Crain's New York Business by crains-new-york-business

ASKED & ANSWERED Insurance chief predicts a telemedicine revolution PAGE 6

CRAINSNEWYORK.COM

THE LIST Crain’s annual ranking of the largest publicly held firms PAGE 11

MAY 18, 2020

CORONAVIRUS ALERT

City gave $91.5M contract to shop that couldn’t deliver

Top PPE order to Brooklyn business with shaky financial record

t the frenzied height of the Covid-19 crisis in New York, on April 11—the day the city clocked 516 new deaths—a struggling Brooklyn medical-supply store won a $60 million order from

the city to produce protective gowns for health care workers on the front line of the pandemic. The virus was filling city hospitals with infected New Yorkers. Nurses treating them had begun to revolt over a lack of personal protective equipment: the gowns and masks

that form a thin barrier between medical workers and the sick. The city was scrambling to fill that deficit. Days before, Mayor Bill de Blasio had made a desperate plea to the

JANON FISHER

BY GWEN EVERETT

See WOODHULL on page 19

HELPING SMALL BUSINESS BOUNCE BACK 10 steps government can take to jump-start the city’s economy BY BRIAN PASCUS

ew York’s small businesses have been devastated by the lockdown to stem Covid-19. Unemployment has reached record levels, the hospitality industry has been crushed, and companies are trying to figure out how to navigate a post-pandemic world. But there are solutions.

NEWSPAPER

VOL. 36, NO. 18

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MORE INSIDE

HARRY PULVAR

See 10 STEPS on page 22

GRUBHUB SNUB

City Council caps fees for online food delivery. PAGE 2

LOAN LIMBO

PPP money is flowing but confusion reigns. PAGE 3

VIRTUAL SHOWPLACE

CALLING IT QUITS

PAGE 4

PAGE 10

Company helps nonprofits offer online experiences.

Uber closes e-bike startup for which it paid $200 million.

5/15/20 5:44 PM

CORONAVIRUS ALERT

Jemal brothers sue each other for stealing funds

rooklyn real estate’s version of Cain and Abel continues to fight despite the pandemic. Brothers—and discontented business partners—Steven and Alan Jemal last week filed suit against each other, charging embezzlement and unauthorized withdrawals from family trusts, in a public airing of family grudges over a business their father, Joseph Jemal, now deceased, started four decades ago. Although the name Jemal has made headlines in the past for the now-bankrupt (Nobody Beats) The Wiz retail chain, attorneys for both brothers say there is no relation. The Jemal family hails from the Syrian community around Sheepshead Bay, Brooklyn, and owns at least 80 properties in New York, 10 of them wholly and equally owned by the two brothers and their mom. They collectively have a 50% stake in the other 70, which are also owned by Morris Cohen and his family. The first action was filed by Alan, his mother, Ruth, and their real estate entities May 5, alleging that Steven and his wife, Victoria, unlawful-

WEBCAST CALLOUT

ly took more than $3 million from family trusts and business entities, including $600,000 from the business bank accounts, $1 million from a trust created by Ruth and $2 million from the partially owned properties. Ruth, as grantor, has removed Steven from the trust. The suit said Steven wired the funds into his own bank accounts and used them to pay his credit card debts and cover other expenses for his wife and himself. He also is accused of refusing to pay back an $84,000 loan, some of which was used to purchase an Aston Martin. He has since sold the car, the suit said.

Family history Emails filed with the court from JPMorgan Chase show wire transfers in the thousands from company accounts to a protection account, which Alan and Ruth set up to stop Steven from taking any more money once they found he had taken some, a source said. They also asked a judge to put a hold on Steven and Victoria’s accounts to prevent them from spending any of the money they allegedly took. “Alan has no desire to engage in a war of words with Steven,” said

T JOIN CRAIN’S FOR A WEBCAST ON LOCAL SMALL-BUSINESS RELIEF How have New York City businesses found ways to survive during the past few months? Small-business leaders discuss what they have learned about asking for help and receiving it. CrainsNewYork.com/SmallBiz2020

one of their properties, 1307 Fulton, in jeopardy when he withheld consent for its refinancing. Steven’s accusations against Alan “are mere smokescreens for his own conduct,” Devorkian said. The fallout between the two brothers began four decades ago, when Steven and his father bought

property on 43rd Street. The dad insisted Alan share in profits on the property, even though he hadn’t contributed anything. “As Steve was building the family business,” the suit read, “Alan expended only minor effort and energy on the business, but he lived large off of it.” ■

City Council caps Grubhub fees during pandemic BY RYAN DEFFENBAUGH

MAY 21

Michael Devorkian, the lawyer handling the matter for Alan and Ruth. “The need for protection was obvious.” Steven denies the allegations, according to his attorney, Gil Feder. Three days after the suit was filed, Steven filed a countersuit against his mother and brother, mirroring the charges originally brought against him by his brother, suggesting that Alan is the one who has been engaging in suspicious financial behavior, including leading a lavish lifestyle along with his wife, Lisa, and throwing parties for his family that cost millions of dollars. The suit also said Alan requested private jets for foreign travel so he could carry excessive amounts of cash with him without raising eyebrows at the airport. Steven said he hired a forensic accountant to examine the company’s books, which Alan refused to share. The accountant found discrepancies in the ones he did get access to, Steven said. He also said Alan pitted his mother against Steven, whereby both of them reduced Steven’s monthly income by more than 50% while keeping Alan’s children on the payroll and paying them bonuses. It’s also suggested that Alan put

he City Council took the most significant step in its yearlong feud with Grubhub last week by voting to temporarily cap fees. A new bill caps at 15% the delivery fee for all online food-ordering platforms. Charges for all other transactions are capped at 5%. The commission ceiling would be effective for as long as restaurants are unable to open their dining rooms to customers, plus 90 days beyond that. Grubhub threatened legal action before the vote. The 5% cap on non-delivery costs is a direct threat to the company’s business model. Grubhub charges restaurants a marketing commission of typically 20% on each order. Delivery, which is outsourced to other firms, costs an additional 10%. The council’s initial bill, co-sponsored by Councilmen Mark Gjonaj and Francisco Moya, capped all fees permanently at 10%. The bill was adjusted to recognize the costs associated with delivering food, said Reginald

Johnson, chief of staff for Gjonaj. “Our city’s local restaurant sector cannot be allowed to go under,” Gjonaj said, adding that “many [eateries] are struggling just to stay afloat.” The bill moves now to Mayor Bill de Blasio for a signature. The mayor voiced support for the law in a press conference before the council vote. Grubhub says its commissions are justified by the new customers its platform brings restaurants. Businesses can pay more to be placed prominently on the app. But Gjonaj and Moya say the fees were already too high and are unsustainable during a pandemic that has closed all dining rooms. The company believes the law is an overstep and would not withstand a legal challenge, spokesman John Collins said.

Hold the phone A separate bill would bar food-delivery services from charging fees on phone calls that do not result in orders. Grubhub acknowledged that a glitch in its system led to some bogus commis-

BLOOMBERG

BY NATALIE SACHMECHI

BUCK ENNIS

The feuding family owns at least 80 properties in New York

sion fees on phone calls. The company said in January that it had fixed the issue, and it offered refunds for improper charges going back 120 days. The two bills passed as part of a slimmed-down coronavirus aid package for residents and small businesses. The more ambitious Covid-19-related bills that city businesses fought in hearings last week were brought for a vote. They

included a law requiring hazard pay for essential workers and another barring the city sheriff from enforcing the evictions order for up to a year. Other bills that were approved will bar harassment of a commercial tenant affected by Covid-19 and prohibit the enforcement of clauses that make a business owner personally liable for the terms of a commercial lease. ■

Vol. 36, No. 18, May 18, 2020—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for bimonthly in January, July and August and the last issue in December, by Crain Communications Inc., 685 Third Ave., New York, NY 10017. Periodicals postage paid at New York, NY, and additional mailing offices. Postmaster: Send address changes to: Crain’s New York Business, Circulation Department, PO Box 433279, Palm Coast, FL 32143-9681. For subscriber service: call 877-824-9379; fax 313-446-6777. $3.00 a copy; $129.00 per year. (GST No. 13676-0444-RT) ©Entire contents copyright 2020 by Crain Communications Inc. All rights reserved. 2 | CRAIN’S NEW YORK BUSINESS | MAY 18, 2020

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5/15/20 3:39 PM

CORONAVIRUS ALERT

FIGURING OUT THE FUTURE The six employers Crain’s has been following during the pandemic are still getting their bearings BY CARA EISENPRESS AND GREG DAVID

T FreshDirect

Four new-employee orientations take place each week at FreshDirect; there used to be just one. The company has hired hundreds of staffers during the past several weeks, with plans to hire hundreds more. Customer demand has tripled since March—a combination of new patrons and bigger orders. Although the rush at first imperiled FreshDirect’s operations and reputation, the company is able to fulfill orders again, thanks in part to all the new hires.

On average, each customer is ordering 40% more than usual, the company said. Website traffic peaked at 600% of normal volume. The company moved to an enormous Bronx warehouse a year and a half ago, with the idea that it eventually would grow into the space. Now it has increased capacity there by 50% to fulfill orders. “Covid-19 has forced an

COURTESY OF BALDOR, TWITTER

wo months after the city’s economy was all but shut down by the Covid-19 pandemic, few of the six companies and nonprofits Crain’s has been following have found their footing or figured out what they have to do to survive. With the exception of FreshDirect, all are getting by on a fraction of their former revenue. And with the exception of FreshDirect and the Brooklyn Navy Yard, none are certain they can eventually reopen without significant damage to their business. otherwise hesitant consumer to try online grocery shopping,” Chief Executive David McInerney said. The company is “laying the groundwork for continued growth, as we believe the surge in online grocery shopping has only just begun.” The online segment of the industry made up 3% of the $800 billion grocery market in 2018, according to a Deutsche Bank report.

To speed up order fulfillment, FreshDirect reduced the number of products it offers, focusing on only those items that customers order most. It also temporarily limited the overall number of items per order. All deli meat comes thinly sliced for the moment instead of in customized thickness. The technology team launched a few offerings, including order pickup from the company’s New Jersey depot and Bronx warehouse. See FUTURE on page 20

Federal bailout money has finally come in for small businesses—now what do they do with it?

he beleaguered Paycheck Protection Program loan for small businesses is finally being paid out, though small-business owners and advocates have questions about the best use of the money. “There is improvement,” said Helana Natt, executive director of the Greater New York Chamber of Commerce. “PPP money is starting to trickle in.” “Trickle in” may be an understatement.

According to data compiled by the Small Business Administration, since the second round of PPP funding began disbursements April 27, more than 2.5 million loans have been approved across the nation, totaling $188 billion, with nearly 4.2 million small businesses receiving money. In New York, the numbers have been even more encouraging. The SBA reports more than 245,000 small businesses across the metropolitan area have received $40 billion in PPP loans during round two, with an aver-

age loan size of $76,000. “The big change in round two is [community lenders] and other, smaller institutions were able to process applications,” said Randy Peers, president of the Brooklyn Chamber of Commerce. Peers pointed out that collective advocacy aimed against big banks for not being more responsive to smaller clients and the inclusion of financial-technology portals like

BUCK ENNIS

BY BRIAN PASCUS

See BAILOUT on page 4 MAY 18, 2020 | CRAIN’S NEW YORK BUSINESS | 3

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5/15/20 12:37 PM

CORONAVIRUS ALERT

Hudson Yards firm helps museums go virtual Kasa Collective also designs interactive online experiences for Mount Sinai, Cornell BY DIANE HESS

How businesses are adapting to the coronavirus crisis “Kasa is always thinking about what is next and had pitched virtual reality ideas even before we were forced to close,” said Julia Knight, the museum director at Poster House. “They were very well-timed with their solutions.” As Kasa fine-tunes designs for Poster House’s virtual hub, it has rolled out features on the museum’s website. Among them are works from a recent local PSA campaign. In April Poster House, along with Times Square Arts and Print Magazine, began beaming 2,000 images with messages of support and safety reminders from artists and graphic designers to LinkNYC kiosks and billboards in the city. Kasa also has displayed posters online from two recent exhibits, one on Chinese culture and another on Swiss design. Further, it has proposed a virtual reality experience that would be more than a 360-degree tour. “It would be interactive and timeless,” said John Kudos, a principal at Kasa Collective. “We’re working on ways for people to be engaged with the posters online and possibly view them in their living rooms.”

“WE ARE EQUIPPED TO HELP A LOT OF PEOPLE WITH THEIR DIGITAL NEEDS” about how to use virtual reality to attract audiences. Headquartered in Hudson Yards, with offices in Boston, Tokyo, Taipei and Jakarta, Kasa Collective created Poster House’s permanent exhibits before the pandemic. Since then it has shifted its focus to Poster House’s online strategy. The firm also has been retained by the NewYork Historical Society, three other city museums, Mount Sinai Hospital, Cornell University as well as various companies to come up with digital plans amid stay-home rules.

BAILOUT FROM PAGE 3

PayPal to process loans created an ecosystem better tailored to getting money out faster and more efficiently to actual small-business owners. “These three factors made it clear from a deployment side that it worked,” Peers said. In a May 11 survey of 592 local small businesses, the Brooklyn Chamber of Commerce found that 92% of applicants received round two PPP funding, including 67% of minority- and women-owned business enterprises. This is a marked change from the survey taken after round one of the money was dispersed, which showed only 4% of applicants received funds. The survey reveals a diverse— and relatively even—allocation of funds across the major sectors of Brooklyn’s economy, with 17% going to professionals, 13% to restaurants, 11% to manufacturing, 11% to retail, 10% to health and wellness businesses, 10% to nonprofits and 7% to tourism. “We were one week away from laying everyone off,” said Cindy VandenBosch, who owns Turnstile Tours in the Brooklyn Navy Yard

and received her PPP loan May 4. But it’s one thing for smallbusiness owners to have the money, and it’s quite another for them to put it to good use. “The issue is, now that they have the money and now that we’re in a New York state of pause, how do they hire back the people if they don’t have an office?” Natt asked. “Businesses are very confused right now.” “The way that it’s structured works for us, but it’s challenging for brick-and-mortars who have exorbitant rent,” VandenBosch said.

Guidance and forgiveness According to small-business owners and advocates, the main issues with the PPP program now relate to the eight-week loan-forgiveness stipulation and the amount that is forgivable. In order for a small business to have its loan forgiven, it must spend 75% of the amount on payroll costs starting eight weeks from when it received funds. Anything after that will not be forgiven and turns into debt. There are also questions about guidelines. The SBA has repeatedly changed the guidelines of the program since its inception, and now there is talk between the Treasury

COURTESY OF KASA COLLECTIVE NEW YORK

ine months after Poster House opened, the Covid-19 pandemic forced the country’s first museum dedicated exclusively to posters to shut down temporarily. So began a quest for ways to bring its collection of posters from the late 1800s to the present day to light while the museum is dark. Poster House, on 23rd Street in Chelsea, has pivoted to online events and exhibits, as have numerous art galleries and museums around the globe. For that, it has engaged Kasa Collective, a designer of interactive experiences for museums and public spaces, to update the images on its website and think

KASA COLLECTIVE pitched digital ideas for Poster House even before the museum was forced to close, Knight said. Kasa changed course on a NewYork Historical Society exhibit titled “Colonists, Citizens and Constitutions.” The firm was hired to create supplemental digital material, but when the museum closed, it created a virtual reality experience. “You can look closely at the largest collection of constitutions,” said Kudos of the exhibit.

Keeping busy Kasa Collective was created in 2018 after Poster House engaged Robert de Saint Phalle for design help. He partnered with Kudos and Masashi Kawamura. The three deand Congress about extending the June 30 loan-use cutoff date as well as amending the forgiveness provisions. The uncertainty has bewildered small-business owners across the metro area. “Are they going to change the rules? I understand I have to spend it in eight weeks,” said Juan Montini, owner of a Lower East Side museum souvenir store and recipient of a $42,000 PPP loan. “I haven’t gotten any revenue in the past eight weeks, but the bills are still coming.” “The clock’s ticking, and the rules haven’t been written,” said Susannah Koteen, owner of Italian restaurant Lido’s in Harlem. “I got $350,000, but if that’s not forgiven, then that’s $350,000 in debt.” “We need guidance with regard to sole proprietors, freelancers and Schedule C filers,” said Jay Brower, a partner at Marks Paneth LLP and a specialist in state and local taxes. Brower advises small-business clients on what to do with PPP funds. “Without guidance, I’m telling people, ‘You probably ought to take the money out and put it in your personal account,’ ” he said. “Without guidance from SBA, we’re shooting in the dark with a lot of these things.” ■

signers decided to form a new company. Kasa Collective has maintained its 45-employee team during the pandemic. Although revenue in April was down 30% from the yearago period, Kasa’s web business has risen 40% from last year’s levels. The company’s stage-design work has stopped for now. Katy Perry, Cirque Du Soleil and Japanese television station NHK are clients. The company also had been hired to do work for the now-postponed 2020 Tokyo Olympics. Still, it is forecasting revenue of roughly $5 million for this year, notwithstand-

ing lingering uncertainties. New nonprofit work has kept Kasa busy. The team has created a portal for Mount Sinai Hospital’s Center to Advance Palliative Care, which is a Covid-19 resource for health care providers. It is also helping Cornell’s College of Architecture, Art and Planning rethink its online learning experience. “We are somehow equipped to assist a lot of people with their digital needs, which makes me feel comfortable with our trajectory,” said Kudos. “We are cautious but still positive about where we could end up.” ■

Firms get info on virtual mental health BY JENNIFER HENDERSON THE NORTHEAST BUSINESS Group on Health has issued an employer guide for benefits leaders to assess and select digital mental health services for employees. The guide—released in partnership with the nonprofit website One Mind PsyberGuide—comes as the demand for mental health services reaches unprecedented levels during the Covid-19 crisis. The guide outlines the return on investment—between $2 and $4 for every dollar spent on mental health—as well as the advantages and challenges of offering virtual services. Advantages of digital mental health benefits can include greater accessibility and convenience compared to in-person therapy, anonymity and lower cost. However, questions about the effectiveness of services and whether they are the right treatment for everyone can persist. “We know there’s going to be a

tsunami of mental health issues that follow [the pandemic],” Dr. Mark Cunningham-Hill, medical director at the Northeast Business Group on Health, said. “The ability to have easy access to mental health resources makes these tools even more valuable than they were.” Companies should determine their objectives in offering virtual mental health solutions as well as how they plan to effectively engage their employees. “Employers are faced with a multitude of options when considering digital solutions for mental health,” Stephen Schueller, executive director of PsyberGuide, said. “This often leads to pitch fatigue. Employers are approached by various companies and may not know what else is out there and what might be able to meet their needs.” Funding for the guide was provided by the Bowman Family Foundation, Aetna and Johnson & Johnson. ■

4 | CRAIN’S NEW YORK BUSINESS | MAY 18, 2020

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ASKED & ANSWERED DOSSIER

Empire BlueCross BlueShield

WHO HE IS President, Empire BlueCross BlueShield

INTERVIEW BY JONATHAN LAMANTIA

lan Murray leads Empire BlueCross BlueShield, an insurer that covers 4.7 million members in New York state. Murray previously led CareConnect, the insurance arm of Northwell Health, before the health system shuttered it. Empire is sure to face a barrage of claims from members who were treated for or hospitalized with Covid-19, and certain plan members aren’t required to make copays, per state rules. On the other hand, the insurer is saving money as patients put off regular care during the pandemic. Empire is also navigating the new work-from-home landscape with its more than 4,200 employees.

How might the pandemic affect how people seek care in the long term?

We’ve done telemedicine, not just through our own LiveHealth Online service, but also by allowing providers that would have typically been bricks-and-mortar to do telemedicine services so people still have access to that care. I think it’s going to be a revolution. The longer this goes on, the more people will become comfortable with alternative ways of accessing care.

What is Empire telling individuals and businesses that can’t afford premiums right now? For small businesses under 100 employees and

sure there’s enough cash flow from self-funded and fullyinsured groups to do that.

What impact will the pandemic have on insurance premiums. How will it affect Empire financially?

It’s too early to tell right now. Are we going to see elective surgeries start coming back? Are we going to have a second or third wave of Covid-19? At some point you will have a bounce back from what has been delayed, even to the point where we may have people who may be sicker because they’re not getting a continuous course of treatment now. Those are all great questions that we’re working on with the Department of Financial Services. We file small-group and individual rates in a couple of weeks. What’s most important right now is making sure our care-management, our disease-management, our discharge-planning aspects of what we do get people healthy.

BORN Glasgow, Scotland GREW UP London RESIDES Syosset, Long Island EDUCATION Certificate in merchant vessel operations, Warsash Maritime College; conversion of his merchant marine education into a bachelor’s degree, the Open University LOVE STORY He met his wife, a native New Yorker, while she was studying abroad in London. He moved to the U.S. in 2002. NAUTICAL KNOW-HOW Murray served in the British Merchant Navy as a second officer and oversaw the safety, navigation and command of a ship during eight- to 10-hour stretches. Murray estimates the largest ships he served on were about 65 times the size of the Staten Island Ferry.

individuals, an executive order said they can delay payment of premiums until June. On a case-by-case basis, for the rest of our clients, we’re working hand in glove with them. We understand the financial stress they’re under, and at the end of the day, it’s a partnership. If there are claims, they have to get paid. We have to make

Has Empire stopped collecting copays from people treated for Covid-19, as the state required for some?

We’re waiving all cost-sharing with regard to testing and treatment. It’s the right thing to do. We’re doing that across the board.

What measures could signal that we’re getting closer to a return to normal in New York?

I would leave that one to the experts. We’re somewhat fortunate in the rapid pace we converted to a work-fromhome environment. Over 95% of our workforce managed to transition within days to work from home. For the rest of the state, I’ll let Gov. Andrew Cuomo and the CDC make decisions on that one, and we’re there to advise. We offered to be part of the statewide command center, and they have engaged with us on a couple of items, including the Javits Center. To the extent there’s research or data we can help with, we’re more than happy to help. ■

BUCK ENNIS

ALAN MURRAY

NEW in 2020

DO YOU KNOW A HEALTH CARE HERO?

Nominations open to men, women and teams

Crain’s New York Business is continuing to search for outstanding individuals in the health care community within the New York metropolitan area. This year, due to the Covid-19 crisis, Crain’s is opening nominations to include men, as well as women and additionally to small teams related to the Covid-19 response.

Nominate today at crainsnewyork.com/notablehealthcare2020 Nominations due Friday, June 26, 2020. Questions? Contact notables@crainsnewyork.com

IN HEALTHCARE 6 | CRAIN’S NEW YORK BUSINESS | MAY 18, 2020

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5/13/20 4:00 PM

IN THE MARKETS

Wall Street jobs endangered, and not just by pandemic

IBM’s Watson is doing a good job of picking equities

AI MACHINES LIKE WATSON MIGHT MAKE HUMANS OBSOLETE ON WALL STREET

It’s doing a fine job of that, thanks. Heading into yesterday, the fund was down 5.1% for the year, better than the 9.3% drop in the S&P. During the past 12 months, it was up 2%, a bit better than the market’s 1.7% return.

