Crain's New York Business

ASKED & ANSWERED The pandemic’s ongoing effect on real estate projects

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PAGE 11

MOVING FORWARD How Black businesses made it through the last year—and what’s left to do PAGE 4

JUNE 14, 2021

HEALTH CARE

THE PRICE OF WAITING As patients skipped routine visits last year, diagnoses were delayed, putting them at risk and driving up the cost of care

BY MAYA KAUFMAN

T

o Welecia Magsisi, it looked like a white speck.

To her doctor, it was ductal carcinoma in situ.

But over the phone that day in March 2020, the day before the city would declare a state of emergency, Magsisi’s breast cancer diagnosis just sounded like a bunch of medical jargon.

Magsisi had been conscientious about getting regular mammograms. At 74, with several surgeries behind her, the Elmhurst resident knew the importance of going to the doctor, even if nothing felt wrong. Nothing did feel wrong when she went for her annual mammogram in January 2020. Still, there was that little white dot. A biopsy showed cancer.

The cancer was slow growing and had not yet spread, so her doctor recommended a lumpectomy, a surgery that would remove the cancerous cells. She tried to make an appointment, but hospitals had just halted nonemergency surgeries like the one Magsisi needed. Instead of

BELINDA RANDOLPH-MILLS

MAGSISI’S breast cancer surgery was postponed when hospitals shut down nonemergency procedures to fight Covid-19.

See WAITING on page 18

TAXES

Hotel’s $11M property-tax refund could be trouble for city coffers Other properties are also seeking relief, claiming assessment process is unfair

NEWSPAPER

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BY AARON ELSTEIN

I

n a decision that could significantly help ailing hotels while harming the city’s finances, a judge last Tuesday said tax assessors substantially overvalued a Queens inn for several years before the pandemic.

© 2021 CRAIN COMMUNICATIONS INC.

The owners of the closed Courtyard by Marriott near LaGuardia Airport are now in line for a refund of more than $11 million, said an attorney for the hotel, Joel Marcus.

“This case is important for all hotel owners because the city has been overvaluing hotels for years,” Marcus said.

He added several locations are seeking tax relief, including the closed Omni Berkshire Place, the InterContinental Times Square and the Residence Inn by Marriott on Sixth Avenue.

See REFUND on page 22

GOTHAM GIGS

THE LIST

AN ADVOCATE FOR GREEN POLICIES IN UNDERSERVED AREAS PAGE 23

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New York’s largest hospitals 6/11/21 5:22 PM

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REAL ESTATE

Lawmakers pass plan to convert hotels and offices to affordable housing the dual problems of distressed properties and lack of affordable housing.”

A

bill to give New York state a framework for its $100 million plan to buy distressed hotels and office properties and convert them into permanently affordable housing was pushed forward by the state Legislature last Wednesday.

Gov. Andrew Cuomo has not committed to signing the bill.

The Housing Our Neighbors With Dignity Act would require that at least 50% of the converted properties be set aside for those experiencing homelessness; the rest would go to tenants who make 50% to 80% of their area’s median income. The properties would be managed by nonprofit organizations and would be protected by rent-stabilization laws. Rents would be capped at 30% of an area’s median income.

The measure was primarily sponsored in the Senate by Sen. Michael Gianaris of Queens, who was joined by four co-sponsors: Sens. Alessandra Biaggi, who represents parts of the Bronx and Westchester County; Jabari Brisport of Brooklyn; Robert Jackson of Manhattan; and Samra Brouk of Rochester.

“New York has seen a decades-long affordable housing crunch exacerbated by the Covid-19 pandemic and ensuing economic devastation,” Gianaris said. “This legislation is a good way to tackle

Dynamic districts More than 200 hotels in New York City are closed or have shut down permanently. Office buildings are reporting a measly 10% to 15% occupancy rate.

To keep from going out of business, some hotels in the city have entered into contracts with the government to temporarily house homeless people, keeping them from overcrowding shelters and reducing their likelihood of contracting Covid-19.

Cuomo announced in January that he would propose legislation to create a five-year period in which developers and property owners could permanently convert office buildings and hotels into apartments through relaxed zoning regulations that would encourage residential development.

But local elected officials balked at the plan, claiming it was just another giveaway to the city’s real estate community and it didn’t do enough to solve the affordable housing crisis.

For the real estate community, which has been devastated by the pandemic, the new legislation is part of ongoing conversations with the private sector, which is excluded from participating in the bill’s

conversions.

“Enabling more commercial-to-residential conversions can play a significant role in creating more dynamic central business districts, strengthening the city’s retail and small-business sectors, and producing much-needed housing, including affordable housing,” said James Whelan, president of the Real Estate Board of New York. “To achieve that vision will require various approaches, including close collaborations between the public, private and nonprofit sectors.”

Public-private partnerships are important to the measure because the law’s effectiveness would be limited by the availability of state funding, said James Power, a Kramer Levin land-use lawyer.

Repurposing buildings saves time and money compared to ground-up construction, said Brenda Rosen, president and chief executive of Breaking Ground, New York’s largest supportive housing provider.

Tax abatement The affordable housing issue has been a source of contention between private developers and elected officials. Mayoral candidates including Maya Wiley and Scott Stringer have called for an end to the 421-a tax-abatement program, which encourages developers to build residential buildings and

make 25% of them affordable.

Developers say ending the abatement p r o g r a m would reduce the number of available affordable units by cutting off the only financial incentive the real estate industry has to create them.

For some developers, strict zoning regulations are a barrier to the creation of housing, affordable or not. In certain pockets of the city, such as manufacturing zones, residential development is prohibited.

“We applaud the Legislature for passing a bill to provide for the conversion of underutilized hotel and commercial office space to affordable housing,” said Jolie Milstein, chief executive of the New York State Association for Affordable Housing. “The next step is to overcome longstanding barriers to the creation of affordable housing— which include exclusionary zoning restrictions and building-code challenges.”

Cuomo, for whom affordable

HEALTH CARE

GIANARIS BUCK ENNIS

BY NATALIE SACHMECHI

housing has been a high priority, will review the bill, spokesman Shams Tarek said. ■ Eddie Small contributed to this report.

CORRECTIONS ■ The company c16 Biosciences is moving to the Hudson Research Center, in Hell’s Kitchen. The location was misstated in the headline “Gates-backed biotech firm finds a home in Hudson Yards,” published June 7.

■ The Association for a Better New York was incorrectly identified as the Citizens for a Better New York in an article in the New York Now section of the June 7. edition.

WEBCAST CALLOUT

De Blasio promises $500 million for life sciences sector

BY GABRIEL POBLETE

LifeSci also awarded $5 million to BioLabs @ NYULangone, the city’s largest wet-lab incubator, and partnered with Deerfield Management and King Street Properties to develop more than 500,000 square feet of new lab space.

W

Covid connection BLOOMBERG

ith a goal of making New York City the “public health capital of the world,” Mayor Bill de Blasio announced last Wednesday that he will dedicate a half-billion dollars toward lab space development and life science research.

During his morning news conference, the mayor highlighted how previous funding helped better position the city to respond to the Covid-19 pandemic with ingenuity.

He predicted the city will soon join Boston, Seattle and the other major players in the life sciences.

“For so long New York City was counted out of the life sciences game,” de Blasio said. “Now New York City is going to surge and become a strong player and ultimately a dominant player in this space because we have all the pieces all waiting to come together.”

The $500 million commitment comes five years after the mayor

first announced the city’s 10-year, $500 million LifeSci NYC initiative, with a goal of creating 16,000 jobs in the industry.

As part of the new round of funding, the city has issued a solicitation for nonprofits looking to establish or expand facilities that could support the local commercial life sciences community of early-stage companies, academic researchers and incubators. The city will pro-

vide up to $112 million in city capital, awarding up to $20 million to one or more projects, de Blasio said.

Previously, LifeSci invested $38 million in city capital to fund applied research and development facilities at four scientific research institutions: at Columbia University, the Einstein College of Medicine and Montefiore Medical Center, the New York Stem Cell Foundation and Rockefeller University.

The New York City Economic Development Corp. spearheaded the LifeSci program’s introduction in 2016, including unlocking 2 million square feet of innovative space, funding research labs at the city’s major academic institutions and investing in paid internships.

All those investments paid off, EDC President Rachel Loeb said, with the city’s testing strategy helping bring Covid-19 under control, as the city awaited vaccines.

“Life sciences is here to stay,” Loeb said. “These efforts will support our local entrepreneurs and create 40,000 jobs for New Yorkers of all backgrounds, while building a safer and better New York City.” ■

JUNE 24 Join Crain’s to celebrate this year’s list of notable LGBTQ+ Leaders and Executives. The event will open with a keynote address from Maeve DuVally, a communications executive at Goldman Sachs, who will walk us through her inspiring gender transition journey and address the challenges and reactions of her coworkers and associates. In the workplace, the LGBTQ+ community often face inequality, harassment and an inability to advance. They can fear expressing their true selves, resulting in poor job satisfaction and quality of life.

VIRTUAL EVENT Time: 4 to 5 p.m.

CrainsNewYork.com/NetworkWithPride

Vol. 37, No. 23, June 14, 2021—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for no issue on 1/4/21 and 12/27/21, and combined issues on 6/28/21, 7/12/21, 7/26/21, and 8/9/21 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.

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June 14, 2021 | CRAIN’S NEW YORK BUSINESS | 3

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BUCK ENNIS

DIVERSITY & INCLUSION

BLACK NILE’S owners, the Duprees, say their business has grown more than 10% since early 2020.

DOING THE WORK

As New York gears up to celebrate Juneteenth after a year focused on racial justice, Black business leaders reflect on the increased opportunities—and what’s left to do

BY CARA EISENPRESS

F

anerra Dupree has never cooked so much crab-smothered fried chicken at her restaurant, Black Nile, as she has in the past few months. Sales of her soul food with a “cheffy” twist have surpassed prepandemic levels, mostly because of the spot’s visibility as a Blackowned business.

“That exposed us to more people,” Dupree said. “And they were like, ‘We like this food,’ and they kept coming.” Business has grown more than 10% since early 2020, she said.

Last summer’s reckoning on racial injustice, driven by the murder of George Floyd in Minnesota and followed by weeks of Black Lives Matter protests across the country, has turned into a sustained boost for many of the city’s Bl a ck- ow n e d businesses a year later. Consumers, nonprofits, corporations and the government are seeking to dismantle obstacles created by systemic racism with

programs, patronage and funding.

Yet as New York recognizes Juneteenth— the celebration of emancipation—as a holiday for the first time this month, Black business leaders say there is still work to do.

Individual commitments to buying Black have buoyed businesses in a tough year, but longstanding inequities are taking longer to resolve—and could even be perpetuated in the

“WE STILL HAVE TO GET TO THE UNDERLYING, SYSTEMIC STRUCTURAL ISSUES”

rush to get the city back up and running.

“We still have to get to the underlying, systemic structural issues, like access to capital, commercial space and big procurement opportunities,” said Sheena Wright, president and CEO of the United Way, which earlier this year launched a network to support Black-owned businesses called Together We Thrive. “A new influx of customers doesn’t totally solve that, but it is a great contributor to what will help things turn around.”

In a city where more than a fifth of See SUPPORT on page 19

4 | CRAIN’S NEW YORK BUSINESS | JUNE 14, 2021

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IN THE MARKETS

Grocer reports steep sales drop as people look to eat anywhere but home “Things are trending in the right direction,” he said, “but they’re not fully back.”

Many economists predict the spike in food prices will fade next year. But before it does, the cost of groceries could rise by a steep 4% in the second half of this year, say Evercore ISI analysts.

Cleaning supplies remain tougher to find than normal, Lebiak said, although manufacturers are beginning to restore items cut during the pandemic. Customers who a year ago would buy whatever sort of products were available are returning to familiar brands.

“We’re starting to get variety back,” Lebiak said. ■

BLOOMBERG

S

upermarket executive Gus Lebiak went to a World War II re-enactment event with his sons one recent weekend.

Thousands attended, including nonagenerian veterans no longer AARON ELSTEIN wearing masks.

“It was as if Covid never happened,” he said.

The same sensation can be felt while walking around one of the many city supermarkets supplied by Krasdale Foods, where Lebiak is president and chief operating officer. Shelves stripped bare a year ago are fully stocked, and the plexiglass shields protecting cashiers don’t feel as necessary as they did just a short time ago.

The only thing missing at the supermarkets is the clientele.

Two weeks ago Village Super Market, which operates ShopRite, Fairway and Gourmet Garage stores, reported a 5.5% drop in quarterly same-store sales—a startling decline in an ordinarily steady

“I CAN’T GROW BECAUSE WE DON’T HAVE THE LABOR” business.

One reason is that people are eating out more. Another is that some customers fled the city, and commuter and tourist traffic remains depressed, Village Super Market said in a regulatory filing.

Even so, Village said, same-store sales have been higher this spring than in the same period in 2019, suggesting supermarkets might emerge from the pandemic with lasting gains.

“This business is a knife fight every day,” Lebiak said. “It will take time to figure out exactly how much of an anomaly 2020 was.”

Rising prices Aftershocks are still reverberating through almost every aspect of the food business. Prices for corn, beef and other commodities are rising, as dormant restaurants, schools and cruise ships flicker back to life.

