the tristate area, this panel features some of the region’s financial experts on what it takes to keep these projects on track.

Time: 4 to 5 p.m.

Register at CrainsNewYork.com/ JulySummit

CORRECTIONS ■Updated profiles for Crain’s 20 in Their 20s honorees appear at CrainsNewYork.com.

Skip stop The MTA’s chief financial officer, Robert Foran, was even more blunt in discussing the need for federal aid.

“Without an infusion of billions of dollars in desperately needed federal funds, the MTA simply cannot provide customers with existing levels of service at the current fare cost,” Foran said. “Not getting federal support is not an option for the long-term health of the regional and national economy.”

The MTA spends roughly $300 million per week.

Foye said that to help balance the books, cost-cutting measures could include wage freezes, delays or reductions in the capital improvement plan, fare and toll increases, deficit financing and cuts to service.

Recently the Riders Alliance published a report that suggested

BUCK ENNIS

JULY 30

the MTA might need to eliminate entire subway lines in the event federal funding does not arrive.

“The livelihoods of millions of

MTA,” said Betsy Plum, executive director of the Riders Alliance.

The existential revenue bind facing the authority stretches far into the future.

Foran predicted fare revenue losses of $8.5 billion through 2024, plus tax subsidy losses of $6.9 billion, toll losses of $1.8 billion and Covid19-related expenses reaching $2.5 billion.

“Obviously the impact of

“THE LIVELIHOODS OF NEW YORKERS HINGE ON FEDERAL AID TO THE MTA” New Yorkers and the future of our city hinge on federal aid to the

Covid-19 has just decimated our finances,” he said.

The MTA has been clear that the revenue losses will translate into declines in service, operations and capital improvements across the entire metropolitan region.

“We have been planning for significant reductions to the capital program,” said Janno Lieber, the agency’s chief development officer.

“Our priority is to minimize cuts that impact service. All options are on the table.” ■

Vol. 36, No. 26, July 27, 2020—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for bimonthly in January, July and August and the last issue in December, by Crain Communications Inc., 685 Third Ave., New York, NY 10017.

Periodicals postage paid at New York, NY, and additional mailing offices. Postmaster: Send address changes to: Crain’s New York Business, Circulation Department, PO Box 433279, Palm Coast, FL 32143-9681. For subscriber service: call 877-824-9379; fax 313-446-6777. $3.00 a copy; $129.00 per year. (GST No. 13676-0444-RT) ©Entire contents copyright 2020 by Crain Communications Inc. All rights reserved.

2 | CRAIN’S NEW YORK BUSINESS | JULY 27, 2020

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7/24/20 3:33 PM

CORONAVIRUS ALERT

Jobless checks $600 light over glitch State Labor tech update delays added federal unemployment boost

BY RYAN DEFFENBAUGH

A ALYSSA RILLERA, an EMT who works for Paradocs, at a job in Long Island City

computer glitch at the state Department of Labor on July 19 delayed payments and gave New Yorkers on unemployment an early taste of life without the extra $600 per week in federal pandemic assistance.

The Labor Department tweeted the morning of July 20 that a system update inadvertently delayed payments from the federal pandemic unemployment compensation program—the $600 boost to unemployment benefits approved in March as part of $2 trillion in relief through the Cares Act. NUMBER New Yorkers of residents still got their receiving base unemployunemployment ment insurance, insurance as the Labor Deof July 11 partment said, but they had to wait for the extra federal money.

The Labor Department did not immediately have an estimate of how many New Yorkers did not receive the payment. There were about 1.5 million state residents receiving unemployment insurance as of July 11, plus an additional million receiving jobless aid through a pandemic assistance program for the self-employed.

Social media channels were loaded with alarmed messages last week from individuals who feared the extra federal money had ended early. New York’s share of the extra $600 was due to expire July 26.

Congressional lawmakers are debating a new trillion-dollar relief package, but Senate Republicans oppose extending the $600 benefit, suggesting it takes away the incentive for people to return to work. Some business owners agree (see page 4). GOP lawmakers have discussed extending the program with a reduced extra benefit—$200 to $400—The Washington Post reported.

New York state partnered with Google to launch an unemployment application website in April after the old one buckled under a historic flood of new claims. The backlog of unprocessed claims hit a high of about 275,000 in April before being knocked down to about 10,000 the next month.

Still, the system has been hit by occasional bugs, such as a crash July 6 that prevented people from certifying for their benefits for several hours. ■

PARADOCS WORLDWIDE

1.5M

FINDING NEW LIFE

A company that provided medical services at music festivals transitions to offering workplace Covid-19 screening

BY JONATHAN LAMANTIA

A

lex Pollak built a multimillion-dollar business connecting the country’s largest music festivals to paramedics and EMTs. Then the music stopped.

Festivals had come to represent about 60% of revenue for Pollak’s company, Paradocs. But with these events canceled during the pandemic, Paradocs has found a lifeline in conducting daily temperature checks and facilitating Covid-19 testing for companies as New Yorkers look to OFFICES, return to work. construction sites Although the jury is still out and essential on whether workplace tembusinesses, such as supermarkets, perature checks will be effechave hired tive in stopping the spread of Paradocs to the disease among employees, screen staff.

Paradocs has brought on about 80 offices, construction sites and essential businesses as clients. Paradocs has grabbed a large share of the business in this niche.

“I really felt like my world was falling apart in the

80

See SCREENING on page 37

JULY 27, 2020 | CRAIN’S NEW YORK BUSINESS | 3

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7/24/20 3:28 PM

CORONAVIRUS ALERT

Small-business owners welcome end of $600-per-week unemployment benefit

W

ashington lawmakers are currently debating whether or not to extend the $600-a-week federal unemployment benefit slated to end July 26. Small-business owners, however, welcome end of the program, which they say has hindered their ability to hire and retain employees.

Susannah Koteen, owner of the Lido restaurant in Harlem, estimated around half her staff has not returned to work because of the total income available in weekly unemployment payments.

“It’s been a little hard to get people to come back to work,” Koteen said. “Why would you come to work when you can make the same number staying home?”

Together with a maximum regu-

Caught in the middle

“That’s a lot of consumer spending that is likely to go away if they don’t extend the $600 weekly supplement,” Parrott said. “The overall level of consumer spending in New York would take a nosedive from the already depressed level it exists in now.”

A decline in consumer spending could have catastrophic consequences across the small-businesses landscape.

Already businesses in Brooklyn are feeling the effects of an uncertain economic climate. A new study by the borough’s Chamber of Com-

Federal lawmakers are currently debating extending the program, but some small-business owners say they feel caught in the middle.

Roni Mazumdar, owner of three Manhattan restaurants, recognizes that even if people are prompted to return to work by the cancellation of the federal benefit, social-distancing restrictions mandated by local governments preclude the same amount of economic activity, and consumer spending invariably will be reduced this year due to fears associated with Covid-19.

“For us to take that away but for me not to be able to offer the job, how does that work?” Mazumdar asked. “I cannot give enough hours to my employees for them to sustain themselves, but neither is there enough of a customer base.

“That’s the irony of it all.” ■

breaking even, he said. If Cuomo’s rules require every customer in the evening to order dinner, each establishment would have to weather longer seating times, meaning less turnover and fewer customers. At the same time, serving more food would require more staff.

Other bars, already hurting from the monthslong shutdown, spent money to meet the new mandate.

Michael Camacho, owner of jazz club Rue-B, invested a few thousand dollars to get his kitchen operational again. He worries his clientele—most of whom come for a drink, the vibe and sometimes a snack—won’t order enough to make his outlay worthwhile.

“The cost to put food on the menu

is greater than the actual profit that I’m going to make,” Camacho said.

Cuomo has not addressed the complications the mandate creates for the 70% of the city's open restaurants that serve liquor, other than to underscore that operating outdoor bars at all was a “perversion of the law.”

“We allowed outdoor dining. We never allowed outdoor drinking,” Cuomo said during a recent news conference.

The June 6 executive order, in which Cuomo launched expanded dining, appears to say differently. It includes bars, along with restaurants, in establishments licensed by the state for the “outdoor service of food and beverages.” ■

Spending nosedive For James Mallios, managing partner of restaurants in Manhattan and Long Island, the lack of response he saw in June to job applications at his restaurants has stayed with him. He said applications rose in July once people realized the assistance could run out.

“Somehow we need an alternative to the $65,000-a-year job for not going to work,” Mallios said. “We need one that helps people who are in difficult financial situations but doesn’t revert back to that June time, when we couldn’t get anyone. That would be bad.”

“WE NEED AN ALTERNATIVE FOR THE $65,000-A-YEAR JOB FOR NOT GOING TO WORK” lar state unemployment payment of $504, some weekly income packages that included the federal unemployment benefit reached $1,104 in New York.

Helana Natt, executive director of

merce found that half of 233 small businesses said they will struggle to remain open during the next three months. Nearly a third—28%—of those businesses said they did not pay rent in July.

“A lot of small businesses still have significant risk of closing altogether because they cannot operate at such a reduced rate of capacity,” Parrott said. “The only solution is massive federal economic assistance.”

the Greater New York Chamber of Commerce, estimates that onethird of the hundreds of businesses she speaks with on a weekly basis have had trouble rehiring their workers. She strongly believes that the unemployed will not return to their job if the supplemental benefit is extended further into the year.

“They cannot extend the $600 if they want to start stimulating the economy—that’s the bottom line,” Natt said. “That $600 was a stimulus; it’s not unemployment. And I think people are confusing the two together.”

BUCK ENNIS

BY BRIAN PASCUS

But even if the small-business community is certain that an extension of the $600 benefit would ruin its workforce operations, some experts say doing away with it would hurt the city’s economy.

A fifth of eligible city workers are currently unemployed. James Parrott, an economist at the New School’s Center for New York City Affairs, estimated that 1.3 million city residents are receiving pandemic unemployment assistance— which he calculated has translated to a total benefit of $800 million each week.

Bars fear they won’t survive Cuomo’s new rules on alcohol

E

ast Village bar Lucky has been surviving—barely.

The watering hole, specializing in beer and booze, with a hard ban on Fireball, pounced on the city’s Open Restaurants initiative, submitting an application and shifting service to the sidewalk in order to reopen.

Owner Abby Ehmann mourned her dive’s jukebox soundtrack but felt lucky that Lucky—separated from St. Mark’s Place by Tompkins Square Park—had avoided the youth-led bar crawls drawing state and local attention to the neighborhood.

That is, until Gov. Andrew Cuomo announced—in an effort to combat said crowding—that customers ordering drinks would need to buy food too. Any bar found in noncompliance would be reprimanded through a “three strikes and you’re closed” system, Cuomo said.

For many city bars, Lucky among them, alcohol constitutes the majority of sales; food is barely on the menu. Thus, Cuomo’s resolution

means a choice between losing their liquor license or losing their customer base.

“We’ve just been freaking out since this happened,” Ehmann said.

“They’ve just sealed our death warrant, and we’re all going to be out of business.”

Last year Ehmann got a surprise visit from the state Liquor Authority, which informed her that without a food menu, her bar was not complying with state requirements.

Lucky does not even have a kitchen.

She ordered a microwave oven and a slew of Hot Pockets to remedy the situation, but she acknowledges

doesn’t think she’ll be able to stay open. She is stuck with two choices, she said: “Go along and make believe this isn’t happening or close.”

Soup and a beer?

Bars with kitchens want more information from the governor to gauge whether they can survive. Do they need to offer full meals, for instance?

The Liquor Authority offered only soups and sandwiches as examples of the food restaurants would have to serve. A restaurant upstate added $1 “Cuomo chips and salsa” to its menu in response.

Greg Boehm, chief executive of Cocktail Kingdom, owns five establishments, three of which—Katana Kitten, Boilermaker and Mace— have a full kitchen. The cost of doing full dinner service would be devastating, he said.

“If they say it ends up being a full meal, it would force us to close,” he said.

Right now Boehm’s bars are

“THE COST TO PUT FOOD ON THE MENU IS GREATER THAN THE PROFIT I'LL MAKE” that the investment was mainly for show.

“No one has ever ordered a Hot Pocket,” she said.

She said that without the equipment or space to meet the governor’s food-with-drink demand, she

BUCK ENNIS

BY SUZANNAH CAVANAUGH

4 | CRAIN’S NEW YORK BUSINESS | JULY 27, 2020

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7/24/20 11:25 AM

TRANSPORTATION Invitation to Prequalify and to Bid Rehabilitation and Flood Mitigation of the New York Aquarium, Brooklyn, NY Turner Construction Company, an EEO Employer, is currently soliciting bids for the Rehabilitation and Flood Mitigation of the New York Aquarium from subcontractors and vendors for the following bid packages: BP #35 Sea Cliff’s Electric (Bid, Payment & Performance Bond Required) Only bids responsive to the entire scope of work will be considered and, to be successful, idders must e prequali ed y Turner. erti ed M/WBE and Small Business (13 CFR part companies are encouraged to su mit.

BUCK ENNIS

In order to receive the bid packages, potential bidders must submit a complete Subcontractor endor requali cation tatement. rior prequali cation su missions that remain current ill e considered as previously su mitted or may e updated at this time.

All bidders must prequalify by the bid deadline August 26th, 2020 and submission of a prequali cation statement not later than ugust th , is strongly encouraged.

All bidders must have an acceptable EMR, and will be subject to government regulations such as R and ederal xecutive rder . uccessful idders ill e required to use Trac er compliance veri cation soft are. ote that hile this is a e or ity prevailing age project, union a liation is not required for BP#35.

To o tain further information a out contracting opportunities and or the prequali cation package and bid solicitation package/s, please contact Macarena Bermudez (m ermude tcco.com or .

Navigating change

The date for the virtual pu lic opening y Turner onstruction ompany o ce located at 375 Hudson Street, New York, New York, is August 27th, 2019 at 11 am.

Link for virtual opening: Please join my meeting from your computer, tablet or smartphone" https glo al.gotomeeting.com join

Rick Cotton Executive director,

Port Authority of New York and New Jersey INTERVIEW BY CHRISTINE HAUGHNEY DARE-BRYAN

R

ick Cotton, executive director of the Port Authority of New York and New Jersey, started this year eagerly working to cast the agency as reaching a key moment for change. It had ambitious plans to rehabilitate the region’s infrastructure system, starting with its well-traveled airports and extending to its bus terminals. But the drastic decline in airport traffic, as well as in commuters through its bridges and tunnels and on its railroads, has left the Port Authority’s ambitions stymied. Cotton spoke to Crain’s about the biggest challenges his agency now faces.

How is the Port Authority doing?

On the one hand, with the coronavirus crisis, this is an extraordinarily difficult and daunting time for the Port Authority, given the impact the virus has had on the volume of passengers, riders and vehicles using our facilities.

But the other framing events are the progress that we are making on the two major airport transformation projects that are in construction, and the lead example of the progress we’re making is totally rebuilding LaGuardia from the ground up.

Tell us about your latest project at LaGuardia.

CRAIN’S WEBCAST ON TRANSPORTATION TO HEAR MORE from Rick Cotton about the future of the region’s transportation projects, along with insights from other experts, sign up for Crain’s July 30 webcast. To purchase tickets, visit CrainsNewYork.com/NYCSummit-infrastructure

global standards.

How much has traffic dropped because of Covid-19? And what has the financial impact been?

The big picture here is that the volume of passengers at the airports has been down by as much as 97%. It’s currently down 85%. Those are stunning declines. The ridership on “THE PORT AUTHORITY IS our commuter is down ENTIRELY SELF-SUSTAINING IN railroads 85% to 90%.

The volume of NORMAL TIMES” vehicles going across our bridges and through and furious. The big one was the tunnels has been down by the opening of the arrivals and as much as 60%. departures hall on the western It’s now down by 20% or so. half of the airport at Terminal But as we look forward over B. What the LaGuardia rebuild the next period of time, we symbolizes is the commitment estimate the virus will have of the Port Authority to upgrade reduced our revenues by legacy substandard facilities to $3 billion over the next 24 21st-century, top-of-the-class This is the first major new airport to be built in the United States in 25 years, and we are hitting major milestones fast

months.

How are you addressing this?

With this hole having been blown in our financial structure, we now have to go into the capital plan and reevaluate what we can do with respect to every project that has not yet begun construction. So we are in the middle of that. We have gone to D.C. and asked the federal government to provide emergency funding in the amount of $3 billion to address the hole that has been blown in our finances.

Our top priority is your bottom line.

The Port Authority is entirely self-sustaining in normal times.

Count on your Construction advisors to help you reach your business goals.

With far less money coming in, what projects are you prioritizing?

grassicpas.com/constructionae

Explain how the Port Authority pays for its projects.

What we have committed to is the completion of the LaGuardia transformation project, the completion of the construction of Terminal One at Newark Airport. … It is impractical to stop construction projects of that scale.

Why do these projects matter so much for the region?

Our capital construction spending has the potential to drive the economic recovery that the region so desperately needs. ■ JULY 27, 2020 | CRAIN’S NEW YORK BUSINESS | 5

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7/23/20 2:04 PM

IN THE MARKETS

Big apartment lender calls delinquency rates ‘a pleasant surprise’

80% OF BUILDING TENANTS ARE PAYING THEIR RENT ON TIME

BLOOMBERG

S

It’s a pleasant surprise that might ignature Bank, one of the city’s leading lenders to land- not last, considering the $600 weekly lords, indicated more apart- supplemental unemployment benefit received by an estimatment dwellers are ed 1.3 million New Yorkers keeping up on their rent. is set to expire at the end of After the city locked the month. And Covid-19 down in the spring, Signacould surge again as busiture said 50% of tenants in nesses reopen. rent-regulated buildings were behind on their rent Stabilized economy and 20% of residents in market-rate units were Still, Signature’s secdelinquent. Last week the ond-quarter earnings probank said 80% of tenants vided evidence of a stabiin buildings to which it AARON ELSTEIN lized local economy that lends are paying rent on might even be improving time, though the bank didn’t differ- on the margins. The bank is a relaentiate between rent-regulated and tively small lender, with about $60 market-rate buildings and declined billion in assets, that specializes in making business loans throughout the five boroughs. Apartment loans make up about 40% of its portfolio.

The bank said that up to 85% of office tenants are current on rent, but only up to to do so when asked.

Chief Executive Joseph DePaolo 55% of retail tenants are keeping described the delinquency figures pace. Retail borrowers include pizas “a very pleasant surprise” during zerias and barber shops. a conference call July 21.

For the quarter, the bank had net

income of $117 million, a $30 million decline from the year-earlier period, as loan-loss provisions soared to $93 million from $5 million. The stock rallied on the lessbad-than-expected news but remains down 22% this year, which is better than most banks.

Signature officials were encouraged that some borrowers have resumed paying back their loan after

three-month suspensions. The bank said deferrals eased down to $9.4 billion from a high of $10.9 billion, and 60% of borrowers whose timeouts expired this month are paying again.

“We’re very happy with that number,” DePaolo said.

Loan deferrals are set to end by October for most Signature customers, at which point DePaolo in-

dicated the bank would kick the can down the road when possible, noting that federal officials aren’t keen on banks absorbing big losses while parts of the economy remain locked down. For example, Broadway has said it won’t open until early next year, and DePaolo said next March or April looks more likely.

“They’re going to need deferrals through at least that time,” he said. ■

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rain’s e or usiness ill highlight ota le Women in ccounting and onsulting, hich ill pu lish as a section ithin rain’s e or usiness in the September 28 issue. This feature is a cele ration of omen executives or ing in accounting and consulting ho have impacted e or ity in major ays and honors their professional, civic and philanthropic achievements.

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6 | CRAIN’S NEW YORK BUSINESS | JULY 27, 2020

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7/23/20 2:08 PM

REAL ESTATE

Rough year for Brooklyn market thus far

B

rooklyn’s commercial real estate market had a rough first half of the year, with only a handful of bright spots occurring amid the pandemic’s devastating impact on the industry.

Total dollar volume in the borough dropped by 19% to about $2.2 billion, compared with the first half of last year, while transaction volume dropped 28% to 357, according to a report from Brooklynfocused brokerage TerraCRG. The dollar volume drop was even starker from the first quarter to the second quarter, falling by 62% as city officials placed lockdown rules on New York.

Dollar volume for Brooklyn’s multifamily properties—which was already reeling from the strict new rent regulations the state passed last year—fell 44% year over year. Industrial properties’ dollar volume dropped by 60%, even though the sector has held up better than most.

It wasn’t all gloom and doom for the borough, though. Dollar volume ticked up slightly among Brooklyn’s mixed-use properties and development sites, and it skyrocketed by 106% for retail properties. That, however, was almost entirely because of Urban Edge’s roughly $165 million purchase of Midwood’s Kingswood shopping portfolio in February, the largest transaction of the year in Brooklyn.

about the near future, saying the city “has begun somewhat of a U-shaped recovery” after Covid-19 peaked here. Because deals ticked up in May and June, that should indicate momentum that will continue into the third quarter, it says.

For a significant volume increase moving forward, however, sellers will need to start lowering their expectations, Cohen said.