Health care stocks How did it do that? The fund, whose ticker is AIEQ, has 27% of its holdings in health care stocks, including Teladoc and Gilead. It’s also fond of tech concerns, like Google, Microsoft and Box. It has big positions in Amazon, Netflix and Moderna. “In the middle of a crisis that would be hard to code just a few months ago, the fund has picked up on all the right themes,” DataTrek Research analysts wrote recently, calling the development “eerie.” The Watson-powered fund doesn’t like financial stocks, which account for only 1% of its portfolio. It doesn’t much like real estate either; those stocks are 2% of its holdings. It has 7% of its assets in cash—which is pretty high and signals the fund can’t find assets

WATSON is selecting stocks for an ETF that is outperforming the S&P 500.

AP PHOTO

all Street, an espe- wants and needs. The city’s budget forecasters excially vital part of New York’s economy, pect things will turn around next year, when they say Wall is having a Street will add 3,300 jobs. dismal year. Last week That’s probably wishful money manager TIAA thinking, though. Even if said it would offer buymarkets roar back, marouts to 75% of its U.S. ket jobs won’t. IBM’s Watworkforce, a division of son is one reason why. investment bank Jefferies Watson, the supercomdisclosed it would let go puter that beat the best of 82 people, and more players in Jeopardy and bloodshed is sure to now is beating the come. AARON ELSTEIN fichess, nest minds in finance at The de Blasio adminiswhere the stock market tration projected last month that the securities industry will go. If a cool, calculating mawill shed 7,000 jobs in the city this chine can do that, why would you hire an expensive, needy mortal? This story begins three years ago, when the AI-Powered Equity ETF was launched. Most exchangeyear, or about 4% of the workforce. traded funds passively track indexThat reduction could be more es, such as the S&P 500, but this painful than it sounds, because so one is actively managed and uses many other businesses rely on ca- Watson to try to outperform the tering to investment bankers’ market.

worth buying at reasonable prices. Not only does AIEQ’s portfolio look a lot like a hedge fund manager’s, but its management fee is just 0.87%. That is way below the massive fees of 2% of assets and 20% of profits that human fund managers like to command. Wall Street has been automating people out of jobs for 30 years.

Business at the New York Stock Exchange is robust these days, even though no people are working on the floor. Soon machines might devour much of the rest of Wall Street’s human workforce. That would change New York in ways no budget forecaster can fathom. ■

ON NEW YORK

Debt should be city’s last resort, not first choice Borrowing more money now will result in fewer services later

he crescendo is growing in 30% increase in the city’s budget. the City Council: We need That’s three times the rate of inflato borrow money to keep tion. He added some 30,000 emthe city budget intact. We ployees to the city payroll, which just can’t cut services, council now boasts a record total of 327,000 workers. members say, and it Comptroller Scott would be counterproStringer has been arguing ductive to lay off people, for years for aggressive and so what if our credit programs to force agenrating declines? cies to find ways to be For now city officials, more productive, recomincluding the mayor, say mendations either igthey will turn to borrownored or pursued halfing only if federal aid heartedly. The welldoesn’t solve the city’s documented failure of fiscal crisis. But funds GREG DAVID the ThriveNYC mental from the feds are almost health initiative is far certainly not going to from the only example of support the current budget. The calls for borrowing will in- an ineffective program. The budget can be trimmed by billions of doltensify. Before anyone calls for borrow- lars. “Kicking the can down the road” ing, they need to remember the history of the Bill de Blasio era and simply means transferring today’s problems to tomorrow’s citizens and taxpayers. That’s what borrowing does (except for the very short term). The fiscal concepts get a little master two of the most crucial con- tricky here, but the key number is cepts in fiscal policy: “kicking the not just debt service but fixed costs. can down the road” and “crowding They include debt service, pension payments and other employee out.” The mayor has presided over a benefits—primarily retiree health

FUNDS FROM THE FEDS ARE NOT LIKELY TO SUPPORT THE CURRENT BUDGET

GROWING PAYROLL

care. Together, those fixed costs account for 21% of city spending. Debt service and penNUMBER OF sions can’t be additional city reduced whethworkers hired by er revenues are de Blasio. increasing or declining, and it is very hard to cut retiree health care too. All those issues lead to “crowding out.” When fixed costs rise, then mayors and councils have to reduce spending on other programs. Nationwide, as Medicaid and pension costs have soared, states have drastically reduced aid to education (only four states are spending more than in 2009 in real terms in education), and higher education has fared even worse. That is exactly what will happen in the city, especially if the recovery takes as long and is as weak as economists currently expect. Expect fewer police officers, fewer teachers and reductions in safety-net spending. The bottom line: Borrowing after cutting the budget by a lot is a misdemeanor. Borrowing first is a capital offense. ■

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Greg David writes a regular column for CrainsNewYork.com. MAY 18, 2020 | CRAIN’S NEW YORK BUSINESS | 7

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president K.C. Crain senior executive vice president Chris Crain group publisher Mary Kramer

EDITORIAL

publisher/executive editor

Mayor let the good times roll the city into an uncertain future

editor Robert Hordt assistant managing editors

Christine Haughney (special projects), Janon Fisher, Gabriella Iannetta (digital) senior editor Telisha Bryan

aid. While he’s waiting, one would think de Blasio would finally sit down and start responsibly looking for savings. One would be wrong. Despite public laments that he might have to lay off or furlough city workers to help drum up money during this crisis, the mayor reportedly has spent roughly $2 million in just the past few weeks to promote or hire City Hall staff. One new role filled this month, senior adviser for small-business Covid-19 recovery, comes with a reported eye-popping salary of $227,786. As local small businesses scramble to obtain even a portion of that sum to pay employees and their rent, at least Gregg Bishop doesn’t have to worry about where his next meal is coming from. And sadly, it’s safe to assume that if it does come down to layoffs and furloughs, the mayor won’t start with the members of his six-figure-salary club. Why would a city that has been through 9/11 and Superstorm Sandy in very recent memory and that is the subject of constant terror threats not have more cash set aside in case of emergency?

HINDSIGHT IS 20/20, BUT POOR PLANNING IS ALWAYS EASY TO SEE 8 million people live here. Pandemic relief efforts will wipe out the bulk of that funding, leaving the mayor no choice but to hope that the president, who does not seem overly fond of his hometown these days, will swoop in and save the day with federal

EDITORIAL

associate editor Lizeth Beltran (digital) art director Carolyn McClain photographer Buck Ennis data editor Gerald Schifman senior reporters Aaron Elstein,

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Jennifer Henderson, Brian Pascus, Natalie Sachmechi columnist Greg David contributors Tom Acitelli, Ronald DeCicco,

Cara Eisenpress, Cheryl S. Grant, Steve Krupinski, Danielle McManus Sladek,

DE BLASIO

Mark Yawdoszyn to contact the newsroom: NYCMAYORSOFFICE/FLICKR

ood times don’t stay good forever. That’s not pessimistic—it’s a fact of life. Mayor Bill de Blasio runs a city that experienced record economic growth in the six years before the pandemic struck. During that time, the mayor seemed in a hurry to spend money as fast it came in and did not heed the adage about saving for a rainy day. As noted in Greg David’s column this week, de Blasio has presided over a 30% increase in New York City’s budget—which is three times the rate of inflation. He holds just $6.64 billion in the city’s cash reserves—a pittance when you consider that more than

Frederick P. Gabriel Jr.

Well, the mayor has been ambitious in setting up specific quality-of-life initiatives to help residents, such as ThriveNYC, an office his wife heads up that looks to address gaps in mental health care. Admirable, yes, but that agency never really reached its full potential. Instead of cutting his losses, the mayor lets ThriveNYC stick around, an unwise decision when you consider the service

cuts that will inevitably come to sanitation, public safety, education and other vital services that make New York a livable city. Hindsight is 20/20, of course, but poor planning is always easy to see. Continuing to make poor financial decisions? That’s basically in 3D. Everybody knows that good times don’t stay good forever. The mayor has hamstrung the city’s future by acting like they would. ■

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OP-ED

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BQE reconstruction presents a post-pandemic opportunity BY CARLO SCISSURA

ew public projects in the city have provoked the ire of New Yorkers more than the Brooklyn-Queens Expressway. When the BQE was first constructed, it cut through several Brooklyn and Queens neighborhoods, destroying many communities. It’s time that we implement a grand vision for the BQE that incorporates environmental and human-centered design, with an approach that knits together all communities, rather than prioritizing one over the other. It’s time to redesign, reconfigure and reconstruct the entire BQE corridor—from the Verrazano Bridge through the boroughs of Brooklyn and Queens. As we face a daunting financial climate due to the pandemic, investing in infrastructure like the BQE will generate good-paying jobs and help jump-start the city’s

economy. Construction is one of the largest industries in the city, and reconstructing the BQE will not only make the expressway safer, but it will have the added benefit of contributing to our post-pandemic recovery.

Road to recovery A portion of the BQE, the triple cantilever, atop which rests the iconic Brooklyn Promenade, has received too much attention. However, we must look at this more broadly to implement a transformational vision for the entire 20-mile roadway, including the Bay Ridge trench, Gowanus Expressway, the trench in Carroll Gardens and Cobble Hill, the area between Downtown Brooklyn through Greenpoint and the roadway north of the Kosciuszko Bridge into Queens. Each of these sections must be repaired or replaced in the coming decade—so why not do it all at once in a cohesive way?

Given the enthusiasm of local communities for a visionary plan, it is just as important to engage the public in discussions about design and construction as it is to identify some of the challenges related to the reconstruction. Plans should incorporate design changes that would increase driver safety and help prevent car accidents by providing wider, two-lane highways in each direction, creating shoulder lanes where non exist and increasing the length of mergers where possible. We should build smart roads that incorporate methods of easing traffic and communication, while penalizing those who violate rules. Some of the proposals to reimagine the triple cantilever would add acres of new parkland, scenic views and other amenities that encourage community engagement. Significant consideration of communities’ wants and needs should be given so

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that these benefits are included. All new construction should strive to minimize air pollution and noise, in keeping with our city’s clean energy agenda. Neighborhoods like Sunset Park, Sunnyside and Woodside, through which the BQE runs, suffer from some of the worst air quality and asthma rates in the city The city, state and federal government must come together now and build a new BQE. In light of the project’s scale and time it will take to bring a corridor-wide plan to fruition, a working group comprised of the three levels of government should be convened. There is no viable alternative but to tackle the situation headon. It is our civic duty to envision a better BQE for all. ■ Carlo Scissura is president and CEO of the New York Building Congress and heads the mayor’s BQE expert panel.

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8 | CRAIN’S NEW YORK BUSINESS | MAY 18, 2020

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5/15/20 1:02 PM

OP-ED

Fossil fuel divestment is unrealistic and harmful Officials should be ensuring our safety, not gambling with our energy future BY CRAIG STEVENS

THE CITY COUNCIL has called on banks to shun natural gas. BLOOMBERG

n the midst of the coronavirus pandemic, a dozen members of the New York City Council have seized the opportunity to introduce a resolution calling on Wall Street to cut ties with traditional fuel sources, urging banks, money managers, and insurers to divest from companies in the coal, oil and gas sectors—all in the name of climate change. With the American economy facing unprecedented challenges as millions of Americans remain out of work and thousands of businesses temporarily shuttered, it is not the time to launch a political attack against the nation’s most viable energy sources. Given New York City is the epicenter of Covid-19 here in the United States, one would assume elected officials would be devoting all of their efforts to ensuring the safety and health of city residents rather than gambling with the nation’s energy future. Unfortunately, it seems these lawmakers have prioritized an anti-fossil fuel ideology over the best interests of their constituents (energy consumers) and the economy. With Wall Street as the hub of the American financial industry, this

ill-timed resolution attempts to regulate the nation’s energy policy by pressuring banks to pull the plug on fossil fuel business dealings. But the resolution overlooks several inconvenient facts. Not only are financial institutions not responsible for dictating energy policy, but traditional fuel sources continue to provide the lion’s share of American energy—and New York is no exception. With its large population, the state is one of the nation's five largest consumers of petroleum. Additionally, natural gas is responsible

for nearly two-fifths of the state’s electricity generation, and heats three-fifths of households. And according to the federal Energy Information Administration data from 2018, renewable energy sources of wind and solar provided only about 3% and 1% of the state’s electricity, respectively.

Smokestack lightning But the critical role of natural gas and oil is not unique to New York. As the EIA reports, fossil fuels are responsible for meeting nearly 2/3 of our nation’s electricity needs. In

addition, petroleum products accounted for about 92% of total U.S. transportation sector energy use. Nationwide, wind and solar produce less than 10% of our electricity. The resolution also neglects the significant environmental benefits of natural gas. As reported by the International Energy Agency earlier this year, global carbon dioxide emissions flatlined in 2019, despite widespread expectations of another increase. The agency credits this to declining emissions from electricity generation in advanced economies, as the United States led the way with the largest emissions decline of any country. The U.S.'s success is largely due to the increase in natural gas-fired electricity generation. Natural gas is part of the solution— not the problem. In response to previous calls for banks to divest from fossil fuels and infrastructure development, legal experts have reminded activists that financial institutions do not establish public policy, nor have they been tasked with selecting the nation’s energy portfolio. Perhaps the most succinct explanation came in a 2019 report in which experts wrote: “Private lending institutions are

engines of commerce, not administrative agencies or legislative bodies. Bank officers are neither elected government officials nor arbiters of economic, social or environmental issues. They fund legitimate business enterprises, and largescale infrastructure developments are lawful, profitable endeavors for them.” Despite what the dozen City Council members might argue, investments in energy development are legitimate, profitable business ventures. Not only have traditional energy sources been a sound investment monetarily, but they have also served as a lifeline for the American economy for decades. Rather than casting out the cornerstones of American energy, policymakers have a duty to ensure the economy has the building blocks for success as we emerge from Covid-19. Access to reliable, affordable, and efficient energy will be a key component as the nation works through the pandemic and begins the long road back to normalcy. ■

public housing crisis has worsened baseline conditions for many New Yorkers and New Jerseyans, making them more vulnerable. We can ameliorate this problem through HUD by fully-funding billions for overdue capital needs. We can also invest in state and local protections for deep affordability and implement commitments to new affordable and “fair share” housing investments in safe, upland, transit-connected communities. Similarly, baseline social service programs like Medicaid and food assistance should be non-negotiable. There is no question that our needs are immense as we look towards the post-Covid-19 future. But we have an opportunity, as we

plan for reconstruction, to also create a workable plan to share the burden of the next crisis more equitably than we shared this one. Those of us who have long been advocating for environmental resilience know well that an ounce of prevention is worth a pound of cure, that $1 invested in resilience saves $6. What we often fail to communicate is that cost does not account for other losses avoided—untold heartbreak, panic, time, and lives. Unless real steps are taken to build resilience before disaster strikes, these inequities will continue to worsen—starting with those at the frontlines. Let’s act now. ■

Craig Stevens is a Western New York native and former senior adviser to U.S. Energy Secretary Sam Bodman. He is now the spokesman for Grow America's Infrastructure Now (GAIN).

OP-ED

Stimulus money equality BY KATE BOICOURT

he pandemic has impacted almost every facet of our lives—our physical health, our mental health, our job security, the broader economy. It has also exposed a hard reality. These moments of crisis exacerbate existing social inequities. The people ensuring that essential services continue are also the most vulnerable; the most at-risk jobs are also those that pay less than $40,000 a year. We’ve seen this before. Many of the same communities that were hit hardest during Superstorm Sandy are being hit hard again—communities like Red Hook, the Rockaways and Jersey City, where many essential workers live. During Sandy these areas were flooded and without power, today they are the homes of New Yorkers with limited resources who will face a harsh, and in some cases impossible, recovery from our prolonged economic shutdown. As we dip our toes in conversations about recovery, we must address these inequities, rethinking how we build short- and long-term, equitable resilience to not only acute hazards but also the impending multi-trillion-dollar risks associated with the climate crisis. While Congress debates further

stimulus packages, we must ensure that additional resilience planning, like funding for frontline communities, disaster preparedness and the construction of sustainable infrastructure, is kept front and center. From the federal to local level, here are some ideas for stimulating the economy, and responding to the current crisis in a way that also supports the preparedness of our region for the climate crisis and resilience before the next natural disaster. Put us back to work on the solution. Many communities have already identified job-creating resilience projects, from a sustainable plan for Hunts Point in the Bronx to floodplain restoration in the Hackensack Meadowlands.

Shared plan Let’s use stimulus money to support these critical, underfunded projects, to move forward our commitments on offshore wind infrastructure, and to ensure that labor stays local, through investment in green/blue workforce development. At the state level in New York earlier this month, Governor Cuomo and the New York State Legislature showed foresight by approving the $3 billion Restore Mother Nature Bond Act in the 2021 budget, mandating that 35% of investments be dedicated to frontline communities.

This initial investment in green jobs and risk-reducing infrastructure is an important start that voters in New York will have the opportunity to support this year. We should now not only work to increase the percentage of funds for frontline communities mandated by the Bond Act but also seek an ongoing funding source to ensure lasting investments in risk reduction. An equivalent is needed in New Jersey. Invest in frontline responders and long-term risk reduction. Our National Flood Insurance Program remains $20 billion in debt. Federal legislators must not only fund and reform the program but invest in long-term resilience through FEMA’s Building Resilient Infrastructure and Communities program and the development of a revolving loan and grant program to fund risk reduction. Community organizations are exhausting their resources in response. Our federal stimulus dollars should ensure protections and relief for these organizations, and our state legislators should develop long-term budgetary commitments for ongoing support of community and volunteer organizations active in disaster. But of course, before anything can happen, we must support baseline needs. Right now, the affordable and

BLOOMBERG

Moments of crisis exacerbate social inequities

Kate Boicourt is the director of resilience at the Waterfront Alliance.

MAY 18, 2020 | CRAIN’S NEW YORK BUSINESS | 9

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5/14/20 1:34 PM

CORONAVIRUS ALERT

Without federal aid, city might cut contracts

ew York City might have to cut back on contracts or turn to the debt markets if federal aid—which the city has been pleading for—is not forthcming, officials tell Crain’s. The city has closed its budget gap for now, but that does not mean the cuts are over, mayoral spokeswoman Laura Feyer said. “Anything not related to food, shelter, safety and health is on the table,” Feyer said. The mayor, who spent weeks insisting Washington held the only solution to New York's financial woes, said the city might be left to solve the fiscal crisis created by Covid-19 itself. If that happens, he

“Step One is coming to a sober and realistic understanding of how bad the financial circumstances are right now,” City Councilman Keith Powers said. At a recent hearing, the Independent Budget Office said the city runs the risk of an even bigger deficit than what the mayor’s executive budget has accounted for. The comptroller’s office warned the same thing in a May 5 report. It’s hard to think about savings measures without nailing down how big a gap New York faces, Powers said. But with lawmakers eager to enact a budget that does not further shrink the economy or the number of people employed in the city, talk is bubbling in City Hall about turning to debt markets. “The one counter-cyclical thing you can do as a city is long-term investment to pay for your capital budget,” Councilman Brad Lander said. The mayor’s budget cut capital spending by $1 billion. That eliminates jobs, Lander said. The city is set to spend 8.2% of its total budget on debt servicing in the upcoming year, the mayor’s executive budget shows. That’s well below the 15% a city should, at maximum, put toward debt servic-

“BEFORE WE LAY OFF A SINGLE CITY EMPLOYEE, WE SHOULD GET RID OF EVERY CONSULTANT IN OUR CITY” said, there will be job cuts. Legislators are contemplating other measures such as tightening the city contracting budget and turning to the debt markets. Financial and political barriers highlight the bind New York City is in.

ing, Lander said. Much of the $1 billion in cuts that the mayor made to New York’s capital budget could be financed by debt instead, the councilman said. “NYC is going into this crisis with a AA bond rating. The rating agencies have been satisfied over the past seven years with the city’s balanced budget,” Councilwoman Helen Rosenthal said. The city, she said, should issue more debt to cover both capital and operating expenses.

Where to cut Nationally, the Federal Reserve slashed interest rates by a full percent in March, down between 0 to 0.25%. The city, having seen tax income wither away as businesses shutter and people lose work, is facing a revenue shortfall of more than $8 billion. The Independent Budget Office, the comptroller’s office and other watchdogs said the situation could get worse. The decline in sales tax and income tax revenue led Moody’s to revise New York’s credit outlook to negative. To be sure, debt spending is not the only solution on the table. Mayor Bill de Blasio said last week that the city might be forced to cut jobs if the fiscal crisis worsens without adequate aid. But that’s a move legislators fiercely oppose.

Uber crashes its $200M Brooklyn e-bike startup BY RYAN DEFFENBAUGH

ceive severance packages if they are not offered an opportunity with Lime.

PRICE TAG

$170M

“Before we lay off a single city employee, we should get rid of every consultant in our city,” Councilman Ben Kallos said. “We have millions if not hundreds of millions in bloated contracts,” Kallos said, including “contracts where it’s, like, 'Why are we paying for that?'” He pointed to a $70 million contract with Apple the city entered into to provide iPads to students when learning went remote. The city could have bought laptops for less, he said. But cutting contracts also means cutting jobs, Lander said, adding, “You’ve really got to kind of be mindful of all the elements.” Another option is limiting overtime payments to city workers, par-

in spring 2018. But both companies were booted out at the end of last year, when the city instead selected an under-the-radar British firm to launch dockless bike-sharing across the borough. That company, Beryl, has yet to launch a program. Companies specializing in e-bike and e-scooter sharing have struggled nationwide. Lime and its competitor Bird both cut jobs last year and again this year after the pandemic hit. Uber pulled Jump from several markets in the fall during a 400-job layoff. Although some Jump bikes will remain in circulation under Lime, Uber users will see Lime bikes and scooters on the app in the markets where Jump formerly operated. ■

ticularly in departments where they run rampant, like the Department of Corrections, Powers said. New York has paid $8.33 million in overtime to the DOC payroll, and $45.71 million in overtime to the Police Department payroll, data from the comptroller’s office shows. The shortfalls New York faces could be in the billions of dollars. The comptroller’s office said last week the city could lose $3 billion from the state. It all explains the “apocalyptic” language de Blasio and Cuomo have used in their pleas for federal money, Lander said. De Blasio this month described the city’s budget without federal stimulus as “tragic, horrible math.” ■

Clipper scores $329M refinancing deal for Flatbush Gardens BY NATALIE SACHMECHI

BUCK ENNIS

ump Bikes, a Brooklyn startup purchased for $200 million by Uber two years ago, has been sold off for parts. All 37 of its employees have re- A long road ceived layoff notices, according to a Jump launched state labor filing published last in 2016 as Social week. Bicycles. The comDespite spending big to land the pany was refining e-bike startup, Uber has shifted its its pedal-assist bibets to a competitor, Lime. cycles out of the Uber will invest $170 million in Brooklyn Navy Lime and unload Jump's assets to Yard when Crain's the company through the deal, the profiled founder company announced Ryan Rzepecki in 2017. May 8. Lime takes over The dockless format for as Uber's scooter and sharing the bikes was bike partner and will oppitched as a better solution than the stationary erate Jump bikes and Citi Bike system. scooters, the company Uber eventually intesaid. UBER WILL The move comes as grated Jump into its app invest in Lime Uber cut more than and helped expand the and unload 3,700 global employees dockless sharing of Jump’s assets in response to the deflate-bikes and e-scooters to to the company major cities across the ed ride-hailing business. through the deal country, as well as in CanThe company posted a $3 billion loss in the first ada, Europe and South quarter. America. Some Jump employees will be ofBut dockless bike-share efforts fered the chance to interview for have yet to grow in New York benew positions at Lime, a spokes- yond a pilot for the bikes in Staten man said. An Uber representative Island. Jump competed in that pilot said some Jump employees will re- program against Citi Bike starting

BUCK ENNIS

BY GWEN EVERETT

CLIPPER EQUITY SECURED $329 million in refinancing from New York Community Bank for its Flatbush Gardens complex in central Brooklyn, the company announced last week. The 12-year loan was used to pay off the $246 million mortgage that was due on the property, leaving $78 million in cash that Clipper added to its reserves. The property was revalued at $475 million following the refinancing, which will save the company about $3 million annually. Clipper currently holds $1.8 billion in debt against its properties, and shares have been down more than 50% since early March. The complex consists of 59 residential buildings with 2,496 rentable units, most of which are rent-controlled apartments. Clipper acquired the building in 2005 through Renaissance Equity Holdings, its investment arm, for $138 million. Following the 2005 purchase, David Bistricer, the firm’s CEO, was placed on then-Public Advocate Bill de Blasio’s list of worst landlords because of thousands of code

violations. Currently Flatbush Gardens has 41 violations, the Department of Buildings said. In 2011 Bistricer was sued by the Flatbush Gardens Tenant Association. The suit claimed that he failed to follow through with a contract in which he promised tenants better community space in exchange for a letter of support for the attempted acquisition of Starrett City, an affordable housing complex in Brooklyn for $1.3 billion from financier Disque Deane. Bistricer denied the allegations.