Fuel costs and wages are rising quickly.

“I’m paying $10,000 a week in overtime,” said Vincent Pacifico, chairman of Vista Food Exchange at the vast Hunts Point market in the Bronx. “I can’t grow because we don’t have the labor.”

Matt Reingold, regional manager at truck broker RMX, said both grocers and restaurants in the city are making smaller orders. Restaurants are busy on weekends, he said, but weekday business hasn’t recovered to customary levels.

June 14, 2021 | CRAIN’S NEW YORK BUSINESS | 5

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WHO OWNS THE BLOCK

175 WATER ST.

AN EMPTY OFFICE PULLED IN TWO DIRECTIONS The former AIG building is having an identity crisis

BY C. J. HUGHES 180 WATER ST. This 29-story tower with a vaguely checkerboard facade, built in 1971, is a handy symbol of a changing street. Once home to insurance companies, then city agencies—the Human Resources Administration, which oversees public assistance, was headquartered in the structure for decades—the building is now home to 580 luxury apartments.

Its owner is Metroloft Management, the same firm behind the conversion of 175 Water. In 2017 Metroloft bought the 488,000-square-foot building from Vanbarton Group for $416 million. Two years later, DBR Investments, a Cayman Islands–based lender, issued $265 million in debt for the renovation, which was extensive. Metroloft carved a 40-foot-wide courtyard in the building’s center; under the rules of floor-to-area ratios, that displaced volume was able to be added to the roof in the form of 5 additional stories.

After debuting in November, in the thick of the Covid-19 pandemic, the apartment building was still listing sponsor units this month for a significant discount of four free months on a 13-month lease, or a new effective rent of $2,247 for a studio for starters.

200 WATER ST. Getting the ball rolling on the latest wave of office-to-residential conversions was this property, from developer Rockrose, which bought the entire property in phases from the Kaufman Organization in the 1990s. An $80 million renovation turned the 31-story property, designed by prolific office architect Emery Roth and Sons, into a 1,350-bed New York University dormitory; the school exclusively leased the site from 1998 to 2019. Now open to all renters, the tower is offering a free month of rent on a yearly lease, or starting at $2,617 per month for a studio this month.

199 WATER ST. Completed in 1984, on a full-block site bounded

by Front, Fulton and John streets, this 34-story, 1.1 million-square-foot office tower, known as One Seaport Plaza, is owned by Jack Resnick and Sons, a prominent family-owned firm. Founded by Resnick in the Bronx in 1928, before being taken over by his son Burton in the 1960s, the firm today is led by Jonathan, one of Burton’s three sons.

Some office tenants once based in the former World Trade Center towers destroyed in the 2001 terrorist attacks relocated here, including investment bank Cantor Fitzgerald and Aon Insurance. Neither firm appears to still have offices at No. 199, though.

There is an outpost of the Howard Hughes Corp., which redeveloped Pier 17 next door at the South Street Seaport. Last month Hughes got a key nod from the Landmarks Preservation Commission to build a 300-foot-tall, $800 million residential tower at 250 Water St., though other city approvals await.

125 MAIDEN LANE This 16-story commercial condominium, constructed in 1958, is owned by Time Equities, a commercial and residential landlord with holdings across the U.S. and Europe. Its chairman is Francis Greenburger, who rose to prominence converting apartment buildings to cooperatives in the 1980s. Its eclectic mix of tenants includes the Guttmacher Institute, a pro-choice think tank, and AVS, formerly known as the American Vacuum Society, a not-for-profit membership group for scientists that publishes journals and offers lectures. Time Equities bought the 256,000-squarefoot property from a California-based fund in 1999 for $32.7 million, property records show; in 2008, the landlord paid off a $28.5 million loan from Wells Fargo secured by seven of the Time Equities–controlled condos in the building.

175 WATER ST. Water Street was once a busy port on Manhattan’s shoreline—which British developer Howard Ronson discovered when he developed this 30-story, 462,000-square-foot property in 1983. Buried on the site, 15 feet underground, was a 92-foot-long sailing ship from the 1700s that ultimately was excavated and preserved. Banks, insurance companies and law firms populated the building initially, though many eventually decamped to Midtown in signs of things to come. Although No. 175 is a commercial condominium, AIG has been its single occupant for decades.

130 WATER ST. Despite its heavy 9-to-5 presence, the area is no stranger to condominiums. In fact its first—and perhaps one of the first in the entire Financial District—arrived in 1983. Once the Coffee and Sugar Exchange, where commodities were traded, this skinny structure at Pine Street first came online as a rental in 1976 before going condo a few years later. Its developer was MJR Development.

The 1956 building, also known as Seaport South, has 121 apartments, many of which are owned by investors and rented out as corporate housing, according to Zahra Joudi, an associate broker with Compass who works there. To curb the building’s transience, the condo board recently imposed lease terms of one year as a minimum, Joudi said.

100 WALL ST. This 29-story building, designed by Emery Roth and Sons, was constructed in 1968, when New York was furiously building its downtown and Midtown business districts. The insurance industry made the Water Street corridor home.

This 504,000-square-foot tower, which has 15 elevators, has frequently changed hands. Savanna bought it from failed bank Lehman Brothers in 2011 for $118 million, before flipping it to Cornerstone Real Estate Advisors, a subsidiary of Massachusetts Mutual Life, for $270 million in 2015. The building is worth $81.7 million, according to its most recent city valuation, down from $108 million in the previous year.

BUCK ENNIS, GOOGLE MAPS

W

ith Manhattan office buildings languishing, and officials seeking to ease housing pressure by building more apartments, developers are giving the borough’s business districts a closer look.

Their struggling commercial buildings are ripe for conversions, some say, especially in the Financial District, which continues to shed the kinds of companies that earned the neighborhood its nickname.

The latest financial firm to leave is the American International Group. By the end of the year, AIG is expected to have completed its move from 175 Water St., its three-decades-old home.

AIG’s relocation, which was planned before the pandemic, frees up its 30-story full-block former home for reinvention by its owner, Metroloft Management, which bought the tower in 2019 for $270 million, in part with a $175 million loan from Blackstone.

But Metroloft, a seasoned converter, is unsure about the best course for the property, suggesting a development industry at a crossroads about how to maximize the value of office buildings.

One option would be to build 400 apartments on the top 15 stories while keeping offices below. A second option would be to install cutting-edge antimicrobial technology and keep the whole thing as office space, for a tenant or two, said Nathan Berman, Metroloft’s managing principal.

“There is still a lot of uncertainty about what to do with commercial buildings,” Berman said. “We’re shopping both ideas around now and will pull the trigger on one this summer.”

Data suggests challenges facing both avenues. Office vacancy rates are between 13% and 16%, according to market reports. At the same time, the neighborhood, which has been awash in office conversions since the 1990s creation of the neighborhood-specific 421-g tax break, can seem saturated with residential rentals.

Indeed Metroloft’s own buildings, including 180 Water St., are now dangling hefty incentives of four free months as signing bonuses for apartment leases.

The vacancy rate for apartments in the neighborhood hit nearly 17% in April, according to Douglas Elliman— easily the borough’s highest rate— which was up from 16% in March.

There might be silver linings. Workers have been seen freshly interested in living close to work and not having a long subway commute, brokers say.

“But we don’t have a lack for rentals,” said Zahra Joudi, a Compass agent who manages rentals in the area for investors. “I’m not sure if we need more at this point.”

AIG, meanwhile, will be based at 1271 Sixth Ave., the former Time-Life Building, but also will have an office downtown at One Chase Manhattan Plaza. ■ 6 | CRAIN’S NEW YORK BUSINESS | June 14, 2021

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SPONSORED CONTENT

A new future for primary care One thing that became abundantly clear during the Covid-19 pandemic was the importance of primary care. Primary care physicians were on the front lines of helping keep the public well throughout the crisis. With the economy opening up again, primary care is getting renewed attention and it is seeing considerable innovation.

For insight into key primary care trends, Crain’s Content Studio spoke with Michael McGuire, the chief executive officer of UnitedHealthcare in New York. McGuire and his team coordinate access to consumer-oriented health benefit plans and services for nearly 3 million people who get their health plan individually or through small, large and public sector employers. In addition, McGuire is the board chair of the New York Health Plan Association and the Business Council of New York State.

want to look at. Geographically, do you want a primary care physician located by your work or by your home? Do you and your family want to have the same primary care physician?

MICHAEL McGUIRE

CEO UnitedHealthcare, New York

CRAIN’S: Why is primary care so important today?

MICHAEL McGUIRE: Covid-19 is a perfect example of the importance of primary care physicians. When the pandemic hit, if you didn’t feel well and had Covid-19 symptoms, what was the first thing they told you to do? Call your primary care physician. Public health officials didn’t want you walking into emergency rooms. Having a primary care relationship is critical, particularly during this time.

Unfortunately, there’s been a decline in folks who have a primary care physician. We believe that it is really important to have both a primary physician relationship and an annual checkup. Those visits help you with preventive care and chronic condition management, if needed. The primary care physician is the quarterback to helping keep you well and, if you have a chronic illness, to helping guide you through managing your condition.

CRAIN’S: What criteria should consumers consider in choosing a primary care physician?

McGUIRE: UnitedHealthcare has many great resources, available online and through our customer care department, to help you select a primary care physician.

There are many factors you may

P007_CN_20210614.indd 7

Other questions to ask: Is it a small practice or a large practice?

If your primary care physician is part of a multispecialty group, they can refer you to other health care professionals within the same group. You also may want to consider the quality and patient-experience ratings for health care professionals.

Online, you can find information about where they went to school, as well as their other special interests and certifications.

UnitedHealthcare has a premium designation program that provides physician ratings based on quality and cost efficiency. You may also be interested in their age, gender and languages they speak. You also can find if they

a door for people to help get access to care at a time and place convenient for them, including the ability to “see” their own physician for routine, preventive and on-going care. Virtual care may help the patient. It also helps the doctor to see and evaluate patients who may otherwise have trouble getting to the office or have a condition that might be contagious to other people.

We think it is really a win-win.

More and more enhancements and applications will emerge during the coming years. Some doctors didn’t have the capability to provide virtual care before Covid-19 emerged. Now there is more technology to help.

If you’ve got a unique condition, you may be able to do a virtual visit with a specialist who isn’t in your area. You can make that connection and establish a relationship to enable access to regular medical care, which

We think it’s important we give different options. We want to offer both. Physician practice groups are growing and adding more doctors to their networks.

There’s a renewed focus on it.

That helps us. And, I think that everyone is better off with that.

CRAIN’S: Virtual care has really taken off during the pandemic.

What is next on that front?

McGUIRE: I think it will continue to expand as more and more people become comfortable with it. I used it once before for the flu. Once you’ve done it, it may be easier to do it again.

You may recognize that virtual care works for you. When a primary care physician group has those capabilities, it’s great. It’s giving people the opportunity to try it. As they get comfortable with it, doctors are growing

“Virtual visits were not widely used until Covid-19. Compared to 2019, virtual care visits by our members in 2020 increased by 2,500%.” are affiliated with a hospital you are comfortable with, and how many hospitals have associated physicians in your network? Also, you can find out if they have virtual care capacities or offer telehealth visits.

Ultimately, we encourage members to build a relationship with a primary care physician over the long term.

CRAIN’S: How do you anticipate technology changing primary care in the next few years?

McGUIRE: We’ve had virtual visits available for many years.

UnitedHealthcare members may be able to use a computer or smart phone to see a doctor within 15 minutes. However, virtual visits were not widely used until Covid-19. Compared to 2019, virtual care visits by our members in 2020 increased by 2,500%. It really has opened up

their capacities. For eligible UnitedHealthcare members, they can connect with a local health care professional or 24/7 with a national physician via a smartphone, tablet or desktop computer.

CRAIN’S: What about the shortage of primary care physicians?

McGUIRE: Primary care is the foundation of the U.S. health care system. Demand for primary care will increase significantly in the coming years as the health care system serves a larger, older, and less healthy population. There is a renewed focus on primary care, making sure the marketplace reimburses the physicians at appropriate levels. There are alternatives, such as using a nurse practitioner or a physician assistant.

Health plans built for I spy pinkeye.

may help with preventing disease or managing a chronic condition without the need to travel or take time away from work.

CRAIN’S: Why has the use of primary care doctors declined in recent years?

McGUIRE: It’s a combination of things. Urgent care centers and convenience care centers have increased. Right now, you can go to the corner chain drugstore for care. We’ve also seen that millennials in some cases don’t develop those relationships with primary care doctors. If they have strep throat, they want to go the convenience care facility and be done. These types of care settings may be an option for quick acute care needs, but do not provide the patient-centric approach offered by a primary care physician to help prevent or manage chronic conditions.

With new interactive tools for Oxford1 members like 24/7 doctor video chats, health plans from Oxford are designed to help your employees get care and support.2 Wherever, whenever. Welcome to the new Oxford — now with even more ways to connect your employees to care. oxfordhealth.com

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These plans have exclusions and limitations. Contact the company for complete details.

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6/10/21 2:18 PM

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

EDITORIAL

group publisher Jim Kirk publisher/executive editor

Crain’s candidate endorsements for the 2021 mayoral primaries done—and get them done in a hurry. Improving the quality of life for all New Yorkers should be job one. And as the city recovers from the pandemic, it will have to prove to the rest of the world that it is a safe place to visit, live and operate a business. Obviously, there are other challenges in the realms of education, transportation, housing, health care and taxes that Garcia will have to tackle.