“We haven’t really seen a big drop in pricing,” he said. “That would need to happen in order for volume to come up.” ■

BUCK ENNIS

BY EDDIE SMALL

AVAILABLE SPRING 2021

L O N G I S L A N D L U X U R Y, R E I M A G I N E D. STARTING AT $1.9MM

Encouraging sign Brooklyn’s second-largest deal of the year was TF Cornerstone’s roughly $138 million purchase of the mixed-use building at 250 N. 10th St. in Williamsburg in January, followed by the Naftali Group’s roughly $102 million purchase of 470 Kent Ave. in Williamsburg in May, where the company plans to build a high-rise apartment project.

The fact deals were done in Brooklyn during the second quarter despite the pandemic is an encouraging sign for the borough, TerraCRG CEO Ofer Cohen said.

“Yes, it’s terrible, but it’s still New York City,” Cohen said. “It’s still Brooklyn, and there’s still a certain level of comfort because deals close.”

The report divides Brooklyn into seven regions. Central Brooklyn, which includes Borough Park, Flatbush and Midwood, saw the highest number of deals for the first half of the year, 81. North Brooklyn, consisting of Greenpoint and Williamsburg, saw the highest dollar volume: $629 million. The fewest deals (17) and the lowest dollar volume ($33 million)—by wide margins—were in East Brooklyn, which consists of Canarsie and East New York.

Dollar volume in Central Brooklyn was about $472 million, a 25% increase compared with last year.

In South Brooklyn, which includes Brighton Beach and Sheepshead Bay, dollar volume hit about $209 million, a 37% increase from last year.

The report is fairly optimistic

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JULY 27, 2020 | CRAIN’S NEW YORK BUSINESS | 7

president K.C. Crain senior executive vice president Chris Crain

EDITORIAL

group publisher Mary Kramer

New York’s economy depends on a Washington bailout for the MTA

publisher/executive editor

The transit system is too important to the city’s survival to let its past transgressions get in the way.

The MTA’s 2020-2024 capital budget would have pumped $62 billion into the state’s economy and generated 57,400 jobs, according to a 2019 report by the Partnership for New York. Half of that money would be felt directly in the five boroughs, the report said.

These funds are crucially needed for the economic recovery of the state and the region.

Allowing the city’s transit system to go underfunded creates a number of other problems, safety being chief among them. The years of poor performance were also marked with a number of track fires and derailments.

Less money means a longer time between fixes, and a system this size can’t help but fall into disrepair.

Capital projects will be put on hold, preventing system improvements, and in the event of more flooding, which has been predicted, there will be more major repairs needed.

Add to this the agency’s promise of a fare increase and threats of

REVENUE FROM RIDERSHIP, TOLLS AND SUBSIDIES HAS PLUMMETED tent source of frustration for New Yorkers. The bus system is slow and suffers from poor dispatching. The agency has been opaque about its finances at times and reluctant to embrace changes that would make the system better.

W

assistant managing editors

Christine Haughney (special projects), Janon Fisher, Gabriella Iannetta (digital)

art director Carolyn McClain photographer Buck Ennis data editor Gerald Schifman senior reporters Aaron Elstein,

Jonathan LaMantia reporters Ryan Deffenbaugh, Gwen Everett,

Jennifer Henderson, Brian Pascus, Natalie Sachmechi, Shuan Sim, Eddie Small

service cuts and you will see more and more riders driven away.

New Yorkers are already less inclined to ride the subways, commuter trains and buses because confined spaces crowded with people have been a source of spread for Covid-19.

But it truly is the circulatory system of the city. Without it, New York City grinds to a halt.

It’s true that residents will leave, but we’ve been to the suburbs. The city is more interesting. The flight is temporary, and the transit system needs to be clean and operational when residents come back. There aren’t enough roads in Manhattan for everyone from New Jersey,

Westchester, Long Island and Connecticut to drive into the city.

Washington must consider something else. It may be in its own interest to keep New York, the country’s greatest income generator, moving.

In that regard, Foye’s analogy of a tsunami—a massive wave that usually follows an earthquake—is apt, because tsunamis destroy everything in their path.

Even those who think cuts won’t affect their business should consider the law of unintended consequences.

It would be utterly ruinous for everyone if Washington lawmakers let this wave crash. ■

intern reporter Suzannah Cavanaugh contributors Ronald DeCicco,

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the destabilizing impact of all these factors.

When government engages in the blame game, the governed suffer. This is particularly acute in times of crisis. Anxiety, worry, a sense of lack of control, a loss of faith in institutions, the unpredictability of the immediate future, a feeling of vulnerability and hopelessness can settle in at the individual and group level.

Clear, concise, consistent messaging describing how the government is responding to crises injects stability into an otherwise chaotic condition.

The rapid and continuing rise in shootings is such a crisis. While we may not be able to point to a single cause for the rise in violence, the lack of a uniform response is not helping, and it may be adding to the mayhem. The combination of a non-unified response to the shootings by government, the already present crisis of police legitimacy,

WHEN GOVERNMENT ENGAGES IN THE BLAME GAME, THE GOVERNED SUFFER Covid-19 and its attendant prolonged lockdown, the declining economy, summer, the dissolution of the NYPD anti-crime unit, a crisis of police legitimacy, low police morale, the alleged failure of prosecutors to prosecute and courts to judge—the list goes on and on.

In truth, it is very unlikely there is a singular cause; virtually never can a single cause explain a spike in violent crime. Rather, it is likely

editor Robert Hordt

associate editor Lizeth Beltran (digital)

Leadership, not finger-pointing, needed to stem rise in violent crime e are reaching a dangerous moment in the escalating rise in shootings and murder.

There has been an incessant blame game for the uptick in shootings and murder that started in December. De-enforcement during the past two years, bail reform,

EDITORIAL

senior editor Telisha Bryan

OP-ED

BY RICHARD ABORN

Frederick P. Gabriel Jr.

GETTY IMAGES

T

he Metropolitan Transportation Authority is facing a “fiscal tsunami,” Chairman Pat Foye said last week.

Revenue from ridership, tolls and subsidies has plummeted during the pandemic, forcing the agency to go begging to Washington for help or cut service, maintenance and upgrades.

We get that there are mixed feelings about the MTA. There are plenty of valid gripes about the city transit system.

It was orphaned by Gov. Andrew Cuomo in his second term, allowing service to gradually decline. Delays and service interruptions have been a consis-

associate publisher Lisa Rudy

with distrust by the community coupled with incessant attacks on the police and the continued denigration of the prosecutors and the courts, is creating a toxic narrative that we must change and change fast.

There has been a steady flow of allegations that prosecutors are no longer prosecuting cases, grand juries are not sitting, and no one is being convicted of anything. Likewise, the courts have been accused of not operating. We must set the record straight. People who carry or use illegal guns must know that when arrested, they will be prosecuted, and when convicted, they will be sentenced. The various arms of law enforcement and criminal justice must collectively stand together with the community and government leadership and set forth a compelling, comprehensive plan that starts with a laserlike focus on illegal guns.

This collective response should not be seen as a choice between respond or reform. Critically import-

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ant questions have been raised by the police protests of recent months, and we should engage in an open, transparent process to consider them and decide what we want for our city and our country.

Rather than hindering the response to the shootings, such a process should aid in our collective effort to create safer communities for all, ensuring that those who have suffered under too-often-aggressive policing have their voices heard. Likewise, the collective voice of rank-and-file police must be considered. Such a collective response might help to create and restore trust.

Regardless of the direction from which one approaches the critically important questions being raised, everyone has the same goal: to make our communities safer. Our first step in doing so must be to rein in the shootings, before it’s too late. ■ Richard Aborn is president of the Citizens Crime Commission of New York City.

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CRAIN COMMUNICATIONS INC. chairman Keith E. Crain vice chairman Mary Kay Crain president K.C. Crain senior executive vice president Chris Crain secretary Lexie Crain Armstrong editor-in-chief emeritus Rance Crain chief financial officer Robert Recchia founder G.D. Crain Jr. [1885-1973] chairman Mrs. G.D. Crain Jr. [1911-1996]

8 | CRAIN’S NEW YORK BUSINESS | JULY 27, 2020

P008_CN_20200727.indd 8

7/24/20 3:19 PM

OP-ED

BY EMIL SKANDUL

W

ith hurricane-like force, the pandemic arrived in the city in March, shuttering schools, businesses and offices. For the first time in living memory, the city came to an abrupt halt.

Many residents—nearly 420,000 of them—fled, hoping to avoid the worst of epidemiological forecasts.

Whether the city is in the eye of the storm—a temporary calm—or past the worst of the pandemic, the weather vanes are pointing to what could be headed in the city's direction in the next couple of years.

The flight of the urban masses may have been triggered by the coronavirus, but the flexibility of remote work enabled it.

Working from home has unstuck well-paid professionals of all industries—not just tech. Four months into this national experiment, more than half the entire American workforce is working remotely, according to a recent study by professor Erik Brynjolfsson of the Massachusetts Institute of Technology.

For the companies that choose to continue to have offices in the future, their workweek will likely be split—two days in and three days out—allowing employees to live farther from work.

But if any permanent relocation occurs, it will be a calculated decision based on two main factors: costs of living and quality of life.

Why continue paying for a cramped two-bedroom at $4,000 a month in New York when you can rent a home in the suburbs of a secondtier city, such as Nashville, with a backyard for your kids to play? Why continue to live where transit options are limited, biking is dangerous and trains runs less frequently?

Lack of opportunity The same reasons for why retirees choose to live outside of New York may encourage millennials and Generation Z to do the same, especially if job opportunities, for now, are limited in the five boroughs.

Historically the young and the educated flock to big cities, but the appeal for the generation that idealized the freedom-of-travel life-

styles may be compounded by the lack of opportunity. New York’s unemployment rate stands at 18.3%, well above the national rate of 11.1% and behind only two other states as the highest in the nation. While New York’s economy boasts industries, such as finance, fashion, media and tech, an exodus of educated workers from the city could be a leading indicator that an economic reshuffling of these economies is possible.

Even before the pandemic, the population of New York had begun to stall, and a small trickle of residents had begun leaving the city. A budget shortfall in the billions that is expected to last two years will likely mean fewer government services, decreased attention to quality-of-life issues and an unforgiving snowball effect that reinforces this negative cycle. Residents who relocate may take with them an essential tax base—personal income taxes, which account for 13% of the city’s revenue—while negatively affecting other tax categories from general sales, real estate transactions and business income.

Most critically a budget crisis

AP PHOTOS

New York’s desirability may be dropping—if only temporarily

could be just the tip of the iceberg in a prolonged economic crisis.

Our present reckoning should acknowledge that New York’s desirability may be dropping—if only temporarily. The city’s appeal has always been the drive and diversity of everyone who sets foot here— the intangible and irreplaceable features of New York.

These unprecedented headwinds—a budget and economic crisis, high unemployment, the flight of high-skilled remote workers and a decreased quality of

life—can be navigated. Robust economies within strong communities are what stabilizes urban areas. Job opportunities and culture lure people to the city, and social bonds keep them there.

New York will need to be more than a postcard—it will need to be a place where people can continue to imagine opportunity. ■ Emil Skandul, who runs the technology firm Capitol Foundry, is an opinion writer on technology and economic development policy.

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JULY 27, 2020 | CRAIN’S NEW YORK BUSINESS | 9

P009_CN_20200727.indd 9

7/23/20 1:57 PM

THE LIST LARGEST CONSTRUCTION FIRMS Ranked by 2019 New York–area revenue TAKEN OFF THE JOB The number of unemployed construction workers skyrocketed as Covid-19 tore through New York in early spring. Even though unemployment insurance claims have dropped off substantially in the past month, they’ve yet to decrease to 2019 levels.

50K

State unemployment claims by week’s end 2019 2020

40K 30K

17K

DECREASE in the city construction workforce from March to April, the largest drop in any onemonth period from the past 31 years

-5

BUSTED BUBBLE Four companies on the list are expecting their metro-area revenue to decrease by more than 20% this year. Suffolk Construction’s forecasted dip would take the firm below its reported 2018 revenue.

Projected drop in revenue SUFFOLK CONSTRUCTION

-24.3% J.T. MAGEN & CO. INC.

-24.3%

%

20K

3,571

10K 0

3/21 3/28 4/4 4/11 4/18 4/25 5/2

5/9 5/16 5/23 5/30 6/6 6/13 6/20 6/27 7/4

ESTIMATED CHANGE in city construction worker hours from March 1 to June 21

LEON D. DEMATTEIS CONSTRUCTION CORP.

-20.8% OMNIBUILD

-20.2% -25%

-20%

-15%

-10%

-5%

0

SOURCES: State Department of Labor, Procure, Crain’s research

2019 NEW YORK–AREA REVENUE (IN MILLIONS)/ % CHANGE VS. 2018

2019 COMPANYWIDE REVENUE (IN MILLIONS)/ % CHANGE VS. 2018

RANK

COMPANY/ ADDRESS/ PARENT COMPANY

1

AECOM Tishman 100 Park Ave. New York, NY 10017 AECOM

212-708-6800 aecomtishman.com

Jay Badame President, chief operating officer

$3,440.2 -16.3%

$4,148.6 -13.6%

Turner Construction Co. 375 Hudson St. New York, NY 10014 Turner Corp.

212-229-6000 turnerconstruction.com

Pat Di Filippo Executive vice president Charles Murphy Senior vice president, general manager

$2,571.4 -3.5%

$14,805.8 +6.5%

1,602 The Spiral; Stony Brook University Alternate Care Facility; LG North America corporate headquarters in Englewood Cliffs, NJ; David H. Koch Cancer Center at Memorial Sloan Kettering

Skanska USA 350 Fifth Ave. New York, NY 10118 Skanska AB

917-438-4500 usa.skanska.com

Michael Viggiano Executive vice president Tom Webb General manager, executive vice president

$2,067.4 -5.9%

$7,255.8 +0.3%

1,802 Rehabilitation near the Hunts Point Peninsula; new entrance to Penn Station; Terminal B at LaGuardia Airport; redevelopment of the Farley Building; new East Midtown Greenway

Structure Tone/Pavarini McGovern 330 W. 34th St. New York, NY 10001 STO Building Group

212-481-6100 structuretone.com

Michael Neary President, Structure Tone Eric McGovern President and chief operating officer, Pavarini McGovern

$1,945.5 +18.8%

$7,888.0 +60.8%

830 45-18 Court Square in Long Island City for Innolabs; 727 Fifth Ave. for Tiffany & Co.; Pier 57 for Google; 70 Hudson St. in Jersey City, NJ for Spear Street

Tutor Perini Corp.

1000 Main St. New Rochelle, NY 10801

914-739-1908 tutorperini.com

Henry Cheung President, civil East

$1,885.3 +2.1%

$4,450.8 -0.1%

419 Newark Airport Terminal One; station caverns for Grand Central Terminal; systems facilities package and track for the East Side Access project; Baruch Houses

Lendlease (US) Construction LMB Inc. 200 Park Ave. New York, NY 10166 Lendlease Corp.

212-592-6700 lendlease.com

Ralph Esposito President

$1,672.6 -16.7%

$8,457.0 -9.0%

523 Jacob K. Javits Convention Center expansion; 220 Central Park South; The Ritz-Carlton in NoMad; Central Park Tower

7

J.T. Magen & Co. Inc. 44 W. 28th St. New York, NY 10001

212-790-4200 jtmagen.com

Maurice Regan President Steven Mount Chief financial officer, treasurer

$1,253.0 +17.4%

$1,379.3 +13.0%

275 1 Manhattan West for Skadden Arps and the National Hockey League; One Vanderbilt for TD Securities; 3 World Trade Center for Uber; 30 Hudson Yards for Facebook

8

Gilbane Building Co. 88 Pine St. New York, NY 10005 Gilbane Inc.

212-312-1600 gilbaneco.com

Grant Gagnier Vice president Richard Cavallaro Executive vice president

$1,239.0 +9.6%

$6,300.0 +10.0%

452 1 Willoughby Square in Downtown Brooklyn; Spence School athletic facility; Hudson Yards Edge visitor experience and restaurant; Bergen County Justice Center renovation

9

Hunter Roberts Construction Group 55 Water St. New York, NY 10041 HR Holdings

212-321-6800 hrcg.com

James McKenna President, chief executive

$930.0 +15.5%

$1,165.0 +10.0%

315 Pier 55; New York-Presbyterian Queens; Queens Plaza Park in Long Island City; Long Island University residential tower in Fort Greene for RXR Realty

10

Plaza Construction 5 Bryant Park New York, NY 10018 China Construction America

212-849-4800 plazaconstruction.com

Richard Wood Chief executive Brad Meltzer President

$818.0 +1.9%

$1,170.0 +9.1%

269 125 Greenwich St. in the Financial District; 99 Hudson St. in Tribeca; 60 Charlton St. in Hudson Square; 75 Park Lane South in Jersey City, NJ

Omnibuild 213 W. 35th St. New York, NY 10001

212-419-1930 omnibuild.com

Paul Foschi President, principal

$401.5 -12.5%

$401.5 -12.5%

136 140 W. 24th St. for Magna Hospitality Group; 140 W. 28th St. for McSam Hotel Group; New York Marriott Marquis for Host Hotels & Resorts; The XI at 76 11th Ave. for HFZ Capital Group

LRC Construction

914-773-7700 lrcconstruction.com

Peter Palazzo President

$385.0 +13.9%

$430.0 +9.4%

125 26 Division St. in New Rochelle, NY; The Strand in Ridgewood; The Centre at Huguenot in New Rochelle, NY; Continuum phase 2 in White Plains, NY

646-952-8000 suffolk.com

Charlie Avolio President, general manager of

$363.4 +22.0%

$3,667.3 +6.4%

2 3 4 5 6

11 12

10 | CRAIN’S NEW YORK BUSINESS | JULY 27, 2020 7 Renaissance Square

PHONE NUMBER/ WEBSITE

HEAD(S) OF NEW YORK OFFICE

White Plains, NY 10601

P010_CN_20200727.indd 10 Suffolk

Construction 1 Pennsylvania Plaza

2019 NEW YORK–AREA EMPLOYEES 1 KEY PROJECTS/CLIENTS 2

n/d One Vanderbilt; Riverside Center

7/21/20 120 640 Columbia St. in Red Hook, Brooklyn; 124 E. 14th St. in Gramercy Park;

1:43 PM

About

CN019781.indd 1

7/22/20 3:57 PM

Chief financial officer, treasurer

8

Gilbane Building Co. 88 Pine St. New York, NY 10005 Gilbane Inc.

THE 9 LIST

Hunter Roberts Construction Group 55 Water St. New York, NY 10041 HR Holdings

212-312-1600 gilbaneco.com

Grant Gagnier Vice president Richard Cavallaro Executive vice president

212-321-6800 hrcg.com

James McKenna President, chief executive

LARGEST CONSTRUCTION Plaza Construction 212-849-4800 FIRMS Richard Wood 5 Bryant Park plazaconstruction.com Chief executive

10 11

New York, NY 10018 China Construction America

30 Hudson Yards for Facebook $1,239.0 +9.6%

$6,300.0 +10.0%

452 1 Willoughby Square in Downtown Brooklyn; Spence School athletic facility; Hudson Yards Edge visitor experience and restaurant; Bergen County Justice Center renovation

$930.0 +15.5%

$1,165.0 +10.0%

315 Pier 55; New York-Presbyterian Queens; Queens Plaza Park in Long Island City; Long Island University residential tower in Fort Greene for RXR Realty

$818.0 +1.9%

$1,170.0 +9.1%

269 125 Greenwich St. in the Financial District; 99 Hudson St. in Tribeca; 60 Charlton St. in Hudson Square; 75 Park Lane South in Jersey City, NJ

Brad Meltzer President

Omnibuild 213 W. 35th St. New York, NY 10001 COMPANY/

212-419-1930 omnibuild.com

Paul Foschi President, principal

$401.5

2019 -12.5% NEW YORK–AREA REVENUE (IN MILLIONS)/ % CHANGE VS. 2018

2019 -12.5% COMPANYWIDE REVENUE (IN MILLIONS)/ % CHANGE VS. 2018

$401.5

136 140 W. 24th St. for Magna Hospitality Group; 140 W. 28th St. for McSam Hotel Group; 2019 New York Marriott Marquis for Host Hotels & NEW YORK–AREA Resorts; The XI at 76 11th Ave. for 2 EMPLOYEES 1 HFZ KEY PROJECTS/CLIENTS Capital Group n/d One Vanderbilt; Center NY; The 125 26 Division St. inRiverside New Rochelle, Strand in Ridgewood; The Centre at Huguenot in New Rochelle, NY; Continuum phase 2 in White Plains, NY

RANK

ADDRESS/ PARENT COMPANY

PHONE NUMBER/ WEBSITE

HEAD(S) OF NEW YORK OFFICE

112

AECOM Tishman LRC Construction 100 Park Ave. Square 7 Renaissance New NY 10017 WhiteYork, Plains, NY 10601 AECOM

212-708-6800 914-773-7700 aecomtishman.com lrcconstruction.com

Jay Badame Peter Palazzo President, President chief operating officer

$3,440.2 $385.0 -16.3% +13.9%

$4,148.6 $430.0 -13.6% +9.4%

Turner SuffolkConstruction ConstructionCo. 375 Hudson St.Plaza 1 Pennsylvania New York, NY 10014 10019 Turner Corp.