Remaining operational Six months ago, Clipper purchased land at 1010 Pacific St. in Brooklyn. Bistricer said he plans to redevelop the property as a 9-story, 175-unit residential building, bringing the number of his portfolio of properties to eight. The company also reported that April rent collection was 94% of its March collections, which were unaffected by the pandemic. “Our properties remain operational and are currently 98% leased,” Bistricer said, “with essential staff and key procedures in place to manage through the pandemic.” ■

10 | CRAIN’S NEW YORK BUSINESS | MAY 18, 2020

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5/14/20 8:32 AM

THE LIST

NEW YORK’S LARGEST PUBLICLY HELD COMPANIES

he Covid-19 pandemic has proved difficult for many publicly traded companies. On Feb. 12 the Dow Jones Industrial Average closed at nearly 30,000 points, which would have been an all-time record. It never crossed that threshold, however, and the market tanked in the weeks that followed amid heightened fear of the virus’ devastation. By March 20 the index had shed more than 10,000 points, eliminating all the gains it tallied during Donald Trump’s presidency. While the market has rebounded in recent weeks, the Dow and the overall economy face an uncertain future. A plethora of major public corporations are based in the metropolitan area, so New Yorkers will bear the brunt of the upheaval to come. Within this new edition of Crain’s list of the 150 largest publicly held companies in the area, there are stories, charts and data points showing how local firms are performing. Longtime list staples such as Macy’s are struggling to recapture past success, but upstarts like Peloton are on the rise thanks to business models that are proving well suited to this period of social isolation. —Gerald Schifman

MAY 18, 2020 | CRAIN’S NEW YORK BUSINESS | 11

THE LIST

NEW YORK’S LARGEST PUBLICLY HELD COMPANIES

Ranked by 2019 revenue ONE-YEAR NET INCOME CHANGE (IN MILLIONS)

RANK

COMPANY (TICKER SYMBOL)/ ADDRESS

PHONE/ WEBSITE

JPMorgan Chase & Co. (JPM) 383 Madison Ave., New York, NY 10179

212-270-6000 jpmorganchase.com

$142,422.0

+9.5%

$36,431.0

+$3,957.0 Investment banking and financial services

Verizon Communications Inc. (VZ) 1095 Sixth Ave., New York, NY 10036

212-395-1000 verizon.com

$131,868.0

+0.8%

$19,265.0

+$3,737.0 Telecommunications

Citigroup Inc. (C) 388 Greenwich St., New York, NY 10013

212-559-1000 citigroup.com

$103,449.0

+6.5%

$19,401.0

+$1,356.0 Investment banking and financial services

International Business Machines Corp. (IBM) 1 New Orchard Road, Armonk, NY 10504

914-499-1900 ibm.com

$77,147.0

-3.1%

$9,431.0

+$703.0 Technology

MetLife Inc. (MET) 200 Park Ave., New York, NY 10166

212-578-9500 metlife.com

$69,620.0

+2.5%

$5,899.0

+$776.0 Insurance

PepsiCo Inc. (PEP) 700 Anderson Hill Road, Purchase, NY 10577

914-253-2000 pepsico.com

$67,161.0

+3.9%

$7,314.0

Prudential Financial Inc. (PRU) 751 Broad St., Newark, NJ 07102

973-802-6000 prudential.com

$64,807.0

+2.9%

$4,186.0

Goldman Sachs Group (GS) 200 West St., New York, NY 10282

212-902-1000 goldmansachs.com

$53,922.0

+2.7%

$8,466.0

-$1,993.0 Investment banking and financial services

Morgan Stanley (MS) 1585 Broadway, New York, NY 10036

212-761-4000 morganstanley.com

$53,823.0

+7.2%

$9,042.0

+$294.0 Investment banking and financial services

Pfizer Inc. (PFE) 235 E. 42nd St., New York, NY 10017

212-733-2323 pfizer.com

$51,750.0

-3.5%

$16,273.0

American International Group Inc. (AIG) 175 Water St., New York, NY 10038

212-770-7000 aig.com

$49,746.0

+5.0%

$3,348.0

American Express Co. (AXP) 200 Vesey St., New York, NY 10285

212-640-2000 americanexpress.com

$47,020.0

+8.6%

$6,759.0

Merck & Co. Inc. (MRK) 2000 Galloping Hill Road, Kenilworth, NJ 07033

908-740-4000 merck.com

$46,840.0

+10.7%

$9,843.0

INTL FCStone Inc. (INTL) 155 E. 44th St., New York City, NY 10017

212-485-3500 intlfcstone.com

$32,897.0

+19.1%

$85.1

Travelers Cos. Inc. (TRV) 485 Lexington Ave., New York, NY 10017

917-778-6000 travelers.com

$31,581.0

+4.3%

$2,622.0

+$99.0 Insurance

Philip Morris International Inc. (PM) 120 Park Ave., New York, NY 10017

917-663-2000 pmi.com

$29,805.0

+0.6%

$7,185.0

-$726.0 Tobacco, food and beverage products

ViacomCBS Inc. (VIAC) 1515 Broadway, New York, NY 10036

212-258-6000 viacbs.com

$27,812.0

+2.1%

$3,308.0

-$147.0 Entertainment and media

Bristol-Myers Squibb Co. (BMY) 430 E. 29th St., New York, NY 10016

212-546-4000 bms.com

$26,145.0

+15.9%

$3,439.0

Macy's Inc. (M) 151 W. 34th St., New York, NY 10001

212-494-1602 macysinc.com

$25,331.0

-1.6%

$564.0

Bank of New York Mellon Corp. (BK) 240 Greenwich St., New York, NY 10286

212-495-1784 bnymellon.com

$20,766.0

+8.0%

$4,441.0

+$175.0 Banking

Becton, Dickinson and Co. (BDX) 1 Becton Drive, Franklin Lakes, NJ 07417

201-847-6800 bd.com

$17,290.0

+8.2%

$1,233.0

+$922.0 Medical equipment and supplies

Mastercard Inc. (MA) 2000 Purchase St., Purchase, NY 10577

914-249-2000 mastercard.com

$16,883.0

+12.9%

$8,118.0

Cognizant Technology Solutions Corp. (CTSH) 500 Frank W. Burr Blvd., Teaneck, NJ 07666

201-801-0233 cognizant.com

$16,783.0

+4.1%

$1,842.0

-$259.0 Information technology

Marsh & McLennan Cos. Inc. (MMC) 1166 Sixth Ave., New York, NY 10036

212-345-5000 mmc.com

$16,652.0

+11.4%

$1,742.0

+$92.0 Professional services

Colgate-Palmolive Co. (CL) 300 Park Ave., New York, NY 10022

212-310-2000 colgatepalmolive.com

$15,693.0

+1.0%

$2,367.0

-$33.0 Health and beauty aids

Omnicom Group Inc. (OMC) 437 Madison Ave., New York, NY 10022

212-415-3600 omnicomgroup.com

$14,953.7

-2.2%

$1,339.1

+$12.7 Media, marketing and communications

Loews Corp. (L) 667 Madison Ave., New York, NY 10065

212-521-2000 loews.com

$14,931.0

+6.1%

$932.0

Estée Lauder Cos. Inc. (EL) 767 Fifth Ave., New York, NY 10153

212-572-4200 elcompanies.com

$14,863.0

+8.6%

$1,785.0

+$677.0 Health and beauty aids

BlackRock Inc. (BLK) 55 E. 52nd St., New York, NY 10055

212-810-5300 blackrock.com

$14,539.0

+2.4%

$4,476.0

+$171.0 Investment management

Automatic Data Processing Inc. (ADP) 1 ADP Blvd., Roseland, NJ 07068

973-974-5000 adp.com

$14,175.2

+6.4%

$2,292.8

+$407.9 Human resources software

Consolidated Edison Inc. (ED) 4 Irving Place, New York, NY 10003

212-460-4600 conedison.com

$12,574.0

+1.9%

$1,343.0

Fox Corp. (FOXA)

212-852-7000 foxcorporation.com

$11,389.0

+12.2%

$1,595.0

Bed Bath & Beyond Inc. (BBBY) 650 Liberty Ave., Union, NJ 07083

908-688-0888 bedbathandbeyond.com

$11,158.6

-7.2%

-$613.8

-$476.6 Domestic goods and home furnishings

212-704-1200 interpublic.com

$10,221.3

+5.2%

$656.0

+$37.1 Advertising

Sixth Ave., New York, NY 10036 12 | CRAIN’S 1211 NEW YORK BUSINESS | MAY 18, 2020

P012_P013_CN_20200518.indd 12

Interpublic Group of Cos. Inc. (IPG) 909 Third Ave., New York, NY 10022

RAN

INDUSTRY

-$5,201.0 Food and beverage products +$112.0 Insurance

+$5,120.0 Pharmaceuticals +$3,354.0 Insurance -$162.0 Financial services +$3,623.0 Pharmaceuticals +$29.6 Financial services

BLOOMBERG

2019 NET INCOME (IN MILLIONS)

No. 8 Goldman Sachs Group Goldman Sachs has long been Wall Street’s most revered and loathed firm, thanks to its ability to make money in any market. But the firm’s Midas touch has become tarnished. Last year the stock market jumped by 30%, but Goldman’s revenue was flat. Chief Executive David Solomon is trying to wean the firm off serving institutional investors and focus on the needs of individuals. But a sweeping change like that takes years in the best of circumstances. Morgan Stanley estimates its longtime rival will see a 40% drop in earnings this year. — Aaron Elstein

40 9 41 10

42 11 43 12

+$5.1B

44 13 45 14

ONE-YEAR NET INCOME CHANGE for Pfizer (No. 10), the highest for any firm on the list

15 46 16 47

17 48 18 49

-$544.0 Department stores

+$296.0 Diversified holdings

-$39.0 Electric and gas utility

34 3 35 4

38 7 39 8

-$1,481.0 Pharmaceuticals

+$2,259.0 Payment solutions

32 1 33 2

36 5 37 6

BUCK ENNIS

2019 REVENUE (IN MILLIONS)

ONE-YEAR REVENUE PERCENTAGE CHANGE

No. 19 Macy’s Inc. Macy’s was already on weak footing, but the Covid-19 pandemic has pushed the retail chain into dire straits. With many stores shuttered, the company’s stock is trading at less than one-quarter of its price a year ago. Despite the company establishing new sanitation procedures for the stores slated to reopen soon, consumers are unlikely to shop in abundance as long as the virus lingers. To avoid bankruptcy, Macy’s is seeking to raise as much as $5 billion in debt, according to CNBC. The retailer’s ample real estate holdings are likely to be pledged, but its flagship Herald Square location reportedly won’t be on the table. — Gerald Schifman

-$592.0 Broadcasting

5/14/20 12:11 PM

19 50 20 51

21 52 22 53

23 54 24 55

25 56 26 57

27 58 28 59

29 60 30 61

31 62 32 63

33 64 34

mmc.com

Colgate-Palmolive Co. (CL) 300 Park Ave., New York, NY 10022

212-310-2000 colgatepalmolive.com

$15,693.0

+1.0%

$2,367.0

-$33.0 Health and beauty aids

Omnicom Group Inc. (OMC) 437 Madison Ave., New York, NY 10022

212-415-3600 omnicomgroup.com

$14,953.7

-2.2%

$1,339.1

+$12.7 Media, marketing and communications

Loews Corp. (L) 667 Madison Ave., New York, NY 10065

212-521-2000 loews.com

$14,931.0

+6.1%

$932.0

Estée Lauder Cos. Inc. (EL) 767 Fifth Ave., New York, NY 10153

212-572-4200 elcompanies.com

$14,863.0

+8.6%

$1,785.0

+$677.0 Health and beauty aids

BlackRock Inc. (BLK) 55 E. 52nd St., New York, NY 10055

212-810-5300 blackrock.com

$14,539.0

+2.4%

$4,476.0

+$171.0 Investment management

Automatic Data Processing Inc. (ADP) 1 ADP Blvd., Roseland, NJ 07068

973-974-5000 adp.com

$14,175.2

+6.4%

$2,292.8

Consolidated Edison Inc. (ED) COMPANY (TICKER SYMBOL)/ 4ADDRESS Irving Place, New York, NY 10003

212-460-4600 PHONE/ WEBSITE conedison.com

$12,574.0 2019 REVENUE (IN MILLIONS)

ONE-YEAR REVENUE +1.9% PERCENTAGE CHANGE

(IN MILLIONS)

32 1 33 2

Fox Corp. (FOXA) JPMorgan Chase & Co. (JPM) 1211 Sixth Ave., New York, NYNY 10036 383 Madison Ave., New York, 10179

212-852-7000 212-270-6000 foxcorporation.com jpmorganchase.com

$11,389.0 $142,422.0

+12.2% +9.5%

$1,595.0 $36,431.0

-$592.0 Broadcasting +$3,957.0 Investment banking and financial services

Bed Bath & Beyond Inc. (BBBY) Verizon Communications Inc. (VZ) 650 Ave., New Union, NJ NY 07083 1095Liberty Sixth Ave., York, 10036

908-688-0888 212-395-1000 bedbathandbeyond.com verizon.com

$11,158.6 $131,868.0

-7.2% +0.8%

-$613.8 $19,265.0

-$476.6 Domestic and +$3,737.0 Investmentgoods banking home furnishings and financial services

34 3 35 4

Interpublic Group Citigroup Inc. (C) of Cos. Inc. (IPG) 909 Ave., New York,York, NY 10022 388 Third Greenwich St., New NY 10013

212-704-1200 212-559-1000 interpublic.com citigroup.com

$10,221.3 $103,449.0

+5.2% +6.5%

$656.0 $19,401.0

Assurant Inc. Business (AIZ) International Machines Corp. (IBM) 28 Liberty St., New York, NY 10005 1 New Orchard Road, Armonk, NY 10504

212-859-7000 914-499-1900 assurant.com ibm.com

$10,086.8 $77,147.0

+25.2% -3.1%

$382.6 $9,431.0

+$131.6 +$703.0 Insurance Technology

36 5 37 6

Public Enterprise Group Inc. (PEG) MetLifeService Inc. (MET) 80 07102 200Park ParkPlaza, Ave., Newark, New York,NJNY 10166

973-430-7000 212-578-9500 pseg.com metlife.com

$10,076.0 $69,620.0

+3.9% +2.5%

$1,693.0 $5,899.0

+$255.0 and gas utility +$776.0 Electric Insurance

News Corp. PepsiCo Inc.(NWSA) (PEP) 1211 Sixth Ave., York, NY 10036 700 Anderson HillNew Road, Purchase, NY 10577

212-416-3400 914-253-2000 newscorp.com pepsico.com

$10,074.0 $67,161.0

+11.6% +3.9%

$155.0 $7,314.0

38 7 39 8

Henry Schein Inc. (HSIC) Prudential Financial Inc. (PRU) 135 Road, Melville, NY 11747 751 Duryea Broad St., Newark, NJ 07102

631-843-5500 973-802-6000 henryschein.com prudential.com

$9,985.8 $64,807.0

+6.0% +2.9%

$694.7 $4,186.0

+$158.9 +$112.0 Medical Insuranceand hospital equipment

PVH Corp.Sachs (PVH) Group (GS) Goldman 200 Madison New York, NY 10016 West St., Ave., New York, NY 10282

212-381-3500 212-902-1000 pvh.com goldmansachs.com

$9,909.0 $53,922.0

+2.6% +2.7%

$417.3 $8,466.0

-$329.1 Apparel -$1,993.0 Investment banking and financial services

40 9 41 10

Altice Inc. (ATUS) MorganUSA Stanley (MS) 11585 CourtBroadway, Square West, Long NY Island City, NY 11101 New York, 10036

516-803-2300 212-761-4000 alticeusa.com morganstanley.com

$9,760.9 $53,823.0

+2.0% +7.2%

$138.9 $9,042.0

+$120.1 television +$294.0 Cable Investment banking and financial services

Equitable Pfizer Inc.Holdings (PFE) Inc. (EQH) 1290 235 E.Sixth 42ndAve., St., New New York, York, NY NY 10104 10017

212-554-1234 212-733-2323 equitableholdings.com pfizer.com

$9,591.0 $51,750.0

-20.6% -3.5%

-$1,733.0 $16,273.0

42 11 43 12

KKR & Co.International Inc. (KKR) Group Inc. (AIG) American 9175 W. Water 57th St., St.,New NewYork, York,NY NY10019 10038

212-750-8300 212-770-7000 kkr.com aig.com

$9,120.3 $49,746.0

+74.6% +5.0%

$2,005.0 $3,348.0

Alleghany Corp. (Y)Co. (AXP) American Express 1411 Broadway, NewYork, York,NYNY10285 10018 200 Vesey St., New

212-752-1356 212-640-2000 alleghany.com americanexpress.com

$9,040.7 $47,020.0

+31.3% +8.6%

$857.8 $6,759.0

44 13 45 14

Icahn (IEP) MerckEnterprises & Co. Inc. (MRK) 767 Ave., New York, NY 10153 NJ 07033 2000Fifth Galloping Hill Road, Kenilworth,

212-702-4300 908-740-4000 ielp.com merck.com

$8,992.0 $46,840.0

-23.6% +10.7%

-$1,076.0 $9,843.0

-$3,115.0 Conglomerate +$3,623.0 Pharmaceuticals

Coty (COTY) INTL Inc. FCStone Inc. (INTL) 350 Ave., 10118 155 Fifth E. 44th St.,New NewYork, YorkNY City, NY 10017

212-389-7300 212-485-3500 coty.com intlfcstone.com

$8,648.5 $32,897.0

-8.0% +19.1%

-$3,784.2 $85.1

-$3,615.4 andservices beauty +$29.6 Health Financial aids

718-286-7900 917-778-6000 jetblue.com travelers.com

$8,094.0 $31,581.0

+5.7% +4.3%

$569.0 $2,622.0

17 48 18 49

BUCK ENNIS

Love your company?

JetBlue Corp. (JBLU) TravelersAirways Cos. Inc. (TRV) 27-01 Queens Ave., PlazaNew North, 485 Lexington York, NY 10017 Long Island City, NY 11101 Philip Morris International Inc. (PM) Foot Locker Inc. (FL)York, NY 10017 120 Park Ave., New 330 W. 34th St., New York, NY 10001 ViacomCBS Inc. (VIAC) Regeneron Pharmaceuticals (REGN) 1515 Broadway, New York, NY Inc. 10036 777 Old Saw Mill River Road, Tarrytown, NY 10591 Bristol-Myers Squibb Co. (BMY) Sirius Holdings (SIRI) 430 E.XM 29th St., NewInc. York, NY 10016 1221 Sixth Ave., New York, NY 10020 Macy's Inc. (M) Quest Inc.York, (DGX) 151 W.Diagnostics 34th St., New NY 10001 500 Plaza Drive, Secaucus, NJ 07094 Bank of New York Mellon Corp. (BK) Voya Financial Inc. (VOYA) 240 Greenwich St., New York, NY 10286 230 Park Ave., New York, NY 10169 Becton, Dickinson and Co. (BDX) Blackstone Group Inc. (BX) 1 Becton Drive, Franklin Lakes, NJ 07417 345 Park Ave., New York, NY 10154 Mastercard Inc. (MA) S&P Inc.St., (SPGI) 2000Global Purchase Purchase, NY 10577 55 Water St., New York, NY 10041 Cognizant Technology Solutions Corp. (CTSH) ABM Industries Inc. (ABM) 500 Frank W. Burr Blvd., Teaneck, NJ 07666 1 Liberty Plaza, New York, NY 10006 Marsh & McLennan Cos. Inc. (MMC) Nielsen Holdings (NLSN) 1166 Sixth Ave., New York, NY 10036 85 Broad St., New York, NY 10004 Colgate-Palmolive Co. (CL) Hess Corp. (HES) 300 Park Ave., New York, NY 10022 1185 Sixth Ave., New York, NY 10036 Omnicom Group Inc. (OMC) Ralph Lauren Ave., Corp.New (RL)York, NY 10022 437 Madison 650 Madison Ave., New York, NY 10022 Loews Corp. (L) Tapestry Inc. (TPR) 667 Madison Ave., New York, NY 10065 10 Hudson Yards, New York, NY 10001 Estée Lauder Cos. Inc. (EL) Ascena Inc.NY (ASNA) 767 FifthRetail Ave., Group New York, 10153 933 MacArthur Blvd., Mahwah, NJ 07430 BlackRock Inc. (BLK) Jefferies Financial Inc.10055 (JEF) 55 E. 52nd St., NewGroup York, NY 520 Madison Ave., New York, NY 10022 Automatic Data Processing Inc. (ADP) Xylem 1 ADP Inc. Blvd.,(XYL) Roseland, NJ 07068 1 International Drive, Rye Brook, NY 10573 Consolidated Edison Inc. (ED) National General 4 Irving Place, NewHoldings York, NY Corp. 10003(NGHC) 59 Maiden Lane, New York, NY 10038 Fox Corp. (FOXA) International Flavors & Fragrances 1211 Sixth Ave., New York, NY 10036Inc. (IFF) 521 W. 57th St., New York, NY 10019 Bed Bath & Beyond Inc. (BBBY) Moody's Corp. (MCO) 650 Liberty Ave., Union, NJ 07083 7 World Trade Center, New York, NY 10007 P012_P013_CN_20200518.indd 13 Interpublic Group of Cos. Inc. (IPG) IAC/InterActiveCorp (IAC)NY 10022 909 Third Ave., New York,

15 46 16 47

19 50 20 51 21 52 22 53 23 54 24 55 25 56 26 57 27 58 28 59 29 60 30 61 31 62 32 63 33 64 34

2019 NET

$1,343.0 INCOME

+$296.0 Diversified holdings

+$407.9 Human resources software

ONE-YEAR NET INCOME -$39.0 CHANGE (IN MILLIONS)

Electric and gas utility INDUSTRY

+$37.1 Advertising +$1,356.0 Financial services

+$1,669.0 media and -$5,201.0 Mass Food and beverage publishing products

-$3,553.0 Retirement and +$5,120.0 Pharmaceuticals insurance products +$874.0 Investments +$3,354.0 Insurance +$818.3 holdings -$162.0 Insurance Financial services

BUCK ENNIS

BLOOMBERG

. s

1166 Sixth Ave., New York, NY 10036

RANK

No. 42 KKR & Co. Inc. The last decade was a dream scenario for private equity. Ultra-low interest rates provided cheap fuel for a binge of leveraged buyouts. Banks were hamstrung by new regulations, and investors poured money into PE faster than firms could spend it. Henry Kravis and his partners at KKR have seen this before; they helped pioneer private-equity investing in the 1970s. They will need this experience to keep afloat their many indebted companies lacking cash flow. If the Democrats take the White House and Senate in November, expect sharp questions about how private equity operates. After a binge, the hangover is never fun. — A.E.