Unlike some of the career politicians in the race, Garcia is not an ideologue, and her experience in city government is at the managerial level. The 51-year-old lifelong New Yorker didn’t seek the spotlight, only a chance to serve. She has an impressive record at the Sanitation Department, where she worked as a 22-year-old intern in 1992 and then returned to under the de Blasio administration 22 years later as its commissioner. In between, she held other city positions, including roles at the Department of Environmental Protection during the Bloomberg administration. She was instrumental in restoring the city’s wastewater

UNLIKE SOME CAREER POLITICIANS, GARCIA IS NOT AN IDEOLOGUE the qualifications and experience of all the candidates, we feel confident that Kathryn Garcia is the best person to lead the city at this critical point in time.

Quite frankly, the city needs someone who can get things

EDITORIAL editor Robert Hordt assistant managing editors Telisha Bryan,

Janon Fisher deputy digital editor, audience & analytics

Jennifer Samuels associate editor Lizeth Beltran art director Carolyn McClain photographer Buck Ennis data editor Amanda Glodowski senior reporters Cara Eisenpress,

Aaron Elstein, Eddie Small reporters Ryan Deffenbaugh, Maya Kaufman,

Brian Pascus, Natalie Sachmechi, Shuan Sim executive assistant Devin Cavallo

GARCIA

to contact the newsroom:

www.crainsnewyork.com/staff

treatment systems after Superstorm Sandy.

Throughout her career in public service, Garcia, who would become the city’s first female mayor, was seldom criticized. In fact, she was often lauded for her accomplishments and her ability to succeed in whatever role she took on.

Garcia’s platform includes universal broadband and free child care up to age 3 for families with an income of less than $70,000. For the small-business community, she has pledged to institute a single permit to get one up and running, interest-free microloans and a one-year moratorium on fines and fees. In addition, she wants to shift more

212.210.0100 685 Third Ave., New York, NY 10017-4024 ADVERTISING

SLIWA city contracts for small purchases to local businesses.

BUCK ENNIS

I

DEMOCRATIC PRIMARY f you put the best qualities of the leading Democratic mayoral hopefuls together, you may come close to creating an ideal candidate.

This candidate would possess the energy and creative thinking of Andrew Yang, the political savvy of Eric Adams, the work ethic of Kathryn Garcia, the business background of Ray McGuire, the intellectual rigor of Shaun Donovan, the governmental experience of Scott Stringer as well as the passion of Maya Wiley and Dianne Morales.

Unfortunately, we can’t fuse the candidates together and come up with a superhuman. We can pick only one. After carefully reviewing

Frederick P. Gabriel Jr.

www.crainsnewyork.com/advertise account executives Kelly Maier,

Courtney McCombs, Christine Rozmanich, Laura Warren people on the move manager Debora Stein,

dstein@crain.com

REPUBLICAN PRIMARY his is a hard choice because we find neither candidate very serious. But of the two, Curtis Sliwa gets our support because of his focus on public safety and the fact that he will present a more formidable opponent in the general election than Fernando Mateo.■

T

CUSTOM CONTENT senior manager, custom content

Sophia Juarez, sophia.juarez@crainsnewyork.com EVENTS

www.crainsnewyork.com/events manager of conferences & events

Ana Jimenez, ajimenez@crainsnewyork REPRINTS

OP-ED

director, reprints & licensing Lauren Melesio,

To bring back small businesses, the city should pull out all the stops

212.210.0707, lmelesio@crain.com PRODUCTION production and pre-press director

Simone Pryce media services manager Nicole Spell SUBSCRIPTION CUSTOMER SERVICE

BY RAY MCGUIRE

N

ew York’s postpandemic economic recovery is going to be long and hard fought, no matter what. Anyone who says otherwise does not have a grasp on the reality of our city’s situation. We do, however, have an opportunity to make the right investments and priorities now to ensure when the economy does fully rebound—which it will—it is more resilient, equitable and successful than before.

Based on conservative estimates, New York is facing two to three years of recovery. Others think it’s even worse. There’s no question those who economically suffered most this last year were the small-business owners who, without hyperbole, define the character of each of our communities. The city has to do everything it can to support existing and wouldbe entrepreneurs as they get back on their feet.

As of April, New York had a

small-business closure rate of about 42%, one of the worst in the country. There are steps available to help curb it the city has so far not taken. To start, we can use the city’s purchasing and convening power to act on behalf of small-business owners and get them access to affordable lease agreements in currently vacated commercial spaces.

Remove red tape We also have to remove much of the needless regulatory red tape that impedes businesses from opening and operating, and especially harms individuals of color who disproportionately lack the financial and legal resources to navigate New York’s complex bureaucracy. That includes eliminating unnecessary fees, like the $200 tax to establish a business; reducing regulatory approval timelines for inspections, permits and other authorizations to a maximum of 90 days from the application date; and centralizing inspections and relat-

ed fines under a single agency.

Just as crucial is re-energizing our tourism industry to once again funnel huge amounts of foreign dollars through our hotels, restaurants and retail businesses. According to the state comptroller, tax revenue from visitor spending in New York City fell by as much as $1.2 billion last year, a 73% drop from 2019. Obviously, travel restrictions and fears of viral spread played big roles in that trend, but at the same time, we cannot expect tourism to simply snap back in place as the Covid threat wanes.

To coax back the more than 40 million tourists New York lost last year, the city must conduct a massive revitalization campaign that includes commissioning local public artworks in all five boroughs, subsidizing wages for restaurant, nightlife and cultural professionals and promoting attractions and businesses around the city with tourist vouchers and other incentives.

But perhaps the most important

factor to our city’s appeal is making sure our streets are safe for residents and visitors alike. When places like Times Square aren’t free from shootings and other violent crimes, people question whether any neighborhood is safe for them and their families. Among other things, we need more NYPD officers specially trained to investigate and disrupt gun violence and illegal firearms trafficking. And we need better mental health support and prevention programs in areas experiencing the highest rates of violence to stop individuals from committing these tragic crimes in the first place.

Coming out of this pandemic, there is pent-up demand for travel, arts, entertainment, food and urban life. The next mayor must show why New York is still the best city in the world to experience all of it. Our small businesses and communities depend on it. ■

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Entire contents ©copyright 2021 Crain Communications Inc. All rights reserved. ©CityBusiness is a registered trademark of MCP Inc., used under license agreement.

CRAIN COMMUNICATIONS INC. chairman Keith E. Crain vice chairman Mary Kay Crain chief executive officer 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]

Ray McGuire is a Democratic candidate for mayor.

8 | CRAIN’S NEW YORK BUSINESS | JUNE 14, 2021

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OP-ED

BY MELVA MILLER AND TRAVIS TERRY

I

n tough times, businesses and civic stakeholders have always stepped up to support New York City. Just as the city was about to declare bankruptcy in the 1970s, for example, business leaders prepaid their real estate taxes. Business leaders along with the United Federation of Teachers and others created the Municipal Assistance Corp. to sell bonds to meet the city’s borrowing needs. Then, as many of us remember, after 9/11, stakeholders across sectors came together to help rebuild Lower Manhattan and consistently state their commitment to staying in the area.

Today the Covid-19 pandemic is forcing New York City to face its next generational crisis. To meet this challenge, we all must band together to directly address major racial and economic inequities in our systems, like health, housing, public safety, economic development and education.

As the city reopens, we want to outline some ways businesses can accelerate its comeback.

Commit to New York and hire locally.

While there are rumors that firms are considering moving their headquarters to lower-cost U.S. cities, publicly share your commitment to staying in New York by hiring New Yorkers.

Engage your employees to help the city’s recovery. In addition to your company contributing funds, provide opportunities for your employees to support vital city charities and help New Yorkers in need. This builds engagement and retention as well as provides an opportunity to give back to New York and its residents.

Promote a safe, diverse and inclusive workplace—whether in person or remote—and promote Covid-19 safety measures to your employees, clients and customers.

Offer skills to nonprofits. Consider your area of expertise and how it helps New York. Toyota trained the Food Bank on its efficiency philosophy, for example—which led to optimization at soup kitchens.

Engage with government. Reach out to elected officials to offer insights, and understand the roles of both state and city government.

Encourage tourism. If yours is a na-

tional or international company, encourage employees to visit New York and explore neighborhoods in all five boroughs.

Promote the city and region. Use public forums to express optimism about the future of New York and declare your organization’s commitment to being here.

Invest in energy efficiency and resiliency. This helps prepare us for the local impacts of climate change. Smart investments can mitigate risks, create thousands of jobs and reduce long-term operating expenses for companies and building owners throughout the city.

Plan for future growth.

Develop a strategy for organizational growth by investing in the city and its workforce. Embrace state-of-the-art health and safety standards to build confidence with consumers and to ensure your employees that their workplace is safe.

Buy local from small businesses.

Encourage your employees to pa-

THINK GREEN. THINK FAST. THINK SAVINGS. Join NYC businesses making the shift to more efficient deliveries.

ISTOCK

How you can support New York’s recovery and growth

tronize neighborhood restaurants, and use eateries throughout the city for company catering opportunities. Purchase goods and services from small businesses, especially ones owned by minorities, women, immigrants, military veterans and members of the LGBT community.

There are countless ways we can

help. We’ve outlined only a few.

Small shifts can make a huge difference in bringing back the New York City we all know and love. ■ Melva Miller is chief executive of the Association for a Better New York.

Travis Terry is president of Capalino, an urban strategy firm.

NYC DOT is committed to improving the movement of goods in the city. We are recruiting businesses to join our Off-Hour Deliveries program. Delivering and receiving goods during off-peak hours helps reduce daytime congestion and improves air quality for everyone. Learn how your business can boost productivity and contribute to a better quality of life in NYC by visiting ohdnyc.com today.

June 14, 2021 | CRAIN’S NEW YORK BUSINESS | 9

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6/10/21 1:44 PM

PEOPLE ON THE MOVE FINANCIAL / TECHNOLOGY

LAW

Alloy

Greenspoon Marder, LLP

Alloy, the leading identity decisioning platform for banks and fintechs, today announced Kiran Hebbar has joined as CFO, where he will lead and oversee all finance functions. Prior, Hebbar served as CFO at mParticle.

He has a proven track record scaling high growth software companies combined with a decade of venture investing experience. Hebbar’s unique skill set spanning strategy, finance and growth enables him to translate a company’s vision into operating plans that boost enterprise value.

Carol A. Sigmond is a partner in the Construction practice group at Greenspoon Marder. With more than four decades of Sigmond legal experience, Ms. Sigmond focuses her practice on construction industry matters, including arbitration, appeals, bid protests, contract preparation, Deal mediation, litigation, and suretyship.

Joshua M. Deal is an associate in Greenspoon Marder’s Litigation practice group. He concentrates his practice on commercial and civil matters litigating in state and federal courts in New York and handling appeals before the New York Supreme Court, Appellate Division, and the U.S. Court of Appeals for the Second Circuit.

Learn more on www.gmlaw.com

HEALTH CARE

Visiting Nurse Service of New York Jessica Fear, LMFT, is the new Senior Vice President of Community Mental Health Services at Visiting Nurse Service of New York. A behavioral health service industry leader specializing in population health management for children, adolescents, families and adults with chronic medical and behavioral health conditions, Ms. Fear returns to VNSNY after serving as VP of Behavioral Health Services for HealthFirst.

Previously at VNSNY she was Director of Children’s Services and the Health Home.

Advertising Section To place your listing, visit www.crainsnewyork.com/people-on-the-move or, for more information, contact Debora Stein at 917.226.5470 / dstein@crain.com

COMPANIES ON THE MOVE To place your listing, visit www.newyorkbusiness.com/companymoves or contact Debora Stein at 917.266.5470 / email dstein@crain.com ANNIVERSARIES / MILESTONES

S H A R E Y O U R C O M PA N Y ’ S J O U R N E Y Amalfi Capital Partners PO Box 306 Wickatunk, NJ 07751 732-433-2811 amalficapitalinfo@gmail.com Amalfi Capital is excited to announce its 25th investment since its inception. The latest is with Terra Group on the development of Grove Central in Florida. “We are happy to invest in this development in this area of Miami. We like the sustainability of the project as well as its impact on the local community” said Mike Schnurr, m.p. Amalfi Capital is a real estate equity firm founded in 2015 that is an investor in over 1 million sf of property throughout the U.S.

Feature your latest milestones, launches, partnerships, awards and more in Crain’s

For more information, contact Debora Stein at dstein@crain.com or submit directly to

CRAINSNEWYORK.COM/COTM

INDUSTRY ACHIEVERS ADVANCING THEIR CAREERS Recognize them in Crain’s

LAW

Freeborn & Peters LLP Freeborn & Peters LLP is pleased to announce the arrival of Katie L. Schwartz, an Associate in the Litigation and Labor & Employment Practice Groups in the firm’s New York office.

She represents commercial and business litigation clients in state and federal courts.

For listing opportunities, contact Debora Stein at dstein@crain.com or submit directly to

CRAINSNEWYORK.COM/PEOPLEMOVES

ANNOUNCE

YOUR BIG NEWS IN CRAIN’S!