212-229-6000 646-952-8000 turnerconstruction.com suffolk.com

Pat Di Filippo Charlie Avolio Executive president President,vice general manager of Charles New YorkMurphy Senior vice president, general manager

$2,571.4 $363.4 -3.5% +22.0%

$14,805.8 $3,667.3 +6.5% +6.4%

Clune Construction Skanska USA 405 Lexington Ave. 350 Fifth Ave. New York, NY 10174 New York, NY 10118 Skanska AB

212-682-1789 917-438-4500 clunegc.com usa.skanska.com

$363.0 $2,067.4 +27.8% -5.9%

$1,327.0 $7,255.8 +26.1% +0.3%

Hudson Meridian Construction Structure Tone/Pavarini McGovern Group 330 W. 34th St. 61 Broadway New York, NY 10001 10006 STO Building Group

212-608-6600 212-481-6100 hudsonmeridian.com structuretone.com

Ben Walker Michael Viggiano President, Eastern region Executive vice president Tom Webb General manager, executive vice president William Cote Michael Founder,Neary chief executive President, Structure Tone Peter Monte Eric McGovern President, chief operating officer President and chief operating officer, Pavarini McGovern

$354.7 $1,945.5 -1.0% +18.8%

$354.7 $7,888.0 -1.0% +60.8%

Tutor Perini Corp.

Consigli Construction Co. 3 1000 Main St.Ave. 333 Seventh New Rochelle, NY 10801 York, NY 10001

914-739-1908 646-679-3500 tutorperini.com consigli.com

Henry Cheung Anthony Consigli President, civil East Chief executive Matthew Consigli President

$1,885.3 $334.0 4 +2.1% -31.0%

$4,450.8 n/d -0.1% —

419 Airport Terminal One; stationSite caverns n/d Newark Greenpoint Landing; Essex Crossing 4; for 25 Grand Kent Central Terminal; systems facilities package and track for the East Side Access project; Baruch Houses

616 718

Lendlease (US) Construction LMB OHL USA Inc. Inc. 26-15 Ulmer St. 200 ParkPoint, Ave. NY 11354 College New York,Inc. NY 10166 OHL USA Lendlease Corp.

212-592-6700 718-554-2320 lendlease.com ohlna.com

Ralph Ashok Esposito Patel President Chief executive

$1,672.6 $334.0 4 -16.7% -31.0%

$8,457.0 n/d -9.0% —

523 K. Javits Convention Center expansion; 224 Jacob Restoration of the Corbin Building; 220 South; Therehabilitation Ritz-Carlton in 72ndCentral Street Park station fit-out; of NoMad; Central Park Tower the Culver Line viaduct; Henry Hudson Bridge lower level deck replacement

Triton Construction Co. J.T. Magen & Co. Inc. 30 E. 33rd St. 44 W. 28th St. New York, NY 10016 New York, NY 10001

212-388-5700 212-790-4200 tritonconstruction.net jtmagen.com

Lance Franklin, Maurice Regan Frank Reich President Co-CEOs Steven Mount Chief financial officer, treasurer

$315.2 $1,253.0 +11.8% +17.4%

$315.5 $1,379.3 +11.8% +13.0%

105 11 Hoyt in Downtown Brooklyn; 101 Lincoln 275 1 Manhattan West for Skadden Arps and the in Mott Haven; Marymount School; National Hockey League; One Vanderbilt for 550 Clinton Ave. in Clinton Hill TD Securities; 3 World Trade Center for Uber; 30 Hudson Yards for Facebook

819 920

Shawmut Design and Construction Gilbane Building Co. 3 E. 54th St. 88 Pine St. New York, NY 10022 New York, NY 10005 Gilbane Inc.

212-920-8900 212-312-1600 shawmut.com gilbaneco.com

Les Hiscoe Grant Gagnier Chief executive Vice president Richard Cavallaro Executive vice president

$313.8 $1,239.0 -1.6% +9.6%

$1,483.6 $6,300.0 +3.0% +10.0%

370 Oceans New York; Pace University; 452 1 Willoughby Square in Downtown Brooklyn; The Glasshouse; Times Square Theater Spence School athletic facility; Hudson Yards Edge visitor experience and restaurant; Bergen County Justice Center renovation

E.W. Howell Construction Group Hunter Roberts Construction Group 245 Newtown Road 55 Water St. Plainview, NY 11803 New York, NY 10041 Obayashi USA HR Holdings

516-921-7100 212-321-6800 ewhowell.com hrcg.com

Howard Rowland James McKenna President, chief operating officer President, chief executive

$300.6 $930.0 +13.1% +15.5%

$300.6 $1,165.0 +13.1% +10.0%

148 P.S. 419 in Flushing; Far Rockaway library; 315 Pier 55; New York-Presbyterian Queens; Brearley School; Dalton School Queens Plaza Park in Long Island City; Long Island University residential tower in Fort Greene for RXR Realty

21 10 22 11

Navillus Plaza Construction 633 Third Ave. 5 Bryant Park New York, NY 10017 New York, NY 10018 China Construction America

212-750-1808 212-849-4800 navillusinc.com plazaconstruction.com

Donal O'Sullivan Richard Wood President Chief executive Brad Meltzer President

$298.0 5 $818.0 +28.8% +1.9%

$298.0 $1,170.0 +28.8% +9.1%

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SUCCESSION PLANNING FOR A LONG-LASTING BUSINESS A shocking number of U.S. businesses lack a detailed, written succession plan. When you look at family businesses and companies with annual revenues below $50 million, the absence in planning becomes especially pronounced. In its 2019 US Family Business Survey, PwC Private Company Services found that only 18% of family businesses said they have an effective plan.

This is particularly troubling considering that succession plans govern far more than scheduled exits. They can also serve companies as a powerful tool for navigating unforeseen transitions. The social and economic fallout from the coronavirus pandemic only underscores the need for businesses to account for force majeure events in planning for their future.

Even when it comes to companies with exit plans in place, PwC’s data suggests that business owners should do more to prepare. Only about 30% of family businesses survive the transition to the second generation of leadership, according to the Family Business Institute.

ABBY E. PARSONNET Regional President Metro New York AParsonnet@WebsterBank.com 212.806.4543

ANTHONY TOMARO, CPA Partner Consulting Services Leader ATomaro@grassicpas.com 212.223.6017

To find out more about when and how business owners should start building succession plans, Crain’s Content Studio turned to two experts in the field:

Advisory | Tax | Audit

• Abby Parsonnet, regional president for the New York metropolitan area at Webster Bank.

• Anthony Tomaro, CPA, partner and consulting services leader at Grassi Advisors and Accountants.

Crain’s: When should business owners begin succession planning, and how often should plans be reviewed?

Anthony Tomaro: Ideally, succession planning should begin a minimum of five years before the owner wants to exit the business. The actual number will depend on a variety of factors, including who you plan to sell to—your children, employees, strategic buyers or financial buyers.

If you’re bringing the next generation of your family into the business, for example, you may need more than five years to get them ready for success.

Regardless of the buyer, I always recommend that owners start thinking about succession planning as soon as their business becomes successful—and review the plan at least every two years. Having the plan in place will prepare you in the event of a sudden selling opportunity or a major shift in your industry.

Early preparation will allow you to capitalize on any situation that arises.

Abby Parsonnet: Succession planning is a complex endeavor that involves, among other things, time-consuming processes of business valuation, negotiation, funding arrangements and finding and designating successors or future owners to run the business after a business owner leaves. So, it is never too early to start the planning process.

While some business owners start to plan about five years before retirement, unexpected life events, which can happen at any moment, are also a key reason that business owners should start planning early and review the plan periodically to keep it current.

Crain’s: What are some signs that it may be the right time to sell a business or transition to new leadership?

Running your business is never a straight path.

Grassi consultants help you navigate the curves ahead.

Succession Planning | Operational Reviews | Cash Flow Management Corporate Restructuring | Valuations | M&A Due Diligence CFO Outsourcing | HR Consulting

Anthony Tomaro, CPA Partner, Consulting Services Leader 212.223.6017 | atomaro@grassicpas.com grassicpas.com/grassi-consulting-services

SPONSORED CONTENT

S2 July 27, 2020

SPO

SUCCESSION PLANNING FOR A LONG-LASTING BUSINESS Parsonnet: Although it can be difficult to find the right time to sell a business, there are indeed signs that can indicate when that right time may be, including: The market. Be ready to seize the opportunity when market forces are most favorable and liquidity allows for maximum valuation.

The ability to maximize tax benefits.

Taxes tend to be a key driver in deciding exactly when to sell or transfer a business. So, choose a time when tax rates or changing tax laws make it most advantageous to do so.

Your health. If you are stressed, have suffered a prolonged illness or no longer enjoy running your business, it may be the right time to exit.

Your desires. If your plan involves passing the business down to your heirs and keeping the business in your family, you need to make the tough decision early as to whether they have what it takes to run the business. If a cold, hard look suggests that they just aren’t qualified to run the business, you need to decide whether your heirs will be employees or the business will be more of an investment, operated by professional management. Regardless, training your management team and potentially establishing a board to ensure your family’s investment is protected are key action items.

Diversification. When business owners’ personal holdings are highly concentrated in their business, monetizing some or all of that equity to diversify investments could be a wise move.

Additional considerations: Equity can be a powerful retention and hiring tool for key employees. The need to develop management succession can, in part, be solved by creating liquidity in company stock. This goal can be accomplished

What is your competition up to?

Are you working harder without seeing any rewards? How is your management team performing based on the goals we have set? What’s going on in your industry? If your industry is consolidating, are you a consolidator or not? Have you grown as much as you can with your current infrastructure, or do you need help strategically or financially? The answers to these questions and many others will lead the business owner to a path of clarity and, ultimately, to the right answers.

Crain’s: What are the hallmarks of an effective succession plan?

Tomaro: The first ingredient in an effective succession plan is complete buy-in from upper management. The best succession plans are driven from the top: the CEO has to believe in it and create a culture that forces each executive to have a continual plan to reach their goals, measure their success and train the people beneath them.

An effective succession plan is also multileveled: while there is one main successor to lead the company, there should be a plan in place for multiple people to be trained and prepared to move up and accept a greater level of responsibility. A CFO, COO and VP of sales and marketing, for example, will all support the successor’s responsibilities.

The succession plan should detail all of the potential candidates’ experience and a course of action to advance them into their new positions.

Parsonnet: Succession planning is different for every business. However, an effective plan includes: • An exit strategy that allows for a smooth transfer of leadership and is based on the owner’s clear objectives.

• Advice from an experienced team of advisers—i.e., lawyers, accountants, wealth managers, tax

“THE FIRST INGREDIENT IN AN EFFECTIVE SUCCESSION PLAN IS COMPLETE BUY-IN FROM UPPER MANAGEMENT.” - ANTHONY TOMARO, CPA, PARTNER, GRASSI ADVISORS AND ACCOUNTANTS through an employee stock ownership plan (ESOP) transaction.

Tomaro: This is a very personal question that a business owner needs to ponder, and it’s certainly not an easy one. Every owner will arrive at their answer for different reasons. When I sit with my clients for our quarterly advisory meeting, I always bring this concept up by asking some simple questions, such as: How is the business doing?

professionals, insurance experts—who work together to help design and implement the plan.

• Valuations that are based on realistic projections.

• A strong management team in place that can fulfill critical roles and form a strategy that can guide the business into the future.

• Ample time. Unfortunately, many business owners wait until the unexpected happens to start planning.

And by then it is too late.

Crain’s: The current economic climate has lowered the value of many businesses.

What exit strategies are particularly effective in this environment?

Parsonnet: Estate planning is increasingly popular, with the inclusion of gifting ownership of the business from one generation to the next. This type of transition protects the value of the business by lowering your cost basis.

Tomaro: In a crisis, affected companies need to become creative in reshaping their business models.

Strategic changes can be made to minimize loss in value, and the investment in these changes should yield a significant return on investment if you have at least one to two years before your exit. The most dramatic results I’ve seen in this area are when companies go digital and make their processes far more efficient. I have seen a huge increase in requests for our organizational assessments, as businesses become increasingly more motivated to find cost savings wherever they can.

Assessments of the efficiency of your operations, people and systems will yield opportunities to improve your bottom line.

If time is of the essence or you’re already in the middle of negotiating a sale and your valuation is not what you want it to be, you may be able to structure an aggressive earnout with the buyer to make up for some of the lost value as of the day of sale.

Crain’s: What are the pros and cons of transitioning ownership to employees through an ESOP? Tomaro: An ESOP is a powerful employee retention tool that can make people feel connected to the long-term success of the business.

In industries dealing with labor shortages, like construction and manufacturing, ownership can be an invaluable motivator for key team players. An ESOP also works well when an owner wants to transition ownership but remain active in the company. While an owner cannot participate in the ESOP, the retained culture and infrastructure could create an environment where he or she could seamlessly retain a leadership role.

Owners can also realize significant tax savings by deferring taxation on the gain of the sale under IRS Code Section 1042.

The buyers also benefit from the very low risk of ESOPs. Employees do not use any of their personal funds to purchase the business, so they can never lose more than they

put in. They are also not taxed on any company contributions made to the ESOP until they withdraw the value of their shares upon leaving the organization, and even then, they can roll the funds into another retirement plan to continue the tax-deferral benefits.

On the flip side, ESOPs are a more costly option, and owners should understand the expenses associated with this succession plan. Much of these added costs is due to the additional players involved in the transaction. Typically, there is an ESOP consultant, attorneys, a trustee, a valuation professional and a thirdparty administrator.

Parsonnet: The positives include the following: ESOPs help owners retain operating control no matter how large a share is ESOP-owned.

They allow owners to repay debt with tax-deductible or tax-free dollars, enabling the seller to maximize a cash-out through higher leverage.

ESOPs enable the seller to sell shares to a ready buyer in stages over time.

They can also serve as an employeeretention/hiring tool in the form of nonpublic stock.

On the negative side, transaction costs can be burdensome. Parties should anticipate the fees associated with advisers needed to lead negotiations, and manage the process in a timely manner. Living up to the fiduciary responsibilities of being a trustee can be costly, and requires diligence, prudence and skill. Successors must be willing to protect the assets of the trust for beneficiaries, such as the stock representing a retirement benefit for employees.

raised since birth to lose its essential qualities after you’re gone.

The second consideration is based on how much involvement, if any, you want to have in the business after you transition it. Your choice of a buyer or successor will affect your level of involvement. Ask yourself: “Do I have unfinished goals that I want to achieve in this company, and can those goals be achieved under this successor?”

A successor may be right in front of your eyes—a child, other family member or someone from your senior management team. Or it could be where you least expect it, such as a competitor. Your competition certainly knows enough about the industry to keep your business successful, and you would be surprised how much they already know about you!

Another option you can consider, although it comes with a cost, is investment bankers. They’re very well connected, can strategically qualify a buyer and confirm they have the funds to close the deal.

Crain’s: What is the role of a company’s board of directors in succession planning?

Parsonnet: Excellent technical and leadership skills may be obvious qualities to look for in a successor, but a candidate who is a good cultural fit is equally important.

Business owners should also look for someone who is aligned with them strategically, as well as on the timeframe for the succession and expectations. Business owners should look for someone who will serve as a steward of the family’s assets moving forward. This is particularly important if a sale is not involved.

Tomaro: While many small, midsize and family-owned businesses do not have a board of directors, it does not mean they shouldn’t—especially if they are contemplating a business sale in the next three to five years. In some businesses, the board of directors is made up of family members who are not involved in running the business but certainly have a vested interest. The role of the board of directors can be invaluable.

They can use their own business experience to advise management in major decisions; they can share lessons learned from their successes and failures to guide the company through new experiences. And for a company that’s looking to sell, a good board will be well connected and can bring some key relationships or potential buyers to the table to make the process as smooth and trouble-free as possible.

The board can also be instrumental in identifying the successor and other C-suite executives to successfully lead the business in its new chapter.

Tomaro: Your successor could be anyone from your children or employees to a strategic or financial buyer. But the right candidate should be able to meet a few important criteria. The first is upholding the culture you’ve created at your firm.

Culture is a big part of what makes a company successful and you don’t want your “baby” that you’ve

Parsonnet: The board of directors should serve as a sounding board for strategic decisions during succession planning. They should be active participants throughout the process and be involved in assessing ownership options, analyzing risks and holding current owners accountable for both managing the process and ensuring successors

Crain’s: What qualities should business owners look for in a successor, and where should they look?

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ABOUT THE PANELISTS are positioned for success. Another important role is to provide oversight to safeguard the best interests of the owners, whether those owners are part of an ESOP or not actively involved in the business. The board should also ensure that the equity value of the business is maximized during the sale.

Crain’s: Who else, within the company, should be involved in decision-making?

the business’s value based on these findings, the valuation expert will provide a supporting report to present to potential buyers.

Parsonnet: The process of selling a business to a third party can benefit from the support of an investment banker with industry expertise. An investment banker will value the business using various methodologies including market comparables and discounted cash flow, which is based on the projection of the business’s

“SUCCESSION PLANNING REQUIRES THE INVOLVEMENT OF MANY TEAM MEMBERS ACROSS THE BUSINESS TO DESIGN AND IMPLEMENT A PLAN, INCLUDING FINANCE, LEGAL, TAX AND HUMAN RESOURCES. “ -ABBY E. PARSONNET, REGIONAL PRESIDENT, METRO NEW YORK

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Parsonnet: Succession planning requires the involvement of many team members across the business to design and implement a plan, including finance, legal, tax and human resources.

Tomaro: If the company has a board of directors, they should be the first ones brought in on any major decision. Your trusted advisers, such as your accountants, wealth manager and attorneys, should certainly be involved before a decision is even made to sell or transition the company.

I’ve seen many business owners choose to keep their management in the dark when they are exploring a sale or transition of the company. This plan often backfires. Remember, the key members of your management team have been an integral part of your success and will be the main players to keep the business running smoothly after you’re gone. They should be brought into the process as early as possible for the valuable insights they can provide into the company.

Crain’s: With a third-party sale, how should owners determine a sale price?

Tomaro: To make sure you are getting the most value out of your business and setting your sale up for success, you should work with a certified valuation specialist who is experienced in business valuations. Such a professional will analyze the economic, industry and competitive environment in which your business operates and evaluate your company’s financial strengths and position in the marketplace.

Along with issuing an opinion on

future cash flows. Unique attributes, patents and trademarks, brands and licenses, competitive advantages and barriers to entry will all factor into the valuation.

Crain’s: What unique challenges do New York business owners face when exit planning?

Parsonnet: Tax efficiency, given the high tax jurisdiction, is a key challenge for New York business owners to navigate as they prepare to exit their business.

Tomaro: A major goal of succession planning is to structure the transaction and implement strategies to minimize the tax bill when it comes time for the owner to exit and realize gains.

Businesses in New York City are at a disadvantage in this area because they are not only located in a high-tax state, but they also get taxed heavily on the city level.

This situation requires even more creativity, planning and consulting with your business advisers to prepare to exit the business with as much money in your pocket as possible.

Abby Parsonnet is Regional President for Metro New York. She joined Webster in August 2013 to lead the expansion of Webster’s middle market banking activity and community affairs into the New York metropolitan area. Her middle market team focuses on delivering commercial banking services to clients in the Metro New York area, which encompasses Westchester and Rockland Counties, Long Island, Northern New Jersey and the five boroughs of New York City.

Living up to the communities she serves, Abby is a board member of Big Brothers Big Sisters of NYC. Previously she was an officer and founding member of Delivering Good. Abby is a member of the Fashion Service Network; she is a past recipient of the Partners in Kindness award from Sephardic Bikur Holim, Ort America’s Accounting, Banking and Attorney’s Community Achievement Award and was honored by Big Brothers Big Sisters of NYC Accountants and Bankers chapter.

Abby earned her bachelor’s degree from Brandeis University and her MBA from Boston University. She also earned a Certificate in Financial Planning from the New York University School of Continuing Education.

Anthony Tomaro has been providing accounting and management consulting services for over 30 years. Most of his career has been in public accounting, consulting and guiding companies in different industries at different stages of their lifecycle—whether in start-up or expansion mode.

Anthony is Grassi’s Consulting Services Leader and directs the growth of the consulting practice by developing new services and is also intimately involved in helping clients assess their operations in order to increase efficiency and profitability. He has spent significant time assisting private equity firms with investments by providing financial due diligence, quality of earnings analysis and operational improvements insights prior to them making investments. During his career, Anthony has held different positions in the C Suite working with private equity groups to run and re-align some of their portfolio companies for a sale. Anthony also has extensive experience working with publicly traded companies and has consulted on Initial Public Offerings projects along with Specified Purpose Acquisition Companies (SPACs) and reverse mergers transactions.

Anthony earned his bachelor’s in business administration from Adelphi University. He is a member of the American Institute of Certified Public Accountants (AICPA) and the New York State Society of Certified Public Accountants (NYSSCPA).

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Succession Planning.

At your pace.