+$380.0 +$99.0 Airline Insurance

TELL US WHY!

917-663-2000 $29,805.0 +0.6% $7,185.0 -$726.0 Tobacco, food and 212-720-3700 $8,005.0 +0.8% $491.0 -$50.0 Shoe retailproducts pmi.com beverage footlocker-inc.com 212-258-6000 $27,812.0 +2.1% $3,308.0 -$147.0 Entertainment and 914-847-7000 $7,863.4 +17.2% $2,115.8 -$328.6 Biotechnology viacbs.com media regeneron.com 212-546-4000 $26,145.0 +15.9% $3,439.0 -$1,481.0 Pharmaceuticals 212-584-5100 $7,794.0 +35.1% $914.0 -$262.0 Satellite radio bms.com siriusxm.com 212-494-1602 $25,331.0 -1.6% $564.0 -$544.0 Department stores 973-520-2700 $7,726.0 +2.6% $858.0 +$122.0 Medical laboratories macysinc.com questdiagnostics.com 212-495-1784 $20,766.0 +8.0% $4,441.0 +$175.0 Banking 212-309-8200 $7,476.0 +4.4% -$351.0 -$1,226.0 Diversified financial bnymellon.com voya.com services 201-847-6800 $17,290.0 +8.2% $1,233.0 +$922.0 Medical equipment 212-583-5000 $7,338.3 +7.4% $2,049.7 +$507.9 Investments bd.com and supplies blackstone.com 914-249-2000 $16,883.0 +12.9% $8,118.0 +$2,259.0 Payment solutions 212-438-1000 $6,699.0 +7.0% $2,123.0 +$165.0 Financial information mastercard.com spglobal.com and analytics 201-801-0233 $16,783.0 +4.1% $1,842.0 -$259.0 Information 212-297-0200 $6,498.6 +0.9% $127.4 +$29.6 Facility management cognizant.com technology abm.com 212-345-5000 $16,652.0 +11.4% $1,742.0 +$92.0 Professional services 646-654-5000 $6,498.0 -0.3% -$415.0 +$297.0 Data and mmc.com nielsen.com measurement 212-310-2000 $15,693.0 +1.0% $2,367.0 -$33.0 Health and beauty 212-997-8500 $6,495.0 +2.7% -$408.0 -$126.0 Petroleum colgatepalmolive.com aids hess.com 212-415-3600 $14,953.7 -2.2% $1,339.1 +$12.7 Media, marketing and 212-318-7000 $6,313.0 +2.1% $430.9 +$268.1 Apparel omnicomgroup.com communications Crain’s New York Business recognizes the firms that go the extra mile ralphlauren.com 212-521-2000 $14,931.0 From +6.1% $932.0 plans +$296.0 holdings for their employees. retirement toDiversified on-site meals, wellness 212-594-1850 $6,027.1 +2.5% $643.4 +$245.9 Luxury fashion loews.com initiatives to tuition assistance, nominate your firm to be on Crain’s tapestry.com 212-572-4200 $14,863.0 $1,785.0 +$677.0 Health and beauty 2020 Best Places to Work+8.6% in NYC. 551-777-6700 $5,493.4 -1.3% -$661.4 -$621.7 Women's apparel elcompanies.com aids ascenaretail.com retail 212-810-5300 $14,539.0 +2.4% $4,476.0 +$171.0 Investment 212-460-1900 $5,358.7 +7.0% $964.7 -$62.1 Financial services blackrock.com management jefferies.com 973-974-5000 $14,175.2 +6.4% +$407.9 Human resources Deadline to submit is June 26, 2020. $2,292.8 914-323-5700 $5,249.0 +0.8% $401.0 -$148.0 Water technology adp.com software xylem.com Silver Sponsor 212-460-4600 $12,574.0 +1.9% $1,343.0 -$39.0 Electric and gas utility 212-380-9500 $5,179.6 +12.4% $348.1 +$140.7 Insurance conedison.com nationalgeneral.com 212-852-7000 $11,389.0 +12.2% $1,595.0 -$592.0 Broadcasting 212-765-5500 $5,140.1 +29.2% $455.9 +$118.6 Artificial flavors and foxcorporation.com MAY 18, 2020 | CRAIN’S NEW YORK BUSINESS | 13 iff.com aromas 908-688-0888 $11,158.6 -7.2% -$613.8 -$476.6 Domestic goods and 212-553-0300 $4,829.0 +8.7% $1,422.0 +$112.0 Credit ratings bedbathandbeyond.com home furnishings moodys.com 5/13/20 5:56 PM 212-704-1200 $10,221.3 +5.2% $656.0 +$37.1 Advertising 212-314-7300 $4,757.1 +11.6% $431.1 -$195.8 Media and internet interpublic.com

News Corp. (NWSA) 1211 Sixth Ave., New York, NY 10036

212-416-3400 newscorp.com

$10,074.0

+11.6%

$155.0

Henry Schein Inc. (HSIC) 135 Duryea Road, Melville, NY 11747

631-843-5500 henryschein.com

$9,985.8

+6.0%

$694.7

+$158.9 Medical and hospital equipment

PVH Corp. (PVH) 200 Madison Ave., New York, NY 10016

212-381-3500 pvh.com

$9,909.0

+2.6%

$417.3

-$329.1 Apparel

Altice USA Inc. (ATUS) 1 Court Square West, Long Island City, NY 11101

516-803-2300 alticeusa.com

$9,760.9

+2.0%

$138.9

+$120.1 Cable television

Equitable Holdings Inc. (EQH) 212-554-1234 $9,591.0 -20.6% -$1,733.0 NEW YORK’S LARGEST PUBLICLY HELD COMPANIES 41 1290 Sixth Ave., New York, NY 10104 equitableholdings.com

KKR & Co. Inc. (KKR) 9 W. 57th St., New York, NY 10019

COMPANY (TICKER SYMBOL)/ Alleghany Corp. (Y) ADDRESS 1411 Broadway, New York, NY 10018

PHONE/ 212-752-1356 WEBSITE alleghany.com

1 44

JPMorgan Chase & Co. (JPM) Icahn Enterprises (IEP) 383Fifth Madison New York, NY 10179 767 Ave., Ave., New York, NY 10153

2 45

Verizon Inc. (VZ) Coty Inc.Communications (COTY) 1095 Sixth Ave., New York, 10036 350 Fifth Ave., New York, NY NY 10118

RANK

Citigroup Inc. (C) JetBlue Airways Corp. (JBLU) 388 Greenwich St., New York, NY 10013 27-01 Queens Plaza North, Long Island City, NY 11101 International Business Machines Corp. (IBM) 1 New Orchard Foot Locker Inc.Road, (FL) Armonk, NY 10504 330 W. 34th St., New York, NY 10001 MetLife Inc. (MET) 200 Park Ave., New York, NY 10166 Regeneron Pharmaceuticals Inc. (REGN) 777 Old Saw Mill River Road, Tarrytown, NY 10591 PepsiCo Inc. (PEP) 700 Anderson Hill Road, Purchase, NY 10577 Sirius XM Holdings Inc. (SIRI) 1221 Sixth Ave., New York, NY 10020 Prudential Financial Inc. (PRU) 751 Broad St., Newark, NJ 07102 Quest Diagnostics Inc. (DGX) 500 Plaza Drive, Secaucus, NJ 07094 Goldman Sachs Group (GS) 200 Financial West St., New NY 10282 Voya Inc. York, (VOYA) 230 Park Ave., New York, NY 10169 Morgan Stanley (MS) 1585 Broadway, Blackstone GroupNew Inc.York, (BX)NY 10036 345 Park Ave., New York, NY 10154 Pfizer Inc. (PFE) 235 Global E. 42ndInc. St.,(SPGI) New York, NY 10017 S&P 55 Water St., New York, NY 10041 American International Group Inc. (AIG) 175 Industries Water St., New NY 10038 ABM Inc. York, (ABM) 1 Liberty Plaza, New York, NY 10006 American Express Co. (AXP) 200 Vesey St., New York, NY 10285 Nielsen Holdings (NLSN) 85 Broad St., New York, NY 10004 Merck & Co. Inc. (MRK) 2000Corp. Galloping Hess (HES)Hill Road, Kenilworth, NJ 07033 1185 Sixth Ave., New York, NY 10036 INTL FCStone Inc. (INTL) 155 E.Lauren 44th St., New(RL) York City, NY 10017 Ralph Corp. 650 Madison Ave., New York, NY 10022 Travelers Cos. Inc. (TRV) 485 Lexington Ave., New York, NY 10017 Tapestry Inc. (TPR) 10 Hudson Yards, New York, NY 10001 Philip Morris International Inc. (PM) 120 Park Ave.,Group New York, 10017 Ascena Retail Inc. NY (ASNA) 933 MacArthur Blvd., Mahwah, NJ 07430 ViacomCBS Inc. (VIAC) 1515 Broadway, New York,Inc. NY 10036 Jefferies Financial Group (JEF) 520 Madison Ave., New York, NY 10022 Bristol-Myers Squibb Co. (BMY) 430 E.Inc. 29th St., New York, NY 10016 Xylem (XYL) 1 International Drive, Rye Brook, NY 10573 Macy's Inc. (M) 151 W. 34th St., New York, Corp. NY 10001 National General Holdings (NGHC) 59 Maiden Lane, New York, NY 10038 Bank of New York Mellon Corp. (BK) 240 Greenwich St., New York, NY 10286 International Flavors & Fragrances Inc. (IFF) 521 W. 57th St., New York, NY 10019 Becton, Dickinson and Co. (BDX) 1 BectonCorp. Drive,(MCO) Franklin Lakes, NJ 07417 Moody's 7 World Trade Center, New York, NY 10007 Mastercard Inc. (MA) 2000 Purchase St., Purchase, NY 10577 IAC/InterActiveCorp (IAC) 555 W. 18th St., New York, NY 10011 Cognizant Technology Solutions Corp. (CTSH) 500 Frank W.(TIF) Burr Blvd., Teaneck, NJ 07666 Tiffany & Co. 727 Fifth Ave., New York, NY 10022 Marsh & McLennan Cos. Inc. (MMC) 1166 Sixth Financial Ave., New Solutions York, NY 10036 Broadridge Inc. (BR) 5 Dakota Drive, Lake Success, NY 11042 Colgate-Palmolive Co. (CL) 300 Park Ave., New York, NY 10022 Nasdaq Inc. (NDAQ) 151 W. 42nd St., New York, NY 10036 Omnicom Group Inc. (OMC) 437 Industrial Madison Ave., NewCo. York, 10022 MSC Direct Inc.NY(MSM) 75 Maxess Road, Melville, NY 11747 Loews Corp. (L) 667Group Madison CIT Inc.Ave., (CIT) New York, NY 10065 11 W. 42nd St., New York, NY 10036 Estée Lauder Cos. Inc. (EL) 767 Apparel Fifth Ave., New (GIII) York, NY 10153 G-III Group 512 Seventh Ave., New York, NY 10018 BlackRock Inc. (BLK) 55 E.Networks 52nd St.,Inc. New(AMCX) York, NY 10055 AMC 11 Penn Plaza, New York, NY 10001 Automatic Data Processing Inc. (ADP) 1 ADP Global Blvd., Roseland, NJ 07068 Apollo Management Inc. (APO) 9 W. 57th St., New York, NY 10019 Consolidated Edison Inc. (ED) 4 Irving Place, New York, NY 10003 ITT Inc. (ITT) 1133 Westchester Ave., White Plains, NY 10604 Fox Corp. (FOXA) 1211Air Sixth Ave., New York, NYInc. 10036 Atlas Worldwide Holdings (AAWW) Westchester Ave., Purchase, 10577 14 | CRAIN’S 2000 NEW YORK BUSINESS | MAY 18,NY 2020 Bed Bath & Beyond Inc. (BBBY) 650 Liberty Ave., Union, NJ 07083 Take-Two Interactive Software Inc. (TTWO) 110 W. 44th St., New York, NY 10036 Interpublic Group of Cos. Inc. (IPG) P014_P015_CN_20200518.indd 14 909 Third Ave., New NY 10022 Verisk Analytics Inc. York, (VRSK) 545 Washington Blvd., Jersey City, NJ 07310

3 46 4 47 5 48 6 49 7 50 8 51 9 52 10 53 11 54 12 55 13 56 14 57 15 58 16 59 17 60 18 61 19 62 20 63 21 64 22 65 23 66 24 67 25 68 26 69 27 70 28 71 29 72 30 73 31 74 32 75 33 76 34 77

212-750-8300 kkr.com

$9,120.3

+74.6%

$2,005.0

-$3,553.0 Retirement and insurance products

+$874.0 Investments

2019 REVENUE $9,040.7 (IN MILLIONS)

ONE-YEAR REVENUE PERCENTAGE +31.3% CHANGE

2019 NET INCOME $857.8 (IN MILLIONS)

212-270-6000 212-702-4300 jpmorganchase.com ielp.com

$142,422.0 $8,992.0

+9.5% -23.6%

$36,431.0 -$1,076.0

+$3,957.0 Conglomerate Investment banking -$3,115.0 and financial services

1 75

212-395-1000 212-389-7300 verizon.com coty.com

$131,868.0 $8,648.5

+0.8% -8.0%

$19,265.0 -$3,784.2

+$3,737.0 Health Investment banking -$3,615.4 and beauty and financial services aids

2 76

212-559-1000 718-286-7900 citigroup.com jetblue.com

$103,449.0 $8,094.0

+6.5% +5.7%

$19,401.0 $569.0

+$1,356.0 Financial services +$380.0 Airline

$77,147.0 $8,005.0

-3.1% +0.8%

$9,431.0 $491.0

$69,620.0 $7,863.4

+2.5% +17.2%

$5,899.0 $2,115.8

$67,161.0 $7,794.0

+3.9% +35.1%

$7,314.0 $914.0

-$5,201.0 Food and beverage productsradio -$262.0 Satellite

$64,807.0 $7,726.0

+2.9% +2.6%

$4,186.0 $858.0

+$112.0 Insurance +$122.0 Medical laboratories

$53,922.0 $7,476.0

+2.7% +4.4%

$8,466.0 -$351.0

$53,823.0 $7,338.3

+7.2% +7.4%

$9,042.0 $2,049.7

-$1,993.0 Investment banking and financial services -$1,226.0 Diversified financial services +$294.0 Investment banking and financial services +$507.9 Investments

$51,750.0 $6,699.0

-3.5% +7.0%

$16,273.0 $2,123.0

$49,746.0 $6,498.6

+5.0% +0.9%

$3,348.0 $127.4

$47,020.0 $6,498.0

+8.6% -0.3%

$6,759.0 -$415.0

$46,840.0 $6,495.0

+10.7% +2.7%

$9,843.0 -$408.0

-$162.0 Financial services +$297.0 Data and measurement +$3,623.0 Pharmaceuticals -$126.0 Petroleum

$32,897.0 $6,313.0

+19.1% +2.1%

$85.1 $430.9

+$29.6 Financial services +$268.1 Apparel

$31,581.0 $6,027.1

+4.3% +2.5%

$2,622.0 $643.4

+$99.0 Insurance +$245.9 Luxury fashion

$29,805.0 $5,493.4

+0.6% -1.3%

$7,185.0 -$661.4

$27,812.0 $5,358.7

+2.1% +7.0%

$3,308.0 $964.7

-$726.0 Tobacco, food and beverageapparel products -$621.7 Women's retail -$147.0 Entertainment and media services -$62.1 Financial

$26,145.0 $5,249.0

+15.9% +0.8%

$3,439.0 $401.0

$25,331.0 $5,179.6

-1.6% +12.4%

$564.0 $348.1

-$544.0 Department stores +$140.7 Insurance

$20,766.0 $5,140.1

+8.0% +29.2%

$4,441.0 $455.9

$17,290.0 $4,829.0

+8.2% +8.7%

$1,233.0 $1,422.0

+$175.0 Banking +$118.6 Artificial flavors and aromas +$922.0 Medical equipment and supplies +$112.0 Credit ratings

$16,883.0 $4,757.1

+12.9% +11.6%

$8,118.0 $431.1

$16,783.0 $4,424.0

+4.1% -0.4%

$1,842.0 $541.1

$16,652.0 $4,362.2

+11.4% +0.7%

$1,742.0 $482.1

914-499-1900 ibm.com 212-720-3700 footlocker-inc.com 212-578-9500 metlife.com 914-847-7000 regeneron.com 914-253-2000 pepsico.com 212-584-5100 siriusxm.com 973-802-6000 prudential.com 973-520-2700 questdiagnostics.com 212-902-1000 goldmansachs.com 212-309-8200 voya.com 212-761-4000 morganstanley.com 212-583-5000 blackstone.com 212-733-2323 pfizer.com 212-438-1000 spglobal.com 212-770-7000 aig.com 212-297-0200 abm.com 212-640-2000 americanexpress.com 646-654-5000 nielsen.com 908-740-4000 merck.com 212-997-8500 hess.com 212-485-3500 intlfcstone.com 212-318-7000 ralphlauren.com 917-778-6000 travelers.com 212-594-1850 tapestry.com 917-663-2000 pmi.com 551-777-6700 ascenaretail.com 212-258-6000 viacbs.com 212-460-1900 jefferies.com 212-546-4000 bms.com 914-323-5700 xylem.com 212-494-1602 macysinc.com 212-380-9500 nationalgeneral.com 212-495-1784 bnymellon.com 212-765-5500 iff.com 201-847-6800 bd.com 212-553-0300 moodys.com 914-249-2000 mastercard.com 212-314-7300 iac.com 201-801-0233 cognizant.com 212-755-8000 tiffany.com 212-345-5000 mmc.com 516-472-5400 broadridge.com 212-310-2000 colgatepalmolive.com 212-401-8700 nasdaq.com 212-415-3600 omnicomgroup.com 516-812-2000 mscdirect.com 212-521-2000 loews.com 212-461-5200 cit.com 212-572-4200 elcompanies.com 212-403-0500 giii.com 212-810-5300 blackrock.com 212-324-8500 amcnetworks.com 973-974-5000 adp.com 212-515-3200 apollo.com 212-460-4600 conedison.com 914-641-2000 itt.com 212-852-7000 foxcorporation.com 914-701-8000 atlasair.com 908-688-0888 bedbathandbeyond.com 646-536-2842 take2games.com 212-704-1200 interpublic.com 201-469-3000 verisk.com

ONE-YEAR NET INCOME CHANGE Insurance holdings +$818.3 (IN MILLIONS) INDUSTRY

+$703.0 Technology -$50.0 Shoe retail +$776.0 Insurance -$328.6 Biotechnology

+$5,120.0 Pharmaceuticals +$165.0 Financial information and analytics +$3,354.0 Insurance +$29.6 Facility management

-$1,481.0 Pharmaceuticals -$148.0 Water technology

+$2,259.0 Payment solutions -$195.8 Media and internet brands -$259.0 Information technology -$45.3 Jewelry retail

RAN 74

BLOOMBERG

THE LIST

+$1,669.0 Mass media and publishing

No. 56 Hess Corp. By their nature, commodities are prone to booms and busts. But the recent collapse in oil prices is one for the history books. One futures contract recently traded for negative dollars because drillers couldn’t store the crude that suddenly no one wants to buy. In the midst of this storm you’ll find Hess Corp., which sold its gas stations in 2013. It placed its resources in North Dakota’s Bakken shale fields and a joint venture in Guyana with Exxon Mobil, and those bets may pan out. But with Russia and Saudi Arabia locked in a price war that’s causing bankruptcies across the industry, it might take a while. — A.E.

$11.8M MARKET CAPITALIZATION for Ascena Retail Group (No. 59), the smallest of any firm on the list. Ascena owns women’s clothing brands including Lane Bryant and Loft.

+1.0% -0.4%

$2,367.0 $774.0

$14,953.7 $3,363.8

-2.2% +5.0%

$1,339.1 $288.9

$14,931.0 $3,289.7

+6.1% +0.5%

$932.0 $529.9

$14,863.0 $3,160.5

+8.6% +2.7%

$1,785.0 $143.8

$14,539.0 $3,060.3

+2.4% +3.0%

$4,476.0 $380.5

$14,175.2 $2,931.8

+6.4% +168.2%

$2,292.8 $843.2

$12,574.0 $2,846.4

+1.9% +3.7%

$1,343.0 $325.1

$11,389.0 $2,739.2

+12.2% +2.3%

$1,595.0 -$293.1

$11,158.6 $2,668.4

-7.2% +48.8%

-$613.8 $333.8

-$476.6 Domestic goods and homegames furnishings +$160.3 Video

$10,221.3 $2,607.1

+5.2% +8.9%

$656.0 $449.9

+$37.1 Advertising -$148.8 Data analytics

-$33.0 Health and beauty aids +$316.0 Electronic stock market +$12.7 Media, marketing and communications -$40.4 Industrial products +$296.0 Diversified holdings +$82.8 Commercial and consumer finance +$677.0 Health and beauty aids +$5.8 Apparel +$171.0 Investment management -$65.7 Television broadcasting +$407.9 Human resources software +$853.6 Private equity -$39.0 Electric and gas utility -$8.6 Components manufacturing -$592.0 Broadcasting -$563.7 Airline

4 78

5 79

6 80

7 81

8 82

9 83

10 84

11 85

12 86

13 87

14 88

15 89

16 90

17 91

18 92

19 93

20 94

SWINGING STOCK Apollo Global Management had the steepest revenue drop in last year’s edition of the list. But Leon Black’s private-equity firm rebounded to post the largest revenue increase of any firm in the latest ranking.