10 | CRAIN’S NEW YORK BUSINESS | JUNE 14, 2021

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6/10/21 5:49 PM

ASKED & ANSWERED are a lot of people out there who have given us very good suggestions and critics who have been helpful.

INTERVIEW BY EDDIE SMALL

WHO HE IS President of the New York tristate region, Howard Hughes Corp.

A

s president of the New York tristate region at Howard Hughes Corp., Saul Scherl is involved with the firm’s plans for a 25-story, 270-unit tower at 250 Water St. in Manhattan’s South Street Seaport.

The Landmarks Preservation Commission approved plans for the tower in early May, but just a few weeks later, community groups filed a lawsuit, arguing that the decision should be overturned. Scherl plans to focus on trying to bridge the gap between the tower’s supporters and detractors as it moves forward. And when it comes to other projects across the city, Scherl believes pandemic-related trends such as touchless elevator buttons will become standard.

What are the next steps for 250 Water St.?

We’ve commenced the land-use review process, so we are preparing for the first step of that, which is the community board meeting. It’s going to require a lot of work and communication. There are people who strongly believe in the project, and then there’s a vocal group that would like to see something totally different on the site.

My goal is to try to bridge all that. It’s not easy.

Are you surprised by the amount of community pushback the project has received?

I’m not. I’m surprised more so at the alternatives

Does Hughes have any interest in developing projects in other parts of the city?

We would love to, but right now my goal is to finish the Seaport. We have a lot of work ahead of us in the next six months.

We have close to $1 billion invested in the Seaport, but I do think there are going to be future opportunities in New York.

AGE 55 GREW UP Englewood Cliffs, N.J. RESIDES Tenafly, N.J. EDUCATION Bachelor’s in business, Emory University; law degree, The George Washington University Law School

How do you think the pandemic will affect major projects going forward?

COVID SCARE Scherl, his wife and their three children all came down with Covid-19 during the winter, and he said they were the perfect example of how different the impact of the virus can be. His wife and middle daughter experienced fairly severe symptoms, while he barely knew he had it.

It’s all about making sure people feel comfortable. The days of touching elevator buttons, I think, are over. If you go into our new food and beverage outlets, everything is touchless. We’re also looking at when or if customers are going to be comfortable again sitting as close together as they used to or if they’ll want these partitions to stay between them, even if they are more for appearance than for safety. We’re looking at air quality in all of our projects.

HOME SWEET HOME Scherl is not just involved with real estate through his job at Howard Hughes. He also has a side hobby of building single-family homes. “Some of them I moved into, and some of them I would sell,” he said.

“But I like to design them myself.”

Has Covid changed any aspects of Hughes’ plans for the Seaport?

It’s clearly affected the process. In many ways it’s been really great because whereas you used to not be able to sit at a meeting for eight hours, now it’s provided opportunities for people to do other things while they wait to voice their opinions. As it relates to the building, it’s not going to be any different than any other post-Covid building in New York. We’re going to make sure it’s as safe as possible. ■

that people have come up with, like a tow compound. You’d have 50,000 cars a year coming into a historic district just to have a low building. I don’t understand that.

Someone that would argue that with a straight face, I have to question what their real purpose is. But there

BUCK ENNIS

SAUL SCHERL Howard Hughes Corp.

DOSSIER

CRAIN’S WEBCAST

Thursday, July 15 | 3:30 - 5 p.m.

Crain’s first annual Excellence in Diversity and Inclusion Awards, a component of Crain’s 2021 All Together commitment, will celebrate New York City individuals and businesses that are leading by example and holding themselves and others accountable for diversity and inclusion initiatives.

This 90-minute awards program focuses on four key themes: n Recruitment n Training n Retention n Belonging and Equality

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JUNE 14, 2021 | CRAIN’S NEW YORK BUSINESS | 11

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THE LIST LARGEST HOSPITALS New York–area institutions ranked by operating expenses

RANK

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23

2020 OPERATING EXPENSES (IN MILLIONS)/ % CHANGE VS. 2019

2020 NET PATIENT REVENUE (IN MILLIONS)/ % CHANGE VS. 2019

2020 NUMBER OF CERTIFIED BEDS

2020 NUMBER OF AMBULATORY CARE VISITS

2020 INPATIENT DAYS

HOSPITAL/ ADDRESS

PHONE NUMBER/ WEBSITE/ NETWORK AFFILIATION

New York-Presbyterian Hospital 1 525 E. 68th St. New York, NY 10065

212-746-5454 nyp.org New York-Presbyterian

Steven Corwin, M.D. President, chief executive

$7,215.2 +11.2%

$5,734.0 -11.4%

2,812

1,826,575

791,576

NYU Langone Health 2 550 First Ave. New York, NY 10016

212-263-7300 nyulangone.org

Robert Grossman, M.D. Medical school dean, chief executive of health system

$6,261.6 +3.6%

$5,578.9 -7.8%

2,104

1,503,009

484,559

Memorial Sloan Kettering Cancer Center 1275 York Ave. New York, NY 10065

212-639-2000 mskcc.org

Craig Thompson, M.D. President, chief executive

$5,824.4 +10.1%

$4,261.3 -6.6%

514

1,376,590

160,917

Montefiore Medical Center 111 E. 210th St. Bronx, NY 10467

718-920-4321 montefiore.org Montefiore Health System

Philip Ozuah, M.D. President, chief executive

$4,455.1 +7.3%

$4,334.3 3 +4.2%

1,558

4,376,563 4

455,205

Long Island Jewish Medical Center 5 270-05 76th Ave. New Hyde Park, NY 11040

516-470-7000 northwell.edu Northwell Health

Michael Goldberg Executive director

$3,296.0 +7.4%

$2,863.0 -3.7%

1,611

900,984

408,872

Mount Sinai Hospital 1 Gustave L. Levy Place New York, NY 10029

212-241-6500 mountsinaihealth.org Mount Sinai Health System

David Reich, M.D. President

$3,121.5 +7.8%

$2,718.5 -5.9%

1,367

914,410

368,154

North Shore University Hospital 6 300 Community Drive Manhasset, NY 11030

516-562-0100 northwell.edu Northwell Health

Jon Sendach Executive director

$3,035.0 +5.1%

$2,278.0 -10.5%

859

943,951

257,891

Catholic Health 992 North Village Ave. Rockville Centre, NY 11570

516-705-3700 www.chsli.org

Patrick O'Shaughnessy, D.O. President, chief executive

$2,658.7

$2,375.1

1,918

50,787

408,299

Stony Brook University Hospital 101 Nicolls Road Stony Brook, NY 11794

631-444-4000 stonybrookmedicine.edu Stony Brook Medicine

Carol Gomes Chief executive, chief operating officer

$1,888.2 +8.4%

$1,617.1 -1.8%

819

336,466

235,034

Hackensack University Medical Center 30 Prospect Ave. Hackensack, NJ 07601

551-996-2000 hackensackumc.org Hackensack Meridian Health

Mark Sparta President, chief executive

$1,877.5 7 +8.4%

$1,814.9 7 -3.0%

771

449,181

Lenox Hill Hospital 100 E. 77th St. New York, NY 10075

212-434-2000 northwell.edu Northwell Health

Mark Schiffer, M.D. Executive director

$1,555.0 +5.1%

$1,175.0 -10.4%

634

209,669

109,132

Maimonides Medical Center 4802 10th Ave. Brooklyn, NY 11219

718-283-6000 maimonidesmed.org

Kenneth Gibbs President, chief executive

$1,496.5 +8.9%

$1,484.7 +9.2%

711

430,621

199,414

Mount Sinai St. Luke's Roosevelt 8 1111 Amsterdam Ave. New York, NY 10025

212-523-4000 mountsinaihealth.org Mount Sinai Health System

Arthur Gianelli Evan Flatow, M.D. Presidents

$1,465.4 +8.5%

$1,093.4 -7.2%

1,009

374,633

208,839

Hospital for Special Surgery 535 E. 70th St. New York, NY 10021

212-606-1000 hss.edu

Louis Shapiro President, chief executive

$1,341.6 +2.1%

$930.1 -14.2%

215

473,945

37,484

NYC Health + Hospitals/Bellevue 462 First Ave. New York, NY 10016

212-562-5555 nychealthandhospitals.org NYC Health + Hospitals

William Hicks Chief executive

$1,236.8 +14.0%

$976.8 3 +20.2%

912

514,538

131,956

Staten Island University Hospital 475 Seaview Ave. Staten Island, NY 10305

718-226-9000 northwell.edu Northwell Health

Brahim Ardolic, M.D. Executive director

$1,129.0 +7.9%

$981.0 -4.3%

666

571,988

173,104

New York-Presbyterian Queens 56-45 Main St. Flushing, NY 11355

718-670-2000 nyp.org/queens NewYork-Presbyterian

Jaclyn Mucaria President

$1,120.1 +15.2%

$798.6 -8.5%

535

419,476

156,838

Mount Sinai Beth Israel 9 First Avenue at E. 16th St. New York, NY 10003

212-420-2000 mountsinaihealth.org Mount Sinai Health System

Jeremy Boal, M.D. President Scott Lorin, M.D. President, Mount Sinai Brooklyn

$1,099.4 +7.4%

$725.4 -11.5%

908

536,491

126,540

New York-Presbyterian Brooklyn Methodist Hospital 506 Sixth St. Brooklyn, NY 11215

718-780-3000 nyp.org/brooklyn NewYork-Presbyterian

Robert Guimento President

$1,070.9 +7.1%

$854.1 -11.1%

591

211,184

166,363

NYC Health + Hospitals/Kings County 451 Clarkson Ave. Brooklyn, NY 11203

718-245-3131 nychealthandhospitals.org NYC Health + Hospitals

Sheldon McLeod Chief executive

$1,015.6 +5.9%

$878.3 3 +17.0%

639

526,893

98,931

St. Francis Hospital 100 Port Washington Blvd.

Roslyn, NY 11576

516-562-6000 stfrancisheartcenter.chsli.org Catholic Health

Charles Lucore, M.D. President

$938.7 -2.8%

$894.7 -7.0%

364

10,216

90,174

Saint Barnabas Medical Center

973-322-5000 rwjbh.org/saintbarnabas RWJBarnabas Health

Stephen Zieniewicz President, chief executive

$898.1 +3.8%

$859.0 -4.1%

597

322,347

164,574

201-447-8000 valleyhealth.com Valley Health System

Audrey Meyers President, chief executive

$875.9 -0.6%

$973.3 +0.0%

431

17,115

115,419

94 Old Short Hills Road| June 14, 2021 12 | CRAIN’S NEW YORK BUSINESS Livingston, NJ 07039 Valley Hospital

223 North12Van P012_P013_CN_20210614.indd

Dien Ave. Ridgewood, NJ 07450

HOSPITAL LEADER

6/10/21 5:24 PM

11 11 11 11 22 22 221 22 223 224 225 226 227 228 339 331 331 331 331 331 331 331 331 331 441 2 2 2 2

RAN

New refe New mul refe Incl mul Cra Incl Cra

20 AYS

76

59

17

05

72

54

91

99

34

32

14

39

84

56

04

38

40

63

31

74

74

19

16 16 17 17 18 18 19 19 20 20 21 21 22 122 23 223 24 324 25 4 25 26 526 27 627 28 728 29 8 29 30 930 31 10 31 11 32 32 12 33 33 13 34 34 14 35 35 15 36 36 16 37 37 17 38 38 18 39 39 19 40 40 20 21 22 23