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happens your business next can be hard to plan when Home LoanWhat Lockup LayouttoOptions SINGLE LINE you’re dealing with everything happening now. But our team of Succession Planning experts willinhelp now, whatever The Webster Symbol is a registered trademark the U.S.you tackle WebsteritBank, N.A. on Member FDIC. © 2020 All Rights Reserved, Webster timeline works best for you. Get in touch to get ahead of the future.

Webster Symbol is a registered trademark in the U.S. Webster Bank, N.A. Member FDIC. © 2020 All Rights Reserved, Webster Financia Abby The Parsonnet 212-806-4543 aparsonnet@websterbank.com The Webster Symbol is a registered trademark in the U.S. Webster Bank, N.A. Member FDIC. © 2020 All Rights Reserved, Webster F

The opinions and views in this article are those of the author, and are not intended to provide specific advice or recommendations for any individual.

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WHO OWNS THE BLOCK

EMPIRE STATE OF RECOVERY

EMPIRE STATE BUILDING

The iconic Midtown skyscraper resists the downturn

BY C. J. HUGHES

A

19 W. 34TH ST.

2 HERALD SQUARE This 11-story Beaux-Arts building is controlled by SL Green Realty, which bought a $274 million leasehold interest with an Israeli partner in 2018.

One of 2 Herald Square’s retail tenants is Victoria’s Secret, which was forced by the pandemic to shutter hundreds of stores across the country. L Brands, its parent company, sued SL Green in June to get out of its monthly rent of $937,734, reports said.

The Martin Building, a 13-story, 262,000-square-foot office building, is owned by PRD Realty, whose principal is Martin Domansky. Harry Helmsley, the late real estate tycoon, once owned the block-through property, which was completed in 1907 but has since been renovated. In early July it had two units available, both sublets of existing offices, on the 7th and 11th floors.

7 W. 34TH ST. Vornado Realty Trust owns this 12-story, 477,000-square-foot former department store whose tenants include Amazon. The e-tailer operates a bookstore and a warehouse in the block-through building, which has loading docks on West 35th Street.

Amazon will expand its presence in the area, as the company announced in December that it reserved 335,000 square feet for advertising staff at 460 W. 34th St., a building owned by SL Green.

50 W. 34TH ST. This 26-story rental complex was built in 1912 as the McAlpin Hotel, the largest in the world at that time. Today it offers studios to three-bedroom apartments. In early July the least-expensive studio was $2,595 a month.

Several stores are on the lower level. Gap is a ground-floor tenant, although the clothing-store chain said in April that it would likely close locations. Forever 21, a longtime tenant across two floors, left in 2018 and its 103,000-square-foot berth is being renovated while still vacant.

1 W. 34TH ST. This 12-story glass-fronted office building and next-door offices at 358 and 362 Fifth Ave. were purchased for $52 million in 2002 by BLDG Management. The seller was Dah Chong Hong, a Hong Kong– based conglomerate with automotive and health care holdings. BLDG’s founder, Lloyd Goldman, is the nephew of Sol Goldman, who in the 1980s was the largest landlord in New York.

40 W. 34TH ST. Wharton Properties, a major retail player founded by Jeff Sutton, paid $10.5 million for this gray brick building in 2003.

American Eagle Outfitters is the sole tenant. The coronavirus has spurred big changes at American Eagle, according to reports. Monitors check customers’ temperatures, and clothes are separated and folded to encourage hands-free shopping.

350 FIFTH AVE. The 1,454-foot city symbol known as the Empire State Building opened in 1931. It was purchased in 1961 through an unusual syndication deal involving the Malkin family, which ultimately took control of the tower and turned it into a publicly traded asset. Some old-time investors resisted the idea, but in 2013 the Malkins created Empire State Realty Trust, whose portfolio includes 17 other buildings.

Its public offering raised $930 million. Other trust holdings include nearby office buildings 1350, 1359 and 1400 Broadway.

BUCK ENNIS, GOOGLE MAPS

s the city creaks back to life, there are mixed signals about the state of its recovery.

So far the coronavirus does not seem to be tanking office rents, although office workers and shoppers are returning in a trickle.

“I think companies need to figure how they operate before they can make decisions about space,” said Elliot Zelinger, a tenant-focused broker with Savitt Partners. “It’s too soon to tell.”

But some landlords are bullish.

That’s true for the leadership of the Empire State Building, which is uniquely positioned to shed light on several markets. The art deco high rise has millions of square feet of offices, about a dozen stores and tourismdependent observation decks.

As of July 15, only about 1,200 of its 15,000 employees had returned to work, said Thomas Durels, an executive vice president with Empire State Realty Trust, the publicly traded real estate investment trust that owns the 102-story skyscraper.

This comes despite a bevy of new safety protocols. The building requires temperature checks and masks to enter and personal protective equipment to safeguard all the staff, among other precautions. Durels calls the situation temporary.

His tenant roll appears stable.

Since the pandemic struck, no one has left the building, Durels said, which was 96% leased during the spring, according to filings. Indeed, about a half-dozen firms have renewed leases, including Charles Schwab and Ernst & Young.

Durels has resisted lowering prices for the 10 spaces being marketed at the skyscraper, where rents average $70 to $80 per square foot annually, and some tenants have been allowed to defer payment for three months.

In comparison, premier office space in Manhattan averaged $84 per square foot in the second quarter, according to Savills, the commercial real estate firm. One year ago, comparable properties ran for $85 per square foot, although Savills reports that activity plummeted from 11.6 million square feet to 3.3 million square feet, suggesting a somewhat frozen market.

As for retail, the building lost a major tenant earlier this year in the 450seat Heartland Brewery and Rotisserie.

But Starbucks, which has two outposts on-site, snapped up a three-level portion of the Heartland space right before the pandemic began. A Chipotle restaurant will take the former Starbucks space, while the coffee chain’s other location will remain in place.

“We are a long-term believer in New York City, which has recovered from past crises,” Durels said, “and we are very confident it will recover from this one.” ■

16 | CRAIN’S NEW YORK BUSINESS | JULY 27, 2020

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pocryphal or not, the story of 17th-century Dutch traders swapping $24 worth of trinkets for bucolic Manhattan persists, at least in part because of the staggering prices the island’s acreage commands in its 21st-century skyscraping glory.

Today New York real estate is the literal and figurative foundation of the city’s economy and culture. As the city navigates a health pandemic and an evolving “new normal,” the real estate industry steels itself for today as it prepares for tomorrow.

In selecting the 79 honorees for Crain’s 2020 list of Rising Stars in Real Estate, we sought to highlight the true drivers of New York’s real estate engine, those individuals whose grit and ingenuity power the region’s progress and the industry’s growth.

And so we did.

The real estate professionals who made the list reflect a notably broad array of sectors and expertise. They make up an impressive collection of developers, brokers, lawyers, entrepreneurs, accountants, planners, consultants, project managers and visionaries.

To find these honorees, Crain’s consulted with trusted sources in the business world in general and the real estate space in particular.

We carefully reviewed the many nominations submitted by firms or individuals who are based or boast a major presence in the New York metro area. Ultimately, the real estate “stars” were chosen for their professional achievements and their involvement in community and industry organizations.

How do these real estate powerhouses drive an iconic New York industry to ever-greater triumphs?

Read about them … and prepare to be inspired!

JARED ANTIN

SCOTT J. AVRAM

Director of sales Elegran Real Estate

Senior vice president of development Lightstone

Having risen from agent to director of sales at Elegran Real Estate, Jared Antin is well-positioned to usher colleagues at the tech-driven real estate agency through similar professional development.

And that’s exactly what he does: Antin, with his wide experience in both brokerage and development and proficiency in all elements of sales interactions, is both motivator and adviser for new and established agents at the firm. As part of the firm’s leadership team, Antin is involved in the recruiting and retention efforts that have been instrumental in driving the firm’s advancement.

He is in charge of the customized training that has helped to make Elegran’s agents more productive than the industry average.

It was hardly a surprise when Scott Avram, with his expertise in development, marketing, construction and financial management, was tapped to be senior vice president of development at Lightstone. In that role, he is responsible for all aspects of operational oversight for the corporation’s development platform. Before joining Lightstone, one of the country’s largest and most diversified privately held real estate companies, Avram held a number of positions at Toll Brothers, the luxury home construction company. During his tenure there, Avram supervised development, sales, marketing, construction and financing for projects in the city area, managed suburban single-family developments in New Jersey, and managed high-rise urban development in Hoboken and Jersey City.

DANIEL ABATEMARCO

MICHAEL AFFRONTI

AGNESINE ‘NESA’ AMAMOO

Vice president AKRF

First vice president CBRE

As a vice president at the engineering consulting firm AKRF, Daniel Abatemarco specializes in the management and performance of acoustics, noise and vibration services for real estate projects in the city. His proficiency in the use of top-of-the-line software and equipment for noise and vibration measurement, analysis and modeling has led him to serve a range of high-profile private-sector clients, such as The Related Cos., Columbia University, New York-Presbyterian Hospital and the Frick Collection, and public-sector land development projects for the city itself.

Abatemarco, an expert provider of environmental impact assessments for buildings of all sizes and uses, is a seasoned presenter for Turner Construction Company’s Design Build Excellence X-Training Program.

Michael Affronti’s keen market sense, attention to detail and deep knowledge of real estate transactions have made him a standout executive at CBRE. Affronti specializes in lease acquisitions and dispositions, lease auditing, strategic development and advanced lease renewals.

The beneficiaries of that expertise are a wide range of Manhattan clients, many of them in the financial services industry. Affronti had a five-year baseball career with the Oakland Athletics and Houston Astros organizations before joining the commercial real estate giant. He holds a bachelor’s degree in business administration with a concentration in finance from Le Moyne College.

Counsel, real estate Skadden, Arps, Slate, Meagher & Flom

Agnesine “Nesa” Amamoo is an adviser extraordinaire, counseling clients on a multitude of real estate and finance matters, such as public and private real estate investment trusts, joint ventures, acquisitions and sales, construction and development projects and syndicated loan transactions at Skadden, the international law firm. She has guided clients through the formation and capitalization of U.S. and offshore private funds. In real estate finance, Amamoo has represented numerous companies and financial institutions in the origination and sale of debt instruments, such as traditional mortgage and mezzanine loans and unsecured revolving credit facilities. Her client list includes Colony Capital, Fortress Investment Group, LNR Property and SL Green Realty.

CYCAMORE Congratulations JOHNNY DIN on being named Crain’s New York Business 2020 Rising Star in Real Estate

“Curating Creative Communities” cycamore.co JULY 27, 2020 | CRAIN’S NEW YORK BUSINESS | 17

SUSAN BANDS

TYLER BARAM

TERRI BELKAS-MITCHELL

BRIAN CANTRELL

PETER CHA

Associate regional manager Marcus & Millichap

Associate director, clients and markets KPMG

Founding principal Xenolith Partners

Vice president, acquisitions and capital markets group Vornado Realty Trust

Real estate associate Convene

In a male-dominated industry, Susan Bands is forging a path for female leadership at the commercial real estate brokerage firm Marcus & Millichap. As a vocal proponent of the development and retention of women in real estate, Bands drives the recruitment of female and minority agents. She helped spearhead the recent launch of an internal women’s network, newsletter and mentorship program. That’s on top of her official responsibilities at the firm’s flagship Manhattan office, where she is in part responsible for growing a $42 billion revenue stream and deploying the office’s 125 commercial real estate investment agents. She is a frequent panelist at the Real Estate Women’s Forum and an active member of CREW NY, an organization dedicated to the advancement of women in commercial real estate.

In leading marketing and relationship-development efforts for KPMG’s New York practice, Tyler Baram works on an important niche in the real estate world.

Namely, Baram orchestrates the Women in Real Estate Steering Committee at the audit, tax and advisory services firm, producing content and programming centered on the entry, reentry and retention of women in the real estate industry.

Baram, moreover, has of late leveraged that experience to advance broader inclusion and diversity efforts. Baram, who received the KPMG Chairman’s Award in 2018, is a member of the Association of National Advertisers B2B Committee. He is active in the American Cancer Society and Young Leadership Network of B’nai B’rith International, for which he supports global relations and disaster relief efforts.

Terri Belkas-Mitchell runs a conscience-driven real estate shop. Xenolith Partners, woman-owned and -operated, is a developer of affordable housing—but not just any affordable housing.

Xenolith partners with nonprofits to expand revitalization initiatives, low-cost housing options and social services for domestic violence survivors, seniors and the homeless. Belkas-Mitchell, who has a background in finance and urban policy, has helped secure more than $120 million in construction financing for more than 400 mixed-income rental units in projects that feature historic adaptive reuse, brownfield remediation and new construction. Her firm is committed to sustainability, co-developing one of the first mixed-use, mixed-income buildings to meet “passive house” standards in Connecticut.

DAVIS COEN

MATTHEW COHEN

BEN CURTISS

JOHNNY DIN

MATTHEW J. DULAK

Partner Simpson Thacher

Broker Halstead Real Estate

Vice president, investments Kushner

Chief executive officer Cycamore

Associate, real estate department Paul, Weiss, Rifkind, Wharton & Garrison

In the largest private real estate transaction in history, Blackstone acquired GLP’s U.S. logistics business for $18.7 billion last year—and Davis Coen was the man behind the colossal deal.

The partner at the law firm Simpson Thacher represents private-equity firms and portfolio companies in commercial real estate transactions, domestic and international. His dealings on behalf of Blackstone, BioMed Realty and Carlyle—acquisitions and dispositions, joint ventures, public-to-private transactions, and securitized and mezzanine financing—regularly value in the billions of dollars. In 2008, Coen graduated cum laude from Cornell Law School, where he was the senior notes editor of the Cornell International Law Journal.

With his attention to detail, stellar communication skills and abundant energy, Matthew Cohen has excelled in the residential real estate business. It comes as no surprise that he has been acknowledged frequently for it.

Cohen was one of the youngest city brokers to surpass $100 million in sales in his first four years, and he ranked in the top 350 nationally for sales volume on REAL Trends’ The Thousand list. Cohen, a specialist in resales, new development marketing and rentals, has made his mark in every borough.

In addition, he is a panelist on a global radio show that explores real estate’s connection to financial markets and personal lives. Cohen, who mentors up-and-coming agents, is an active member of the LGBTQ community.

Ben Curtiss is quite the rainmaker at Kushner, having handled several billions of dollars’ worth of transactions in the past decade.

He is responsible for sourcing, analyzing and executing new acquisitions at the real estate titan, in addition to financing and disposition activities.

Curtiss, who focuses on a broad spectrum of real estate endeavors, including multifamily, commercial, industrial and lending, has earned bragging rights to several notable, and notably massive, transactions: the $1.15 billion acquisition of the Pillar Portfolio, the $210 million acquisition and development of 65 Bay St. in Jersey City, and the $200 million acquisition of Pier Village in Long Branch, New Jersey.

Johnny Din’s early career choices didn’t necessarily signal his current gig. He began at Lehman Brothers, advising Fortune 500 companies on mergers and acquisitions, among other financing efforts. After other positions in the United States and abroad, Din took a job at Clarett International, focusing on cross-border real estate transactions. Today Din’s diverse financial knowledge benefits Cycamore, a live-workplay-create real estate platform that curates spaces for creatives and entrepreneurs. Specifically, Cycamore hosts art residencies inside commercial buildings that would otherwise be vacant while awaiting tenants or renovation.

Din, who holds an M.B.A. from University of California, Los Angeles, Anderson School of Management and a Master of Science degree in real estate development from Columbia University, is an adjunct professor of real estate at Columbia, New York University and Fordham.

Brian Cantrell has closed a whopping $25 billion worth of transactions in his career—and shows no signs of slowing down. As a vice president in the acquisitions and capital markets group at the real estate investment company Vornado Realty Trust, Cantrell sources, evaluates and structures investments and debt financings.

Previously he worked at Tishman Speyer, where he handled single-asset, portfolio and public company acquisitions, as well as property development and mezzanine debt placement opportunities. Cantrell, a graduate of the Wharton School of the University of Pennsylvania, has held positions at Madison Capital and Bank of America. He is on the associate board of Teach for America New York, a network of leaders that promotes educational equity and excellence.

In January the total market value of all city property was valued at $1.378

Convene takes pride in providing unique spaces for unique people—changemakers, innovators, thought leaders—to work, meet and host events. Finding those places falls to Peter Cha, who manages a team at Convene that assesses new real estate opportunities through market research and engagement with landlords and brokers. He has executed property deals for nearly 2 million square feet of commercial real estate in the city, Chicago, London and Philadelphia. Before joining Convene, Cha was an analyst for Vornado Realty Trust and Moody’s Analytics. He holds a bachelor’s degree in business administration from Baruch College.

To say Matthew Dulak is a transaction-oriented attorney is an understatement. The Paul, Weiss associate represents owners, developers, equity investors and tenants across the spectrum of commercial real estate dealings: purchases, sales, development, financing and leasing. He boasts a briefcase worth of notable representations, including CIM Group in the redevelopment of Chicago’s historic Tribune Tower, Lendlease in negotiations involving rooftop telecommunications sites with Sprint Corporation and TAO Group in a majority investment by the Madison Square Garden Company. Dulak, who was a senior editor at the Columbia Law Review, authored an article on the city’s landmark preservation law that has been cited by numerous publications.

trillion—higher than Mexico’s 2019 gross

domestic product. In 2018, there were 465,000 real estate brokers and sales agents working in the United States.

Sources: The Wall Street Journal, Visual Capitalist and U.S. Bureau of Labor Statistics 18 | CRAIN’S NEW YORK BUSINESS | JULY 27, 2020

AT THE CENTER OF

WHAT’S NEXT

Cushman & Wakefield congratulates

Paige Engeldrum

Taylor Reynolds

Avery Silverstein

for being selected as Crain’s New York Business’ 2020 Rising Stars in Real Estate

cushmanwakefield.com

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CASSIE DURAND

SAM EINHORN

ALEX ELLIS

PAIGE ENGELDRUM

JORDAN EPSTEIN

Senior vice president CBRE

Director Colliers International

Senior director, global brokerage Cushman & Wakefield

Partner Citrin Cooperman

Cassie Durand takes a granular approach to her real estate dealings, helping brands to home in on their individual challenges, then implementing multiple-market solutions informed by data and market knowledge.

Durand is a national consultant at the commercial real estate behemoth CBRE. Her focus is on the future of retail. Translation: she advises domestic and international brands on U.S. market entry and expansion.

Clients include leading brands in the experiential, direct-to-consumer and medical spaces, such as M&M’s World and WarnerMedia. In recent local successes, Durand represented tenants in transactions involving Dolby Laboratories’ first Dolby Experience location and Warner Media’s first Innovation Lab. She boasts broad experience in representing ownership groups, such as Rockpoint Group, Callahan Capital, Blackstone and the Hearst Corporation.

As a director at Colliers International, the global commercial real estate organization, Sam Einhorn specializes in providing tenant representation services throughout Manhattan and Brooklyn. With a focus in the media, technology and coworking sectors, Einhorn has completed transactions in domestic and international markets. In a part of his résumé that’s likely to spark cocktail conversation, he was a finalist for the Real Estate Board of New York’s award for most promising salesperson of the year in 2018. Earlier, Einhorn worked in the music industry, coordinating national marketing campaigns for Jack White, John Legend and Beyoncé, among others.

Vice president of member strategy and operations CompStak

Alex Ellis has a wealth of people-related experience: he’s built teams, promoted membership and drummed up engagement.

It’s a skill set that comes in especially handy at CompStak, a crowdsourced commercial real estate data platform, at which Ellis oversees data acquisition and user engagement. In earlier roles at the company, Ellis worked to support membership and database growth, as well as new market launches. Ellis, a crossover from the world of hedge funds, was a senior analyst at Appomattox Advisory, where he was responsible for building the analyst team and managing several of the firm’s systems and processes.

Paige Engeldrum appreciates variety. At Cushman & Wakefield, she has steadily risen up the ranks of the commercial real estate services giant since 2013. The now-senior director is a tenant-andlandlord representation specialist who serves clients across a range of sectors, from insurance and finance to fashion and tech.

Engeldrum was recognized by the Commercial Observer in 2016 as one of the top 30 commercial real estate professionals under 30.

More recently, she was featured among New York Real Estate Journal’s Ones to Watch. In her off-hours, Engeldrum is a coach at CityLax, a nonprofit dedicated to bringing lacrosse to urban areas.

Jordan Epstein’s business knowledge is as wide as it is deep.

He provides clients of the accounting and advisory firm Citrin Cooperman with a number of tax and business consulting services, from compliance and financing to budgeting, cash flow projections and accounting. He’s advised some of the country’s leading real estate developers and fund managers on residential and commercial projects, leveraging his understanding of the complex processes of deal structuring, carried interest projections, tax planning initiatives and cost-segregation studies. The certified public accountant, an active participant in his firm’s real estate committee, is an avid softball player. In fact, he manages the New York City Cornell University alumni softball team, and he is a starter in Citrin Cooperman’s own lineup.

ALICE FAIR

KRIS FERRANTI

NOAM FRANKLIN

JOSEPH GERVINO

MARY-JEAN GIANQUINTO

Vice president, advisory and transaction services CBRE

Partner

Managing director, head of Eastern U.S. region Berkadia, Joint Venture Equity and Structured Capital Group

Senior associate Avison Young

Licensed associate real estate broker Halstead Real Estate

Shearman & Sterling

As a vice president at CBRE, Alice Fair provides tenant representation and advisory services to commercial clients, particularly those in the technology and media sectors.