21 95

Increase in revenue

24 98 25 99 26 10 27 10 28 10 29 10 30 10 31 10 32 10 33 10 34 10

+$92.0 Professional services +$54.2 Corporate services

$15,693.0 $4,262.0

3 77

Apollo Global Management Inc. (No. 73)

+168.2% Peloton Interactive Inc. (No. 129)

+110.3% KKR & Co. Inc. (No. 42)

+74.6% Two Harbors Investment Corp. (No. 115)

+60.5% New York Mortgage Trust Inc. (No. 136)

+51.1% SOURCES: S&P Global Market Intelligence, Crain’s research

5/13/20 5:54 PM

22 96

23 97

212-401-8700 nasdaq.com

$4,262.0

-0.4%

$774.0

MSC Industrial Direct Co. Inc. (MSM) 75 Maxess Road, Melville, NY 11747

516-812-2000 mscdirect.com

$3,363.8

+5.0%

$288.9

-$40.4 Industrial products

CIT Group Inc. (CIT) 11 W. 42nd St., New York, NY 10036

212-461-5200 cit.com

$3,289.7

+0.5%

$529.9

+$82.8 Commercial and consumer finance

G-III Apparel Group (GIII) 512 Seventh Ave., New York, NY 10018

212-403-0500 giii.com

$3,160.5

+2.7%

$143.8

+$5.8 Apparel

AMC Networks Inc. (AMCX) 11 Penn Plaza, New York, NY 10001

212-324-8500 amcnetworks.com

$3,060.3

+3.0%

$380.5

-$65.7 Television broadcasting

Apollo Global Management Inc. (APO) 9 W. 57th St., New York, NY 10019

212-515-3200 apollo.com

$2,931.8

+168.2%

$843.2

RANK 74

COMPANY (TICKER SYMBOL)/ ITT Inc. (ITT) ADDRESS 1133 Westchester Ave., White Plains, NY 10604

PHONE/ 914-641-2000 WEBSITE itt.com

2019$2,846.4 REVENUE (IN MILLIONS)

ONE-YEAR REVENUE PERCENTAGE +3.7% CHANGE

2019 NET INCOME $325.1 (IN MILLIONS)

1 75

JPMorgan Chase & Co. (JPM) Inc. (AAWW) Atlas Air Worldwide Holdings 383 Madison Ave.,Ave., New Purchase, York, NY 10179 2000 Westchester NY 10577

212-270-6000 914-701-8000 jpmorganchase.com atlasair.com

$142,422.0 $2,739.2

+9.5% +2.3%

$36,431.0 -$293.1

+$3,957.0 Investment banking -$563.7 Airline and financial services

2 76

Verizon Communications Inc. (VZ) Take-Two Interactive Software Inc. (TTWO) 1095W.Sixth 110 44thAve., St., New York, NY 10036

212-395-1000 646-536-2842 verizon.com take2games.com

$131,868.0 $2,668.4

+0.8% +48.8%

$19,265.0 $333.8

+$3,737.0 Investment +$160.3 Video gamesbanking and financial services

3 77

Citigroup Inc. (C)Inc. (VRSK) Verisk Analytics 388 Washington Greenwich St., NewJersey York, City, NY 10013 545 Blvd., NJ 07310

212-559-1000 201-469-3000 citigroup.com verisk.com

$103,449.0 $2,607.1

+6.5% +8.9%

$19,401.0 $449.9

+$1,356.0 Financial services -$148.8 Data analytics

4 78

International Business Machines New Residential Investment Corp.Corp. (NRZ)(IBM) 1 NewSixth Orchard NY 10504 1345 Ave.,Road, New Armonk, York, NY 10105

914-499-1900 212-798-3150 ibm.com newresi.com

$77,147.0 $2,585.6

-3.1% +15.6%

$9,431.0 $563.3

+$316.0 Electronic stock market

+$853.6 Private equity ONE-YEAR NET INCOME CHANGE -$8.6 (IN MILLIONS)

Components INDUSTRY manufacturing

+$703.0 Technology -$400.7 Real estate investment trust

5 79

MetLifeInc. Inc.(REV) (MET) Revlon 200 Park New York, NY NY 10166 1 New YorkAve., Plaza, New York, 10004

212-578-9500 212-527-4000 metlife.com revlon.com

$69,620.0 $2,419.6

+2.5% -5.7%

$5,899.0 -$157.7

+$776.0 Health Insurance +$136.5 and beauty products

6 80

PepsiCo (PEP) Party CityInc. (PRTY) 700Grasslands Anderson Hill Road, Purchase, NY 10577 80 Road, Elmsford, NY 10523

914-253-2000 914-345-2020 pepsico.com partycity.com

$67,161.0 $2,348.8

+3.9% -3.2%

$7,314.0 -$532.5

-$5,201.0 Food favors and beverage -$655.8 Party products

7 81

Prudential Financial Hain Celestial Group Inc. Inc. (PRU) (HAIN) 751 Broad St.,Ave., Newark, 07102 NY 11042 1111 Marcus LakeNJ Success,

973-802-6000 516-587-5000 prudential.com hain.com

$64,807.0 $2,302.5

+2.9% -6.3%

$4,186.0 -$183.3

+$112.0 Insurance -$193.0 Food and beverage products

8 82

Goldman Sachs (GS) Newmark Group Group Inc. (NMRK) 200 Park West Ave., St., New 125 NewYork, York,NY NY10282 10017

212-902-1000 212-372-2000 goldmansachs.com ngkf.com

$53,922.0 $2,218.1

+2.7% +8.3%

$8,466.0 $117.3

-$1,993.0 Investment +$10.6 Real estate banking advisory and financial services

9 83

MorganCorp. Stanley (MS) Griffon (GFF) 1585Fifth Broadway, NewYork, York,NYNY10019 10036 712 Ave., New

212-761-4000 212-957-5000 morganstanley.com griffon.com

$53,823.0 $2,209.3

+7.2% +11.7%

$9,042.0 $37.3

+$294.0 Investment banking -$88.4 Conglomerate and financial services

10 84

PfizerPartners Inc. (PFE) BGC Inc. (BGCP) 235 Park E. 42nd New York, 10017 499 Ave.,St., New York, NYNY 10022

212-733-2323 212-610-2200 pfizer.com bgcpartners.com

$51,750.0 $2,104.2

-3.5% +8.6%

$16,273.0 $55.7

+$5,120.0 Pharmaceuticals -$141.8 Electronic securities trading

11 85

AmericanInc. International Group Inc. (AIG) Evercore (EVR) 175E.Water 55 52ndSt., St.,New NewYork, York,NY NY10038 10055

212-770-7000 212-857-3100 aig.com evercore.com

$49,746.0 $2,028.8

+5.0% -2.6%

$3,348.0 $297.4

+$3,354.0 Insurance banking -$79.8 Investment advisory

12 86

American Express (AXP) HC2 Holdings Inc. Co. (HCHC) 200 Park VeseyAve., St., New York, NY 10285 450 10022

212-640-2000 212-235-2690 americanexpress.com hc2.com

$47,020.0 $1,984.1

+8.6% +0.4%

$6,759.0 -$31.5

-$162.0 Diversified Financial services -$193.5 holdings

13 87

Merck & Co. Inc.(SBNY) (MRK) Signature Bank 2000Fifth Galloping Hill Road, Kenilworth, 565 Ave., New York, NY 10017 NJ 07033

908-740-4000 646-822-1500 merck.com signatureny.com

$46,840.0 $1,939.6

+10.7% +12.0%

$9,843.0 $588.9

+$3,623.0 Pharmaceuticals +$83.6 Banking

14 88

INTL FCStone (INTL) Vornado RealtyInc. Trust (VNO) 155 Seventh E. 44th St., City, 10017 888 Ave.,New NewYork York, NYNY 10019

212-485-3500 212-894-7000 intlfcstone.com vno.com

$32,897.0 $1,924.7

+19.1% -11.0%

$85.1 $3,147.9

+$29.6 Real Financial services +$2,698.0 estate investment trust

15 89

Travelers Inc. (TRV) New York Cos. Community Bancorp Inc. (NYCB) 485 Merrick Lexington Ave., New York, 10017 615 Ave., Westbury, NYNY 11590

917-778-6000 516-683-4100 travelers.com mynycb.com

$31,581.0 $1,889.4

+4.3% +6.1%

$2,622.0 $395.0

+$99.0 Insurance -$27.4 Banking

16 90

Philip Morris International Children's Place Inc. (PLCE)Inc. (PM) 120 Plaza Park Ave., York, NYNJ 10017 500 Drive,New Secaucus, 07094

917-663-2000 201-558-2400 pmi.com childrensplace.com

$29,805.0 $1,870.7

+0.6% -3.5%

$7,185.0 $73.3

-$726.0 Tobacco,retail food and -$27.7 Apparel beverage products

17 91

ViacomCBSProperty Inc. (VIAC) Brookfield REIT Inc. (BPYU) 1515Vesey Broadway, NewYork, York,NYNY10281 10036 250 St., New

212-258-6000 212-417-7000 viacbs.com bpy.brookfield.com/en/bpr

$27,812.0 $1,849.8

+2.1% -30.8%

$3,308.0 $432.9

-$147.0 Real Entertainment and -$3,657.7 estate investment media trust

18 92

Bristol-Myers Squibb Co. (BMY) New York Times Co. (NYT) 430 Eighth E. 29thAve., St., New York, NY 10016 620 10018

212-546-4000 212-556-1234 bms.com nytco.com

$26,145.0 $1,812.2

+15.9% +3.6%

$3,439.0 $140.0

-$1,481.0 Pharmaceuticals +$14.3 Newspaper publishing

19 93

Macy's Inc.&(M) John Wiley Sons Inc. (JW.A) 151 River W. 34th New York, NY 10001 111 St.,St., Hoboken, NJ 07030

212-494-1602 201-748-6000 macysinc.com wiley.com

$25,331.0 $1,800.1

-1.6% +0.2%

$564.0 $168.3

20 94

Bank of New York Mellon Chimera Investment Corp.Corp. (CIM)(BK) 240 Madison GreenwichAve., St., New New York, York, NY NY 10022 10286 520

212-495-1784 212-626-2300 bnymellon.com chimerareit.com

$20,766.0 $1,791.1

+8.0% +36.0%

$4,441.0 $413.6

+$175.0 Banking +$1.9 Real estate investment trust

21 95

Becton, Dickinson and Inc. Co. (MTX) (BDX) Minerals Technologies 1 Becton Franklin NJ 07417 622 Third Drive, Ave., New York,Lakes, NY 10017

201-847-6800 212-878-1800 bd.com mineralstech.com

$17,290.0 $1,791.0

+8.2% -0.9%

$1,233.0 $132.7

+$922.0 Medical products equipment -$36.3 Mineral and supplies

22 96

Mastercard Inc.(SHOO) (MA) Steve Madden 2000 Purchase St., Purchase, 10577 52-16 Barnett Ave., Long IslandNYCity, NY 11104

914-249-2000 718-446-1800 mastercard.com stevemadden.com

$16,883.0 $1,787.2

+12.9% +6.5%

$8,118.0 $141.3

23 97

CognizantMedia Technology Solutions Corp. (CTSH) Outfront Inc. (OUT) 500 Lexington Frank W. Burr NJ 07666 405 Ave.,Blvd., New Teaneck, York, NY 10174

201-801-0233 212-297-6400 cognizant.com outfrontmedia.com

$16,783.0 $1,782.2

+4.1% +11.0%

$1,842.0 $140.1

-$259.0 Information +$32.2 Advertising technology

+11.4% -1.9%

$1,742.0 $156.0

+$92.0 Infrastructure Professional services +$19.0

+1.0% +1.6%

$2,367.0 $15.6

-2.2% +1.8%

$1,339.1 $25.5

-$33.0 Health and beauty aids +$20.6 Publishing and education +$12.7 Media, marketing and communications +$0.5 Grocery stores

+6.1% +4.6%

$932.0 $11.4

+$296.0 Diversified holdings -$130.2 Professional sports

+8.6% +3.7%

$1,785.0 $197.0

+2.4% -1.4%

$4,476.0 $4.0

+$677.0 Health and beauty aids -$5.0 Infrastructure and utilities +$171.0 Investment management +$36.6 Multisector holdings

+6.4% +8.6%

$2,292.8 $563.6

+$407.9 Human resources software services +$55.8 Financial

+1.9% +18.7%

$1,343.0 $309.8

-7.2% -4.1%

-$613.8 -$4.7

+5.2% -6.7%

$656.0 $119.6

212-345-5000 $16,652.0 $1,727.0 212-231-1000 mmc.com macquarie.com/mgl/com/ mic Colgate-Palmolive Co. (CL) 212-310-2000 $15,693.0 300 Park Ave., New York, NY 10022 colgatepalmolive.com Scholastic Corp. (SCHL) 212-343-6100 $1,653.9 557 Broadway, New York, NY 10012 scholastic.com Omnicom Group Inc. (OMC) 212-415-3600 $14,953.7 437 Madison NewInc. York, NY 10022 omnicomgroup.com Village Super Ave., Market (VLGE.A) 973-467-2200 $1,643.5 733 Mountain Ave., Springfield, NJ 07081 myvillagesupermarket.com Loews Corp. (L) 212-521-2000 $14,931.0 667 Madison Ave.,Garden New York, NY 10065 loews.com Madison Square Sports Corp. (MSGS) 212-465-6741 $1,631.1 2 Pennsylvania Plaza, New York, NY 10121 msgsports.com Estée Lauder Cos. Inc. (EL) 212-572-4200 $14,863.0 767 Fifth Ave., New York, NY 10153 elcompanies.com Brookfield Infrastructure Corp. (BIPC) 212-417-7000 $1,619.0 250 Vesey St., New York, NY 10281 bip.brookfield.com/bipc BlackRock Inc. (BLK) 212-810-5300 $14,539.0 55 E. 52nd St., Holdings New York,(SPLP) NY 10055 blackrock.com Steel Partners 212-520-2300 $1,561.8 590 Madison Ave., New York, NY 10022 steelpartners.com Automatic Data Processing Inc. (ADP) 973-974-5000 $14,175.2 1 ADPInc. Blvd., Roseland, NJ 07068 adp.com MSCI (MSCI) 212-804-3900 $1,557.8 7 World Trade Center, New York, NY 10007 msci.com Consolidated Edison Inc. (ED) 212-460-4600 $12,574.0 4 IrvingNational Place, New York, NY 10003 conedison.com Valley Bancorp (VLY) 973-305-8800 $1,535.5 WANT MORE OF CRAIN’S EXCLUSIVE DATA? 1 Penn Plaza, New York, NY 10119 valley.com Fox Corp. (FOXA) 212-852-7000 $11,389.0 1211 Financial Sixth Ave.,Inc. New(VIRT) York, NY 10036 foxcorporation.com Virtu 212-418-0100 $1,530.1 1 Liberty Plaza, New York, NY 10006 virtu.com Bed Bath & Beyond Inc. (BBBY) 908-688-0888 $11,158.6 650 Liberty Ave., Union, NJ 07083 bedbathandbeyond.com MDC Partners Inc. (MDCA) 646-429-1800 $1,415.8 330 Hudson St., New York, NY 10013 mdc-partners.com Interpublic Group of Cos. Inc. (IPG) 212-704-1200 $10,221.3 P014_P015_CN_20200518.indd 15 909 International Third Ave., NewInc. York, NY 10022 interpublic.com WW (WW) 212-589-2700 $1,413.3 675 Sixth Ave., New York, NY 10010 corporate.ww.com

24 98 25 99 26 100 27 101 28 102 29 103 30 104 31 105 32 106 33 107 34 108

Marsh & McLennan Cos. Inc. (MMC) Macquarie Infrastructure Corp. (MIC) 1166W.Sixth 125 55thAve., St., New York, NY 10036 10019

BUCK ENNIS

BLOOMBERG

Nasdaq Inc. (NDAQ) 151 W. 42nd St., New York, NY 10036

No. 88 Vornado Realty Trust Vornado’s net income in 2019 was more than double its cumulative amount from the three years before that. But along with many of its tenants, the prospects for the REIT have been dimmed by Covid-19. Nearly half of Vornado’s retail tenants didn’t pay rent in April, and numbers for May are on the same track. But longtime CEO Steven Roth is prospecting a rosier future for investors, saying in a recent earnings call that Vornado will “quickly revert like a rubber band back to normal” once the crisis passes. — G.S.

47% PORTION of Vornado’s retail tenants that didn’t make rent payments in April

-$544.0 Department stores -$23.9 Publishing

+$2,259.0 Payment solutions +$12.2 Footwear

BUCK ENNIS

No. 100 Village Super Market Village Super Market operates under the ShopRite and Gourmet Garage banners and will add Fairway Market once the acquisition of most of that bankrupt grocer’s Manhattan stores is finalized. Village intends to keep the Fairway name on the Upper West Side flagship store and other locations. But Fairway’s privateequity parent, in its second Chapter 11 protection filing in four years, plans to retain the Harlem location and keep the one in Red Hook too. That means the Fairway brand will have two owners. Will the rival grocers play nice? Stay tuned. — A.E.

-$39.0 Electric and gas utility +$48.4 Regional bank VISIT CRAINSNEWYORK.COM/LISTS. holdings +12.2% $1,595.0 -$592.0 Broadcasting -18.6% -$58.6 -$348.0 Financial services MAY 18, 2020 | CRAIN’S NEW YORK BUSINESS | 15

-$476.6 Domestic goods and home furnishings +$119.0 Advertising and marketing holdings +$37.1 Advertising -$104.1 Weight-loss services

5/14/20 11:33 AM

Macquarie Infrastructure Corp. (MIC) 125 W. 55th St., New York, NY 10019

212-231-1000 macquarie.com/mgl/com/ mic

$1,727.0

-1.9%

$156.0

+$19.0 Infrastructure

Scholastic Corp. (SCHL) 557 Broadway, New York, NY 10012

212-343-6100 scholastic.com

$1,653.9

+1.6%

$15.6

+$20.6 Publishing and education

100

Village Super Market Inc. (VLGE.A) 733 Mountain Ave., Springfield, NJ 07081

973-467-2200 myvillagesupermarket.com

$1,643.5

+1.8%

$25.5

+$0.5 Grocery stores

101

Madison Square Garden Sports Corp. (MSGS) 2 Pennsylvania Plaza, New York, NY 10121

212-465-6741 msgsports.com

$1,631.1

+4.6%

$11.4

THE LIST

InfrastructureLARGEST Corp. (BIPC) 212-417-7000 $1,619.0 +3.7% $197.0 NEW YORKâ&#x20AC;&#x2122;S PUBLICLY HELD COMPANIES 102 Brookfield 250 Vesey St., New York, NY 10281 bip.brookfield.com/bipc

103

Steel Partners Holdings (SPLP) 590 Madison Ave., New York, NY 10022

212-520-2300 steelpartners.com

104 RANK

COMPANY MSCI Inc.(TICKER (MSCI)SYMBOL)/ 7ADDRESS World Trade Center, New York, NY 10007

PHONE/ 212-804-3900 WEBSITE msci.com

1105

JPMorgan ChaseBancorp & Co. (JPM) Valley National (VLY) 383 Madison New NY York, NY 10179 1 Penn Plaza, Ave., New York, 10119

2106

-$130.2 Professional sports -$5.0 Infrastructure and utilities

$1,561.8

-1.4%

2019$1,557.8 REVENUE (IN MILLIONS)

ONE-YEAR REVENUE PERCENTAGE +8.6% CHANGE

2019 NET INCOME $563.6 (IN MILLIONS)

212-270-6000 973-305-8800 jpmorganchase.com valley.com

$142,422.0 $1,535.5

+9.5% +18.7%

$36,431.0 $309.8

+$3,957.0 Investment banking +$48.4 Regional bank and financial services holdings

Verizon Communications Virtu Financial Inc. (VIRT)Inc. (VZ) 1095 Sixth Ave.,New NewYork, York,NYNY10006 10036 1 Liberty Plaza,

212-395-1000 212-418-0100 verizon.com virtu.com

$131,868.0 $1,530.1

+0.8% -18.6%

$19,265.0 -$58.6

+$3,737.0 banking -$348.0 Investment Financial services and financial services

3107

Citigroup Inc. (C) MDC Partners Inc. (MDCA) 388 New York, 10013 330 Greenwich Hudson St.,St., New York, NY NY 10013

212-559-1000 646-429-1800 citigroup.com mdc-partners.com

$103,449.0 $1,415.8

+6.5% -4.1%

$19,401.0 -$4.7

+$1,356.0 Financial services +$119.0 Advertising and marketing holdings

4108

International Business Machines Corp. (IBM) WW International Inc. (WW) 1 New Orchard Armonk, NY 10504 675 Sixth Ave., Road, New York, NY 10010

914-499-1900 212-589-2700 ibm.com corporate.ww.com

$77,147.0 $1,413.3

-3.1% -6.7%

$9,431.0 $119.6

+$703.0 -$104.1 Technology Weight-loss services

5109

MetLife (MET) IDT Corp.Inc. (IDT) 200 York,NJNY07102 10166 520 Park BroadAve., St., New Newark,

212-578-9500 973-438-1000 metlife.com idt.net

$69,620.0 $1,409.2

+2.5% -8.9%

$5,899.0 $0.1

+$776.0 Insurance -$4.1 Telecommunications

6110

PepsiCo Inc. (PEP) Verint Systems Inc. (VRNT) 700 HillRoad, Road,Melville, Purchase, 10577 175 Anderson Broadhollow NYNY 11747

914-253-2000 631-962-9600 pepsico.com verint.com

$67,161.0 $1,303.6

+3.9% +6.0%

$7,314.0 $28.7

-$5,201.0 Food and beverage -$37.3 Customer engagement products and cyber intelligence

7111

Prudential Financial Inc. (PRU) 973-802-6000 Kimco Realty Corp. (KIM) 516-869-9000 751 St., Newark, NJ 07102 3333Broad New Hyde Park Road, New Hyde Park, NY 11042 prudential.com kimcorealty.com

$64,807.0 $1,257.1

+2.9% -0.7%

$4,186.0 $410.6

+$112.0 -$87.2 Insurance Real estate investment trust

8112

Goldman Sachs Group 1-800-Flowers.com Inc.(GS) (FLWS) 200 St., New NYPlace, 10282NY 11514 1 OldWest Country Road,York, Carle

212-902-1000 516-237-6000 goldmansachs.com 1800flowers.com

$53,922.0 $1,248.6

+2.7% +8.4%

$8,466.0 $34.8

9113

Morgan SL GreenStanley Realty (MS) Corp. (SLG) 1585 Broadway,Ave., NewNew York,York, NY 10036 420 Lexington NY 10170

212-761-4000 212-594-2700 morganstanley.com slgreen.com

$53,823.0 $1,239.0

+7.2% +0.9%

$9,042.0 $270.4

10 114

Pfizer Inc. (PFE) W.P. Carey Inc. (WPC) 235 E. 42nd St., NewNew York,York, NY 10017 50 Rockefeller Plaza, NY 10020

212-733-2323 212-492-8920 pfizer.com wpcarey.com

$51,750.0 $1,232.8

-3.5% +39.2%

$16,273.0 $305.2

11 115

American International (AIG) Two Harbors InvestmentGroup Corp. Inc. (TWO) 175 St., Ave., New York, NY 10038 575 Water Lexington New York, NY 10022

212-770-7000 612-629-2500 aig.com twoharborsinvestment.com

$49,746.0 $1,230.8

+5.0% +60.5%

$3,348.0 $324.0

+$3,354.0 Insurance +$368.3 Real estate investment trust

12 116

American Express Co. (AXP) Focus Financial Partners Inc. (FOCS) 200 Third VeseyAve., St., New 875 NewYork, York,NY NY10285 10022

212-640-2000 646-519-2456 americanexpress.com focusfinancialpartners.com

$47,020.0 $1,218.3

+8.6% +33.8%

$6,759.0 -$12.9

-$162.0 Financial services -$12.3 Wealth management

13 117

Merck Co. Inc. Group (MRK) Inc. (BRX) Brixmor&Property 2000 GallopingAve., Hill Road, Kenilworth, NJ 07033 450 Lexington New York, NY 10017