Staten Island, NY 10305 Northwell Health 475 Seaview Ave. northwell.edu Executive director +7.9% -4.3% Staten Island, NY 10305 Northwell Health New York-Presbyterian Queens 718-670-2000 Jaclyn Mucaria $1,120.1 $798.6 535 419,476 156,838 56-45 Main St. nyp.org/queens President +15.2% -8.5% New York-Presbyterian 718-670-2000 Jaclyn Mucaria $1,120.1 $798.6 535 419,476 156,838 Flushing, NY 11355 Queens NewYork-Presbyterian 56-45 Main St. nyp.org/queens President +15.2% -8.5% Flushing, NY 11355 NewYork-Presbyterian 212-420-2000 Jeremy Boal, M.D. $1,099.4 $725.4 908 536,491 126,540 Mount Sinai Beth Israel 9 First Avenue at E. 16th St.9 mountsinaihealth.org President +7.4% -11.5% 212-420-2000 Jeremy Boal,M.D. M.D. $1,099.4 $725.4 908 536,491 126,540 Mount Sinai Israel New York, NY Beth 10003 Mount Sinai Health System Scott Lorin, First Avenue at E. 16th St. mountsinaihealth.org President +7.4% -11.5% President, Mount Sinai Brooklyn New York, NY 10003 Mount Sinai Health System Scott Lorin, M.D. President, Mount Sinai Brooklyn New York-Presbyterian Brooklyn Methodist Hospital 718-780-3000 Robert Guimento $1,070.9 $854.1 591 211,184 166,363 506 Sixth St. nyp.org/brooklyn President +7.1% -11.1% New York-Presbyterian Robert Guimento $1,070.9 $854.1 591 211,184 166,363 Brooklyn, NY 11215 Brooklyn Methodist Hospital 718-780-3000 NewYork-Presbyterian 506 Sixth St. nyp.org/brooklyn President +7.1% -11.1% Brooklyn, NY 11215 NewYork-Presbyterian NYC Health + Hospitals/Kings County 718-245-3131 Sheldon McLeod $1,015.6 $878.3 3 639 526,893 98,931 451 Clarkson Ave. nychealthandhospitals.org Chief executive +5.9% +17.0%3 NYC Health Hospitals/Kings County 718-245-3131 Sheldon McLeod $1,015.6 $878.3 639 526,893 98,931 Brooklyn, NY+11203 NYC Health + Hospitals 451 Clarkson Ave. nychealthandhospitals.org Chief executive +5.9% +17.0% Brooklyn, NY 11203 NYC Health + Hospitals 2020 2020 2020 2020 St. Francis Hospital 516-562-6000 Charles Lucore, M.D. $938.7 $894.7 364 10,216 90,174 PHONE NUMBER/ OPERATING EXPENSES NET PATIENT REVENUE NUMBER OF NUMBER OF 100 Port Washington Blvd. stfrancisheartcenter.chsli.org President -2.8% -7.0% HOSPITAL/ WEBSITE/ (IN MILLIONS)/ (IN MILLIONS)/ CERTIFIED AMBULATORY 2020 St. Francis Hospital 516-562-6000 Charles Lucore, M.D. $938.7 $894.7 364 10,216 90,174 Roslyn, Catholic RANK ADDRESSNY 11576 NETWORKHealth AFFILIATION HOSPITAL LEADER % CHANGE VS. 2019 % CHANGE VS. 2019 BEDS CARE VISITS INPATIENT DAYS 100 Port Washington Blvd. stfrancisheartcenter.chsli.org President -2.8% -7.0% Roslyn, NY 11576 Catholic Health Saint Barnabas Medical Center1 973-322-5000 Stephen Zieniewicz $898.1 $859.0 597 322,347 164,574 212-746-5454 Steven Corwin, M.D. $7,215.2 $5,734.0 2,812 1,826,575 791,576 New York-Presbyterian Hospital 94 ShortSt. Hills Road rwjbh.org/saintbarnabas President, chief executive +3.8% -4.1% 525Old E. 68th nyp.org +11.2% -11.4% Saint Barnabas Medical Center 973-322-5000 Stephen Zieniewicz $898.1 $859.0 597 322,347 164,574 Livingston, NJ10065 07039 RWJBarnabas Health New York, NY New York-Presbyterian 94 Old Short Hills Road rwjbh.org/saintbarnabas President, chief executive +3.8% -4.1% Livingston, NJ 07039 2 RWJBarnabas Health Valley HospitalHealth 201-447-8000 Audrey $875.9 $973.3 431 17,115 115,419 212-263-7300 Robert Meyers Grossman, M.D. $6,261.6 $5,578.9 2,104 1,503,009 484,559 NYU Langone 223 Van Dien Ave. valleyhealth.com President, chief dean, executive -0.6% +0.0% 550 North First Ave. nyulangone.org Medical school chief +3.6% -7.8% Valley Hospital 201-447-8000 Audrey Meyers $875.9 $973.3 431 17,115 115,419 Ridgewood, 07450 Valley Health System New York, NYNJ10016 executive of health system 223 North Van Dien Ave. valleyhealth.com President, chief executive -0.6% +0.0% Ridgewood, NJ 07450 Valley Health System 545 546,819 99,034 NYC HealthSloan + Hospitals/Elmhurst 718-334-4000 Neil $873.3 $625.1 3 Memorial Kettering Cancer Center 212-639-2000 CraigMoore Thompson, M.D. $5,824.4 $4,261.3 514 1,376,590 160,917 +7.3% 79-01 Broadway nychealthandhospitals.org Chief executive +16.7% 1275 York Ave. mskcc.org President, chief executive +10.1% -6.6%3 NYC Hospitals/Elmhurst 718-334-4000 Neil Moore $873.3 $625.1 545 546,819 99,034 Elmhurst, NYC Health + Hospitals New Health York, NY NY+11373 10065 79-01 Broadway nychealthandhospitals.org Chief executive +16.7% +7.3% Elmhurst, NY 11373 NYC Health + Hospitals NYC Health Medical + Hospitals/Jacobi 718-918-5000 Christopher $855.1 $707.2 3 457 338,8324 94,738 1,558 4,376,563 Montefiore Center 718-920-4321 Philip Ozuah,Mastromano M.D. $4,455.1 $4,334.3 455,205 1400 South nychealthandhospitals.org Chief executive +8.0% +11.0% +4.2%3 111 E.Pelham 210th Parkway St. montefiore.org President, chief executive +7.3% NYC Health + Hospitals/Jacobi 718-918-5000 Christopher Mastromano $855.1 $707.2 457 338,832 94,738 Bronx, NY 10461 NYC Health Health + Hospitals 10467 Montefiore System 1400 Pelham Parkway South nychealthandhospitals.org Chief executive +8.0% +11.0% Bronx, NY 10461 NYC Health + Hospitals BronxCare 718-901-8600 Miguel $824.3 $718.9 570 900,623 152,889 516-470-7000 MichaelFuentesJr. Goldberg $3,296.0 $2,863.0 1,611 900,984 408,872 Long IslandHealth JewishSystem Medical Center 5 1276 Fulton bronxcare.org President, chief executive +6.7% -0.6% 270-05 76thAve. Ave. northwell.edu Executive director +7.4% -3.7% BronxCare Health System 718-901-8600 Miguel FuentesJr. $824.3 $718.9 570 900,623 152,889 Bronx, NY 10456 BronxCare Health System New Hyde Park, NY 11040 Northwell Health 1276 Fulton Ave. bronxcare.org President, chief executive +6.7% -0.6% Bronx, NY 10456 BronxCare Health System White Hospital Medical Center 914-681-1024 Susan Fox M.D. $818.5 $794.5 3 292 680,000 88,750 MountPlains Sinai Hospital 212-241-6500 David Reich, $3,121.5 $2,718.5 1,367 914,410 368,154 41 E. Post L. Road www.wphospital.org President, +7.9% -0.0% 1 Gustave Levy Place mountsinaihealth.org President chief executive +7.8% -5.9%3 White Plains Hospital 914-681-1024 Susan Fox $818.5 $794.5 292 680,000 88,750 White Plains, NY 10601Medical Center Montefiore New York, NY 10029 Mount SinaiHealth HealthSystem System 41 E. Post Road www.wphospital.org President, chief executive +7.9% -0.0% White Plains, NY 10601 Montefiore Health System NYC Hospitals/Lincoln 718-579-5000 Christopher $792.6 $554.5 3 362 433,286 81,336 NorthHealth Shore+University Hospital 6 516-562-0100 Jon SendachRoker $3,035.0 $2,278.0 859 943,951 257,891 234 149th St.Drive nychealthandhospitals.org Chief executive +13.1% +11.8% 300 E. Community northwell.edu Executive director +5.1% -10.5%3 NYC Health + Hospitals/Lincoln 718-579-5000 Christopher Roker $792.6 $554.5 362 433,286 81,336 Bronx, NY 10451 NYC HealthHealth + Hospitals Manhasset, NY 11030 Northwell 234 E. 149th St. nychealthandhospitals.org Chief executive +13.1% +11.8% Bronx, NY 10451 NYC Health + Hospitals Good Samaritan 631-376-3900 Ruth Hennessey $790.5 $693.2 437 14,843 112,499 Catholic Health Hospital 516-705-3700 Patrick O'Shaughnessy, D.O. $2,658.7 $2,375.1 1,918 50,787 408,299 1000 Montauk Highway goodsamaritan.chsli.org President +2.1% -4.9% 992 North Village Ave. www.chsli.org President, chief executive Good Samaritan Hospital 631-376-3900 Ruth Hennessey $790.5 $693.2 437 14,843 112,499 West Islip,Centre, NY 11795 Catholic Health Rockville NY 11570 1000 Montauk Highway goodsamaritan.chsli.org President +2.1% -4.9% West Islip, NY 11795 Catholic Health South Shore University Hospital 631-968-3000 Donna Moravick $780.0 $682.0 305 121,445 92,829 Stony Brook 631-444-4000 Carol Gomes $1,888.2 $1,617.1 819 336,466 235,034 301 MainRoad St. northwell.edu Executive directorchief operating +10.2% +0.1% 101 E. Nicolls stonybrookmedicine.edu Chief executive, +8.4% -1.8% South ShoreNYNY University 631-968-3000 Donna $780.0 $682.0 305 121,445 92,829 Bay 11706 Northwell Health StonyShore, Brook, 11794 Hospital Stony Brook Medicine officer Moravick 301 E. Main St. northwell.edu Executive director +10.2% +0.1% Bay Shore, NY 11706 Northwell Health Newark Beth University Israel Medical Center 973-926-7000 Darrell TerrySr. $632.17 $494.87 667 223,610 120,540 Hackensack Medical Center 551-996-2000 Mark Sparta $1,877.5 $1,814.9 771 449,181 201 Lyons Ave. rwjbh.org/newarkbeth President, chief executive 30 Prospect Ave. hackensackumc.org +8.4% -3.0% Newark Beth Israel Medical Center 973-926-7000 Darrell TerrySr. $632.1 $494.8 667 223,610 120,540 Newark, NJ 07112 RWJBarnabas Health Health Hackensack, NJ 07601 Hackensack Meridian 201 Lyons Ave. rwjbh.org/newarkbeth President, chief executive Newark, NJ 07112 RWJBarnabas Health Brookdale Hospital Medical Center 718-240-5000 LaRay Brown M.D. $629.9 $0.3 520 159,435 95,141 Lenox Hill Hospital 212-434-2000 Mark Schiffer, $1,555.0 $1,175.0 634 209,669 109,132 1100 Brookdale brookdalehospital.org President, chief executive +5.6% -99.9% E. 77th Plaza St. northwell.edu Executive director +5.1% -10.4% Brookdale Hospital 718-240-5000 LaRay Brown $629.9 $0.3 520 159,435 95,141 Brooklyn, 11212 One Brooklyn Health System New York, NY NY 10075 Medical Center Northwell Health 1 Brookdale Plaza brookdalehospital.org President, chief executive +5.6% -99.9% Inc. Brooklyn, NY 11212 One Brooklyn Health System Maimonides Medical Center 718-283-6000 Kenneth Gibbs $1,496.5 $1,484.73 711 430,621 199,414 Inc. NYC Health + Hosptials/Coney Island 718-616-3000 Svetlana $607.3 $406.6 371 307,974 86,602 4802 10th Ave. maimonidesmed.org President,Lipyanskaya chief executive +8.9% +9.2% 2601 Ocean Pkwy. nychealthandhospitals.org Chief executive +19.6% +11.6%3 Brooklyn, NY 11219 371 307,974 86,602 NYC Health Hosptials/Coney Island 718-616-3000 Svetlana Lipyanskaya $607.3 $406.6 Brooklyn, NY+11235 NYC Health + Hospitals 2601 Ocean Pkwy. nychealthandhospitals.org Chief executive +19.6% +11.6% Mount Sinai St. Luke's Roosevelt 8 212-523-4000 Arthur Gianelli $1,465.4 $1,093.43 1,009 374,633 208,839 Brooklyn, NY 11235 NYC Health + Hospitals NYC + Hospitals/Queens 718-883-3000 Neil $578.2 $533.1 229 371,597 61,865 1111Health Amsterdam Ave. mountsinaihealth.org EvanMoore Flatow, M.D. +8.5% -7.2% 82-68 164th St. nychealthandhospitals.org Chief executive +15.9% +19.6%3 New York, NY 10025 Mount Sinai Health System Presidents NYC Health Hospitals/Queens 718-883-3000 Neil Moore $578.2 $533.1 229 371,597 61,865 Jamaica, NY +11432 NYC Health + Hospitals 82-68 164th St. nychealthandhospitals.org Chief executive +15.9% +19.6% Hospital for Special Surgery 212-606-1000 Louis Shapiro $1,341.6 $930.13 215 473,945 37,484 Jamaica, NY 11432 NYC Health + Hospitals NYC 212-939-1000 Eboné Carrington $567.6 $439.8 282 260,758 55,591 535 Health E. 70th +St.Hospitals/Harlem hss.edu President, chief executive +2.1% -14.2% 506 Ave. nychealthandhospitals.org Chief executive +10.7% +7.9% New Lenox York, NY 10021 NYC Hospitals/Harlem 212-939-1000 Eboné Carrington $567.6 $439.8 3 282 260,758 55,591 New Health York, NY+10037 NYC Health + Hospitals 506 Lenox Ave. nychealthandhospitals.org Chief executive +10.7% +7.9% NYC York, Health Hospitals/Bellevue 212-562-5555 William Hicks $1,236.8 $976.8 33 912 514,538 131,956 New NY+10037 NYC Health + Hospitals 388 319,795 48,688 NYC + Hospitals/Woodhull 718-963-8000 Gregory Calliste $554.4 $541.5 462 Health First Ave. nychealthandhospitals.org Chief executive +14.0% +20.2% +22.1%3 760 Broadway nychealthandhospitals.org Chief executive +16.5% New York, NY 10016 NYC Health + Hospitals NYC Health Hospitals/Woodhull 718-963-8000 Gregory Calliste $554.4 $541.5 388 319,795 48,688 Brooklyn, NY+11206 NYC Health + Hospitals 760 Broadway nychealthandhospitals.org Chief executive +16.5% +22.1% Staten Island University Hospital 718-226-9000 Brahim Ardolic, M.D. $1,129.0 $981.0 666 571,988 173,104 Brooklyn, NY 11206 NYC Health + Hospitals SUNY Downstate 718-270-1000 Wayne Riley, M.D. $553.3 $226.9 342 5,173 49,847 475 Seaview Ave. Health Sciences University northwell.edu Executive director +7.9% -4.3% University Hospital of Brooklyn downstate.edu President +6.2% -20.0% Staten Island, NY 10305 Northwell Health SUNY Downstate 718-270-1000 Wayne Riley, M.D. $553.3 $226.9 342 5,173 49,847 445 Lenox Road Health Sciences University SUNY Downstate Health University Hospital of Brooklyn downstate.edu President +6.2% -20.0% Brooklyn, NY 11203 Sciences University New Lenox York-Presbyterian Queens 718-670-2000 Jaclyn Mucaria $1,120.1 $798.6 535 419,476 156,838 445 Road SUNY Downstate Health 56-45 Main St. nyp.org/queens President +15.2% -8.5% Brooklyn, NY 11203 Sciences University Huntington Hospital 631-351-2000 Nick Fitterman, M.D. $503.0 $497.0 348 94,758 75,239 Flushing, NY 11355 NewYork-Presbyterian 270 Park Ave. northwell.edu Executive director +4.6% +1.4% Huntington Hospital 631-351-2000 Nick Fitterman, M.D. $503.0 $497.0 348 94,758 75,239 Huntington, NY 11743 9 Northwell Health 270 Park Ave.Beth Israel northwell.edu Executive director +4.6% +1.4% Mount Sinai 212-420-2000 Jeremy Boal, M.D. $1,099.4 $725.4 908 536,491 126,540 Huntington, Northwell Health First AvenueNY at 11743 E. 16th St. mountsinaihealth.org President +7.4% -11.5% NYC Health + Hospitals/Metropolitan 212-423-6262 Christina Contreras $499.0 $315.4 3 338 299,346 31,375 New York, NY 10003 Mount Sinai Health System Scott Lorin, M.D. 1901 First Ave. nychealthandhospitals.org Chief executive +29.8% +10.4%3 President,Contreras Mount Sinai Brooklyn NYC Hospitals/Metropolitan 212-423-6262 Christina $499.0 $315.4 338 299,346 31,375 New Health York, NY+10029 NYC Health + Hospitals 1901 First Ave. nychealthandhospitals.org Chief executive +29.8% +10.4% New York, York-Presbyterian 718-780-3000 Robert Guimento $1,070.9 $854.1 591 211,184 166,363 New NY 10029 Brooklyn Methodist Hospital NYC Health + Hospitals Holy NameSt.Medical Center 201-833-3000 Michael $415.2 $389.0 361 240,990 64,555 506 Sixth nyp.org/brooklyn PresidentMaron +7.1% -11.1% 718 Teaneck Road holyname.org President, chief executive -0.7% -12.7% Brooklyn, NY 11215 NewYork-Presbyterian Holy Name 201-833-3000 Michael Maron $415.2 $389.0 361 240,990 64,555 Teaneck, NJ Medical 07666 Center 718 Teaneck Road holyname.org President, chief executive -0.7% -12.7% 3 639 526,893 98,931 NYC Health + Hospitals/Kings County 718-245-3131 Sheldon McLeod $1,015.6 $878.3 Teaneck, NJ 07666 +17.0% 451 Clarkson Ave. nychealthandhospitals.org Chief executive +5.9% Brooklyn, 11203 NYC and Health + Hospitals New York area includes theNY five boroughs of New York City and Nassau, Suffolk Westchester counties in New York, and Bergen, Essex, Hudson and Union counties in New Jersey. Crain's uses staff research, extensive surveys and the most current