In addition, she is involved in strategic client development and relationship management at the commercial real estate services and investment giant. Since starting her career in 2015, Fair has built a reputation for her proficiency in traditional leases, renewals, subleasing, office market research and discovering off-market space opportunities.

The native of Leeds, England, is an enthusiastic mentor of young women. In 2019, she was a nominee for the Real Estate Board of New York’s Deal of the Year Award.

Kris Ferranti is a star at the intersection of the law and real estate fields. He’s received industry awards in both, including one from Super Lawyers for six consecutive years. The partner at law firm Shearman & Sterling has sweeping experience in all areas of commercial real estate law, including foreign investment in U.S. property and the digitization of assets. Ferranti was on the Shearman team that advised Unibail-Rodamco on its $25 billion acquisition—the biggest in real estate, according to The Wall Street Journal—of Westfield Corporation in 2018. That is one of the many large-scale transactions in which he has played a role. Ferranti, a published author in the space, has spoken at seminars and conferences.

Noam Franklin joined Berkadia in 2019, when as a result of a joint venture between Berkshire Hathaway and Jefferies Financial Group, the company acquired Central Park Capital Partners, the advisory firm Franklin founded and ran.

Berkadia offers a suite of services to multifamily and commercial property clients, raising funds in this country and around the globe; Franklin runs the Eastern U.S. region for the group. Indeed, he spent seven years in the United Arab Emirates, working for various real estate enterprises in the region, and he still retains strong working relationships with funding sources there. Franklin, a proud Canadian, has a master’s degree in real estate development from Columbia University.

Joseph Gervino has secured more than 50 leases for firms in venture capital, engineering, construction and law in the past 18 months.

Gervino’s forte, transaction management advisory services, helps him serve tenants and owners of signature commercial properties in Manhattan, multinational corporations and single-office organizations. He is now the city ambassador for Avison Young’s Emerging Leaders program, an international affinity group that was created to facilitate professional development within the global real estate brokerage firm. In 2017, the firm named him New York’s “Young Gun of the Year,” a designation given to a broker of significant promise with less than five years’ experience.

Upon dropping anchor in Brooklyn in 1988, Mary-Jean Gianquinto immediately felt the pull of the borough’s energetic diversity. Now a trusted adviser on residential rentals and purchases throughout the metropolitan area, she successfully leverages her ability to connect with individuals, discerning their most crucial needs. That seems to be the consensus of client testimonials, which are unusually effusive in commending Gianquinto’s insight, professionalism and patience. Fittingly, on a panel sponsored by the Real Estate Board of New York, she shared tips on gaining buyer loyalty. But humans aren’t the only ones receiving the benefit of Gianquinto’s generous spirit; she donates a portion of each closed transaction to animal-rescue organizations.

By one estimate, real estate is the fifth highest-paying legal specialty, with a national median salary of $90,000 (No. 1: corporate law; $99,000).

Source: Crush the LSAT

20 | CRAIN’S NEW YORK BUSINESS | JULY 27, 2020

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MARIA L. GONZALEZ

BICÉ GROBSTEIN

JAMES GUIMARAES

NOAM I. HABERMAN

RACHEL HAMBURGER

Partner Friedman

Executive vice president LulaFit

Partner Gibson, Dunn & Crutcher

Project manager Modern Spaces

Maria Gonzalez has a full plate.

The certified public accountant is a partner at the tax, accounting and business consulting firm Friedman, where she wields a decade of related experience.

Focused on the real estate industry, Gonzalez shoulders the various elements of audit, review and compilation engagements for owners, developers and brokers. Performing due diligence for property acquisitions, preparing corporate and individual tax returns, supervising Department of Housing and Urban Development audits and ensuring compliance with loan and regulatory agreements fall under her purview. Gonzalez is a graduate of Baruch College’s Zicklin School of Business. Her affiliations include the New York State Society of Certified Public Accountants and, at her place of employment, the Women’s Development Network.

It’s fair to call entrepreneur, adviser and strategist Bicé Grobstein a go-getter. She founded an amenity management and tenant experience firm called Concierge Redefined, which launched major projects, such as the American Copper Buildings with JDS Development. When LIVunLtd acquired Concierge Redefined, Grobstein joined the former as co-president to lead the acquisition transition. Now executive vice president of strategy at the amenities management company LulaFit, she works on expanding that brand across the East Coast and beyond by strengthening existing relationships and forging new ones. Her expertise is in high demand among owners who are looking for guidance on actualizing conceptual plans at their facilities.

Licensed real estate associate broker Ideal Properties Group

Teen jobs in both the hospitality industry and at summer camps taught James Guimaraes a couple of valuable lessons: how to treat customers and how to run effective teams. Those formative insights have paved his path to a successful real estate career.

After nearly 10 years in development and sales at nonprofits and corporations, Guimaraes joined Ideal Properties Group in 2014.

He was quickly promoted to lead the brokerage’s Williamsburg office, a team of more than 40 agents. Since 2019, when Guimaraes left management, his production has soared. His recipe for successful brokering?

Individualized attention, tenacity and a copious amount of patience.

Noam Haberman’s real estate and lending expertise is nearly encyclopedic. Haberman, a member of the real estate practice at the law firm Gibson Dunn, focuses on the representation of banks and funds on the origination, purchase and sale of balance sheet, securitized, syndicated, mezzanine, preferred equity and corporate loans across real estate asset classes. Haberman is known for structuring financing arrangements for loans that pose particular underwriting challenges and for representing institutional investors on joint venture agreements, acquisitions and developments. The Legal 500 US and Chambers USA have recognized Haberman for his work. The latter described him as “a phenomenally intelligent and thoughtful lawyer.”

Rachel Hamburger is passionate about urban development that promotes progress and benefits communities—and the quantity and quality of her work are a testament to that passion.

She works on new development at the city real estate firm Modern Spaces, where she has a lot on her to-do list: pre-development research and comparative analysis, quarterly market reports, event planning, and media and public-relations coordination. In an earlier position at the Dumbo Improvement District, Hamburger originated marketing initiatives; helped plan events, such as the Dumbo Arts Festival; and worked to improve the community by imagining creative uses for undervalued areas. In addition, the native New Yorker has long been an avid supporter of public art installation.

MATTHEW HOPKINS

WILL HUTTON

RICHARD KALINOWSKI

REBECCA KARP

ADAM KAUFMAN

Managing director Vicus Partners

Acquisitions Nightingale Properties

Associate Zetlin & De Chiara

Founder Karp Strategies

Co-founder and chief operational officer ArborCrowd

Matthew Hopkins sees the city as a canvas for the creativity of entrepreneurs and mission-driven organizations. Capitalizing on his breadth of experience in finding innovative leasing solutions, Hopkins represents tenants—small manufacturers, startups and large health care organizations—in his work for the boutique commercial real estate firm Vicus Partners. He is particularly enthusiastic about projects involving arts and community development, construction management and adaptive reuse. Before joining Vicus, Hopkins spent time in both the public and private sectors, most recently leading leasing as a vice president at the Brooklyn Navy Yard. In his off-hours, he has run a dozen marathons. He is a board member of the Groundswell Community Mural Project.

Will Hutton credits Midwestern values for his real estate achievements—and there have been plenty of those. While on the acquisitions team at Cohen Equities early in his career, Hutton bought undervalued real estate across the nation. He acquired troubled properties in the wake of the 2007-08 financial crisis, then introduced operating efficiencies before selling them at a profit. Since joining Nightingale, Hutton has been instrumental in the growth of the commercial real estate investment firm, where he is responsible for its acquisitions, dispositions, refinancing and capitalraising efforts. Hutton has been behind more than $4 billion in transactions in recent years, consistently proving himself to be a skilled identifier of real estate with untapped potential.

Richard Kalinowski works at the junction of law, engineering and construction, wielding an expertise in all three fields to the benefit of his clients. At the law firm Zetlin & De Chiara, Kalinowski represents design professionals, contractors, and real estate owners and developers.

Undergraduate degrees in civil and architectural engineering frequently inform his legal work.

Kalinowski’s first step on his career path was an internship at the Port Authority of New York and New Jersey’s litigation department, where he worked on complex construction disputes, among other matters. Before attending law school at Seton Hall, he was an engineering consultant for roadway, bridge and infrastructure design and construction. Kalinowski is an active member of the American Bar Association’s Construction Litigation Committee.

An urban planner and economic development strategist by training, Rebecca Karp spent nearly a decade in policy, operations and management roles before founding her eponymous urban planning and real estate advisory firm. Karp is passionate about her work, employing data-driven, people-oriented and place-based methods to strategically develop economies and communities on behalf of a diverse array of public and private clients. Karp is adjunct professor at Columbia University’s Graduate School of Architecture, Planning and Preservation.

She speaks and writes on real estate and equity issues. Karp is a board member at the Center for Urban Pedagogy and a fellow with the Urban Design Forum. In 2018 City & State Media recognized her as one of the city’s 40 Under 40 Rising Stars.

The marriage of technology and real estate investing spawned ArborCrowd, the first crowdfunding platform launched by a real estate institution.

Co-founder Adam Kaufman, who oversees ArborCrowd’s corporate growth strategies, is an authority on that synergy.

Kaufman has spoken about real estate crowdfunding on industry panels and at prestigious institutions, such as Harvard and the Wharton School of the University of Pennsylvania.

On several real estate shows, he has discussed the ways he thinks the funding practice is disrupting the industry. Kauf-man, a member of the Forbes Real Estate Council, has been widely recognized by the industry.

Cooperative, or co-op, housing has existed since ancient Babylon and Rome. Modern co-ops, which began in Europe in the 19th century, came to New York City around 1880.

Source: National Cooperative Law Center 22 | CRAIN’S NEW YORK BUSINESS | JULY 27, 2020

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Andrew S. Weisz Executive Vice President RPW Group

For this well deserved recognition.

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MICHAEL KAZMIERSKI

STEPHEN KENNELLY

ALI KRIMMER

BENJAMIN LEVINE

PATRICK LI

President and principal Kaufman Investments

Vice president Basis Investment Group

Senior associate Arnold & Porter

Director of acquisitions Nuveen Real Estate

Michael Kazmierski made history at one of the city’s oldest commercial landlords when he became the youngest president and principal of the 110year-old Kaufman Organization, a familyowned and -operated real estate company. Kazmierski has led approximately $2 billion in acquisition, dispositions and financing during his tenure. He oversees all sourcing, capitalization, underwriting and new-acquisition management opportunities.

Kazmierski speaks regularly at New York and Northwestern universities and at real estate industry events. The decorated (and ever-proud) Eagle Scout has remained an overachiever long past boyhood, holding a master’s degree in real estate development from the Massachusetts Institute of Technology and another in finance from Bentley University.

Stephen Kennelly is a star at Basis Investment Group, not least because he was instrumental in raising its first fund. As a vice president on the group’s real estate structured investments team, Kennelly is charged with originating and underwriting new investment opportunities throughout the bridge, mezzanine, preferred equity and conduit B-piece arena. He is integral in the monitoring and analysis of fund portfolio performance at the commercial real estate investment company. Kennelly, a certified public accountant, previously was an analyst at AST Development Corporation, where he was involved in the underwriting, development and management of luxury multifamily properties. Before that, he worked in Citigroup’s Private Equity Services group.

Ali Krimmer résumé requires a lot of commas. In her work for the law firm Arnold & Porter, Krimmer represents investment banks, debt funds and institutional lenders across the United States, focusing on the origination and restructuring of property-related mortgage and mezzanine loans. But that work only begins to fill her plate.

Krimmer also advises opportunity funds, private-equity groups, real estate investment trusts, hotel operators, institutional investors and developers nationwide on the acquisition, financing and disposition of a host of property types. Those holdings include raw land, shopping centers, residential condominium projects, office buildings, lodging and hospitality properties, and mixed-use projects.

Executive vice president, finance and acquisitions Douglaston Development

Benjamin Levine was recently part of a team that syndicated the debt and equity capital for a $600 million, 931-unit mixed-use residential development in Hudson Yards—but that’s all in a day’s (or year’s) work for the executive vice president of finance and acquisitions at Douglaston Development.

Levine, who’s responsible for acquisition and development feasibility and execution, has secured more than $2 billion in project underwriting since joining the firm. Earlier in his career, he was an analyst for Credit Suisse’s real estate finance and securitization group in New York City and London. Levine invests his own money in real estate technology and early-stage venture companies.

Meet Patrick Li, the mastermind behind more than $2 billion in transactions for Nuveen. As the firm’s director of acquisitions, he leads direct investments and joint ventures on behalf of internal accounts and third-party funds, as well as office acquisitions in the city and the surrounding region. That’s quite a role at quite a company: Nuveen is one of the largest investment managers worldwide, with $130 billion of assets in its care. Li, who joined the firm in 2013, is on the boards of the Manhattan chapter of the Asian Real Estate Association of America and Urban Pathways, an organization that provides housing and support for homeless New Yorkers.

ROSE LIU

JENNIFER MCDOUGALL

Director of finance and research analyst Colliers International

Partner Kasowitz Benson Torres

Kasowitz Benson Torres LLP congratulates our partner Jennifer McDougall on her recognition as a Rising Star in Real Estate by Crain’s.

Kasowitz’s core focus is commercial litigation, complemented by our exceptionally strong bankruptcy/restructuring and real estate transactional practices. We are known for our creative, aggressive litigators and willingness to take on tough cases.

kasowitz.com

24 | CRAIN’S NEW YORK BUSINESS | JULY 27, 2020

It is an understatement to describe Rose Liu of Colliers International as productive. She provides financial analysis for commercial real estate leasing, acquisition, disposition and investment transactions in office, industrial, retail and multifamily markets. She also provides market research for clients and colleagues, and quarterly market reports on properties in Nassau and Suffolk counties. Liu has analyzed at least 1,000 proposals, leases and investment transactions in her more than six years at the commercial real estate services organization, working on deals worth more than $500 million.

Liu, who holds an M.B.A. in finance from Stony Brook University, has coached Harvard and Massachusetts Institute of Technology students and professionals at the Harvard Real Estate Development Workshop.

Liu is a board member of the Asian Real Estate Professional Association. She is fluent in Mandarin.

Recently, when Jennifer McDougall represented JDS Development in the successful dismissal of a $300 million anti-racketeering lawsuit, it was business as usual. McDougall regularly works on complex, high-stakes disputes related to commercial and hotel properties nationwide, representing major hotel owners, real estate developers and high-net-worth individuals for her law firm, Kasowitz Benson Torres. Outside of her real estate litigation practice, McDougall is involved in a significant amount of pro bono work. Through a partnership with Legal Services of the Hudson Valley, for instance, she represented a single father in a holdover proceeding related to his landlord’s refusal to make needed repairs. Not surprisingly, she was successful in negotiating a rent abatement on the client’s behalf.

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ALEXIS MCGUFFIN

JOLIE E. MEER

CANDICE MILANO

KRISTEN MORGAN

OLIVIA MOSS

Vice president, business development and partnerships Lendlease

Of counsel, transactional department Rosenberg & Estis PC

Licensed real estate salesperson Halstead Real Estate

Associate vice president JLL

Principal HR&A Advisors

Alexis McGuffin is the poster child for ladder climbing at the international property and infrastructure group Lendlease.

Beginning as a project manager at the firm, she rose through the ranks to become director of virtual design and construction for the Northeast.

In that role, McGuffin was responsible for Lendlease’s strategy and delivery of VDC and building information modeling, which had her allocating staff resources, developing client-specific building information modeling strategies and deploying emerging technologies. Now, as the company’s vice president of business development and partnerships, McGuffin identifies opportunities and provides overall direction for the firm’s growth.

Top transactional clients at the law firm Rosenberg & Estis often request that Jolie Meer work on their most intricate commercial real estate matters—and for good reason.

Time and again Meer has demonstrated a capacity for handling projects that require out-of-the-box thinking. Her practice focuses on commercial real estate law—particularly on leasing, acquisitions, dispositions and financing—and she is co-chair of the firm’s leasing subgroup. Meer has represented developer and builder the Durst Organization many times, among a lineup of other clients. She was selected for inclusion in New York Super Lawyers Rising Stars List in 2014-15. Meer mentors first-year students at her alma mater, the Benjamin N. Cardozo School of Law.

“I want to make sure that our clients always walk away with value,” next-generation residential real estate salesperson Candice Milano says. That approach has led Milano, one of Forbes’ New Millennial Power Brokers, to build a winning business formula atop meaningful client relationships. Although Milano specializes in the sales and marketing of new developments throughout Manhattan, Brooklyn and Queens, she also represents a robust luxury resale business. In all, Milano markets an impressive $250 million in real estate. In a side gig, she and her partner, Malessa Rambarran, founded The Organization by Women in Real Estate, a groundbreaking network that educates members on real estate as a wealth-building tool.

Small wonder that Milano has received extensive media coverage for her work.

As an associate vice president at JLL, Kristen Morgan boasts membership in one of the largest teams in commercial real estate—one that controls more than 20 million square feet of space. Morgan is responsible for landlord representation services for big-name owners, such as SL Green Realty Corp., Global Holdings, Stawski Partners and Silverstein Properties. On the tenant side, she represents Trusted Media Brands, Everstone Capital and MDC Partners, among others. Before joining JLL, Morgan was a director at JRT Realty Group, where she was charged with market research, lease review and negotiations, due diligence, site selection and transaction support. She is a former co-chair of Artemis, Cushman & Wakefield’s women’s network, and a former liaison to the Young Women’s Leadership Network, which mentors that demographic throughout the five boroughs.

Olivia Moss, a principal at the real estate consultancy HR&A Advisors, specializes in helping public- and private-sector clients realize their goals by, walking them through complex policy changes, planning processes and transactions.

She specializes in crafting development plans, demonstrating project feasibility and impact, and putting public-private partnerships to work. Recently, she supported the execution of an agreement to transform Mecklenburg County-owned sites in uptown Charlotte, North Carolina, into a thriving mixed-use development.

Moss also manages projects that evaluate the benefits and impacts of large-scale infrastructure investments. For the Friends of Waterfront Seattle, for instance, she produced a study that quantified how a new downtown waterfront park and roadway project would result in economic benefit to the city while furthering its equity goals.

LAURA MUELLER-SOPPART

JAMES MURAD

SARAH PIERCE

BRANDON POLAKOFF

AARON POLINSKY

Head of product Six Peak Capital

Senior vice president Meridian Capital Group

Head of sales Better.com

Senior director Avison Young

Laura Mueller-Soppart is what might be called self-directed. She is entrepreneur-in-residence and head of product at Six Peak Capital, a real estate asset management firm—but the career trajectory that brought her there was by no means preordained.

Mueller-Soppart began in innovation policy, serving in the Obama White House, the Massachusetts Statehouse and the European Parliament. Later, as director of special projects at Two Trees Management in Brooklyn, she concentrated on placemaking and development strategy. In 2016, she founded the consultancy Built Interest to create built environments “grounded in the power of people and place.” Mueller-Soppart and her team have worked with clients Oxford Properties, Hines, Allied London and OVG.

A $350 million construction loan for a 66-story condominium development, a $68 million bridge loan for the repositioning of a 257-key hotel— these are the kinds of transactions James Murad makes happen. Murad, a senior vice president at Meridian, is responsible for the origination and placement of loans across property types— residential, multifamily, hospitality and retail—in the tristate area and further afield, and he and his team are experts in the financing of transitional assets, such as land acquisitions, ground-up development, value-add repositioning and capitalization restructuring. Before joining the commercial real estate finance firm, Murad held positions at Eastern Consolidated and GCP Capital Group. Murad, who has negotiated more than $4 billion in financing in his career, was recognized in 2019 at the Commercial Real Estate 20 Awards as a Rising Star of Commercial Real Estate in the Advisory category.

Sarah Pierce has been at Better.com since its early days, and has been an integral player in its growth. The mortgage lender was founded on the belief that the homeownership process should be swift, transparent and affordable for all—and it has worked to make that vision a reality.

For her part, Pierce increased the sales team from five people to more than 300, and she is credited with tripling loan sales two years in a row, adding new product lines and launching sales for Better.com’s first white-label partnership with Ally Financial. In an earlier venture, Pierce co-founded TIQO Beverage, a light alternative to beer that was sold nationwide.

Not many can say they’ve been involved in sales with an aggregate value that tops $3 billion. Brandon Polakoff can, though, which is partly why he was named one of Commercial Observer’s 30 Under 30 Top Leasing and Sales Professionals in 2018.

Polakoff is a senior director of the Tristate Investment Sales group of Avison Young’s city office, and he has been the group’s top producer since joining the commercial real estate company in 2018. Earlier Polakoff was an associate director in the Investment Sales Group at Cushman & Wakefield. He has won several industry awards. He serves as an academic tutor for Harlem Lacrosse, which provides at-risk youth with academic support, mentoring, career exploration and, of course, instruction in Polakoff’s favorite sport.