908-740-4000 212-869-3000 merck.com brixmor.com

$46,840.0 $1,169.0

+10.7% -5.3%

$9,843.0 $274.8

+$3,623.0 -$91.5 Pharmaceuticals Real estate investment trust

14 118

INTL FCStone Inc. (INTL) Ubiquiti Inc. (UI) 155 44th St.,New NewYork, York NY City,10017 NY 10017 685 E. Third Ave.,

212-485-3500 646-780-7958 intlfcstone.com ui.com

$32,897.0 $1,161.7

+19.1% +14.2%

$85.1 $322.7

15 119

Travelers Inc. (TRV) Inc. (SMP) Standard Cos. Motor Products 485 Lexington New York, NY 10017 37-18 NorthernAve., Blvd., Long Island City, NY 11101

917-778-6000 718-392-0200 travelers.com smpcorp.com

$31,581.0 $1,137.9

+4.3% +4.2%

$2,622.0 $57.9

+$99.0 Motor-vehicle Insurance +$14.9 parts

16 120

Philip Morris International Inc. (PM) Investors Bancorp Inc. (ISBC) 120 Ave., New York,Hills, NY 10017 101 Park JFK Parkway, Short NJ 07078

917-663-2000 973-924-5100 pmi.com myinvestorsbank.com

$29,805.0 $1,093.6

+0.6% +11.8%

$7,185.0 $195.5

-$726.0 Tobacco, food and -$7.1 Banking beverage products

17 121

ViacomCBS Inc. (VIAC) Cowen Inc. (COWN) 1515 Broadway,Ave., NewNew York,York, NY 10036 599 Lexington NY 10022

212-258-6000 212-845-7900 viacbs.com cowen.com

$27,812.0 $1,049.4

+2.1% +8.5%

$3,308.0 $24.6

-$147.0 Entertainment and -$18.2 Investment banking media and brokerage

18 122 19 123 20 124 21 125 22 126 23

Bristol-Myers Squibb Co. Entertainment (BMY) Madison Square Garden 430 29th St., New York, NY 10016 Corp.E.(MSGE) 2 Pennsylvania Plaza, New York, NY 10121 Macy's Inc. (M) 151 W. 34th St., New York, 10001 Oppenheimer Holdings Inc.NY(OPY) 85 Broad St., New York, NY 10004 Bank of New York Mellon Corp. (BK) 240 Greenwich St., New York, 10286 Volt Information Sciences Inc.NY(VOLT) 50 Charles Lindbergh Blvd., Uniondale, NY 11553 Becton, Dickinson and Co. (BDX) 1 Becton Drive, Franklin ExlService Holdings Inc.Lakes, (EXLS)NJ 07417 320 Park Ave., New York, NY 10022 Mastercard Inc. (MA) 2000 Purchase St., Purchase, NY 10577 Prestige Consumer Healthcare Inc. (PBH) Cognizant (CTSH) 660 White Technology Plains Road,Solutions Tarrytown,Corp. NY 10591 500 Frank W. Burr Blvd., Teaneck, NJ 07666 Systemax Inc. (SYX) Marsh & McLennan (MMC) NY 11050 11 Harbor Park Drive,Cos. Port Inc. Washington, 1166 Sixth Ave., New York, NY 10036 TerraForm Power Inc. (TERP) Colgate-Palmolive (CL)NY 10281 200 Liberty St., NewCo. York, 300 Park Ave., New York, NY 10022 Peloton Interactive Inc. (PTON) Omnicom Group Inc. (OMC) 125 W. 25th St., New York, NY 10001 437 Madison Ave., New York, NY 10022 VICI Properties Inc. (VICI) Loews Corp. 430 Park Ave.,(L)New York, NY 10022 667 Madison Ave., New York, NY 10065 Blackstone Mortgage Trust Inc. (BXMT) EstĂŠe Lauder 345 Park Ave.,Cos. NewInc. York,(EL) NY 10154 767 Fifth Ave., New York, NY 10153 Phibro Animal Health Corp. (PAHC) BlackRock Inc. (BLK) 300 Frank W. Burr Blvd., Teaneck, NJ 07666 55 E. 52nd St., New York, NY 10055 RTW Retailwinds Inc. (RTW) Automatic (ADP) 330 W. 34thData St., Processing New York, NYInc. 10001 1 ADP Blvd., Roseland, NJ 07068 Etsy Inc. (ETSY) Consolidated Edison Inc. NY (ED) 117 Adams St., Brooklyn, 11201 4 Irving Place, New York, NY 10003

212-546-4000 212-465-6000 bms.com msgentertainment.com

$26,145.0 $1,048.9

+15.9% +6.1%

$3,439.0 -$17.9

-$1,481.0 Pharmaceuticals -$24.8 Entertainment venues

212-494-1602 macysinc.com 212-668-8000 oppenheimer.com 212-495-1784 bnymellon.com 516-228-6700 volt.com 201-847-6800 bd.com 212-277-7100 exlservice.com 914-249-2000 mastercard.com 914-524-6800 201-801-0233 prestigebrands.com cognizant.com 516-608-7000 212-345-5000 systemax.com mmc.com 646-992-2400 212-310-2000 terraformpower.com colgatepalmolive.com 866-679-9129 212-415-3600 onepeloton.com omnicomgroup.com 646-949-4631 212-521-2000 viciproperties.com loews.com 212-655-0220 212-572-4200 blackstonemortgagetrust.com elcompanies.com 201-329-7300 212-810-5300 pahc.com blackrock.com 212-884-2000 973-974-5000 nyandcompany.com adp.com 718-880-3660 212-460-4600 etsy.com conedison.com

$25,331.0 $1,033.4

-1.6% +7.9%

$564.0 $53.0

$20,766.0 $997.1

+8.0% -4.0%

$4,441.0 -$15.2

-$544.0 Department stores +$24.1 Investment banking and brokerage +$175.0 Banking +$17.5 Staffing and services

$17,290.0 $991.3

+8.2% +12.3%

$1,233.0 $67.7

$16,883.0

+12.9%

$8,118.0

$975.8 $16,783.0

-6.3% +4.1%

-$35.8 $1,842.0

$946.9 $16,652.0

+5.6% +11.4%

$48.5 $1,742.0

$941.2 $15,693.0

+22.8% +1.0%

-$148.7 $2,367.0

$915.0 $14,953.7

+110.3% -2.2%

-$195.6 $1,339.1

$894.8 $14,931.0

-0.4% +6.1%

$546.0 $932.0

$882.7 $14,863.0

+16.7% +8.6%

$305.6 $1,785.0

$828.0 $14,539.0

+1.0% +2.4%

$54.7 $4,476.0

$827.0 $14,175.2

-7.4% +6.4%

-$61.6 $2,292.8

$818.4 $12,574.0

+35.6% +1.9%

$95.9 $1,343.0

32 135 33 136

Fox (FOXA) MFACorp. Financial Inc. (MFA) 1211 SixthAve., Ave.,New NewYork, York,NYNY10022 10036 350 Park

212-852-7000 212-207-6400 foxcorporation.com mfafinancial.com

$11,389.0 $792.6

+12.2% +30.3%

$1,595.0 $378.1

-$592.0 Broadcasting +$76.3 Real estate investment trust

Bed & Beyond Trust Inc. (BBBY) New Bath York Mortgage Inc. (NYMT) 650 Liberty NJ 10016 07083 90 Park Ave.,Ave., NewUnion, York, NY

908-688-0888 212-792-0107 bedbathandbeyond.com nymtrust.com

$11,158.6 $789.1

-7.2% +51.1%

-$613.8 $173.7

-$476.6 Domestic and +$70.9 Real estategoods investment home trust furnishings

34 137

Interpublic Group of Cos. Inc. (IPG) Tradeweb Markets Inc. (TW) 909 1177Third SixthAve., Ave.,New NewYork, York,NYNY10022 10036

212-704-1200 646-430-6000 interpublic.com tradeweb.com

$10,221.3 $775.6

+5.2% +17.9%

$656.0 $126.1

+$37.1 -$33.3 Advertising Electronic securities trading

127 24 128 25 129 26 130 27 131 28 132 29 133 30 134 31

16 | CRAINâ&#x20AC;&#x2122;S NEW YORK BUSINESS | MAY 18, 2020

P016_P017_CN_20200518.indd 16

$4.0

+$36.6 Multisector holdings ONE-YEAR NET INCOME CHANGE +$55.8 (IN MILLIONS)

Financial services INDUSTRY

-$1,993.0 Investment -$6.0 Flowers andbanking gifts and financial services +$294.0 Investment +$23.2 Real estate banking investment and trustfinancial services +$5,120.0 Pharmaceuticals -$106.3 Commercial and real estate investments

+$29.6 Information Financial services +$126.4 technology

+$922.0 Medical equipment and supplies +$10.9 Operations management and +$2,259.0 Payment analytics solutions -$375.4 Health care products -$259.0 Information technology -$176.2 Industrial products +$92.0 Professional services -$161.1 Renewable electricity -$33.0 Health and beauty aids -$147.7 Exercise equipment +$12.7 Media, marketing and and media communications +$22.3 Real estate investment +$296.0 Diversified holdings trust +$20.5 Real estate investment +$677.0 Health trust and beauty aids -$10.2 Animal nutrition +$171.0 Investment management -$65.9 Women's apparel +$407.9 Human retail resources software +$18.4 E-commerce for -$39.0 Electric andand gas utility handmade vintage items

RAN

BUCK ENNIS

12 12 12 12 13 13 13 13 13 13 13 13 13 13 13 113 13 213 13 313 13 413 13 513 14 614 14 714 14 814 14 914 14 14 10 14 14 11 14 14 12 14 14 13 14 14 14 14 15 15 15 16

No. 129 Peloton Interactive In December Peloton was widely panned for an ad featuring a thin woman who received a pricey new stationary bike as a holiday gift. From that point on, the fitness tech firmâ&#x20AC;&#x2122;s brand took a hit, and its stock price began a steady descent. But with gyms and fitness studios shut down as states try to contain the Covid-19 pandemic, Peloton is now adding customers seeking to stay in shape at home. Pelotonâ&#x20AC;&#x2122;s number of connected fitness subscribers has increased 94% from last year, and the price of the companyâ&#x20AC;&#x2122;s shares has more than doubled in the past two months. â&#x20AC;&#x201D; G.S.

-$155M COMBINED DROP in net income for the Madison Square Garden sports and entertainment companies

19 LIQUIDITY ISSUE

COM

Even though PepsiCo was one of the most profitable firms on the list, the beverage conglomerate saw a performance downturn in 2019. No firm had a steeper drop in net income.

ABM Alleg Altic AMC Ame Ame Apol Asce Assu Atlas Auto Bank Bect Bed BGC Blac Blac Blac Brist Brixm Broa Broo Broo Child Chim CIT G Citig Cogn Colg Com

Change in net income PepsiCo Inc. (No. 6)

-$5.2B Brookfield Property REIT Inc. (No. 91)

-$3.7B Coty Inc. (No. 45)

-$3.6B Equitable Holdings Inc. (No. 41)

-$3.6B Icahn Enterprises (No. 44)

-$3.1B

SOURCES: S&P Global Market Intelligence, Crainâ&#x20AC;&#x2122;s research

33 5/14/20 11:02 AM

BUCK ENNIS

RANK

TerraForm Inc.York, (TERP) 200 LibertyPower St., New NY 10281 200 Liberty St., New York, NY 10281 Peloton Interactive Inc. (PTON) Peloton Interactive (PTON) 125 W. 25th St., NewInc. York, NY 10001 125 W. 25th St., New York, NY 10001 VICI Properties Inc. (VICI) VICI Park Properties Inc.York, (VICI)NY 10022 430 Ave., New 430 Park Ave., New York, NY 10022 Blackstone Mortgage Trust Inc. (BXMT) Blackstone Mortgage Trust (BXMT) 345 Park Ave., New York, NY Inc. 10154 345 Park Ave., New York, NY 10154 Phibro Animal Health Corp. (PAHC) Phibro Animal Health Corp. (PAHC) 300 Frank W. Burr Blvd., Teaneck, NJ 07666 300 Frank W. Burr Blvd., Teaneck, NJ 07666 RTW Retailwinds Inc. (RTW) RTW W. Retailwinds Inc. York, (RTW)NY 10001 330 34th St., New 330 W. 34th St., New York, NY 10001 Etsy Inc. (ETSY) Etsy Adams Inc. (ETSY) 117 St., Brooklyn, NY 11201 COMPANY (TICKER SYMBOL)/NY 11201 117 Adams St., Brooklyn,

646-992-2400 terraformpower.com terraformpower.com 866-679-9129 866-679-9129 onepeloton.com onepeloton.com 646-949-4631 646-949-4631 viciproperties.com viciproperties.com 212-655-0220 212-655-0220 blackstonemortgagetrust.com blackstonemortgagetrust.com 201-329-7300 201-329-7300 pahc.com pahc.com 212-884-2000 212-884-2000 nyandcompany.com nyandcompany.com 718-880-3660 718-880-3660 etsy.com PHONE/ etsy.com

MFA Financial Inc. (MFA) MFA Financial Inc. JPMorgan Chase & (MFA) Co. (JPM) 350 Park Ave., New York, NY 10022 350 Madison Park Ave.,Ave., NewNew York,York, NY 10022 383 NY 10179 New York Mortgage Trust Inc. (NYMT) NewPark YorkCommunications Mortgage Trust Inc. (NYMT) Verizon (VZ) 90 Ave., New York, NYInc. 10016 90 Park Ave., NewNew York, NY NY 10016 1095 Sixth Ave., York, 10036 Tradeweb Markets Inc. (TW) Tradeweb Markets Inc. (TW)NY 10036 Citigroup (C)New 1177 SixthInc. Ave., York, 1177Greenwich Sixth Ave.,St., New York, NYNY 10036 388 New York, 10013 Tiptree Inc. (TIPT) Tiptree (TIPT) International Business 299 ParkInc. Ave., New York,Machines NY 10171Corp. (IBM) Park Ave., New NY 10171 1299 New Orchard Road,York, Armonk, NY 10504 Paramount Group Inc. (PGRE) Paramount Inc.York, (PGRE) MetLife Inc.Group (MET) 1633 Broadway, New NY 10019 1633Park Broadway, NewYork, York,NYNY10166 10019 200 Ave., New Moelis & Co. (MC) Moelis &Inc. Co. (PEP) (MC) PepsiCo 399 Park Ave., New York, NY 10022 399 Anderson Park Ave., Hill NewRoad, York, Purchase, NY 10022NY 10577 700 Empire State Realty Trust Inc. (ESRT) Empire State Realty Inc. (ESRT) Prudential Financial Inc. 111 W. 33rd St., NewTrust York,(PRU) NY 10120 111 Broad W. 33rdSt., St.,Newark, New York, NY 10120 751 NJ 07102 Lifetime Brands Inc. (LCUT) Lifetime Brands Inc.Garden (LCUT) Goldman Sachs Group (GS)City, NY 11530 1000 Stewart Ave., 1000West Stewart Ave.,York, Garden City, NY 11530 200 St., New NY 10282 MSG Networks Inc. (MSGN) MSG Networks (MSGN) Morgan StanleyInc. (MS) 11 Pennsylvania Plaza, New York, NY 10001 11 Pennsylvania Plaza,York, NewNYYork, NY 10001 1585 Broadway, New 10036 PJT Partners Inc. (PJT) PJT Partners Inc. (PJT) Pfizer Inc.Ave., (PFE) 280 Park New York, NY 10017 280 E. Park Ave.,St., New York, NYNY 10017 235 42nd New York, 10017 Inter Parfums Inc. (IPAR) Inter Parfums Inc. American International Inc. (AIG) 551 Fifth Ave., New(IPAR) York,Group NY 10176 551 Water Fifth Ave., 10176 175 St., New York, NY 10038 Movado Group Inc. (MOV) Movado (MOV) American Express Co. (AXP) 650 FromGroup Road,Inc. Paramus, NJ 07652 650 Vesey From Road, Paramus, 07652 200 St., New York, NYNJ10285 Comtech Telecommunications Corp. (CMTL) Comtech Telecommunications (CMTL) Merck & Co. Inc. (MRK) 68 S. Service Road, Melville, NYCorp. 11747 68 S. Service Road, Melville, NY 11747 2000 Galloping Hill Road, Kenilworth, NJ 07033 Shutterstock Inc. (SSTK) Shutterstock INTL FCStone Inc. (INTL) 350 Fifth Ave.,Inc. New(SSTK) York, NY 10118 350 E. Fifth Ave., 10118 155 44th St.,New NewYork, YorkNY City, NY 10017 Sculptor Capital Management Inc. (SCU) Sculptor Inc. (SCU) Travelers Cos. Inc.Management (TRV) 9 W. 57thCapital St., New York, NY 10019 9 W. Lexington 57th St., New 10019 485 Ave.,York, New NY York, NY 10017 Shake Shack Inc. (SHAK) Shake Shack Inc. Philip Morris (PM) 225 Varick St.,International New(SHAK) York, NYInc. 10014 225 Park VarickAve., St., New York, NY 10017 10014 120

212-207-6400 212-207-6400 212-270-6000 mfafinancial.com mfafinancial.com jpmorganchase.com 212-792-0107 212-792-0107 212-395-1000 nymtrust.com nymtrust.com verizon.com 646-430-6000 646-430-6000 212-559-1000 tradeweb.com tradeweb.com citigroup.com 212-446-1400 212-446-1400 914-499-1900 tiptreeinc.com tiptreeinc.com ibm.com 212-237-3100 212-237-3100 212-578-9500 paramount-group.com paramount-group.com metlife.com 212-883-3800 212-883-3800 914-253-2000 moelis.com moelis.com pepsico.com 212-687-8700 212-687-8700 973-802-6000 empirestaterealtytrust.com empirestaterealtytrust.com prudential.com 516-683-6000 516-683-6000 212-902-1000 lifetimebrands.com lifetimebrands.com goldmansachs.com 212-465-6400 212-465-6400 212-761-4000 msgnetworks.com msgnetworks.com morganstanley.com 212-364-7800 212-364-7800 212-733-2323 pjtpartners.com pjtpartners.com pfizer.com 212-983-2640 212-983-2640 212-770-7000 interparfumsinc.com interparfumsinc.com aig.com 201-267-8000 201-267-8000 212-640-2000 movadogroup.com movadogroup.com americanexpress.com 631-962-7000 631-962-7000 908-740-4000 comtechtel.com comtechtel.com merck.com 646-710-3417 646-710-3417 212-485-3500 shutterstock.com shutterstock.com intlfcstone.com 212-790-0000 212-790-0000 917-778-6000 sculptor.com sculptor.com travelers.com 646-747-7200 646-747-7200 917-663-2000 shakeshack.com shakeshack.com pmi.com

ViacomCBS Inc. (VIAC)

212-258-6000

Macy's Inc. (M) 151 W. 34th St., New York, NY 10001

212-494-1602 macysinc.com

ADDRESS

WEBSITE

$941.2

+22.8%

-$148.7

-$161.1 Renewable electricity

$915.0 $915.0

+110.3% +110.3%

-$195.6 -$195.6

$894.8 $894.8

-0.4% -0.4%

$546.0 $546.0

$882.7 $882.7

+16.7% +16.7%

$305.6 $305.6

$828.0 $828.0

+1.0% +1.0%

$54.7 $54.7

-$147.7 Exercise equipment -$147.7 Exercise equipment and media and media +$22.3 Real estate investment +$22.3 Real trust estate investment trust +$20.5 Real estate investment +$20.5 Real trust estate investment trust -$10.2 Animal nutrition -$10.2 Animal nutrition

$827.0 $827.0

-7.4% -7.4%

-$61.6 -$61.6

$818.4 $818.4 2019 REVENUE (IN MILLIONS)

+35.6% ONE-YEAR +35.6% REVENUE PERCENTAGE CHANGE

$95.9 2019 NET INCOME (IN MILLIONS)

$792.6 $792.6 $142,422.0

+30.3% +30.3% +9.5%

$378.1 $378.1 $36,431.0

$789.1 $789.1 $131,868.0

+51.1% +51.1% +0.8%

$173.7 $173.7 $19,265.0

$775.6 $775.6 $103,449.0

+17.9% +17.9% +6.5%

$126.1 $126.1 $19,401.0

$772.7 $772.7 $77,147.0

+23.5% +23.5% -3.1%

$18.4 $18.4 $9,431.0

$764.1 $764.1 $69,620.0

+0.3% +0.3% +2.5%

-$36.9 -$36.9 $5,899.0

$746.5 $746.5 $67,161.0

-15.7% -15.7% +3.9%

$105.1 $105.1 $7,314.0

$742.6 $742.6 $64,807.0

+0.1% +0.1% +2.9%

$49.4 $49.4 $4,186.0

$734.9 $734.9 $53,922.0

+4.3% +4.3% +2.7%

-$44.4 -$44.4 $8,466.0

$720.8 $720.8 $53,823.0

+3.5% +3.5% +7.2%

$186.2 $186.2 $9,042.0

$717.6 $717.6 $51,750.0

+23.7% +23.7% -3.5%

$29.6 $29.6 $16,273.0

$713.5 $713.5 $49,746.0

+5.6% +5.6% +5.0%

$60.2 $60.2 $3,348.0

$701.0 $701.0 $47,020.0

+3.1% +3.1% +8.6%

$42.7 $42.7 $6,759.0

$671.8 $671.8 $46,840.0

+17.7% +17.7% +10.7%

$25.0 $25.0 $9,843.0

$650.5 $650.5 $32,897.0

+4.4% +4.4% +19.1%

$20.1 $20.1 $85.1

$597.3 $597.3 $31,581.0

+17.8% +17.8% +4.3%

$7.1 $7.1 $2,622.0

$594.5 $594.5 $29,805.0

+29.4% +29.4% +0.6%

$19.8 $19.8 $7,185.0

$95.9

-$65.9 Women's apparel -$65.9 Women's apparel retail retail +$18.4 ONE-YEAR NET E-commerce for +$18.4 for handmade and INCOME E-commerce CHANGE vintage handmade and items (IN MILLIONS) vintage INDUSTRY items +$76.3 Real estate investment +$76.3 Investment Real investment +$3,957.0 trust estate banking trustfinancial services and +$70.9 Real estate investment +$70.9 Investment Real investment +$3,737.0 trust estate banking trustfinancial services and -$33.3 Electronic securities -$33.3 Financial Electronicservices securities +$1,356.0 trading trading -$5.6 Insurance holdings -$5.6 Technology Insurance holdings +$703.0 -$46.0 Real estate investment -$46.0 Insurance Real +$776.0 trust estate investment trust -$35.6 Investment banking -$35.6 Food Investment banking -$5,201.0 and beverage and brokerage and brokerage products -$16.2 Real estate investment -$16.2 Insurance Real +$112.0 trust estate investment trust -$42.7 Houseware -$42.7 Investment Houseware banking -$1,993.0 and financial services -$102.7 Television -$102.7 Investment Television banking +$294.0 broadcasting broadcasting and financial services +$2.4 Investment banking +$2.4 Pharmaceuticals Investment banking +$5,120.0 +$6.5 Fragrances and beauty +$6.5 Insurance Fragrances and beauty +$3,354.0 aids aids -$18.9 Watchmaker and -$18.9 Financial Watchmaker and -$162.0 services retailer retailer -$4.7 Communications -$4.7 Pharmaceuticals Communications +$3,623.0 equipment equipment -$34.6 Stock photography, -$34.6 Financial Stock photography, +$29.6 services footage and music footage and music +$31.3 Asset management +$31.3 Insurance Asset management +$99.0 +$4.6 Fast-casual +$4.6 Tobacco, Fast-casual -$726.0 food and restaurants restaurants beverage products