references available to produce its lists, but there is no guarantee that these listings are complete. Hospitals are ranked by unrounded total operating expenses of separately incorporated facilities, as identified by Medicare number, and may include New Yorkfacilities. area includes the five boroughs of New York City and Nassau, Suffolk andincluded Westchester counties in New York, and Bergen, Hudson and Union counties in New uses campuses, staff research, surveys and and rehab the most current2-multiple may hold additional titles.

CARES act funds are not in figures, unless otherwise noted. the system's Cornell, Columbia andJersey.

Lower Crain's Manhattan excluding psychiatric services.

1--Includes St.Executives Francis Hospital 516-562-6000 Charles Lucore, M.D.Essex, $938.7 $894.7 364extensive 10,216 90,174 references to produce its lists, but there is 3no guarantee thatact these listings are complete.

Hospitals areand ranked by unrounded total operating expenses separately incorporated facilities,isas identifiedunder

by Medicare number, and may include7-Includes allavailable of NYU Langone Health's hospital sites.

CARES funding figure used Forest Hills are combined under Long IslandofJewish Medical Center. 6--Syosset combined North Shore University Hospital.

-Includes 4--2019 5--Franklin 100 Port Washington Blvd. stfrancisheartcenter.chsli.org President -2.8% -7.0% multiple facilities.8--Executives may hold additional titles.Morningside CARES act funds are not included in figures, otherwise system's Cornell, Columbia and respectively.

Lower Manhattan campuses, excluding psychiatric and rehab services. 2-1--Includes Crain's estimate Comprises figures from Mount Sinai and Mount Sinai West, which wereunless previously knownnoted. as Mount Sinai St.the Luke's and Mount Sinai Roosevelt, data for Mount Sinai Brooklyn 9--Includes Roslyn, NY 11576 Catholic4--2019 Healthfigure used 5--Franklin and Forest Hills are combined under Long Island Jewish Medical Center. 6--Syosset is combined under North Shore University Hospital. 7-Includes all of NYU Langone Health's hospital sites. 3--Includes CARES act funding Crain's estimate 8--Comprises figures from Mount Sinai Morningside and Mount Sinai West, which were previously known as Mount Sinai St. Luke's and Mount Sinai Roosevelt, respectively. 9--Includes data for Mount Sinai Brooklyn

Saint Barnabas Medical Center 94 Old Short Hills Road Livingston, NJ 07039

973-322-5000 rwjbh.org/saintbarnabas RWJBarnabas Health

Stephen Zieniewicz President, chief executive

$898.1 +3.8%

$859.0 597 322,347 164,574 June 14, 2021 | CRAIN’S NEW YORK BUSINESS | 13 -4.1%

Valley Hospital

201-447-8000 valleyhealth.com Valley Health System

Audrey Meyers President, chief executive

$875.9 -0.6%

$973.3 +0.0%

223 North13Van P012_P013_CN_20210614.indd

Dien Ave. Ridgewood, NJ 07450

431

17,115

115,419 6/10/21 1:32 PM

HEALTH CARE

How the state achieved one of the nation’s lowest positivity rates NEW YORK AND MASSACHUSETTS ARE TIED FOR LOWEST COVID POSITIVITY RATE IN THE COUNTRY Seven-day average positivity rate

WHO recommended rate for reopening (5%) 13.5% 13.3% 12.6% 7.8% 7.7% 7.3% 7.3% 6.9% 6.7% 5.5% 5.3% 4.9% 4.4% 4.3% 4.2% 3.8% 3.4% 3.4% 3.4% 3.3% 3.1% 3.1% 2.9% 2.8% 2.8% 2.8% 2.7% 2.7% 2.6% 2.3% 2.3% 2.2% 2.1% 2.1% 2% 1.7% 1.7% 1.6% 1.5% 1.3% 1.3% 1.2% 1.1% 1% 0.9% 0.7% 0.7% 0.6% 0.6% 0.5% 0.5%

G

ov. Andrew Cuomo last Monday announced that New York’s seven-day average Covid-19 positivity rate was 0.5%—the state’s lowest since it began testing in March 2020. According to Johns Hopkins University data, that ties New York with Massachusetts in having the lowest positivity rate in the nation.

The state has come a long way. In January Mount Sinai Health System was recording about a 10% positivity rate among its patients, said Dr. David Reich, president of Mount Sinai Hospital. That same month, when Northwell Health’s Covid-19 testing labs were in full force, running 16,000 tests per day during the second surge, its positivity rate was about 12%. Dr. John D’Angelo, senior vice president and executive director of emergency medicine services at Northwell, said it was hard to assess the true rate of the first surge last spring, as tests were limited back then.

Positivity rates have fallen since January because of a combination of factors, said Anna Bershteyn, assistant professor in the population

health department at the NYU Grossman School of Medicine.

Part of the reason is seasonality, all three experts agreed. Although it’s not clear why, coronaviruses including Covid-19 do not spread as quickly in warmer weather.

In the summer, positivity rates fell after a surge, although rates were still higher back then than they are now, Bershteyn said.

The strong push for Covid-19 vaccines since they became available in December has been another key factor, D’Angelo said. With the state moving closer to herd immunity, including people who developed antibodies from a previous Covid-19 infection, it is little wonder New York’s rate fell precipitously this month, he said.

Cuomo announced in his briefing that 68.6% of New York adults have received at least one dose of a vaccine, and 59.5% of that group have completed their vaccine series. Including all age groups, 56.6% have received at least one dose, and 47.9% have been fully vaccinated, the governor said. Cuomo and other state leaders said they expect New York to hit the 70% threshold—typically pegged as a mini-

Alabama Idaho Kansas Mississippi Arkansas Wyoming Iowa Kentucky Missouri Utah Nevada Oklahoma Washington North Dakota Florida New Jersey Louisiana North Carolina Georgia Texas West Virginia Pennsylvania Indiana Oregon Arizona Tennessee Colorado Montana South Dakota Delaware Michigan Ohio Maine Virginia South Carolina New Mexico Minnesota Wisconisn Nebraska Washington D.C. New Hampshire Illinois Connecticut Hawaii Alaska Maryland Vermont Rhode Island California New York Massachussetts

BY SHUAN SIM

SOURCE: Johns Hopkins Coronavirus Resource Center

mum for herd immunity—this month, if not by the first week of July.

Staying vigilant There are concerns, however, that the state’s halcyon days of low virus spread might not last.

“We’ve had the luxury of virtually no flu last year, but it’s going to return before Covid will be completely gone,” D’Angelo said.

It remains to be seen what the se-

verity of a combined flu and Covid-19 season looks like, he added.

Health experts continue to exalt that testing should be emphasized even amid low positivity rates, because detected cases could be identified and quarantined more effectively, Reich said. Data has shown that rigorous testing correlates to lower Covid rates, he added.

Johns Hopkins data shows that New York had a testing rate of 560

per 100,000 individuals, the second highest after Rhode Island. Alabama, which had one of the lowest testing rates, 47.3 tests per 100,000 people, also had the nation’s highest Covid-19 positivity rate: 13.5%.

“Especially with schoolchildren who have yet to be able to take the vaccine, we need to ensure that mass screenings and some sensible precautions, such as mask wearing in certain situations, remain in place,” Reich said. ■

SPONSORED CONTENT

S2 January 25, 2021

THE TAX LANDSCAPE FOR 2021 “TAXPAYERS SHOULD TAKE THE TIME TO UNDERSTAND FULLY THE LAWS AND REQUIREMENTS RELATED TO CHANGING A DOMICILE, AND THEY SHOULD CAREFULLY MAINTAIN DETAILED DOCUMENTATION SUPPORTING THEIR CLAIM.” —JOE BUBLÉ Crain’s: What do you expect will cause the biggest challenge for accountants and their clients during the upcoming 2021 tax season?

in a discussion on issues affecting the business community. n n n n n n n n n n n

Corporate Relocation & Office Tenants Labor & Employment Cybersecurity The Future of Real Estate The Future of Telehealth Private Equity Workplace Safety Best Practices

Jay Sussman: Tax deadlines are always a headache, but they may be even worse this year. At the start of the pandemic in early 2020, most clients already had filed their business tax returns or extensions on March 15, and the IRS moved quickly to extend the April 15 filing deadline to give accountants and taxpayers more time to gather data and file returns. This year, without the extension, accountants

»

Joe Bublé leads Citrin Cooperman’s tax practice and is a partner in the firm’s New York City office.

He concentrates on strategic tax planning, mergers and acquisitions, and sophisticated tax research for businesses and individuals. He has extensive experience with the taxation of partnerships, limited liability companies, C corporations, S corporations and highnet-worth individuals.

JOE BUBLÉ, CPA

Partner, New York City Citrin Cooperman (212) 697-1000 jbublé@citrincooperman.com

and their clients may be left scrambling to properly navigate the complex maze of the Cares Act and the Consolidated Appropriations Act of 2021. Contained within these two major pieces of Covid-19 relief legislation are tax provisions affecting all facets of individual and corporate tax credits and deductions.

Robert L. Tobey: The intersection of PPP loans and business taxes will be a challenge for many borrowers and their CPAs this year.

The IRS saved us one major headache by ruling that expenses paid for with forgiven PPP funds will be deductible.

But on the state level, how

these forgiven loan funds will be treated for tax purposes will vary by state. The first round of PPP funds was mostly distributed in 2020 but typically will be forgiven in 2021, which will add complications in preparing financial statements and tax returns this year.