Development Cammeby’s Management Company

Aaron Polinsky has worked on more than 1 million square feet of real estate development while obtaining more than $400 million in acquisition and construction financing. He began his career at Heritage Equity Partners, where he was schooled in the real estate business while working for the CEO. In 2015, Polinsky joined Cammeby’s Management, where he is integral to all rezoning, design, construction, finance and marketing elements of the firm’s ground-up developments. Case in point: Polinsky played a vital role in 2017 in acquiring all city and state approvals for the tallest residential tower in Brooklyn history. He holds real estate licenses in nine states, and he is the administrator of Cammeby’s Scholarship Fund, which distributes money to students who cannot afford tuition.

Central Park, at 843 acres, has an estimated value of $500,000,000,000—or half a trillion dollars.

The unusually shaped Flatiron Building (née Fuller Building) upset many New Yorkers when it was completed in 1901—

“awkward” and “monstrosity” were among its less colorful descriptors.

Sources: Lighter Side of Real Estate, 6sqft 26 | CRAIN’S NEW YORK BUSINESS | JULY 27, 2020

Friedman LLP applauds our esteemed colleague, Maria Gonzalez, for her induction into Crain’s New York Business 2020 Rising Stars in Real Estate.

Maria L. Gonzalez

CPA, Partner 212.842.7685 mgonzalez@friedmanllp.com

©2020 Friedman LLP. All rights reserved.

An Independent Member Firm of DFK with offices worldwide.

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JUSTIN R. QUINN

REMY RAISNER

MALESSA RAMBARRAN

DOMINIC RAMOS RUIZ

TAYLOR REYNOLDS

Partner, real estate Kramer Levin

Founder and CEO The Raisner Group

Licensed real estate salesperson Halstead Real Estate

Senior associate, retail services Cushman & Wakefield

At Kramer Levin, Justin Quinn represents commercial real estate lenders and investors at all levels of the capital stack. He represents originators and purchasers in a variety of secondary market transactions for the law firm, including the negotiation of participation, co-lending and intercreditor agreements. He assists owners and developers in the acquisition, financing and disposition of office, retail, multifamily and hospitality properties, and he negotiates construction loans on behalf of major New York residential condominium developers. In one recent project, he represented lenders in the origination of acquisition, predevelopment, construction and permanent financings secured by fee, leasehold and air rights parcels.

At 19, Remy Raisner touched down in the United States, a Parisian basketball player on a Division I scholarship. These days he leans more heavily on his off-court skill set as the head of his eponymous real estate investment firm. Since 2009 the Raisner Group, formerly Proteus Capital Management, has raised capital domestically and abroad. It purchases defaulted notes and residential buildings; to date, the firm has rehabilitated more than 30 properties as a leading agent in the urban renewal of Brooklyn, specifically in Bushwick, Bedford-Stuyvesant and Prospect-Lefferts Gardens.

Raisner, who also gives his time to organizations working to end homelessness and empower low-income communities, has contributed pieces to Forbes, the Observer and HuffPost, formerly the Huffington Post.

When business journalist Malessa Rambarran bought her first home, she was struck by how much she came to appreciate the trustworthy real estate professionals who could streamline the process.

Fast-forward to the present day, and Rambarran is that residential real estate professional.

She, too, is appreciated for her versatility, persistence, knowledge of market trends and hands-on approach. Rambarran, who conducts business throughout the metropolitan area, specializes in deal origination, negotiation, conceptual design, sales and marketing of luxury real estate. She is the co-founder, with Candice Milano, of The Organization by Women in Real Estate, which educates members on the use of real estate in wealth-building.

Rambarran, who was named one of The New Millennial Power Brokers by Forbes, has been covered extensively in the media.

Director of healthy buildings Green Generation Senior policy adviser, International WELL Building Institute

Congratulations to

Terri Belkas-Mitchell on being named a Rising Star in Real Estate by Crain’s New York Business! We are in awe of your vision, your capacity and your bonhomie. xenolithpartners.com

28 | CRAIN’S NEW YORK BUSINESS | JULY 27, 2020

Dominic Ramos Ruiz is all about environments: the natural one and the man-made ones. He helps protect the former at Green Generation, a global provider of energy-efficient solutions that operates at the intersection of real estate, technology and capital markets.

He advises on the latter at the International WELL Building Institute, a public-benefit group working to improve health through building, workplace and community design. There, Ramos Ruiz fosters relationships with governmental and nonprofit agencies to further the cause of healthier real estate practices. He is credited with advancing social equity initiatives through collaboration with the World Economic Forum. Ramos Ruiz is a member of the Urban Land Institute’s Public-Private Partnerships Product Council.

When Taylor Reynolds was named a rising star by Real Estate Weekly in 2019, it was because she had made impressive strides since joining Cushman & Wakefield three years earlier.

Reynolds, a member of the commercial real estate giant’s retail services group, provides brokerage support to retailers and landlords for projects in New York and other national markets. Her niche is strategic planning and the development and execution of calculated leasing strategies. The happy recipients of Reynolds’ expertise include Charles Tyrwhitt, Estee Lauder, JPMorgan Chase, Madison Capital, The Related Cos. and RXR Realty.

Reynolds previously enjoyed some rather fashionable internships at Hermes of Paris, Louis Vuitton and Tommy Hilfiger.

CLAIRE ROMAINE

CECILIA ROSENFIELD

Construction solutions director Suffolk Construction

Director of transactions The Durst Organization

In 2016, Suffolk Construction recruited Claire Romaine for a two-year rotational program aimed at cultivating company leaders. Good call. Starting as a project engineer, Romaine next joined Suffolk’s South Florida project management team. In that capacity, she contributed to the development of Virgin MiamiCentral, a $260 million terminal for a high-speed intercity transit system. Romaine, now a construction solutions director, is a change agent; she supports the growth of Suffolk’s technology ecosystem by testing and scaling solutions and introducing industry novelties. One piece of that is her role as leader of CoLab, a technology-enabled hub in New York that allows teams to centralize communication about digital solutions and process innovation.

Cecilia Rosenfield is quite the mover and shaker at The Durst Organization. Since joining the iconic real estate firm a decade ago, Rosenfield has risen from administrative assistant to analyst to her current role as director of transactions. As such, she and her team oversee acquisition and development underwriting and execution on projects that have included Halletts Point, Queens Plaza Park and 57 West. Rosenfield, an expert navigator of complex regulatory schemes, steered many of those projects through the city’s and state’s affordable housing and tax abatement programs. She holds a master’s degree in real estate finance from New York University’s Schack Institute of Real Estate.

Rosenfield is a member of WX New York Women Executives in Real Estate.

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MCKENZIE RYAN

PREET SABHARWAL

DAN SACKS

DAVID SHI

DARYA SHNEYDER

BRI

Licensed real estate salesperson Compass

Managing partner SAB Capital

Managing director Greystone

Partner, real estate group Marks Paneth

Ass New

Some might not think being a decorated rhythmic gymnast and classical ballerina would prepare a person for the real estate industry, but McKenzie Ryan begs to differ.

Having spent most of her life training for the Olympics, Ryan has channeled her determination, discipline and competitive streak into a successful real estate career at the residential brokerage Compass.

She is known for her selling skills, customized marketing plans and strong track record. Ryan’s special interest is the notable and landmark home market; she is deeply dedicated to historic preservation. To that end, she is a member of the Landmarks Preservation Conservancy, the Historic Districts Council, the Brooklyn Heights Association and the Historic House Trust.

Expansive market knowledge, strong negotiation tactics, targeted marketing strategies and financial underwriting experience are rarely found in a single individual, but Preet Sabharwal possesses that winning combination.

The managing partner of SAB Capital, a New York-based commercial real estate agency, is a renowned net lease and multiple-tenant broker, with more than $3 billion in sales in his career. Sabharwal strategically advises clients on market trends and forthcoming opportunities, working across single- and multiple-tenant assets. The scope of his practice is impressive: it includes retail, medical and industrial portfolios; acquisition and disposition work for real estate investment trusts; comprehensive advisory on 1031 exchanges and sale-leaseback advisory.

A large measure of Greystone’s expertise in debt, equity, investment sales and loan-servicing solutions comes courtesy of its managing director, Dan Sacks. He specializes in multifamily lending at the commercial real estate finance and investment company, consistently identifying opportunities for new initiatives in that market. Last year alone, Sacks and his team handled $2.1 billion in loan production. To train that team, Sacks uses a cross-functional approach; instead of putting members in particular domains, he exposes each member to all sides of the business. Clearly it works: Sacks has been recognized by Commercial Observer as a Top 25 Under 35 commercial real estate professional and by Real Estate Weekly as a rising star.

Vice president, acquisitions and development group Silverstein Properties

Darya Shneyder knows what Marks Paneth clients want: greater operational efficiency and tax savings. In every client engagement, she strives to deliver both.

Shneyder, a partner in the accounting firm’s real estate group, specializes in providing auditing, tax and advisory services to commercial and residential owners and developers. She also advises high-net-worth individuals and estate- and trust-planning clients.

Another of Shneyder’s strengths: helping companies prepare audit certiorari documents filed in hopes of reducing tax assessments. Her role at Marks Paneth is hardly Shneyder’s first rodeo as she has more than 12 years’ experience in public accounting, including providing audit and tax services for the manufacturing and distribution industry.

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David Shi is a numbers guy, as his degree in financial economics (with a concentration in mathematics) from Columbia University attests. He exercises his numerical smarts on behalf of Silverstein Properties as vice president of its acquisitions and development group, focusing on new investment opportunities for the real estate development, investment and management firm across its acquisition, development, credit and fund management business lines. Shi also is responsible for capitalizing on and executing the firm’s investments and initiatives domestically and abroad, including the rebuilding on the World Trade Center site. Before joining Silverstein Properties in 2016, Shi spent time at TIAA in the global real estate group and at Corigin, where he covered acquisitions.

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Congratulations DARYA SHNEYDER on being named a Rising Star in Real Estate

H T T

DARYA SHNEYDER Partner

We applaud your exemplary leadership and passion for working with real estate owners, developers, co-ops and condominiums across New York City.

INSIGHTS AND EXPERTISE TO D R I V E Y O U R B U S I N E S S F O R W A R D.

SUCCESS IS PERSONAL MARKSPANETH.COM

30 | CRAIN’S NEW YORK BUSINESS | JULY 27, 2020

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BRITTANY SILVER

AVERY SILVERSTEIN

DANIELLE SISTI

MICHAEL A. SMITH

DANIEL L. STANCO

Associate director Newmark Knight Frank

Senior director, capital markets team Cushman & Wakefield

Property manager SL Green Realty

Partner, real estate department Herrick

Partner Ropes & Gray

Danielle Sisti sets her sights high.

Beginning as a property assistant at SL Green, Sisti was swiftly promoted to assistant property manager of a mixed-use building with 333 residential units. During her two years in that role, she analyzed market data, evaluated competitors, and helped develop a plan for a smooth management transition. After briefly pursuing other interests in the industry, she returned to SL Green as a property manager for the instantly iconic Midtown skyscraper, 1 Vanderbilt.

That role has her working closely with the real estate investment company’s corporate office to meet target deliverables before the corporate tower’s opening and digging into vendor evaluation, requests for proposals and a variety of operational aspects of the building.

Development projects are massive operations with many moving parts—and Michael Smith is adept at representing clients at every turn: land acquisition and assemblage, development rights transfers, preferred-equity investments, financing, easements, restrictive declarations and agreements of all sorts. Smith, a partner at the law firm Herrick, has carved out a particular niche: he represents both developers and sellers on transfers of development rights by zoning lot merger as well as in construction-license access agreements with neighboring properties.

More generally, his work runs the gamut from acquisitions and dispositions to leasing and joint ventures. Smith, previously an associate at Faegre Drinker Biddle & Reath, is the membership chair of the Young Mortgage Bankers Association. In 2014, he was featured on Real Estate Forum’s Tomorrow’s Leaders list.

Of late, Daniel Stanco proved himself skilled at ad-hoc problem solving, counseling clients on real estate issues related to the Covid-19 pandemic—particularly its effect on financings— joint ventures, building operations, construction and leases.

Of course, he was well-positioned to do so. The global co-head of Ropes & Gray’s real estate investments and transaction group is a resident expert on JVs, investments and finance for all asset classes. Stanco has represented a range of clients for the law firm—institutional investors, developers, private-equity and sovereign wealth funds, banks—in complex transactions at home and abroad. Those dealings cover matters pertaining to capital markets, co-investments, distressed acquisitions and restructurings, hotel management, condominium developments, and mortgage and mezzanine financing. Stanco is a board member of the Feed Foundation, which fights hunger and malnutrition worldwide.

Anyone in real estate would be delighted to have Brittany Silver as their go-to person. At the commercial real estate advisory firm Newmark Knight Frank, she offers both landlords and tenants savvy and strategic real estate advice, lease restructuring counsel, and financial and auditing analysis.

Silver, who has been with the firm since 2010, has a brimming portfolio of clients, including landlords, such as the Eretz Group, Brause Realty and the Hines Portfolio. On the tenant side, Silver has represented a number of businesses in the financial services, media, tech and nonprofit sectors, including Dotmailer, Finance of America and Global Health Corps.

After playing women’s softball at Brown University for four years— two of them as team captain— Avery Silverstein is now batting a thousand for Cushman & Wakefield. As the director of the commercial real estate services firm’s capital markets team, she concentrates on office, retail, hotel and multifamily sales transactions. Before joining Cushman in 2016, Silverstein spent several years at the real estate investment bank Eastdil Secured. All told, she has been involved in more than $26 billion worth of transactions in her career.

Silverstein is on the Brown Annual Fund Young Leaders Board and the Junior Board for Breaking Ground, a city social services organization that provides housing for the homeless.

The first office buildings as we know them began rising in Lower Manhattan in the 1860s, less than five years after Elisha Otis invented the first successful elevator safety brake and installed a steam passenger elevator.

Source: Officemuseum.com

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Suffolk congratulates two of our brightest young minds on their recognition in Crain’s New York Business: • Claire Romaine, 2020 Rising Star in Real Estate • Joseph Juma, 20 in their 20s

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JULY 27, 2020 | CRAIN’S NEW YORK BUSINESS | 31

DREW STERRETT

JP SUTRO

ANTHONY TAVELLA

JESSICA VERDI

ANASTASIA VLADISLAVOVA

CEO and co-founder LEX

Executive managing director Lee & Associates

Project manager MKDA

Associate Colliers International

Associate Eyzenberg & Company

Drew Sterrett saw a need and jumped into the breach. Frustrated by the limited options available to everyday Americans for investing in real estate, Sterrett founded LEX to democratize access to commercial real estate ownership. LEX built the first marketplace for publicly registered and traded real estate securities for accredited and unaccredited investors alike—a notion so original it has been featured in The Wall Street Journal, Business Insider and Axios. Sterrett’s real estate career began at the private-equity firm Tungsten Partners, where he sourced, evaluated, structured and facilitated investments in cities the world over. He is heavily involved with Team Impact, which introduces chronically ill children to college athletic teams to create lifelong bonds.

As executive managing director in the New York office of the commercial real estate firm Lee & Associates, Sutro represents landlords and tenants in retail leasing transactions.

And not just any tenants: he has worked to secure flagship locations for Apple, Target, Landmark Theatres, M&T Bank and Walgreens. The landlords and developers Sutro works with are major league, too, including the Blackstone Group, the Durst Organization, Edison Properties and Rockefeller Group. Sutro, a recipient of multiple industry awards, previously spent time as a retail broker at the San Diego office of Cushman & Wakefield.

Behind the glass-and-stone facades of the city’s buildings lie the interiors in which people sleep, eat, work and play.

Orchestrating the design and construction of many of them is Anthony Tavella, project manager at the space-planning, -designing, and -branding firm MKDA. Tavella works on recurring landlord accounts as well as large-scale tenant expansion projects in the technology and financial services industries throughout the city. His satisfied clients include Clarion Partners, Edge Fund Advisors, Flatiron Health and Hall Capital Partners.

Before joining MKDA, Tavella was a draftsman at 5D Architecture & Engineering, where he helped prepare construction documents and assisted contractors throughout the building process.

The industry breadth of Jessica Verdi’s tenant-representation work is impressive: financial services, advertising, technology, nonprofit and law. In all instances, she plays a pivotal role in business development and canvassing for her team at the commercial real estate services company Colliers. The beyond-her-years success—for notable clients that include Bacardi, The Economist and Griffon Corporation—was recognized in 2019 with Connect Media’s Next Generation Award.

Verdi isn’t the sort to put her feet up when the workday is done: she participates in the mentoring program Read Ahead and serves on the board of the New York Junior Tennis League. Verdi was appointed to serve on Community Board Five in Midtown.

When a retail and entertainment complex-to-be in Myrtle Beach, South Carolina, needed financing help, the developers turned to the able folks at Eyzenberg & Company.

Working with the firm’s principal, Anastasia Vladislavova, facilitated $110 million in funding. These days she’s focused on capitalizing several other ground-up projects in Texas and the Southeast. Vladislavova, an associate at the commercial real estate investment bank, underwrites deals across the asset spectrum, including debt, equity, ground lease and Commercial Property Assessed Clean Energy assignments. With $450 million in arranged capital, her 2019 designation as the firm’s Employee of the Year came well-deserved. Vladislavova is a founder of a New York Toastmasters Club chapter and a member of the Urban Land Institute and the Young Mortgage Bankers Association.

ELI WEISBLUM

ANDREW S. WEISZ

JOSH S. WINEFSKY

NANCY WU

CHENGDONG (C.D.) XING

Director of capital services Ariel Property Advisors

Executive vice president RPW Group

Partner Kramer Levin

Economist StreetEasy

Associate Zetlin & De Chiara

With a strong work ethic and a personalized approach, Eli Weisblum has built an enviable portfolio at Ariel Property Advisors.

The director of capital services at the real estate consultancy focuses on origination and brokerage for debt placement and equity structures, particularly for multifamily, mixed-use, retail, construction, health care and hospitality properties nationwide. Weisblum, named among New York Real Estate Journal’s Ones to Watch in 2019, is expert at helping investors navigate complex markets and secure mutually beneficial partnerships with lenders of all sizes. Weisblum, previously employed at Eastern Union Funding and Citibank, serves a bevy of charities and organizations, including the American Israel Public Affairs Committee; B’lev Echad, a charity that supports ill and special-needs children in Israel; and Kaboom, a builder of playgrounds in cities around the country.

Four-time national squash champion Andrew Weisz’s success on the court was a harbinger of successes to follow.

Today, as executive vice president of RPW Group, a multigenerational family business that manages commercial property in the tristate area, Weisz is charged with directing the firm’s real estate investment and leasing activities, sourcing new acquisition opportunities and leading business plan execution. Before joining RPW in 2017, he was an associate director at Newmark Knight Frank, where he marketed, repositioned and leased office properties in the city. Weisz holds a bachelor’s degree in international studies from Trinity College, where he gained his squash-playing stardom.

Honored as a New York Super Lawyers Rising Star in Real Estate for five straight years, Josh Winefsky is a man on a roll. The partner at the law firm Kramer Levin represents clients in the city and across the United States in a full docket of transactions: acquisitions, sales, leasing, development, joint ventures and financing. He is an equally adroit adviser on traditional commercial real estate matters, condominium developments and offering plans. Super Lawyers, by the way, isn’t the only outlet to recognize Winefsky’s innovative, business-driven counsel: Crain’s also named him a Rising Star in Real Estate last year.

Nancy Wu is the intellectual engine behind StreetEasy, a leading city online real estate marketplace. Wu, a resident economist for the site, regularly publishes original research on the local housing market, including neighborhood, demographic and ultra-luxury trends; urban development projects; and foreign demand. She offers data-driven tips to the city’s homebuyers and renters. Before joining StreetEasy, Wu had jobs with NERA Economic Consulting’s finance practice and in economic policy. She holds a master’s degree in economics for development from Oxford University. She triple-majored in economics, government, and women’s and gender studies at Dartmouth College.

C.D. Xing is one of a smattering of China-U.S. dual-qualified attorneys practicing construction law. At Zetlin & De Chiara he represents developers, designers, architects, engineers and contractors in legal matters ranging from contractual risks to dispute resolution.

Xing, who is fluent in Mandarin and English, previously served as in-house counsel for a leading construction firm in Shanghai, where he was involved in domestic and international landmark projects throughout their life cycles. He co-chairs the Asian Affairs Committee of the New York City Bar Association, where he helps shape law and public policy.

Times Square takes up just 0.1% of the city’s land area, but it creates

11% of the city’s economic output and 10% of its jobs.

Source: Lighter Side of Real Estate 32 | CRAIN’S NEW YORK BUSINESS | JULY 27, 2020

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Dan Clark has joined Structure Tone as CFO. Clark has been in the AEC industry for 18 years. In that time, he has worked with some of the industry’s largest firms to solve complex business challenges and align operating practices with financial objectives. He will have a similar role at Structure Tone, where he will oversee the financial operations for Structure Tone’s Boston, New Hampshire, New York, New Jersey, and Philadelphia locations, as well as for Pavarini North East.