$27,812.0

+2.1%

$3,308.0

-$147.0 Entertainment and

$25,331.0

-1.6%

$564.0

-$544.0 Department stores

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Â&#x192; Â&#x201E; Bristol-Myers Squibb Co. 212-546-4000 $26,145.0 +15.9% $3,439.0 -$1,481.0 Pharmaceuticals Â&#x192; (BMY) Â&#x2039; Â&#x192;

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Â&#x160; 430 Â&#x2039; Â&#x192; Â&#x152; Â&#x2026;Â&#x2020;Â&#x2021;Â&#x17D;Â? E. Â&#x192; 29thÂ&#x2026;Â&#x2026; St., New York, NY 10016 bms.com Â&#x192; Â&#x201A; Â&#x2018; Â&#x2026;Â&#x2020;Â&#x2026;Â&#x2020; Â&#x2019; Â&#x192;

18 19

COMPANY

RANK

COMPANY

ALPHABETICAL LISTING RANK

Bank of New York Mellon Corp. (BK) 212-495-1784 20 240 Greenwich St., New York, NY 10286 bnymellon.com ABM Industries Inc. ------------------------54 Consolidated Edison Inc. -----------------31

Alleghany Corp. 45 Becton, Dickinson and Co. 43 (BDX) Coty Inc.-------------------------------------201-847-6800 ----------------------------Altice USA Inc. 40 Cowen Inc. 121 1 Becton Drive, Franklin Lakes, NJ 07417 bd.com -------------------------------------------------------------AMC Networks Inc. -------------------------72 Empire State Realty Trust Inc. ---------- 141 Mastercard Inc. (MA) 914-249-2000 American Express Co. --------------------12 Equitable Holdings Inc. -------------------41 2000 Purchase St.,Inc. Purchase, NY 10577 mastercard.com 28 American International Group 11 EstĂŠe Lauder Cos. Inc. -------------------------Apollo GlobalCognizant Management Inc. --------73 Corp. Etsy (CTSH) Inc. -----------------------------------Technology Solutions 201-801-0233 134 Ascena Retail500 Group Inc. 59 NJ Evercore 85 Frank W.----------------Burr Blvd., Teaneck, 07666 Inc. -------------------------------cognizant.com Assurant Inc. --------------------------------35 ExlService Holdings Inc.----------------- 125 Marsh Holdings & McLennan Cos. Inc. 212-345-5000 Atlas Air Worldwide Inc.-------75 (MMC) Focus Financial Partners Inc. ---------- 116 1166 Sixth Ave.,Inc. New York, NY 10036 mmc.com Automatic Data Processing 30 Foot Locker Inc. -------------------------------------47 Bank of New Colgate-Palmolive York Mellon Corp. ---------Fox Corp. ------------------------------------32 Co. (CL) 20 212-310-2000 Becton, Dickinson andAve., Co. --------------71 300 Park New York, NY21 10022G-III Apparel Group -----------------------colgatepalmolive.com Bed Bath & Beyond Inc. ------------------33 Goldman Sachs Group --------------------- 8 Group Inc. (OMC)84 212-415-3600 BGC PartnersOmnicom Inc. -------------------------Griffon Corp.--------------------------------83 437 Madison Ave., New York,29NY 10022 BlackRock Inc. Hain Celestial Groupomnicomgroup.com Inc. -----------------81 -----------------------------Blackstone Group Inc. ---------------------52 HC2 Holdings Inc. --------------------------86 Loews Corp. (L) 212-521-2000 Blackstone Mortgage TrustAve., Inc. -------131NY 10065 Henry Schein Inc. -------------------------38 667 Madison New York, loews.com Bristol-Myers Squibb Co. -----------------18 Hess Corp. -----------------------------------56 EstĂŠe Lauder Inc. (EL) 212-572-4200 Brixmor Property Group Inc.Cos. 117 IAC/InterActiveCorp -----------------------65 -----------767 FifthSolutions Ave., NewInc. York,----NY67 10153Icahn Enterprises --------------------------elcompanies.com 44 Broadridge Financial Brookfield Infrastructure Corp. --------- 102 IDT Corp. ----------------------------------- 109 BlackRock Inc. (BLK) 212-810-5300 Brookfield Property REIT Inc. -------------91 Inter Parfums Inc. ------------------------ 145 55 E. 52nd St., New York, NY 10055 blackrock.com Childrenâ&#x20AC;&#x2122;s Place Inc. -----------------------90 International Business Machines Corp. - 4 Chimera Investment Corp. International Flavors 973-974-5000 & Fragrances Inc. 63 Automatic Data Processing94 Inc. (ADP) ---------------ADP Blvd., Roseland, NJ 07068 CIT Group Inc.1------------------------------70 Interpublic Group of adp.com Cos. Inc. ------------34 Citigroup Inc. --------------------------------- 3 INTL FCStone Inc. --------------------------14 Consolidated EdisonCorp. Inc. (ED) 212-460-4600 120 Cognizant Technology Solutions Investors Bancorp Inc. --23 ------------------4 Irving Place, New York, NY 10003 conedison.com Colgate-Palmolive Co. ---------------------25 ITT Inc. ----------------------------------------74 Comtech Telecommunications Jefferies Financial Group Inc. ------------60 Fox Corp. (FOXA) Corp.-- 147 212-852-7000

21 22 23 24 25 26 27 28 29 30 31

COMPANY$20,766.0

COMPANY +8.0% RANK$4,441.0

+$175.0 Banking

RANK

JetBlue Airways Corp. ----------------------46 New York Times Co. ------------------------92 John Wiley$17,290.0 & Sons Inc. -------------------93$1,233.0 Newmark Group Inc. ----------------------82 +8.2% +$922.0 Medical equipment JPMorgan Chase & Co. --------------------- 1 News Corp. ---------------------------------and supplies 37 Kimco Realty Corp.----------------------- 111 Nielsen Holdings ---------------------------55 +12.9% +$2,259.0 Payment solutions26 KKR & Co.$16,883.0 Inc. -----------------------------42$8,118.0 Omnicom Group Inc.----------------------Lifetime Brands Inc. --------------------- 142 1-800-Flowers.com Inc.----------------- 112 Loews Corp. 27$1,842.0 Oppenheimer-$259.0 Holdings Information Inc. ------------ 123 --------------------------------$16,783.0 +4.1% Macquarie Infrastructure Corp. ----------98 Outfront Media Inc. -----------------------97 technology Macyâ&#x20AC;&#x2122;s Inc.-----------------------------------19 Paramount Group Inc. ------------------- 139 +11.4% +$92.0 Professional services Madison $16,652.0 Square Garden Ent. Corp. --- 122$1,742.0 Party City ------------------------------------80 Madison Square Garden Sports Corp.101 Peloton Interactive Inc. ------------------ 129 Marsh & $15,693.0 McLennan Cos. Inc.+1.0% PepsiCo Inc. ---------------------------------------------24$2,367.0 -$33.0 Health and beauty6 Mastercard Inc. -----------------------------22 Pfizer Inc. -----------------------------------10 aids MDC Partners Inc. ------------------------ 107 Phibro Animal Health Corp.------------- 132 $14,953.7 -2.2% +$12.7 Media, marketing16 and Merck & Co. Inc. ---------------------------13$1,339.1 Philip Morris International Inc.----------communications144 MetLife Inc. ----------------------------------- 5 PJT Partners Inc. -------------------------MFA Financial Inc.------------------------ 135 Prestige Consumer Healthcare Inc. --- 126 $14,931.0 +6.1% $932.0 +$296.0 Diversified holdings Minerals Technologies Inc. ----------------95 Prudential Financial Inc. ------------------- 7 Moelis & Co. ------------------------------ 140 Public Service Enterprise Group Inc. ---36 $14,863.0 +8.6% +$677.0 Health and beauty Moodyâ&#x20AC;&#x2122;s Corp. 64$1,785.0 PVH Corp. -----------------------------------39 ------------------------------aids Morgan Stanley ------------------------------ 9 Quest Diagnostics Inc. -------------------50 Movado Group Inc. ----------------------- 146 Ralph Lauren Corp. ------------------------57 $14,539.0 +2.4% $4,476.0 +$171.0 Investment MSC Industrial Direct Co. Inc.------------69 Regeneron Pharmaceuticals Inc. --------48 management MSCI Inc. ---------------------------------- 104 Revlon Inc. -----------------------------------79 MSG Networks Inc. ----------------------RTW Retailwinds Inc. -------------------133 $14,175.2 +6.4% 143$2,292.8 +$407.9 Human resources software Nasdaq Inc. ---------------------------------68 S&P Global Inc.----------------------------53 National General Holdings Corp. --------62 Scholastic Corp. ----------------------------99 $12,574.0 -$39.0 Electric and gas utility New Residential Investment +1.9% Corp. ------78$1,343.0 Sculptor Capital Management Inc.---- 149 New York Community Bancorp Inc.------89 Shake Shack Inc. ------------------------- 150 New York $11,389.0 Mortgage Trust Inc. Shutterstock -$592.0 Inc. ------------------------+12.2% Broadcasting 148 ----------- 136$1,595.0

1211 Sixth Ave., New York, NY 10036

foxcorporation.com

Bed Bath & Beyond Inc. (BBBY) 650 Liberty Ave., Union, NJ 07083

908-688-0888 bedbathandbeyond.com

$11,158.6

-7.2%

-$613.8

-$476.6 Domestic goods and home furnishings

Interpublic Group of Cos. Inc. (IPG) 909 Third Ave., New York, NY 10022

212-704-1200 interpublic.com

$10,221.3

+5.2%

$656.0

+$37.1 Advertising

P016_P017_CN_20200518.indd 17

BUCK ENNIS

128 128 129 129 130 130 131 131 132 132 133 133 134 134 135 1135 136 2136 137 3137 138 4138 139 5139 140 6140 141 7141 142 8142 143 9143 144 144 10 145 145 11 146 146 12 147 147 13 148 148 14 149 149 15 150 150 16

No. 141 Empire State Realty Trust The Empire State Building is a defining city landmark, but itâ&#x20AC;&#x2122;s got big business problems. The buildingâ&#x20AC;&#x2122;s observatory, a popular tourist attraction, is closed until further notice. Empire State Realty Trust, which owns the iconic tower as well as 1 Grand Central Place, 111 W. 33rd St., 1400 Broadway and 250 W. 57th St., is fielding many requests for rent deferrals. Nearly onethird of the REITâ&#x20AC;&#x2122;s tenants were behind on Aprilâ&#x20AC;&#x2122;s rent, with more than half of retailers not fulfilling their obligations. â&#x20AC;&#x201D; A.E.

$9B MARKET VALUE of Etsy (No. 134), more than Macyâ&#x20AC;&#x2122;s, The Gap and Nordstrom put together

COMPANY

RANK

Signature Bank -----------------------------87 Sirius XM Holdings Inc.--------------------49 SL Green Realty Corp. ------------------- 113 Standard Motor Products Inc.---------- 119 Steel Partners Holdings ----------------- 103 Steve Madden ------------------------------96 Systemax Inc. ----------------------------- 127 Take-Two Interactive Software Inc. -------76 Tapestry Inc. ---------------------------------58 TerraForm Power Inc. --------------------- 128 Tiffany & Co.---------------------------------66 Tiptree Inc.--------------------------------- 138 Tradeweb Markets Inc. ------------------- 137 Travelers Cos. Inc. --------------------------15 Two Harbors Investment Corp. --------- 115 Ubiquiti Inc. ------------------------------- 118 Valley National Bancorp----------------- 105 Verint Systems Inc. ----------------------- 110 Verisk Analytics Inc. ------------------------77 Verizon Communications Inc. ------------- 2 ViacomCBS Inc. ----------------------------17 VICI Properties Inc. ----------------------- 130 Village Super Market Inc. --------------- 100 Virtu Financial Inc. ----------------------- 106 Volt Information Sciences Inc. --------- 124 Vornado Realty Trust -----------------------88 Voya Financial Inc. -------------------------51 W.P. Carey Inc. ----------------------------- 114 WW International Inc. ------------------- 108 Xylem Inc. ------------------------------------61

MAY 18, 2020 | CRAINâ&#x20AC;&#x2122;S NEW YORK BUSINESS | 17

5/14/20 11:02 AM

CORONAVIRUS ALERT LAYOFFS

Airbnb, TripAdvisor make cuts as travel industry takes hit Home-share startup Airbnb is cutting its local workforce as the company moves to reduce costs amid the battering of the travel and hospitality industries. The San Francisco–based company laid off a total of 52 city employees last week, according to a filing with the state Department of Labor. The move is part of a round of company-wide layoffs hitting employees across the globe, CEO Brian Chesky announced in a memo to staff. The company is reducing its workforce by 25%, or about 1,900 employees, in order to combat revenue losses, Chesky said. “We are collectively living through the most harrowing crisis of our lifetime, and as it began to unfold, global travel came to a standstill,” Chesky noted. “Airbnb’s business has been hit hard, with revenue this year forecasted to be less than half of what we earned in 2019.” U.S. employees affected by layoffs will receive 14 weeks of base pay, plus one additional week

for every year at Airbnb, Chesky said. The company also will cover 12 months of health insurance through Cobra. Laid-off employees at the New York offices, located at 222 Broadway and 176 Grand St., worked their last day May 11. As part of its cost-cutting efforts, Airbnb will scale back investments in hotels and luxury travel as well as transportation and Airbnb Studios.

Kickstarter Crowdfunding platform Kickstarter doled out pink slips to employees this month, laying off about 18% of its workforce. The Brooklyn-based company laid off 25 employees, according to a state filing last week, which the company attributed to the Covid-19 economic downturn. The filing comes weeks after CEO Aziz Hasan informed employees there would be companywide layoffs, according to Kickstarter United, an employee-organized union. “On April 20 Kickstarter management announced that they

BLOOMBERG

Airbnb

were planning to lay off 40% of our workforce,” Kickstarter United said in a statement. “After two weeks of bargaining, we negotiated a severance package that we are incredibly proud of.” Although the filing states only 25 employees were laid off, the filing does not account for the reduction in staff via buyouts, Business Insider reported. Dozens of the highest-paid employees volunteered to be laid off in order to save jobs and increase payouts for lower-paid, bargaining union members, according to Kickstarter United. Affected employees will receive

a package that includes four months of severance pay, continuing health coverage for four to six months and a release from noncompete clauses, the union said.

TripAdvisor In another layoff related to the pummeling of the travel industry, online travel platform TripAdvisor is laying off its workforce in New York and across a number of other markets. The Needham, Mass.–based company announced in a New York filing that it would lay off 37 employees this month at its

office here. Company-wide workforce reductions were announced in a memo to employees by CEO Steve Kaufer at the end of April. Layoffs would affect 25% of TripAdvisor’s workforce, or more than 900 employees. “Since mid- to late-February, Covid’s impact on the travel industry and our business has slowly revealed itself day by day,” Kaufer said. “We had hoped cutting discretionary expenses and furloughs would be enough, but as the pandemic worsened, it became clear that the company needed to take additional costsaving measures.” The layoffs are part of phase three of TripAdvisor’s plan to navigate near-term challenges and position the company for recovery. TripAdvisor had previously furloughed an undisclosed number of employees and made a round of layoffs in January. Kaufer also previously announced he would forgo his salary for the remainder of the year. — Lizeth Beltran

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18 | CRAIN’S NEW YORK BUSINESS | MAY 18, 2020

P018_CN_20200518.indd 18

5/15/20 3:43 PM

FROM PAGE 1

federal government for help, saying the city did not have enough supplies to last the week. The mayor had already fired off an executive order, dropping procurement safeguards to speed up the search for protective equipment. Help from Washington was slow in coming, and the stakes were existential. It was then that Julie Shadrin, chief executive of Woodhull Medical Supplies, jumped into the fray. Responding to a city email request for vendors, she offered to procure 5 million gowns. More email seeking vendors came in, and she made three more offers. The city accepted them all, ordering 7.9 million gowns and 500,000 masks from Woodhull, though Shadrin had never contracted with New York before. It was the biggest PPE order the city made from any vendor, a Crain's analysis of comptroller data shows. But Woodhull has not deliv-

sibly depriving medical workers of critical protection when time was of the essence. Woodhull Medical Supply, which sits a stone’s throw from the hospital of the same name, has a lessthan-stellar financial history. Woodhull was sued in January for nonpayment of rent. Shadrin carries her own record of tax liens and other financial woes.

Unmasking Despite that, the city signed off on her multimillion-dollar deal in mid-April, and then three more, totaling $91.5 million. Shadrin said she had planned to call factories to fulfill the orders, but the market has been more difficult than she anticipated. The city’s orders were a business opportunity for Woodhull that she didn't want to pass up, she said. “You don’t know what you’ll be able to do. All you can do is just try,” Shadrin said. “I just replied to requests, just like everybody else. And that’s it.” The city’s pandemic-time vetting process, which involves searching vendors’ names on legal, commercial and state databases, as well as Google searches, failed to catch several issues with Woodhull. It did not find the 15 judgments and liens held against Shadrin, including a 2017 tax warrant from New York state for $7,652. Nor did it catch the lawsuit Woodhull’s landlord filed in January. Crain’s found those cases

“I ... HOPE OUR CITY WASN'T PUTTING ANY LIVES ON THE LINE FOR THIS VENDOR” ered a single gown. And Shadrin, who had an easily documented history of financial trouble, has produced only half the masks she promised. The misfire shows how the fever pitch of the pandemic created space for massive inefficiency in the city's procurement system, pos-

WOODHULL MEDICAL SUPPLIES couldn't deliver on a $91.5M contract with the city.

JANON FISHER

WOODHULL

through a public-records search on LexisNexis, a platform the city says it used. The city’s own records held a hint that Shadrin was in over her head. Prior to the outbreak, the largest order Woodhull had completed was $327,600 worth of medical equipment for Integra Partners in 2017, according to the Department of Small Business Services, where Woodhull Medical Supply is registered as a woman-owned business. The city normally puts vendors through a more rigorous vetting process. The loose approach the city used for Shadrin sounds foreign to Sharen Duke, who has spent 30 years navigating city and state

TOTAL VOLUME OF CONTRACTS ISSUED, BY SPENDING CATEGORY

HOW THE CITY IS SPENDING MONEY ON COVID-19 AS COVID-19 SPREAD FAR and wide into the five boroughs, city agencies raced to procure supplies. A Crain’s analysis of contracts data from the comptroller’s office showed that the city has agreed to pay out more than $2.1 billion for virus-related purposes, with much of that going toward staffing, personal protective equipment and food. As health care staff became infected and struggled with an influx of patients, the city agreed to pay $844.3 million to add medical personnel and provide them with lodging. The largest contract for staffing purposes went to Aya Healthcare of San Diego, which was asked to fill surge demands and received $500 million. Crewfacilities.com, a travel management advisory firm in Austin, Texas, contracted for $250 million to provide emergency lodging. The two firms account for 35% of all city Covid-19 contracts. A $60 million order for gowns and masks that the city placed with Woodhull Medical Supplies of Brooklyn is the largest single contract for personal protective equipment. But the Bushwick shop was one of 89 different vendors tasked with meeting the PPE needs of health care staff. Medisonic Technology, a supplier from Plano, Texas, was the only other company to contract with the Department of Citywide Administrative Services for at least $50 million worth of PPE. With the economic shutdown plunging hundreds of thousands of New Yorkers into unemployment, the city poured nearly a quarter of a billion dollars into food access. Of that total, $85.4 million was designated to provide meals for senior citizens, the age demographic most vulnerable to the novel coronavirus. The largest recipient was caterer Prime Riv of Brooklyn, which contracted for $44.3 million in two deals to support seniors with food access. Not all of the city’s Covid-19 contracts are being directed toward vital supplies. The Department of Education handed out dozens of contracts for $25,000 to cover canceled school events. Among the recipients were Empire Cruises, Gibney Dance, Harvard University and Six Flags Great Adventure. As of last Tuesday, the city had paid out just $241 million of the $2.1 billion total agreed-upon contract value. It’s too early to know whether many more vendors have followed in the footsteps of Woodhull as being unable to fulfill their contracts. Many virus-related orders likely haven’t been reimbursed yet. — Gerald Schifman

contracts as the head of the Alliance for Positive Change, a health nonprofit. Far from simply replying to email requests, she is used to navigating a maze of bureaucratic paperwork to secure a contract: budget assessments, vendor-responsibility questionnaires, capacity assessment forms. “I don’t even know all the different forms,” Duke said. The city’s cumbersome, often-exhausting vetting process serves the important purpose of proving that a firm can deliver what it says it can, Duke said. But de Blasio signed an executive order March 16 that suspended several rules regarding the procure-

Spent to date

Contracted

STAFFING $844.3M PPE $674.9M FOOD

Crisis mode

$240.4M VENTILATORS $159.6M TECHNOLOGY $59.3M MEDICAL SUPPLIES $37.3M TRANSPORTATION $27.3M SANITATION $18.8M OTHER $59.2M 0

$300M

ment process. The edict did away with the Procurement Policy Board, which is tasked with setting standards for responsible contracting. It also stripped the comptroller’s office, the city’s financial watchdog, of its role. The Department of Citywide Administrative Services ordered from a slew of vendors, saying yes to many with no track record with the city, according to Nick Benson, spokesman for the department. Understanding that some of those orders would fall through, the city simply placed more orders, he said. That could be why the city has continued to place large orders with Woodhull despite its inability to deliver on its promises. Without receiving any gowns from Woodhull in April, the city made three additional orders from the firm, including a $16 million order May 1 and a nearly $15 million gown order May 4. “I’m shocked to hear this,” said Lisa Sorin, president of the Bronx Chamber of Commerce. Small businesses across the Bronx, forced to shutter, would have been eager to repurpose their business to produce PPE, she said.

$600M

$900M

NOTE: Figures are based on a Crain's analysis of all city contracts issued after the start of

March. Contracts needed to be marked as having a "Covid" or "virus" purpose.

“To think that one company, who’s questionable, received this maximum amount of money, and our businesses couldn’t get $75,000 as a loan, speaks to the lack of communication between our businesses and our city,” Sorin said. Being in crisis mode does not excuse the lack of organization, she said. Although the city might not be out the money—payment does not go through unless the goods are received—the episode shows that the city missed multiple red flags. De Blasio has said he expects the Federal Emergency Management Agency to reimburse the city for its Covid-related expenses. “I’m concerned that we could’ve gotten more PPE sooner, from a different business,” City Councilman Ben Kallos said. “When you’re talking about $90 million and you’re dealing with a vendor who is in financial trouble and promising more than they can likely deliver … I certainly hope our city wasn’t putting any lives on the line for this vendor.” ■

MAY 18, 2020 | CRAIN’S NEW YORK BUSINESS | 19

P019_CN_20200518.indd 19

5/15/20 4:09 PM

FROM PAGE 3

The corporate team, working from home, handles customer-service matters via email and phone. FreshDirect has made and delivered more than 150,000 meals to the New York Common Pantry in Harlem. The pantry had been having trouble getting food to those who needed it. FreshDirect also encouraged its customers to donate $600,000 to the pantry. After an initial run of donating 50,000 boxes of food to various institutions as directed by each borough president’s office, FreshDirect received funding from the city to continue the program for the next three months. The company said it will open its regular summer delivery service to the Hamptons and the Jersey Shore on May 20.