We expect to see additional recovery legislation in 2021, which will add complexities for accountants and clients alike. Finally, dealing with the IRS and other tax authorities to resolve issues will continue to be challenging during the pandemic. Getting amended returns to claim refunds from the carryback of net operating losses also has been discouraging for taxpayers and practitioners.

Crain’s: How is the Biden administration likely to affect readers’ tax planning strategies this year?

Tobey: C Corporations, passthrough shareholders and highnet-worth individuals would all lose significant Tax Cuts and Jobs Act tax benefits under Biden’s proposed tax plan.

While it remains to be seen whether his administration will be able to pass any significant tax reform this year, it is wise to assess which of your tax strategies could be affected.

For example, tax deferral strategies this year could be largely obsolete if the tax rates increase in 2022. Businesses may want to consider delaying major deductible expenses into future years if the tax rate is expected to increase under the new administration.

Biden’s plan also calls for the phaseout of the Section 199A deduction for taxpayers earning more than $400,000, which will affect many pass-through shareholders’ tax planning strategies.

Sussman: President Biden has proposed a number of significant tax policy changes for individuals, corporations and estates, and with Democrats now in control of Congress, it is more likely that some of these proposals will become law. If so, the timing of these changes will have the biggest impact on tax-planning strategies. If, for example, increased tax rates and limited deductions for individuals earning more than $400,000 a year were to take effect in 2022, then 2021 income-tax planning would take this into account.

The same is true for estate planning—in anticipation of future reductions to the lifetime estate and gift tax exemption, individuals may seek to finalize their estate-planning strategies now under the current law to maximize their tax benefit.

Crain’s: The Consolidated Appropriations Act of 2021, nearly 6,000 pages long, contains a number of tax provisions that

will affect individuals and businesses. What expanded or extended provisions are most significant? Which can provide the most benefit to taxpayers?

Sussman: In addition to the provision stating that expenses paid with forgiven PPP loans are now deductible, the act includes the extension of the $300 charitable deduction for non-itemizers for 2021 (the maximum increased to $600 for married couples filing jointly); a permanent reduction in the medical expense deduction floor, which allows individuals to deduct unreimbursed medical expenses exceeding 7.5% of adjusted gross income instead of 10%; permission for taxpayers to roll over unused amounts in their health and dependent care flexible spending arrangements from 2020 to 2021 and from 2021 to 2022; and the temporary allowance of 100% business expense deduction for food or beverages provided by a restaurant. Each of these provisions can yield favorable tax outcomes for taxpayers and should not be overlooked in tax planning.

Crain’s: What tax incentives should employers keep in mind when planning their 2021 workforce?

Tobey: The employee retention tax credit is a huge factor to keep in mind when deciding to retain, furlough or terminate any employees. The new stimulus package allows for a credit of up to $14,000 per employee for qualifying wages paid from Jan. 1 to June 30 of this year. Because this is an immediate credit, it can potentially turn 70% of up to $10,000 of eligible wages paid per employee per quarter into a significant source of cash flow.

Joe Bublé: It should be noted that the Employee Retention Tax Credit applies to eligible employers whose business operations were fully or partially suspended because of Covid-related issues.

14 | CRAIN’S NEW YORK BUSINESS | JUNE 14, 2021

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6/10/21 5:10 PM

REAL ESTATE

Fast-casual chains from across the world are bullish on New York’s recovery

E

ven though the flight of some city residents and companies to South Florida has been good for business at Miami-based eatery Carrot Express, the chain’s managing director, Abraham Chehebar, has his eyes on New York.

“What does Warren Buffett do when he sees herds moving?” Chehebar asked. “He goes the opposite way.”

The company recently signed a 2,700-square-foot lease at 18 W. 23rd St. for its first location in New York—an expansion that might have taken another year or two to orchestrate if it weren’t for the pandemic pushing down commercial rents.

“I thought, ‘Wow this is a perfect time to start looking and negotiating a lease and have more clout as a tenant in the New York market,’” Chehebar said. If there were no Covid-19 pandemic, he said, his rent would have been 30% higher.

Leases and rents are negotiated individually, but average retail rents in specific Manhattan submarkets have dropped by more than 20% between the first quarter of 2020 and the first quarter of 2021, according to data from Cushman & Wakefield. Prices in SoHo fell by 20%, while the Madison Avenue corridor, between East 57th and East 72nd streets, had a nearly 19% decline in asking rents.

Seeing opportunity Chains have been champing at the bit to make their debut in New York, and are taking advantage of pandemic pricing.

Japanese specialty coffee brand Arabica chose Dumbo to be the home of its first New York outpost, with a café at 20 Old Fulton St. It’s the 86th Arabica location around the world.

Wolkonsky Bakery, which operates 60 stores in Russia and Ukraine, is opening its first U.S. café—an 8,100-square-foot space—at Jack Resnick & Sons’ 8 W. 40th St. Planta Queen, a Toronto-based vegan eatery, took 5,600 square feet at the Kaufman Organization’s 15 W. 27th St. “With the city’s recent reopening announcement, Planta’s New York City debut couldn’t be at a more opportune time,” Kaufman principal Grant Greenspan said.

Mediterranean restaurant chain Mezeh, which has 30 locations across Virginia, Maryland and North Carolina, is taking a more aggressive approach: It’s opening its first New York location in an 8,000-square-foot shop at 900 Broadway, with plans to have four others open in Manhattan in less than two years. It’s currently negotiating the other leases, it said.

Mezeh’s lease was arranged by Michael Azarian and James Ariola of Cushman & Wakefield, and

Planta’s lease was arranged by Lindsay Zegans and Richard Skulnik of Ripco.

“Now that the city is in a recovery and starting to go back again, we definitely saw a huge opportunity with the landlords,” said Steve Walker, a partner at Mezeh, which is based in Washington, D.C. “They’re more flexible, more willing to work with us, and they’re actually reaching out to us.”

The brand always had plans to get to New York, he said, but it was expensive. And the spaces that are available now weren’t available in the past, he added.

Local deals dominate During the past 17 months, food and beverage deals made up the largest piece of the retail leasing pie, with 44% of total leases, Cushman reported. That is far from what experts were anticipating at the start of the pandemic.

“If you look at this time last year, the expectation was that somewhere between 30% and 50% of food and beverage tenants in the city were going to hand in their keys and close their doors,” said Steven Soutendijk, a broker at Cushman & Wakefield who handled the Carrot Express deal along with Molly Sandza.

State Comptroller Thomas DiNapoli had estimated in the fall that 12,000 of the city’s restaurants and bars would close because of the pandemic. Much fewer than that have actually closed for good, as many were able to renegotiate lease terms with their landlords, Soutendijk said.

Where restaurants did close for good, fast-casual establishments

COURTESY OF MEZEH

BY NATALIE SACHMECHI

THE MEZEH RESTAURANT chain is planning to open five locations in New York City by the end of the year. tions in New York and recently opened a cantina in Times Square.

For a lot of the city’s restaurants, tenant protections are what’s keeping them in place, said Andrew Rigie, executive director of the New York City Hospitality Alliance.

Laws including the eviction moratorium and the suspension of the personal-liability guaranty threaten landlords but are a saving grace for business tenants that haven’t been able to pay their rent.

“I’m expecting the city to be back to normal in the next year for sure,” he said. “What’s better than Manhattan?” ■

More aid needed Disturbing reports from the Hospitality Alliance showed that 92% of restaurants and bars in the city couldn’t make their full rent payments in December, and 75% of them had lost more than half of their sales because of the pandemic.

Rigie called for the Restaurant Revitalization Fund to be replenished so that restaurants can deal with back rent and debt.

The fund grants up to $5 million for individual restaurants and up to $10 million for restaurant groups to use as reimbursement for business lost during the pandemic.

“I THOUGHT, ‘WOW, THIS IS A PERFECT TIME TO HAVE MORE CLOUT AS A TENANT’” have been rushing in.

For casual dining establishments, “the combination of stimulus and pent-up demand” could mean a big sales recovery, Evercore ISI analyst David Palmer said.

Although many of the restaurants are new to New York, most of the deals that were inked during the period were from local businesses looking to expand and those recommitting to New York City, Soutendijk said.

The Charles Pan-Fried Chicken restaurant, a Harlem icon, signed a lease for its second location this year, at 144–146 W. 72nd St. on the Upper West Side.

Burger chain Shake Shack opened its first Bronx location in April, at the Bay Plaza Shopping Center in Co-op City.

Mamoun’s Falafel opened its 11th spot in the city, and Magnolia Bakery opened its seventh in April.

Taco Bell has plans to open 25 loca-

ary, although just 2% in March, compared with 2019, according to retail research firm Placer.ai. But Chehebar said he isn’t worried.

Back to normal With an increasing share of the city’s population getting vaccinated, better weather and the end of Gov. Andrew Cuomo’s restrictions on indoor dining capacity and curfews, the city’s restaurant industry seems to be getting back on its feet.

“Everyone is excited to be out and about eating and drinking,” Soutendijk said. “Will New York be back to pre-Covid levels? In the fall of last year, it was 50-50. The 50% that said yes took advantage, and they’ll get paid off for that handsomely.”

Foot traffic in the city is still a fraction of what it was before the pandemic. Retail visits were down 33% during the first week of Febru-

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RETAIL

Whose loading zone? Amazon’s trucks take over supermarkets’ parking spots

BY CARA EISENPRESS

T

he rental trucks often park in front of two Morton Williams supermarkets on the Upper East Side at 8:30

a.m.

Half an hour later, a dozen guys arrive, and for the next five hours they load Amazon Fresh boxes onto their hand trucks and set off by foot to deliver the groceries to neighborhood residents who ordered them online.

“They use it like a warehouse,” said Avi Kaner, owner of Morton Williams Supermarkets, who added that his distributors now struggle to park when they deliver to his stores.

“The city is allowing these [trucks] to block our business.”

Kaner said he has not gotten a response from Amazon and is working with the Manhattan borough president’s office and the community board to try to change the signage to prevent the Amazon trucks from parking there. Currently, the space is designated as a commercial loading zone.

Amazon spokeswoman Alexandra Miller said the operation that Kaner is witnessing is called an “ex-

change point” but did not elaborate.

Turf war The pandemic has heightened a longstanding tension over who owns the city’s 8,000 miles of streets, with parked cars, moving vans, cyclists, scooters, pedestrians, businesses, food carts and eateries vying for their strips of concrete.

Last summer the city officially opened up streets and sidewalks to become spots for outdoor socializing, in programs such as Open Streets, Open Culture and Open Restaurants, and this spring Citi Bike ridership has broken its own levels weekend after weekend. But as New Yorkers worked remotely and shopped online, they also invited more trucks into their neighborhoods, doubling the percentage of residential freight delivery from 40% to 80% of all deliveries to the city. And because residential streets were not designed for so much freight traffic, these trucks often have nowhere to park.

In response, since 2019 the Department of Transportation has added over a hundred loading

zones in residential neighborhoods where delivery trucks can stop and unload without blocking traffic. No single company owns those spots, including Morton Williams. But for the grocer, it is the place where distributors arrive and park for anywhere from a few minutes to an hour, while they replenish the supermarkets’ shelves.

Because of the Amazon vehicle, Kaner said, distributors have to double park and risk getting tickets. He said several of his produce distributors are no longer delivering to him because of the cost of parking tickets.

The City Council has a bill in the legislative process that would test out the creation of “micro distribution centers” of about 800 square feet that would be expressly for transferring goods from commercial vehicles to couriers using bikes, e-bikes, scooters and hand trucks to make door-to-door deliveries.

“It’s clear we need more dedicat-

October 2019, according to data analytics company Second Measure, which shared the metrics in November.

Amazon is not included in the metrics because it does not break out its grocery orders from other purchases.

As of late 2019, FreshDirect, a Bronx-based grocery firm, was using a similar model to Amazon’s exchange point, with a AMAZON FRESH parked truck acting as a disboxes unloaded tribution hub. Its chief operoutside a ating officer, Timothy Kroll, Morton Williams told Crain’s that it was sending 22 larger trucks into Manhattan daily, rather than the 150 smaller ones that used to drive around residential neighborhoods.

The larger trucks park, then ed, well-enforced commercial load- delivery workers head out on foot. ing zones and a proactive approach Kroll argued that the new method to managing e-commerce deliveries actually keeps trucks off the street.

Kaner said that sales at Morton along our curbs,” said Jennifer Fermino, communications director of Williams in residential neighborhoods were only off their pre-Covid the New York City Council.

Grocery delivery is driving some levels by 5% to 15%, but stores in of the increase, with sales at the five business districts and near univerleading grocery services surging sities are still doing just half the 82% higher in October 2020 than in sales they used to. ■

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FROM PAGE 1

conducting their usual procedures, operating rooms had transformed into intensive care units for Covid-19 patients. She had no choice but to wait.

The hangover effect The pandemic has caused a secondary health crisis: Patients have postponed medical care out of fear, necessity or both. As they go back to the doctor, they are reporting worsened symptoms and entirely new medical concerns. Experts say the ramifications of this pandemic hangover are expected to shape the health care system for years to come.