KeyBank has promoted Joseph P. McPheter to Commercial Banking Sales Leader effective July 13, 2020. McPheter will lead the Metro New York - North team of commercial bankers responsible for customer service and new business development with middle market clients throughout Hudson Valley, New York City, northern New Jersey, Long Island, and Fairfield County, CT. He has more than 20 years of banking experience in the areas of retail, mortgage, business banking and middle market.

Valentino D. Carlotti joined Brown Brothers Harriman and has been appointed a General Partner of the firm, effective January 1, 2021. Val joins BBH’s Private Banking business as the Head of the Corporate Advisory and Banking practice, supporting private businesses owners in accomplishing their business and personal goals. Val was previously the Chief Business Development Officer at Sotheby’s and a Senior Partner at Goldman Sachs, where he served for 23 years in various roles.

George Klidonas has joined the New York office of Latham & Watkins as a partner in the Restructuring & Special Situations Practice.

Klidonas focuses on corporate restructurings, liability management transactions, recapitalizations, and other special situation transactions.

Klidonas has extensive experience representing companies, equity owners and sponsors, and committees and distressed investors, in acquisitions, out-of-court restructurings, and chapter 11 cases.

James Guadiana has joined Greenspoon Marder’s Tax practice group as a partner in New York. Mr. Guadiana is an experienced practitioner in virtually all areas of taxation.

He serves as advisor to public and privately-held multinational companies and investment firms with regard to their operations and investments in the United States and has extensive experience as tax advisor to a number of public corporations listed on the London, Hong Kong, and Toronto stock exchanges.

WHAT’S YOUR COMPANY’S NEXT MOVE?

Create your own business headlines with Companies on the Move Showcase your latest milestones, awards, community outreach and more in Crain’s print and online editions.

For more information, contact Debora Stein at 917.226.5470 / dstein@crain.com

CrainsNewYork.com/CompanyMoves

34 | CRAIN’S NEW YORK BUSINESS | JULY 27, 2020

COPY EDITOR ______ COLD READER ______ WRITER ______ SENIOR EDITOR ______ FINAL ______ P034_CN_20200727.indd 34

7/24/20 2:27 PM

CLASSIFIEDS POSITIONS AVAILABLE Analyst Finance & Control (Nespresso

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Anheuser-Busch InBev Services, LLC seeks a FT Global Director Digital Sales in New York, NY to engage in analysis of business requirements and creation of technological solutions to satisfy busiQHVV QHHGV 0XVW KDYH D EDFKHORU¡V GHgree or equiv. in Electrical or Electronic Engineering, Computer Engineering, &RPSXWHU 6FLHQFH RU UHODWHG ,7 ÀHOG and 5 yrs of rel progressive, post-bacFDODXUHDWH H[S ,QW¡O DQG GRPHVWLF WUDYHO required approximately 30% of the time.

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Software Engineer III (LexisNexis USA, New York, NY). Ensure the collection and storage of data in the LexisNexis Corporate Data Lake. Employee reports WR /H[LV1H[LV 86$ RIĂ&#x20AC;FH LQ 1HZ <RUN NY but may telecommute from any location within the U.S. Apply w/resume to: Adi Ozegovic, RELX Group, 1100 Alderman Drive, Alpharetta, GA 30005.

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Notice of Formation of D & B/Ebrani LLC. Arts of Org filed with Secy. of State of NY (SSNY) on 1/29/20. Office location: NY County. SSNY designated as agent upon whom process may be served and shall mail copy of process against LLC to 19 Drury Lane, Great Neck, NY 11023. Prin. bus. addr: 50 W 47th St, NY, NY 10036. Purpose: any lawful act.

CARLEIGHâ&#x20AC;&#x2122;S SWEET TREATS, LLC, Arts. of Org. filed with the SSNY on 0 6/17/2019. Office loc: NY County.

SSNY has been designated as agent upon whom process against the LLC may be served. SSNY shall mail process to: Johniece D. Erby, 502 West 177th St., Apt. 2D, NY, NY 10033.

Purpose: Any Lawful Purpose.

Notice of Qualification of 5703 Hudson Yards, LLC. Authority filed with Secy. of State of NY (SSNY) on 06/ 02/20. Office location: NY County.

LLC formed in Delaware (DE) on 05/ 08/20. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to: 2532 Dupont Dr., Irvine, CA 92612. Address to be maintained in DE: GKL Registered Agents of DE, Inc., 3500 S DuPont Hwy., Dover, DE 19901. Arts of Org. filed with the DE Secy. of State, 401 Federal St. #4, Dover, DE 19901. Purpose: any lawful activities.

True Sundry LLC. Arts. of Org. filed with SSNY on 6/29/20. Office loc: NY Cnty. SSNY has been designated as agent upon whom process against it may be served. SSNY shall mail process to: US Corp. Agents, Inc. 7014 13th Ave Ste 202 Bklyn, NY 11228. Purpose: any lawful activity

NOTICE OF QUALIFICATION of KYNECT HOLDINGS, LLC. Authority filed with Secy. of State of NY (SSNY) on 3/ 23/2020. Office loc: NY County. LLC formed in TX on 2/7/05. SSNY designated agent upon whom process may be served & mailed to: CT Corp. System, 28 Liberty St., NY, NY 10005.

Principal business address: 14675 Dallas Parkway #150, Dallas, TX 75254. Cert. of LLC filed with Secy. of State of TX loc: PO Box 13697, Austin, TX 78711. Purpose: Any lawful activity.

Notice of formation of FLATIRON DENTAL, PLLC. Arts of Org filed with Secy. of State of NY (SSNY) on 4/30/20.

Office location: NY County. SSNY designated agent upon whom process may be served and shall mail copy of process against PLLC to 44 W 24TH ST. APT 22B, NEW YORK, NY 10010.

Purpose: any lawful act.

NOTICE OF FORMATION OF LIMITED PARTNERSHIP (LP) The name of the LP is: RIVERVIEW APARTMENTS REDEVELOPMENT COMPANY, L.P. Certificate of Limited Partnership was filed with the Secretary of State of New York (SSNY) office on: 05-22-2020.

The county in which the Office is to be located: NEW YORK COUNTY. The SSNY is designated as agent of the LP upon whom process against it may be served. The address to which the SSNY shall mail a copy of any process against the LP is: 200 Vesey Street, 24th Floor, New York, NY 10281. The name and address of the General Partner is: HVPG RIVERVIEW GP, LLC, 200 Vesey Street, 24th Floor, New York, NY 10281. Purpose: any lawful activity.

11 HOYT STREET 29L, LLC. Arts. of Org. filed with the SSNY on 06/25/20. Office: New York County.

SSNY designated as agent of the LLC upon whom process against it may be served. SSNY shall mail copy of process to the LLC, 1270 Avenue of the Americas, Suite 1808, New York, NY 10020. Purpose: Any lawful purpose.

COURT ORDERED SALE

POSITIONS AVAILABLE Sector Data Analyst (Citadel Americas LLC â&#x20AC;&#x201C; New York, NY) Rsrch mkt sctr info & analyze data frm multiple srcs to answr cmplx invstmnt theses. F/T. Reqs 0VWU¡V GHJ RU IUJQ HTYOQW LQ 6WDW 0DWK )LQ (QJ &RPS6FL 3K\VLFV RU UHO Ă G 2 yrs exp in job offrd or in an Associate, Analyst or smlr role w/ an invstmnt EQN¡J LQYVWPQW PJPQW RU VHFUWV EXV ,Q OLHX RI 0VWU¡V GHJ LQ VWDWHG Ă G \UV RI H[S DV VWDWHG ZLOO DFSW %DFK¡V GHJ LQ VWDWHG Ă G \UV H[S LQ MRE RIIUG RU in an Associate, Analyst or smlr role w/ DQ LQYVWPQW EQN¡J LQYVWPQW PJPW RU securities bus. All stated exp must incl WKH Ă OZ¡J DJJUJW¡J H[WUFW¡J LQWUSUW¡J GDWD XWLOL]¡J 3\WKRQ 64/ 9%$ ([FHO XWO]¡J 0DFKLQH /HDUQLQJ $OJRULWKPV 1DWXUDO /DQJXDJH 3URFHVVLQJ %LJ 'DWD DQDO\VLV RU VLPLODU 5HVXPHV &LWDGHO $PHULFDV //& $WWQ (5 /( 6 'HDUERUQ 6W QG )O &KLFDJR ,/ -RE ,'

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Must have the ability to work from home. Travel required up to 25%. To apply, mail resume to Promila Chaudhari, Verizon, 1 Verizon Way, VC54N071B, Basking Ridge, NJ 07920. Refer to job code CWDOSD-L

PUBLIC & LEGAL NOTICES NOTICE OF FORMATION of Oâ&#x20AC;&#x2122;Neil Enterprises, LLC. Arts of Org filed with Secy. Of State of NY (SSNY) on 6/23/20. Office location: NY County.

SSNY designated as agent upon whom process may be served and shall mail copy of process against LLC to 455 Central Park W, Apt 7D, New York, NY 10025. Purpose: any lawful act.

ORDERED SALE

To place a classified ad, Call 212-210-0189 or Email: jbarbieri@crainsnewyork.com

FOREX NURSERY LLC, Arts. of Org. filed with the SSNY on 04/20/2020.

Office loc: NY County. SSNY has been designated as agent upon whom process against the LLC may be served.

SSNY shall mail process to: Corporate Filings of NY, 90 State St., Ste 700, Office 40, Albany, NY 12207.

Purpose: Any Lawful Purpose.

Notice of Formation of VW On The Shelf, LLC. Arts. of Org. filed with Secy. of State of NY (SSNY) on 06/ 25/20. Office location: NY County.

SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to: the Company, c/o John Massoni, Van Wagner Group, LLC, 800 Third Ave., NY, NY 10022. Purpose: any lawful activities.

Notice of Formation of MBB Holdings, LLC. Arts. of Org. filed with Secy. of State of NY (SSNY) on 04/17/20.

Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to: 400 E. 56th St., Apt. 11L, NY, NY 10022. Purpose: any lawful activities.

Notice of Formation of PAB Special, LLC. Arts. of Org. filed with Secy. of State of NY (SSNY) on 11/18/19.

Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to: the Company, 163 W. 74th St., NY, NY 10023. Purpose: any lawful activities.

Notice of Formation of EDWARDS PEARL BEACH LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 06/24/20. Office location: NY County. Princ. office of LLC: 420 E. 64th St., Apt. W3D, NY, NY 10065. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC, c/o Richard W. Stone II at the princ. office of the LLC. Purpose: Any lawful activity.

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Identity & Financial Quals: 8/3/20 Bid Deadline: 8/10/20 â&#x20AC;˘ Auction: 8/19/20 Minimum Bid: $104M

Lâ&#x20AC;&#x2122;ERMITAGE BEVERLY HILLS HOTEL

9291 Burton Way, Beverly Hills, CA 90210

â&#x20AC;˘ Award winning 8-story 116 suite boutique hotel â&#x20AC;˘ Rooftop pool & event space with amazing views â&#x20AC;˘ $37 million renovation completed in 2016 â&#x20AC;˘ Steps away from Rodeo Drive

646-381-9222 â&#x20AC;˘ Keen-Summit.com

LErmitageBeverlyHillsSale.com

TELECOMMUNICATIONS

â&#x20AC;˘ NATIONWIDE COVERAGE â&#x20AC;˘ LIGHTWEIGHT (5.86 oz) â&#x20AC;˘ LOCATION REPORTING

PUBLIC & LEGAL NOTICES NOTICE OF FORMATION of CAMBODIA VET PROGRAM, LLC. Arts of Org filed with Secy. of State of NY (SSNY) on 5/15/20. Office location: NY County.

SSNY designated as agent upon whom process may be served and shall mail copy of process against LLC to 153 E 106th St, Apt 4E, New York, NY 10029. Purpose: any lawful act.

Notice of formation of Limited Liability Company. Name: Joy Twin Parks Managers LLC (â&#x20AC;&#x153;LLCâ&#x20AC;?). Articles of Organization filed with the Secretary of State of the State of New York (â&#x20AC;&#x153;SSNYâ&#x20AC;?) on May 15, 2019. NY office location: New York County. The SSNY has been designated as agent of the LLC upon whom process against it may be served. The SSNY shall mail a copy of any process to Joy Twin Parks Managers LLC, 40 Fulton St., Fl. 21, New York, NY 10038. Purpose/character of LLC is to engage in any lawful act or activity.

Notice of Formation of PRINCETON LONGEVITY MEDICAL OF NEW YORK, P.L.L.C. Arts. of Org. filed with Secy. of State of NY (SSNY) on 06/22/20.

Office location: NY County. Princ. office of PLLC: One World Trade Center, NY, NY 10007. SSNY designated as agent of PLLC upon whom process against it may be served. SSNY shall mail process to David T. Harmon, Esq., Norris McLaughlin, P.A., 7 Times Sq., 21st Fl., NY, NY 100366524. Purpose: Provision of medical services.

Notice of Qualification of NEW YORK CITY PROPERTY FUND II (C) LP Appl. for Auth. filed with Secy. of State of NY (SSNY) on 06/23/20. Office location: NY County. LP formed in Delaware (DE) on 12/19/19. Princ. office of LP: 730 Third Ave., NY, NY 10017. Duration of LP is Perpetual.

SSNY designated as agent of LP upon whom process against it may be served. SSNY shall mail process to the Partnership at the princ. office of the LP. Name and addr. of each general partner are available from SSNY. DE addr. of LP: Corporation Service Co., 251 Little Falls Dr., Wilmington, DE 19808. Cert. of LP filed with Secy. of State, 410 Federal St., #4, Dover, DE 19901. Purpose: Any lawful activity.

â&#x20AC;˘ LOW MONTHLY RATES â&#x20AC;˘ CALL FOR FREE DEMO

250 West 40th Street New York, NY 10018 212-532-7400 www.metrocomradio.com

PUBLIC & LEGAL NOTICES Notice of formation of Limited Liability Company. Name: Joy Twin Parks Developers LLC (â&#x20AC;&#x153;LLCâ&#x20AC;?). Articles of Organization filed with the Secretary of State of the State of New York (â&#x20AC;&#x153;SSNYâ&#x20AC;?) on May 15, 2019. NY office location: New York County. The SSNY has been designated as agent of the LLC upon whom process against it may be served. The SSNY shall mail a copy of any process to Joy Twin Parks Developers LLC, 40 Fulton St., Fl. 21, New York, NY 10038. Purpose/character of LLC is to engage in any lawful act or activity.

Notice of Formation of JDB Special, LLC. Arts. of Org. filed with Secy. of State of NY (SSNY) on 11/18/19.

Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to: the Company, 163 W. 74th St., NY, NY 10023. Purpose: any lawful activities.

Notice of Formation of HEADY CREEK, LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 05/21/20. Office location: NY County. Princ. office of LLC: 182 E 75th St., NY, NY 10021. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to Corporation Service Co., 80 State St., Albany, NY 12207-2543.

Purpose: Any lawful activity.

NOTICE OF FORMATION of NYCHA Harlem River PACT LLC. Art. of Org. filed with NY Secy. of State (SSNY) on 6/ 8/20. Office location: NY County.

SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c /o NY City Housing Authority, Gen. Counsel, Law Dept., 90 Church St. NY, NY 10007. Purpose: All lawful purposes.

JULY 27, 2020 | CRAINâ&#x20AC;&#x2122;S NEW YORK BUSINESS | 35

P035_CN_20200725.indd 35

7/24/20 2:33 PM

RETAIL

CLASSIFIEDS To place a classified ad, Call 212-210-0189 or Email: jbarbieri@crainsnewyork.com Last-minute buyer emerges for Fairway Markets in Red Hook, Douglaston as Harlem store closes Advertising Section

PUBLIC & LEGAL NOTICES

TELECOMMUNICATIONS

Notice of Qualification of CITIPACE BY AARON ELSTEIN

A

HOLDINGS LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on ttention, Red Hook shop05/14/20.

Office location: NY Counpers:in Your Fairway ty. LLC formed Delaware (DE) onwill live onâ&#x20AC;&#x201D;as a Foodas Bazaar.

12/14/18.

SSNY designated agent of LLCBeloved upon whom butprocess bankrupt against itMarket may be served.

SSNYto shall Fairway has agreed sell mail process to the LLC, c/o Pinta its popular Red Hook location to Capital Partners, 485 Madison Ave. Food #202,Bazaar NY, NY owner 10022. Bogopa DE addr. Enterof prises at the Service bargainCo.,price of LLC: Corporation 251 Lit$880,000.

Bogopa agreed to pay a tle Falls Dr., Wilmington, DE 19808.

Cert. of Form.

Secy. of in similar sum filed for with the DEFairway State, Div. of Corps., POaccording Box 898, DoDouglaston, Queens, to ver, DE 19903. Purpose: Any lawful federal court documents. activity.

FOREX NURSERY LLC, Arts. of Org. filed with the SSNY on 04/20/2020.

The bad news Office loc: NY County. SSNY has been The goodasnews tempered by designated agentwas upon whom procthe fact that themay Harlem Fairway esssad against the LLC be served.

SSNY shall mail to:ofCorpohad closed afterprocess 25 years service. rate Filings of NY, 90 State Stejob About 200 employees lostSt., their 40, Albany, NY 12207. at700, theOffice supermarket, which once Purpose: Any Lawful Purpose.

drew in foodies from all over the city.

â&#x20AC;˘ LIGHTWEIGHT (5.86 oz) â&#x20AC;˘ LOCATION REPORTING â&#x20AC;˘ LOW MONTHLY RATES â&#x20AC;˘ CALL FOR FREE DEMO

250 West 40th Street New York, NY 10018 212-532-7400 www.metrocomradio.com BUCK ENNIS

The sale of the Red Hook store is of Formation of HEADY aNotice victory for residents, whoCREEK, donâ&#x20AC;&#x2122;t LLC Arts. of Org. filed with Secy. of have many good nearby alternaState of NY (SSNY) on 05/21/20. Oftives for groceries.

Fairwayâ&#x20AC;&#x2122;s Red fice location: NY County.

Princ. office Hook are of LLC:and 182 Douglaston E 75th St., NY,stores NY marginally profitable, according to 10021. SSNY designated as agent of uponfamiliar whom process against it aLLC person with the situation, may should be served.

SSNY shall mailinprocand perform better the ess to Corporation Service Co., 80 hands of a more capable operator.

State St., Albany, NY 12207-2543.

APurpose: bankruptcy judge is expected to Any lawful activity. approve the sales.

â&#x20AC;˘ NATIONWIDE COVERAGE

POSITION AVAILABLE

POSITION AVAILABLE

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PUBLIC & LEGAL NOTICES Notice of PABthe Special, â&#x20AC;&#x153;Theyof Formation painted over name LLC. Arts. of Org. filed with Secy. of when I was there Saturday mornState of NY (SSNY) on 11/18/19. ing,â&#x20AC;?

Rafael Mauleon, Officesaid location: NY County.

SSNYstore representative for Local 1500 designated as agent of LLC uponof the whom process may be United Food against and itCommercial served. SSNY shall mailUnion. process to: Workers International the Company,store 163 W.in74th St., NY, Fairwayâ&#x20AC;&#x2122;s Plainview, NY 10023. Purpose: any lawful activLong ities. Island, is slated to close. The

fate of its Westbury, Long Island,

Notice of Formation of JDB Special, is and Stamford, Conn., locations LLC. Arts. of Org. filed with Secy. of uncertain.

State of NY (SSNY) on 11/18/19.

In a location: court filing, Fairway said it Office NY County.

SSNY had â&#x20AC;&#x153;deferred as long designated as closing agent of stores LLC upon process may be aswhom possible butagainst cannotit wait longer.â&#x20AC;? served. mail process Its New SSNY Jerseyshall locations were to: acthe Company, 163 W. St., NY, quired

by Amazon.

Its74th Georgetown, NY 10023. Purpose: any lawful Brooklyn, activities. store was bought by Key Food. Most of its Manhattan loca-

ANNOUNCING

THE NEW AND IMPROVED

Notice of Formation Holdings, tions were snappedofupMBB

by ShopRite LLC. Arts. of Org. filed with Secy. of owner Village Super State of NY (SSNY) onMarket.

04/17/20.

Office location: NY County. SSNY

â&#x20AC;&#x2DC;Adesignated great resultâ&#x20AC;&#x2122; as agent of LLC upon

whom process against it may be less Bogopa is paying significantly served.

SSNY shall process than Villageâ&#x20AC;&#x2122;s $82 mail million for to: the 400 E. 56th St., West Apt. 11L, NY,Fairway NY flagship Upper Side 10022. Purpose: any lawful activiand ties.certain other locations, including the Harlem storeâ&#x20AC;&#x2122;s parking lot.

FORECLOSURE

SUPPLEMENTAL SUMMONS IN TAX

LIEN FORECLOSUREâ&#x20AC;&#x201C;SUPREME â&#x20AC;&#x153;THE DEBTORS HAVE COURT OF THE STATE OF NEW YORK, COUNTY OF NEW YORK â&#x20AC;&#x201C; ACHIEVED A GREAT NYCTL 2018-A TRUST, and THE BANK OF NEW YORK MELLON as Collateral RESULT WITH THIS Agent and Custodian for the NYCTL 2018-A Trust, Plaintiffs, TAHIR, et. al., DEAL TO SELL THE Defendants. Index No. 153231/19. To the above named Defendants â&#x20AC;&#x201C;YOU ACQUIRED STORESâ&#x20AC;?