92nd Street Y Last week the 92nd Street Y offered a master class with Paul Krugman, a Nobel Prize–winning economist and New York Times columnist. It charged the 300 people who signed on $20 each. Two months into an economic downturn, the venerable nonprofit has learned two lessons: It can offer compelling content online, and it needs to generate revenue from it. In the meantime, it has cut its staff. The Y spent weeks paying its employees after the shutdown began in New York and it suspended operations at its Lexington Avenue headquarters. It then instituted graduated pay cuts, with the highest-paid staff members getting the largest reductions. The savings weren’t enough, though, and the week of April 27, it furloughed onethird of its 350 employees. Scores of museums and cultural institutions came to the same conclusion, as a wave of job cuts swept the sector in New York. Chief Executive Seth Pinsky

ticked off signs of the Y’s success. Messages from the new daily email program have been opened more than 1 million times. The Y has livestreamed 45 programs, with 2.5 million views, and its archives have been visited 70 million times. In the old normal, 300,000 people would have attended programming in its building. It has sold 100,000 tickets, generating several hundred thousand dollars of revenue, to various online programs; half of the ticket buyers are new patrons and people living outside the city. “We are having a bigger impact on a broader population than ever before,” Pinsky said. But he said he is worried about the future. Despite the gains in audience, event revenue is only a fraction of what the Y needs to sustain itself, he said. “In the short order,” he said, “it will be critical that we not follow the lead of the newspaper industry, which over the past two decades decided a combination of retrenchment and eyeballs would save it.”

Nami Nori The orders roll in to Nami Nori now on Friday and Saturday nights, making weekends feel slightly like weekends again. “For about one hour, it’s a tidal wave,” said Lisa Limb, a partner at the West Village restaurant, which makes creative sushi hand rolls. After reorganizing, the restaurant, which had not offered takeout before the crisis, can now get those orders out—which is helping it survive the quieter moments. In mid-March Nami Nori shuttered its dining room and focused on takeout. Two weeks later it closed, however, over concerns for its staff’s health. During the next month, the partners revised their operations and updated safety protocols. Nami Nori reopened April 28 for takeout and delivery five nights per week. Limb has rearranged the restaurant so that even the dining area is a prep spot. One-third of the

employees are back, and they can space themselves out as they work. The volume of orders crests and dips unexpectedly. “When you have dine-in, you control the flow by how many guests you have seated at one time,” Limb said. Packaging is an obstacle course: Each piece of seaweed gets wrapped in a compostable liner before being filled with tuna or tomatoes, then placed in a box with little dividers for stability. Limb’s friendliest server manages the door, where delivery drivers in masks wait for orders. “The drivers are stressed and trying to make their money,” Limb said. Nami Nori is earning less than half of its previous revenue. Selling alcohol with takeout orders has helped, said Limb, who added that she is considering other avenues for new business, such as packaged and frozen products. Meanwhile, Nami Nori awaits updates on loans and grants, even as Limb and her partners wonder whether they’ll be able to bring back the employees they let go to make the Paycheck Protection Program’s loan forgivable. “If we lined them up 6 feet apart, there wouldn’t be room for everyone,” she said.

Baldor Specialty Foods Baldor, a wholesale company in the Bronx, made a quick turn to home deliveries in March to help people stock up and to earn back revenue lost when restaurants closed down. Now that it has a hold on its new branch of business, its challenge is to keep customers ordering even as new competitors launch and old ones work out their kinks. The order count for home deliveries peaked last month at 2,000 per day, with delivery windows filling a week in advance. All 2,200 of Baldor’s employees were put to work; about a quarter of them had been furloughed. By the beginning of this month,

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however, traffic to Baldor’s website was dipping by 30%, and orders had dropped back to the mid-1,000s. Next-day delivery, unavailable for weeks, returned. Consumers had become less fearful about entering supermarkets, most shoppers seemed to have stopped loading up out of panic, and FreshDirect and Amazon’s grocery arms both had availability again. Baldor’s wholesale customers have not come back. “We need home deliveries to continue to make the business work,” said Ben Walker, vice president of sales and marketing. A month ago the company figured there was a chance its restaurant customers would be open for Mother’s Day— typically Baldor’s best week of the year. Now it’s forecasting low demand from restaurants through the end of the year. Baldor spent the past six weeks revamping its warehouse to accommodate the surge in home-delivery orders. It turned a recently developed beer-delivery area into a place where warehouse workers could pick and package thousands of asparagus bunches and eggs themselves instead of the cartons it usually sells. It even acquired Pierless Fish, a 20-year-old purveyor in Brooklyn, in a bid to provide consumers with more options. (Talks about the acquisition had started before the pandemic.) “We have the ability to get food out like we did two months ago, and now we have to go find the demand,” Walker said, adding that the company was considering expanding its geographical range, lowering its order minimum, continuing to promote its high quality and shrinking delivery windows to two- or three-hour periods.

Brooklyn Navy Yard ARCHITECTURE

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Suzzanne Uhland has joined the New York office of Latham & Watkins as a partner in the Restructuring & Special Situations Practice within the Finance Department. She has an extensive track record advising parties in Chapter 11 reorganizations and out of court restructurings and buyers and sellers in Bankruptcy Code Section 363(b) sales and other distress transactions, as well as representing clients as members of creditor groups and marketleading companies across sectors.

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If making hand sanitizer, face shields and hospital gowns weren’t enough of a contribution to dealing with the Covid-19 crisis, the Brooklyn Navy Yard stepped into the ventilator shortage as well. With manufacturing at the top of Gov. Andrew Cuomo’s reopening list, the Yard has begun to consider how to restart operations for many additional tenants. The Yard’s New Lab tech-manufacturing incubator played a pivotal role in the development of a bridge ventilator for less serious coronavirus cases by developing the design, and some of the companies there are manufacturing parts for the device, which is assembled in Long Island City. Meanwhile, small garment companies have banded together to produce 30,000 hospital gowns each week. The Yard helped arrange 138 loans for $10 million under the fed-

eral PPP initiative, with all but eight of them coming in the second round of financing. The Yard worked with a Goldman Sa c h s – f u n d e d organization, Pursuit, as well as Carver and Piermont banks. It could be weeks or months before more tenants are allowed to restart operations, but Yard President David Ehrenberg already has his team working on concepts. “We are not coming up with precisely the plan we will implement, because we know it will be wrong,” Ehrenberg said. “Rather, [we are working on] a series of plans and scenarios, and then we will decide which parts … to put into action.” One difficult question is how to recall the staff in an equitable manner. The operations staff in security and trades will have to return to work, but the administrative staff could still work from home. He said he is working through options; a likely one is to rotate the administrative staff’s remote work. He faces another major task as well. “We recently moved the staff to a new open floor plan with a beautiful space,” he said. “We are working with a tenant who is fabricating plastic separators.”

Apthorp Pharmacy On May 8, 34 days after he applied, Russell Gellis’ PPP money landed in his bank account—hundreds of thousands of dollars that would cover the 27 employees on Apthorp Pharmacy’s payroll until July. The relief has not quelled Gellis’ underlying concerns, though, as sales of over-the-counter and prescription drugs have plummeted on the emptied-out Upper West Side. During the past month, Gellis did hours of research and attended online broadcasts with guidance for business owners. Because he received notification April 16 that the Small Business Administration had approved his PPP application, he kept many more people on payroll than he needed to attend to his diminished business. He ended up furloughing two higher-wage employees, a pharmacist and a salesperson; he said he’ll bring them back now. “The hourly people, if I lay them off, they’re not coming back,” he said, because they might earn more than their regular wages through unemployment insurance with the extra $600 of pandemic aid. If they didn’t return, he might not be able to have his PPP loan forgiven. Gellis returned “a ton” of inventory, freeing up funds for bills and payroll. Sales of fertility medication, Apthorp’s specialty, were down by 50% in March and 90% in April, as the American Society for Reproductive Medicine advised fertility centers to postpone treatments. The group recently updated that recommendation to allow some centers to reopen, but Gellis said he doesn’t think he’ll rev up quickly. “So many people have either lost jobs or aren’t sure about where the economy is going,” he said. ■

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Senior Quantitative Researcher (WorldQuant, LLC / New York, NY). Build computr driven models that seek to predict WKH PRYHPQWV RI Ã&#x20AC;QDQFLDO PUNWV GYOS QHZ PDWKPDWLFO WRROV IRU DQO\VLV RI Ã&#x20AC;QDQFLDO datasets. Reqs Bach or higher in Financial Engnrng, Statistics, Informatn Technlgy, Mathematics, Physics, or in a closely rltd TXDQWLWDWYH Ã&#x20AC;HOG \U H[S LQ MRE RIIUG RU \U H[S DV 6U 4XDQWLWDWYH 5VHDUFKU RU Market Risk Analyst, or in similar positn(s) LQ WKH LQYVWPQW PJPW EDQNLQJ RU Ã&#x20AC;QDQFH LQGVWULHV %NJG LQ HGXF WUDLQJ RU H[S PXVW LQFO NQRZOGJH XQGHUVWQGQJ RI OLQHDU DOJHEUD VWDWLVWLFV 0DFKLQH /HDUQLQJ Stochastic calculus, derivatives modeling, asset pricing, econometrics, time series DQDO\VLV ULVN PJPW PDUNHW PLFURVWUXFWXUH SURJUPPQJ SURÃ&#x20AC;FLHQF\ LQ & 5 0DWODE Z VFULSWLQJ ODQJXDJHV LQFO 3\WKRQ H[S ZRUNLQJ Z 8QL[ V\VWHPV Send resumes to Sandra.DiCairano@ ZRUOGTXDQW FRP UHI MRE WLWOH LQ VXEMFW OLQH Compass - FRONT END ENGINEERS (C195) - Use programming skill sets in JavaScript to architect reusable SW code struct. Work w/prod. & design team to build interfaces in open-source front-end web apps using Angular or React. Mail to: Specify C195, Z. Colon, Urban Compass, Inc., 90 Fifth Ave Fl 13, New York NY 10011

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FROM PAGE 1

Crain’s spoke with experts to pinpoint 10 concrete government policies that would help small businesses get back on their feet. Each of the suggested solutions was given a rating on a scale of 1 to 10, indicating the likelihood that the policy will be implemented. The higher the score, the better the chance that the idea will come to fruition.

RENT CHANGES FOR LANDLORDS

RATING: 9 ne of the largest expenses for any small business in New York is rent. Experts say alleviating rent costs is the first thing the city can do to help mom-and-pop shops across the five boroughs. “Giving them a grant to pay their rent for the next couple of months would be a major boost,” said Sal Albanese, who ran for mayor in 2014 after 25 years on the City Council. He said he believes a subsidy could stop landlords from evicting small-business tenants. “These three-family units with a store underneath are ma-and-pa landlords,” he said. “They’re not SL Green.” Albanese also suggested a rent voucher system for landlords or businesses that prove an inability to pay expenses by opening their books to the city. The program could include a sunset provision, which he said would alleviate financial pressure in the next few months. “Vouchers the state and city can do together,” he said. “We have Section 8 vouchers at the federal level. They could provide some grants to landlords so they don’t evict these folks.” Randy Peers, president of the Brooklyn Chamber of Commerce, proposed providing owners of commercial property with a propertytax abatement if they offer rent reductions or concessions to tenants.

ALTERNATE TRANSPORTATION

RATING: 9 omething often overlooked in understanding small businesses locally is where employees live. Many small-business workers in Manhattan, for example, live in the outer boroughs. “Chinatown has almost all of their staff living in the outer boroughs,” said Jan Lee, owner of three commercial units on the Lower East Side. “This causes a problem with them opening up again, because people are afraid of using the subway.” Lee said one solution includes the city implementing a minibus service that runs between Manhattan and Queens and other boroughs, similar to what the city did for Chinatown following 9/11. “We need to bolster that industry so working-class people can get back to work safely,” he said. “Aboveground transit will pick up the slack before people start using the subway.”

SHARED-WORK PROGRAM

RATING: 8 Consumers are not likely to spend very much as the city emerges from the crisis, and all sorts of businesses

will be affected by that. Instead of keeping payrolls low and unemployment high to compensate for the disruption, the state should create a shared-work program with small-business owners, said Jeffrey Bank, chief executive of the Alicart Restaurant Group, which includes Carmine’s. “For every person I bring back and take off unemployment, the state [would pay] half the money and the employer [would pay] half the money,” Bank said. He used a $16 hourly wage as an example. “I pay $8, and the state pays $8. I can now hire two people and get them back on payroll. “I think the state can help empower us to hire,” he added. “If there is a shared-work program, isn’t that better than the government paying them 100% on unemployment?” Some experts were somewhat skeptical. “That depends on the industry you’re in,” said Mark Baran, partner at Marks Paneth. “I would think there would be a lot of issues that need to be flushed out, depending on what you do. But if you’re a retail industry, it sounds like a great deal.”

REGULATION REDUCTION

RATING: 7 or many small-business experts, one of the best solutions is also the simplest: cutting red tape. “The city could make the permitting process easier and cheaper. They could make opening a business and building staff nimbler,” said David King, associate professor of urban studies at Arizona State University. “That would dramatically increase the speed of the recovery.” “The city should find ways to educate small businesses on rules and regulations instead of fining us,” Bank said. For restaurants, Bank suggested the city adjust the lettergrade system, which offers the same point parameters for a 500-square-foot ice-cream shop and a 20,000-square-foot restaurant. “It’s illogical,” he said. “If you get less than 10 points, you get a B.” Lee said fines and levies can crush the ability of small businesses to succeed. “These are absolutely the wrong ways to be treating small businesses,” he said. “I fear the city will use these violations to make up the revenue shortfall. Now is not the time to be regulating these businesses.”

PAYCHECK PROTECTION PROGRAM RULE CHANGES

RATING: 6 he Greater New York Chamber of Commerce is calling on the U.S. Treasury Department and Small Business Administration to change the Paycheck Protection Program’s forgiveness provision, which stipulates that in order for the PPP loan to be forgiven, 75% of the money must be spent on payroll within eight weeks of a business receiving the funding. “Everybody has this one question: What are they supposed to do after eight weeks?” said Helana Natt, executive director of the chamber. “The eight weeks can come and go … and we’re still locked down,” said Matthew Rosetti, owner of the

Brooklyn Running Co. “The eightweek window needs to be revisited.” Restaurants in particular have found the PPP guidelines to be unhelpful, mainly because of the mandate to stay closed and still make payroll in order to have the loan be forgiven. “Even if we are allowed to open, we’ll only be at 25% capacity,” Bank said. “Our businesses were not set up for that model to even break even.” Small-business owners said the June 30 cutoff for rehiring employees is also misguided. Changing the forgiveness measures to include more rent and overhead costs would be helpful, they added. “It’s not the panacea everyone thinks it is,” Rosetti said, speaking of the PPP. “Forgiveness is all that matters. These businesses do not need more debt. They cannot afford more debt. You need to widen the scope of how you can get it forgiven.” Treasury Secretary Steve Mnuchin said he is not inclined to change the payroll requirements or shift forgiveness provisions to cover overhead costs, though things could change if Congress and President Donald Trump back the idea.

BUSINESS INTERRUPTION INSURANCE CLAIM FUND

RATING: 5 nsurance companies are not paying out claims to restaurants and other small businesses that have shut down because of the coronavirus. “It’s really reprehensible that insurance companies will not include the pandemic as a qualifying event,” Peers said. “Businesses have paid for these policies to cover them for these types of events.” The insurance industry has argued that the policies don’t cover losses associated with the pandemic or government orders that have forced many businesses to close. Bank said he has a solution: The federal government should establish a trillion-dollar fund to allow insurance companies to pay out claims. Insurance companies already hold business-tax information—which would eliminate some of the red tape—and the claims would be reimbursed by the fund. “The solution would be for government to backstop the insurance companies to allow them to pay out for Covid,” Bank said. “It would alleviate all the pressure small businesses are having.” Guy Alessandro, certified public accountant at Alessandro & Associates on Long Island, said such a trillion-dollar measure would be possible only if the federal government backs up each claim. “They would have to give the insurance company money,” Alessandro said. “I can’t see the government forcing the insurance company to pay out the claim. That would rupture the foundations of capitalism.”

PAYROLL-TAX HOLIDAY

RATING: 4 he federal payroll tax—FICA—is shared by employer and employee. Split 50/50, the 12.4% tax covers the first $137,000 in wages. According to Jay Brower, a state and local tax specialist and a partner at Marks Paneth, under the Cares Act,

“In this period, with things being so gloomy and people not being able to pay their bills, you err on the side of caution,” he said. “Once unemployment is over, getting a job is something everyone is going to crave.”

SALES-TAX HOLIDAY

RATING: 2 nother tax holiday bandied about would temporarily remove city and state sales taxes. Experts see this measure as a way to stimulate small-business economic growth. “One thing we strongly believe should be considered is a sales-tax holiday through the end of the year,” Peers said. “I realize it takes tax revenue off the table for the city and state, but it would represent a 9% savings for consumers, and it would incentivize and encourage people to spend money again and pump money into the economy.” The state’s sales tax is a fiduciary tax, one collected on behalf of customers and given to the state. It doesn’t represent a cost or savings to businesses. “As a business owner, that sales tax does not belong to me,” Alessandro said. “It’s extremely unlikely that would happen, because that’s the state giving a direct subsidy.” “The states can’t print money,” Brower noted. A sales-tax holiday is possible, he said, “but the state would be losing more tax revenue if they do that.”

ISTOCK

10 STEPS

the employer half of FICA has been deferred for the rest of the year. It is now due in two parts over 2021 and 2022, but employees are still taxed 6.2% on their FICA. Trump has suggested a payrolltax holiday to help alleviate the burden on small-business employees. With such an arrangement, “you would see many employee paychecks go up,” Brower said. “They’d get a 6% raise.” “One of the only solutions we can see right now is a payroll holiday,” said Mark Jaffe, president of the Greater New York Chamber of Commerce. He said the tax break would vary based on each small business’s contribution. “It can range from 1% to 6%,” Jaffe said. But the payroll-tax cut wouldn’t help the millions of Americans who are now unemployed. And it’s unlikely what type of support the measure would gain in Congress, as it would create a drastic drop in federal revenue at a time when the government is expected to support states facing disrupted economies as well as maintain the increased cost of national programs. “The FICA tax revenue is what funds our Social Security system, which is already in a pretty precarious situation,” Brower said. “This is just going to exacerbate the problem. You may see some budget hawks say, ‘This is little crazy.’ ”

UNEMPLOYMENT INSURANCE REDUCTION RATING: 2

n estimated 22 million Americans filed for unemployment in April. The Cares Act increased unemployment benefits, but that decision might come with unintended consequences. “They created an untenable situation that will lead to huge inflationary pressures and a demand for increased wages,” Jaffe said. Workers have an incentive to stay unemployed while the benefits remain so much higher than usual, he said. Under the Cares Act, the federal government is adding $600 each week to the maximum $504 weekly unemployment outlay provided by the state. “Many New Yorkers are getting $1,100 a week in unemployment insurance,” Alessandro said. The Cares Act provision expires July 31, he noted. “Giving to people who needed money was not a bad idea,” Jaffe said. “But giving them more than they were working for was a crazy idea.” Albanese said unemployment insurance should be left alone during this time of uncertainty.

CASH INFUSION FOR SMALL-BUSINESS OWNERS

RATING: 5 ome industry experts argue that the easiest way the federal government can help small-business owners get out of the pandemic in once piece is by giving them direct infusions of cash. “Rather than over-regulate small business, lobby the federal government to give us cash to put into the hands of our employees and tenants,” Lee said. “That’s how you keep the economy going.” “We should give money to employees directly,” said King. “Do it through employers to cover salaries, wages and benefits until we decide we’re on the other side of this.” The federal government has already allocated $670 billion in PPP loan money, with the Cares Act including $1.8 billion in direct aid to individuals and businesses. There was also the $1,200 stimulus check allocated in the early days of the crisis. Is more money simply the answer for small-business owners? “The federal government could contribute cash to keep these people alive,” Albanese said. “By that time, they should be reopening. That would be the way to do it.” It’s clear the federal government has the ability to provide a direct cash infusion to small businesses and individuals. What is not so certain is whether Congress has the willpower and inclination to provide additional direct payments for an indefinite period of time. ■

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YASMIN CORNELIUS BORN Harlem

COURTESY OF YASMIN CORNELIUS

CORNELIUS (right) gives a meal to a building resident.

Helping keep food on the table

RESIDES Harlem

A development firm VP pivots to delivering meals to residents in need

EDUCATION Bachelor’s in psychology, City College

BY BRIAN PASCUS

FOR THE BOYS Cornelius lives with her two sons, Tchiyuka Jr., 20, and Ajani, 17. IN THE FAMILY She is related to acclaimed Harlem Renaissance writer Zora Neale Hurston. BEST ADVICE “My mother would tell me not to wait for those to ask for help,” Cornelius said. “Just help them.” PAST WORK Before joining L&M, Cornelius spent years working in the state and local government, most notably as a district manager for various borough presidents and as a director of intergovernmental relations in the state Senate. She was also deputy director at the Local Initiatives Support Corp., which assists nonprofits in improving housing and economic conditions in distressed neighborhoods.

asmin Cornelius feels a mix of emotions by the time she makes her final daily meal delivery to a family in need during the Covid-19 pandemic. “It’s bittersweet,” she said. “I’m glad that we’re able to provide food, but every day more and more people need it.” Cornelius, 48, is vice president of community affairs for L&M Development Partners, an affordablehousing developer, and its propertymanagement arm, C&C. Cornelius leads a team that delivers food to low-income families and individuals in the company’s portfolio of 16,668 affordable-housing units. Cornelius came to L&M after a long career in community and state government and housing advocacy. “It was an easy transition to work with L&M because I’m doing the same thing by making sure we’re

addressing the needs of housing for the same people,” she said. “It’s reaching out to residents and stakeholders to make sure their quality of life is impacted in a positive way.” Cornelius was director of external affairs at L&M for almost six years and became a VP in June 2017. She transitioned to delivering food to residents after the pandemic inspired staff to help out in order to minimize the spread of the virus. “It’s in my nature to help people,” she said. When C&C began its deliveries March 16, Cornelius noted, it was able to cover only one or two buildings, giving out roughly 70 meals the first day. Today C&C feeds about 11,000 families daily across the five boroughs and Newark. To date, 51,000 meals have been delivered. “It’s been a tremendous feat,” she said. “Because of the relationships we’ve had with resident leaders, community organizations and elected officials, we have been able

to connect our residents to healthy and fresh foods.” C&C works with suppliers such as World Central Kitchen, local food banks and nonprofits including City Harvest. Cornelius has seen the need for the program increase since it began—and she’s witnessed just how willing other New Yorkers are to assist with the deliveries. “People come and chip in and see how they can help,” she said. “Volunteers have come to deliver food, and resident leaders help us distribute to their own buildings.” She recalls how the Brownsville Community Culinary Center’s assistance caught the eye of local caterer Collective Fare, which began to cook for all of C&C’s Brownsville homes. Now one of C&C’s senior citizen buildings has hot meals delivered every afternoon, including for the homebound elderly. “It’s really a village effort,” Cornelius said. ■

“IT’S BEEN A TREMENDOUS FEAT. IT’S REALLY A VILLAGE EFFORT”

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