The cost of waiting is only starting to become clear. Multiple ma-

U.S. adults said in September that they had delayed treatment during the pandemic, citing fears about Covid-19 exposure or the limited availability of services, one national survey found. The rate was even higher for adults with chronic conditions. The survey, conducted by Washington, D.C.–based policy think tank Urban Institute, found that about a third of those who did not get care experienced worsening symptoms.

Northwell Health launched a pilot program in August to re-engage that population, using algorithms to identify patients with chronic conditions who had not seen their primary care physicians in person or virtually during the pandemic.

The pilot served 1,500 patients. The system, which operates 23 hospitals and more than 830 outpatient facilities in the metropolitan area, is now expanding its outreach to roughly 50,000 patients. Once fully implemented, it will include the patients of more than 500 physicians.

Consulting firm McKinsey & Co. has projected that the effects of pandemic-delayed care could add $30 billion to $65 billion to the country’s annual health care costs. As health conditions become more severe, so does the cost to treat them. In one example cited by McKinsey, the average cost of treating chronic obstructive pulmonary disease could increase

SICKER PATIENTS REQUIRE MORE CARE, AND MORE CARE MEANS BIGGER BILLS jor health care providers and payers, such as NYU Langone and Empire BlueCross BlueShield, told Crain’s they do not yet have available data or estimates on how they have been or will be affected.

What experts do know is that sicker patients require more care, and more care means bigger bills.

More than a third of nonelderly

by 7% to 11%, from about $38,000 per patient per year to $41,000.

A report released recently by PwC’s Health Research Institute projected that health care costs will increase 6.5% between this year and next year, due in part to the effects of deferred care. Health plans and employers say their spending this year and next will likely surpass what they would have experienced if the pandemic had not happened, the institute reported.

“In 2022 the health system will take a breath and survey the fallout from these extraordinary few years,” the report said.

Anecdotally, city doctors are witnessing the fallout firsthand.

Dr. Paul Baron, chief of breast surgery and director of the breast cancer program at Lenox Hill Hospital in Manhattan, said many providers stopped routine mammograms for about two months during the pandemic. Other patients who discovered a problem before the crisis are just now attending to it.

Those delays in testing and treatment can mean later-stage cancers that are more difficult and costlier to treat, deadlier and—even if all goes well with treatment—more likely to come back.

“Covid did so much collateral damage,” he said.

Back to the doctor The months before hospitals restarted surgeries felt agonizingly long to Rachelle Bojer, one of Magsisi’s three children. She emailed

BARON says, “Covid did so much collateral damage.”

KARJEAN LEVINE

WAITING

back and forth with a staffer at Lenox Hill, where Baron had her mother on a waiting list for surgery.

“The waiting part was definitely scary, because we just wanted to get it done,” Bojer said.

In Juneof last year Magsisi finally got the call she had been waiting for. She would be able to get her surgery. Within hours Bojer helped her mother schedule the procedure and a flurry of pre-op appointments. Medicare covered them all, save for a few $10 co-pays.

Bojer drove her mother to Lenox Hill hospital early the morning of June 17, 2020. Magsisi was anesthetized and, the next thing she knew, the centimeters-wide clump of cells had been cut from her breast. She is cancer-free, although she now takes an estrogen-inhibitg

drug to reduce the chance the cancer comes back. Doctors are increasingly using the medication in lieu of a lumpectomy, Baron said, after noting how effective it was among breast cancer patients who could not get the surgery during the pandemic.

Magsisi was amazed how quick and painless her procedure was.

The whole surgery took about 45 minutes, Baron said. Two months and 45 minutes, to be exact.

Magsisi was fortunate that her wait did not have a negative consequence, but doctors like Baron say other patients may not be so lucky.

“It’s one thing to delay a month or two. It’s another thing to delay a year, year and a half,” Baron said.

“It’s easy to be complacent. In reality, it’s lifesaving.” ■

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FROM PAGE 4

residents are Black, just 3.5% of all city businesses had a Black owner before 2020, according to the Black Entrepreneurs NYC program. A report from the New York Federal Reserve said that Black-owned businesses across the state dropped by 70% between February and April 2020, but there are not current figures for how Black ownership in New York City looks today. Wright said there has definitely been a decrease in numbers.

When the state’s pandemic policies forced restaurants to shut down their dining rooms, Dupree and her husband, Hasson, both lifelong New Yorkers with families from the South, realized they could not afford to close Black Nile. They adapted, turning the dining room

out orders once again.

The Duprees were able to save enough money to finish a second spot, for which they had signed a lease in early 2020; it will open this summer. (A planned launch on Juneteenth was postponed because of an issue with the building’s roof.)

Corporate assistance Individual New Yorkers weren’t the only ones pledging to support their Black neighbors. Corporations came out in droves to agree that Black lives mattered, and at least some of their commitments to action are helping, those in the community say.

In Harlem, where dozens of Black-owned businesses are deeply intertwined with the community, a project by Uber helped finance and build sidewalk eating spaces for a group of restaurants, part of the San Francisco– based company’s $10 million commitment to equity.

Including the architects, contractors and artists, the project touched 32 businesses, 27 of which were Black-owned, said Valerie Wilson, a Harlem-based consultant who managed the project.

An influx of interest in Blackowned businesses led to private investment in another existing restaurant, Charles Pan-Fried Chicken, which has opened two lo-

“WE DON’T WANT IT TO BE THAT COMPANIES COULDN’T FIND BLACK VENDORS” space into a takeout bakery and taking on all the cooking and administrative work themselves.

About a month after Floyd was killed, business picked up enough that they could start to bring employees back. Early this spring, a viral TikTok video increased take-

LOBSTER jambalaya at Black Nile

doubling spending with Black vendors has a deadline of 2024. But Wright said Together We Thrive is pushing conversations forward about what corporations will need and sharing feedback with Black entrepreneurs about how to prepare.

Despite all the public statements and financial commitments, Wright

said, there is still a risk that the city’s minority- and women-owned companies could end up short-changed when the state begins to dole out billions in federal recovery money to businesses.

“They are saying we need to expedite investment,” she said. “But when the dust falls, we are going to see a bleak picture.” ■

ED!

END T X E NE

LI

DEAD

cations and is planning at least three more.

“Because of the extra eyeballs and concern about the longevity and success of Blackowned businesses, you get people willing to bet on a Harlem brand that would not have before,” said Wilson.

With the United Way’s Together We Thrive, Wright hopes to prepare Blackowned city firms to bid on opportunities when large corporations are ready to make good on commitments to increase their spending with Black vendors.

It’s a measurable way to see if a company’s values match its public statements.

“We don’t want it to be that companies couldn’t find the Blackowned vendors they need,” she said.

Procurement is necessarily a slower-moving project, she said.

For example, New York–based American Express’s commitment to

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GH Venture Partners, LLC filed Arts. of Org. with the Sect’y of State of NY (SSNY) on 6/8/2021. Office: NY County. SSNY has been designated as agent of the LLC upon whom process against it may be served and shall mail process to: The LLC, 410 Park Ave, Ste 730, NY, NY 10022. Purpose: any lawful act.

Notice of Formation of JAMES 555 LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 04/28/21. Office location: NY County. Princ. office of LLC: 555 W. 23rd St., Apt. S-3E, NY, NY 10011. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC at the addr. of its princ. office. Purpose: Any lawful activity.

Notice of formation of Metosis Studios LLC. Articles of Organization filed with the Secretary of State of New York (SSNY) on 02/01/2021. Office location: Bronx County. SSNY is designated for services of process. SSNY shall mail a copy of any process served against the LLC to 2804 Gateway Oaks Dr # 100 Sacramento, CA 95833. Purpose: any lawful purpose Notice of Formation of LCT3, LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 05/21/21. Office location: NY County. Princ. office of LLC: Tyler Haydell, 9 W. 31st St., Apt. 36F, NY, NY 10001. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC at the addr. of its princ. office. Purpose: Any lawful activity.

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REFUND

“NEW YORK CITY’S HOTEL SECTOR WILL TAKE LONGER TO RECOVER THAN THE NATIONAL MARKET”

FROM PAGE 1

The prospect of shelling out refunds to struggling or closed hotels is nettlesome for the city, which relies on property taxes for half its tax revenue. The collections are expected to decline by more than $1 billion next year, to $29.8 billion, AMOUNT the according to the Independent Independent Budget Office Budget Office— expects propertydriven by tax collections to shrinking paydecline by next ments from ofyear fice buildings, retailers and hotels. The assessed value of PERCENTAGE the hotels citywide assessed value of fell by 21% in the city’s hotels the past year, fell by in the past according to the year, according Department of to the Finance Finance.

Department Hotels and office towers are considered the same by New York City for property-tax purposes. Hoteliers have long argued that the system is unfair because their income streams are less stable than a typical office building’s.

Nevertheless, assessments continued to rise as the number of hotel rooms in the city had soared by

$1B

BLOOMBERG

21%

73% since 2007, an increase of more than 54,000.

Then along came the Covid-19 pandemic.

“Because of its characteristics and specific dependencies, New York City’s hotel sector will take two years longer to recover than

the national market,” consulting firm STR predicted in a January report to the city.

Too much supply Even before the pandemic, some hotels were struggling due to the surge in supply. Among those was

the 288-room Courtyard by Marriott near LaGuardia. The hotel closed in 2018.

In the hotel’s final year, the city pegged its taxable value at $25.3 million, or $10 million higher than suggested by the city’s assessor.

The hotel’s own assessor deemed

the proper amount to be $1.9 million, or more than 90% less.

Owner GCP Realty sued the city.

It argued the hotel’s assessment was incorrect because its appraiser compared the Marriott to similar properties, while the city’s appraiser compared it to more upscale New York hotels and even those in other states.

In an opinion released last Tuesday, Judge Joseph Risi of state Supreme Court agreed that the hotel provided “substantial evidence” it had been overvalued for five years and that the city’s appraisal was “defective, as it failed to adequately set forth the facts, figures and calculations to support their conclusion.”

The city did not respond to requests for comment.

Marcus said hotels are now contesting their property-tax bills because they can’t afford to pay their obligations.

“The thinking before was, Let’s see if we can lighten the load,” he said. “Now, it’s a matter of life or death.” ■

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22 | CRAIN’S NEW YORK BUSINESS | JUNE 14, 2021

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GOTHAM GIGS

BUCK ENNIS

BAUTISTA and the Environmental Justice Alliance are working on solid-waste reduction reforms.

EDDIE BAUTISTA AGE 57 BORN AND RAISED Red Hook and Sunset Park RESIDES Sunset Park EDUCATION Bachelor’s in political science and metropolitan studies, NYU; master’s in city and regional planning, Pratt Institute FAMILY MAN Bautista is married and has two adult sons.

GOOD READS He feels a personal connection to Piri Thomas’ coming-of-age memoir Down These Mean Streets. He calls it his favorite book.

PASSING IT ON Bautista is a visiting assistant professor for the Pratt Institute’s Graduate Center for Planning and the Environment in its School of Architecture.

NATURE LOVER He says his favorite thing about Mother Nature is that “she has the last word, one way or another.”

Battling environmental racism

Brooklyn native champions green policies in underserved communities

BY BRIAN PASCUS

G

rowing up in Red Hook, Brooklyn, during the mid1970s, Eddie Bautista was able to see environmental racism even though he didn’t know the term back then. His neighborhood was subject to an incomplete sewer reconstruction project that left residents exposed to dozens of open sewers for years on end. And several buildings collapsed due to suspended capital projects.

To Bautista, it’s not that city officials did this deliberately. It’s that they simply didn’t care.

“I made the connection to race, class and our lack of political power and the way our neighborhood was neglected,” Bautista said. “It forever shaped my political orientation.”

Today Bautista is the executive director of the New York City Environmental Justice Alliance, a nonprofit founded in 1991 that forms coalitions to change environmental poli-

cies in underserved communities.

Bautista rebuilt the organization when he took it over 10 years ago.

He and his seven-person staff work on solid-waste reduction reforms, transportation and energy planning, mitigation initiatives to lower emission sources of greenhouse gases and measures to prepare the city for a future affected by climate change. His team focuses almost exclusively on how these policies affect underserved communities such as the South Bronx and northern Brooklyn.

Bautista worked in the Bloomberg administration as the director of city legislative affairs.

“It was in that term that Bloomberg blossomed as the environmentalist he became known for,” Bautista said, noting the PlaNYC 2030 sustainable future initiative and other reforms.

Bautista has overseen legislative victories in the de Blasio era as well.

By forming the coalition NY Renews

with other city and state environmental groups to lobby elected officials, the Environmental Justice Alliance and its allies have guided the passage of the New York City Climate Mobilization Act, congestion pricing, a commercial waste zoning overhaul and Local Law 97.

“These were legacy fights, fights we started in the second Bloomberg term when we realized that greenhouse gases were emanating from buildings and transportation vehicles,” Bautista said.

The alliance and its partners have spent most of the past five months guiding stakeholders on implementing 2019’s Climate Leadership and Community Protection Act. It sets ambitious state targets of 85% greenhouse gas emission reductions by 2050 and 70% renewable energy creation by 2030.

“Getting the campaign into law is just the initial part,” he said. “If we botch the implementation, then the naysayers will say it won’t work.” ■

“I MADE THE CONNECTION TO RACE, CLASS AND OUR LACK OF POLITICAL POWER AND THE WAY OUR NEIGHBORHOOD WAS NEGLECTED”

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