ARE HEREBY SUMMONED to answer

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JUNE 29, 2020 | CRAINâ&#x20AC;&#x2122;S NEW YORK BUSINESS | 31

6/25/20 12:46 PM 7/24/20 11:15 AM

FROM PAGE 3

middle of March, and there’s a lot of times I doubted we’d be able to survive it,” Pollak said. “But every day I get more and more positive. We’re in a unique position because we’re a rapidly deployable medical solution.”

Looking for opportunities Pollak was a project manager at an ambulance company, moonlighting as a paramedic, when he founded Paradocs in 2011. He noticed that security companies needed help coordinating medical services for events after working several gigs himself. The company added high-profile events such as Governors Ball to its roster in 2014 and steadily gained more business around the country, deploying some of the 2,600 medical profes-

tivals this summer,” Pollak said.

“We would have grossed at least $2 million more in contracts than we had done last year. Our growth has been steady, but aside from the first few years, it hasn’t grown exponentially like it would have this summer.”

Its last major event was the Okeechobee Music & Arts Festival in Florida, which ran through March 8, the day before Gov. Ron DeSantis declared a pandemic-related state of emergency.

When Pollak returned to New York, the state was beginning its ascent into a crisis that would peak with 11,571 people testing positive April 14.

The company’s staff, a mix of fulltime employees and contractors, were in high demand. Doctors and nurses who supplement their income by working for Paradocs were needed to treat Covid-19 patients.

Others, including Pollak, signed up with the Federal Emergency Management Agency to assist with the crisis response.

Pollak first tried to reconfigure the company to address the medical emergency. Paradocs has experience constructing temporary medical facilities for major events, so it began working with the city and explored staffing the Javits Center field hospital.

“We went through a very frustrating few weeks of building out the plans, submitting the bids, and then the federal government sort of

POLLAK ALMOST CLOSED THE BUSINESS IN APRIL sionals to New York Fashion Week, Citi Field and the Brooklyn Academy of Music.

Paradocs generated about $4.8 million in revenue last year and was on track to clear that number this year before Covid-19 began making its way around the globe.

“We had almost doubled our fes-

PARADOCS WORLDWIDE

SCREENING

during phase one, the company found work at some of those job sites and began in turn drawing interest from building managers.

Production companies also started reaching out about film and photo shoots. Paradocs staffed as many as 200 sets on TESTING 1, 2, 3: Andrew Hartley, an EMT, and Brittany Mogged, July 20 across New York (shoots a paramedic, working at a film studio in Orlando, Fla. with fewer than 10 people have been allowed since took over,” Pollak said.

He almost closed the business in phase two but totally came back April, when his medical malprac- that day, when phase four began), tice policy was set to renew. But California, Connecticut and Rhode Pollak was able to defer payments Island.

“Some of them are really small on the plan, which costs Paradocs in the six figures annually, until and would have never hired a set June 30. By that point, thanks to the medic, but now they need to presshift in strategy, business had ent a safety plan,” Pollak said. picked up enough to justify staying Although providing temperature open. checks is a major part of Paradocs’ new business model, not everyone Fever pitch is in agreement that they provide As New York began its phased re- value in keeping employees safe.

Guidance from the Centers for opening, Paradocs at first worked with essential businesses including Disease Control and Prevention supermarkets, such as ShopRite, about the disease, which can and delivery services, such as spread before a person presents FreshDirect, to conduct tempera- symptoms, has evolved throughout ture screenings and health ques- the pandemic. It now says screentionnaires as workers started their ing employees for a fever is an opshift. When construction resumed tional strategy that might not be

completely effective. If temperature checks are implemented, the agency encourages employers to tell workers to stay home if they have a fever equal to or higher than 100.4 degrees Fahrenheit.

Fever screening and self-assessments are only effective when accompanied by social distancing, mask wearing and adequate ventilation in offices, said Dr. Saul Helman, a partner at the consulting firm Guidehouse, which has been advising employers.

“Temperature checks and risk-assessment-type surveys have become very helpful in the first levels of screening of people before they come into an office building,” Helman said. “It’s not an ultimate layer. It’s not going to prevent every infected person from walking in.”

Dr. Mark Cunningham-Hill, medical director at the Northeast Business Group on Health, agreed.

Temperature screening is “probably more reassuring than effective,” he said.

Pollak sees value in Paradocs’ workplace service, even if his company is simply providing peace of mind to skittish workers and office managers.

He’s hoping the new business model this year will help Paradocs match even half the revenue it generated in 2019.

“Our business is not growing, but at least it’s growing in areas that we would have never touched,” Pollak said. “Who would have been taking temperatures last year?” ■

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JULY 27, 2020 | CRAIN’S NEW YORK BUSINESS | 37

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7/24/20 3:13 PM

WORK

How much Covid has changed office buildings

FROM PAGE 1

Low turnout

Catering to new commutes Landlords and business owners have tried to draw workers first by easing their commutes. They’re

AN EXAMPLE of a more Covid friendly lobby at 3 World Trade Center

$70K

said. More people are requesting long-term parking spaces in the garage adjacent to the Fisher Brothers’ building at 1345 Sixth Ave., Fisher said.

Silverstein Properties is telling employees that public transportation is a safe option for commuting if they take proper precautions, such as wearing a mask and social distancing, Burger said. He personally feels safe using trains and would even travel by air, he added.

Landlords are preparing for an increase in people who cycle to work. RXR Realty, Fisher Brothers and Columbia Property Trust have all expanded space in bike rooms. But Scott Rechler, CEO of RXR Realty, predicts public transportation will normalize once New Yorkers see others using it safely.

"WHAT WE'RE HEARING FROM OUR CUSTOMERS IS PEOPLE REALLY DO WANT TO COME BACK TO WORK" sharing information about their nearby parking garage options, expanding bike rooms and offering safety guidance about public transportation. Rudin is seeing an uptick in activity in its parking garages, with a higher rate of people driving to work now than before, Gilbert

5%

SILVERSTEIN PROPERTIES /WTC CAMPUS

The number of people who so far have returned to their offices remains incredibly low. When nonessential workers were permitted to return to offices on June 22, Rudin Management only saw 5% of its foot traffic from what it considered a typical day before Covid-19, said John Gilbert, the company’s chief operating officer.

At 345 Park Ave., Rudin’s 44-story, 1.9 million-square-foot office tower in Midtown East, only 208 people showed up that day. More than two weeks later, on July 9, after the city entered phase three, 253 people came in. Before the pandemic, more than 4,000 people came into the building on a given day, Gilbert said.

Other building owners experienced similar numbers. Building occupancy in Silverstein Properties’ towers, such as at the World Trade Center, is estimated to be less than 15% of pre-Covid-19 levels, said Marty Burger, the company’s CEO. Less than 10% of workers are coming to Columbia Property Trust’s offices at 315 Park Ave. South, CEO Nelson Mills said.

Gilbert noticed that more people are returning to office buildings with smaller floors than larger ones, which he chalks up to smaller companies having less stringent policies about returning to the office.

Times Co. and Shopify, among others, are staying home through at least the end of the year.

Timelines will vary by company largely depending on THE PERCENT of vistors to how working one Manhattan from home has office building been for them, compared to said Rebecca before the Humphrey, an pandemic. executive vice president at Macro, the project management arm of HOW MUCH one financial Savills.

Some firm spent on businesses that automatic doors have struggled and temperature to adapt are scanners. more willing to take on the risk of an early return because the productivity of their employees depends on it, Humphrey said. Businesses, such as law firms, that depend on in-office resources, such as printers, databases and access to privileged information, also will want to return.

But other business owners recognize a return to the office may take much longer. For some workers, Humphrey said, a return date depends on when schools open and child care becomes available again.

Employers who are wary of workers getting sick on their watch might want to keep them at home for liability reasons, said Michael Glatt, Macro’s vice chairman, especially if they’re operaating efficiently with remote work.

Reshaping the lobby Once workers arrive at their of-

fice buildings, landlords are doing everything they can to make them safer, starting with the entry process. Silverstein added glass partitions in front of the concierges and antimicrobial tape on all the touch points in its buildings’ lobbies, Burger said.

Rudin Management replaced almost 800 air filters at 345 Park Ave. and turned its lobbies into “socially distanced waiting rooms,” Gilbert said. Fisher Brothers has tried to improve air quality by installing’ hospital-grade air-filtration systems, which use pathogen-killing ultraviolet light technology and allow for maximum outside air flow.

Many landlords can’t agree on whether they should mandate temperature checks. Rudin and Fisher do, but executives at Silverstein Properties and Columbia Property Trust say that temperature checks give a false sense of security because some tenants who are carrying the illness may be asymptomatic. Most of Columbia’s tenants didn’t want temperature checks taken in the lobby, Mills said, al-

though they’re free to do the checks themselves in their own spaces.

Working from the office Once tenants try to get into their offices, landlords are leaning heavily on smartphones to keep workers safe.

RXR Realty developed a program, called RXWell, in which workers must respond to a health questionnaire about current symptoms, contact with infected persons and do a self-temperature check. If the user gets a green light from the app, then the person can access the building.

Scott Rechler, CEO of RXR, said his firm is using heat maps throughout the building that tell employees, once they are inside, what areas are most congested, such as a kitchen or a bathroom. They are also told when their work area has been sanitized. The costs resemble what was paid for extra security measures in buildings following 9/11, he said.

Tenants are also stepping up and spending as much as $1 per square foot for signage, sanitizing stations and screens between desks, said Michael Garcia, an interior designer at MKDA. One financial services client, he noted, recently spent $70,000 for automatic doors and temperature scanners throughout the office.

SILVERSTEIN PROPERTIES /WTC CAMPUS

When may they return

SIGNS on the floor at 529 Fifth Ave. remind visitors to practice social distancing.

While it’s unclear when employees will return to offices in preCovid-19 numbers, landlords say Labor Day will be the turning point, marking the end of the summer season and a return to city life. Most of his clients, Garcia said, are looking for an end-of-summer completion date for renovations, so the offices will be ready when they return in the fall.

“What we’re seeing is there’s not a rush to come back,” Rudin’s Gilbert said. “Companies are taking their time.”

Bank of America and Reddit told employees that Labor Day is the earliest they can expect to return to the office. Slack is looking to reenter after September 1. The New York

Murky future Some landlords fear that workers may not return atall. According to one survey conducted by the Partnership for NYC (PNYC) in late May, 25% of office employers intend to reduce their footprint in the city by 20% or more, and 16% plan to relocate jobs from New York City to the suburbs or other locations.

Even with all the reports that traditional office life is dead, landlords are betting in the long run on the benefits of office space. The office experience can’t be re-created online, they argue. They point to socially connecting, mentoring and innovating activities that occur in collaborative environments.

“What we’re hearing from our customers is people really do want to come back to work. There’s that intrinsic piece that you can’t quantify,” Gilbert said. “People miss the camaraderie and collaboration, and I would be very happy not to do another Zoom call.”

Those are sentiments that Josh Thompson, CEO of social enterprise company Civics Unplugged, agrees with. Thompson said he and his colleagues enjoy spending time together at work and playing off one another’s body language. The company is digital first, but he and a few of his colleagues returned to his office at 335 Madison Ave. as early as July 1. While there’s no need to be in the office, he said, it adds to their creativity.

“The only reason we come together,” Thompson said, “is because we like to be together.” ■

38 | CRAIN’S NEW YORK BUSINESS | JULY 27, 2020

P038_CN_20200727.indd 38

7/23/20 2:05 PM

OUT OF OFFICE

10 eateries that opened during the pandemic Restaurants rethink their menus, seating to brave the new normal

BY CARA EISENPRESS

D

espite the pandemic, brand-new restaurants, bars and bakeries have been opening their doors. They have had to overcome major hurdles, such as the inability to serve meals indoors, the need to finish construction or get permits with city departments closed and the difficulty of hiring employees during a stay-at-home mandate— not to mention health concerns.

Places with a backyard or deck did not have to change much about their plans, while others completely rethought their menu or found ways to offer delivery even before officially opening in order to get the ball rolling.

MAKI KOSAKA

MAKI KOSAKA

THE ACRE 3 to 9 p.m. Wednesday and Thursday; 3 to 10 p.m. Friday; 2 to 10 p.m. Saturday; 2 to 9 p.m. Sunday Covid-19 delayed but did not derail the opening of this Ridgewood restaurant, which offers outdoor seating and a menu of familiar dishes including burgers, fried chicken sandwiches and vegan cider donuts. There is also a baby kale salad and a cauliflower “sando” with chickpea pate and pickles.

68-22 Forest Ave., Ridgewood, Queens BAYLANDER STEEL BEACH 3 to 10 p.m. Monday through Friday; 2 to 10 p.m. Saturday and Sunday This former Navy helicopter carrier is now docked at the West Harlem Piers. Thanks to socially distanced seating for more than 100, customers can board to eat and drink on its upper deck. The food menu includes wings, chips and guacamole, fish and chips, a burger and a hot dog. To drink, offerings include the Steel Beach Lemonade (Bacardi Límon with frozen lemonade) and the Big Apple Frosé (frozen rosé, applejack and berry puree).

West Harlem Piers at 125th Street BLUME 2 to 10 p.m. Wednesday through Friday; noon to 10 p.m. Saturday; noon to 6 p.m. Sunday

The third-generation owner of Upper East Side sausage maker and butcher Schaller and Weber, Jeremy Schaller has opened Blume in the backyard of Stube Sausage Bar. There, he’s serving charcuterie plates and cheese boards, a turkey sandwich with Emmental cheese and red cabbage on toasted rye, and a pastrami Reuben with coleslaw, red cabbage, horseradish and mustard on toasted rye. There are also frozen cocktails and Austrian wines.

The backyard seats 20 and accepts both reservations and walk-ins.

1652 Second Ave., Yorkville CUTLETS 9 a.m. to 9 p.m. Tuesday through Sunday A sandwich shop from Richard Zaro of Zaro’s Family Bakery, Cutlets will open July 28 with a menu of deli-style sandwiches made with carefully sourced meats. The menu is delivery only for the moment, and sandwiches include chicken cutlet with broccoli rabe and mozzarella, and turkey with avocado on a hero.

Email info@cutlets.co for exact Manhattan delivery radius.

CLAUDY’S KITCHEN 11 a.m. to 8 p.m. Tuesday through Thursday; 11 a.m. to 10 p.m. Friday and Saturday; 11 a.m. to 4 p.m. Sunday This family-owned restaurant began as a wholesale business crafting flan sold at Zabar’s and Gourmet Garage, with flavors including lychee and passion fruit. Claudy’s serves Peruvian cuisine such as pollo ala brasa (rotisserie chicken), aji de gallina (shredded chicken with a spicy yellow pepper sauce), lomo saltado (sirloin stir-fry),

empanadas and, of course, flan. Claudy’s is takeout and delivery only for now.

5981 Broadway, Riverdale, Bronx

when it is eventually allowed, the current menu features hand rolls and sushi sets.

One set is made up of five “grab” hand rolls—meaning you grab the sushi with a piece of nori—and includes DAME SUMMER CLUB toro with caviar, sea scallop with seared uni, king salmon and avocado with yuzu miso, and Japanese red snapper with kizami wasabi.

55 W. 19th St., Flatiron District

DAME SUMMER CLUB 5 to 10 p.m. Tuesday through Friday; 1 to 10 p.m. Saturday and Sunday Dame, a modern British restaurant on the verge of opening prepandemic, has been rethought as the outdoor pop-up Dame Summer Club. It has a limited menu consisting of fish and chips, a fried fish sandwich and a tomato sandwich. All profits will be donated to charity.

85 MacDougal St., Greenwich Village DAME SUMMER CLUB

KATHRYN SHELDON

BLUME

LOVE NELLY 8 a.m. to 7 p.m. Wednesday through Sunday An offshoot of Crown Heights bakery and bar Butter & Scotch, Love Nelly is helmed by onetime employee Stephanie Gallardo, who’s now co-owner. Many of the baked goods, snacks and desserts are inspired by Gallardo’s childhood visits to see family in Colombia. Butter & Scotch favorites are also on the menu.

53 Rockaway Ave., East Bushwick MAKI KOSAKA Noon to 3 p.m. and 5:30 to 10 p.m. Monday through Saturday One of the city’s only female sushi chefs is making hand rolls at the casual, 12-seat, outdoor version of Maki CUTLETS Kosaka, an offshoot of West 13th Street’s Kosaka. Though indoor dining will be more formal

SILVER APRICOT 4:30 to 9 p.m. Tuesday through Saturday Chef Simone Tong made her name with Little Tong, a noodle shop specializing in the cuisine of Yunnan. Now she’s launching Silver Apricot, which mixes her Chinese background with her experience as a chef in the U.S. The menu is a scaled-down version of her original idea, and dishes including scallion puffs, poached Arctic char and crispy fish cracklin’ are available for takeout, delivery and outdoor dining. For customers who stay, there are alcohol-spiked snow cones such as the Sidewalk Shrub (manzanilla sherry, strawberry osmanthus shrub and lime).

20 Cornelia St., West Village TONCHIN TO GO 4:30 to 9 p.m. Tuesday through Friday; noon to 9 p.m. Saturday and Sunday This Brooklyn pop-up is a summer version of a Manhattan restaurant, serving a shortened version of the menu. There is mazeman (room-temperature ramen served without broth) and a Green Yuzu Margarita, which is a shaved-ice cocktail.

All dishes are takeout, but there are a few benches along the sidewalk good for eating immediately.

191 Knickerbocker Ave., Bushwick

ALEXANDER STEIN

JULY 27, 2020 | CRAIN’S NEW YORK BUSINESS | 39

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7/23/20 2:25 PM

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Offer expires 09/30/2020; subject to change. Qualified new business customers only. Must not have subscribed to applicable services w/ in the last 30 days & have no outstanding obligation to Charter. *$49.99 Internet offer is for 12 mos. when bundled w/ TV or Voice & incl. Spectrum Business Internet starting speeds. Internet speed may not be avail. in all areas. Actual speeds may vary. Advertised speed based on download speed on wired connection. Wireless Internet speeds may vary. Spectrum Internet modem is req'd & included in price; Internet taxes are included in price except where req'd by law (TX, WI, NM, OH, WV and HI). ^Free mo. offer is for new customers only and will be applied as credit by the 2nd mo. statement. Taxes, fees, equipment, and broadcast surcharge included. Excludes usage charges & Spectrum Mobile. °Based on Eighth Measuring Broadband America Fixed Broadband report completed by the FCC, https://www.fcc.gov/reports-research/reports/measuring-broadband-america/measuring-fixed-broadband-eighth-report. ˭Value based on retail price for comparable services. §99.9% network reliability based on average HFC Availability, Jan 2019 - Mar 2020. Visit business.spectrum.com/network-reliability for details. Standard pricing applies after promo. period. Installation & other equipment, taxes & fees may apply. Services subject to all applicable service terms & conditions, which are subject to change. Services & promo. offers not avail. in all areas. Restrictions apply. Call for details. © 2020 Charter Communications, Inc.

Offer expires 09/30/2020; subject to change. Qualified new business customers only. Must not have subscribed to applicable services w/ in the last 30 days & have no outstanding obligation to Charter. *$49.99 Internet offer is for 12 mos. when bundled w/ TV or Voice & incl. Spectrum Business Internet starting speeds. Internet speed may not be avail. in all areas. Actual speeds may vary. Advertised speed based on download speed on wired connection. Wireless Internet speeds may vary. Spectrum Internet modem is req'd & included in price; Internet taxes are included in price except where req'd by law (TX, WI, NM, OH, WV and HI). **$19.99 Voice offer is for 12 mos. when bundled with Internet & incl. one business phone line w/ unlimited local & long distance w/ in the U.S., Puerto Rico, & Canada plus 2,000 long-distance minutes to Mexico. Limited time offer. Offer not available in all areas. Offer not available to bars and restaurants. Includes phone taxes, charges and fees. Other telephone services may have corresponding taxes and rates. ^Free mo. offer is for new customers only and will be applied as credit by the 2nd mo. statement. Taxes, fees, equipment, and broadcast surcharge included. Excludes usage charges & Spectrum Mobile. Standard pricing applies after promo. period. Installation & other equipment, taxes & fees may apply. Services subject to all applicable service terms & conditions, which are subject to change. Services & promo. offers not avail. in all areas. Restrictions apply. Call for details. © 2020 Charter Communications, Inc.

It's never been more important to have service you can count on.

Get the industry-leading solutions you need to serve your customers today—and tomorrow.

200 Mbps BUSINESS INTERNET

49

$

99

/mo for 12 mos when bundled*

+

BUSINESS VOICE

19

$

99

/mo per line for 12 mos when bundled with Internet**

SWITCH TO SPECTRUM BUSINESS AND ENJOY 1 MONTH OF SERVICE FREE^ NO CONTRACTS OFFER EXPIRES 09/30/20

GET THE SOLUTIONS YOU NEED FOR LESS

Call 1-866-938-6198 Business.Spectrum.com

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