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CHECK, PLEASE Hell’s Kitchen restaurants say the homeless are putting a damper on sidewalk seating

ASKED & ANSWERED Goldman vet on the need for diversity in finance PAGE 14

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JULY 13, 2020

Minority-owned businesses frozen out of Covid-19 contracts Mayor says the city prioritized speed over equity in the crisis

BY GWEN EVERETT AND GERALD SCHIFMAN

N

ew York City snubbed minority-owned businesses when it doled out $3.4 billion in Covid-19 contracts during the pandemic, granting them just 5% of the mon-

ey, a Crain’s analysis has found.

A minuscule 1% of the bids went to businesses registered as Black-owned, the analysis of data from the city comptroller’s office shows. That number rises only slightly, to 1.3%, for businesses registered as Latino-

owned and to 2.5% for firms registered as Asian-owned.

Mayor Bill de Blasio, who has emphasized racial justice in his administration, has said speed in getting supplies was the most pressing issue for procurement.

DE BLASIO

NYCMAYORSOFFICE/FLICKR

CORONAVIRUS ALERT

“During the height of the pandemic, our first priority was getting hospitals what they needed. We expedited the process and worked with vendors who could deliver See MINORITY on page 24

Check out how these enterprising young professionals are reshaping the city’s future

ISTOCK/CRAIN’S COMPOSITE

Page 15

NEWSPAPER

VOL. 36, NO. 25

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OUT OF OFFICE

THE LIST

GRAB A BURGER OUTDOORS IN THE 5 BOROUGHS

The area’s top-paid chief execs

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WORKPLACE

WeWork hit with racial discrimination, sexual harassment lawsuits by ex-employees

BY EDDIE SMALL

T

wo ex-WeWork employees are suing their old company for discrimination.

Christopher Clermont, WeWork’s former program lead for diversity and inclusion, and Diane Allen, the company’s former stock plan administrator, filed separate lawsuits against WeWork July 8. Both employees are Black, and their lawsuits accuse the controversial coworking giant of racial discrimination and equal pay violations. Allen’s lawsuit also accuses the company of sexual harassment and gender discrimination.

Clermont joined WeWork in April 2018 and describes his role as “little more than window dressing” in the lawsuit. The company frequently asked him to appear in promotional materials but repeatedly sidelined him when it came to doing actual work, according to court documents.

“He was often relegated to a glorified event planner,” the lawsuit claims. “He was literally required to move furniture on occasion.”

Soon after being hired, Clermont expressed concerns about race and gender discrimination to his supervisor, a white man referred to only as “Andrew” in court docu-

At an off-site meeting in November 2018, Clermont asked WeWork executive Jennifer Berrent what the company planned to do about its race problem, to which Berrent replied she “can’t empathize with Black people,” the lawsuit says.

Clermont claims in the lawsuit that the HR department finished investigating his complaint in late January 2019 but said only that his supervisor should not have changed the scope of his responsibilities and did not address his other concerns.

WeWork then spent the next several months steadily cutting back on Clermont’s duties while continuing to use him in promotional materials “as its poster child of a happy Black WeWork employee,” the lawsuit says.

The firm let him go in November.

A WeWork manager told him almost immediately afterward that

“MY CLIENTS AND OUR OFFICE FEEL STRONGLY ABOUT THESE CLAIMS” ments. Andrew responded by cutting back on Clermont’s responsibilities and excluding him from team discussions on important projects, the lawsuit alleges. Clermont then complained to WeWork’s human resources department in November 2018, and within one week, his supervisor threatened to fire him, the lawsuit says.

the company’s senior managers had spent months trying to fire him, according to the lawsuit.

Pay problems As for Allen, who was hired at WeWork in October 2017, she had a “horrendous” experience at the company, her lawsuit claims.

A male colleague sexually harassed her during her first six months on the job and at a 2018 summit, saying that he wanted to bring her to his hotel room and described in detail what he would do to her, the lawsuit says. She tried to get away from him, but he would not let up and “climbed up a balcony” to get close to her again, Allen said in court papers.

WeWork did nothing when Allen reported the problem to HR, saying only that it was her word against his, according to the lawsuit.

She was paid substantially less than male and non-Black employees who had jobs similar to hers, despite her coming into her posi-

tion with 20 years’ experience and an MBA, Allen said. The company hired a less-experienced white man to do the same job as Allen soon after she was hired and paid him 12% more than she made and quickly promoted him, the lawsuit claims.

When she raised this concern with her boss, he angrily responded that he was “not a racist,” the lawsuit says. The company did not raise her salary until she had been there almost two years. Allen said she then became increasingly isolated and ultimately quit in September.

In a statement, WeWork said it investigated the complaints thoroughly and “found them to be wholly without merit.”

Attorney Seth Rafkin is representing Allen and Clermont.

“My clients and our office feel strongly about the claims set forth in the complaints,” he said, “and we look forward to vindicating their rights in front of a jury.” ■

TRANSPORTATION

JULY 21

MTA may eliminate subway lines without federal funding

CRAIN’S OATH BUSINESS FORUM In an exclusive Crain’s New York Business webcast on Tuesday, July 21, from 4 to 5 p.m., Joni Kletter, KLETTER commissioner and chief administrative law judge for the city Office of Administrative Trials and Hearings, will guide business leaders through the process of how her team adjudicates more than 800,000 summonses every year. Learn what you should know before trying to fight a ticket.

Time: 4 to 5 p.m.

Register at CrainsNewYork.com/ OATH-business-forum

WE’LL BE BACK! Crain’s New York Business publishes a print edition every other week during July and August. Our next issue will be July 27. Meanwhile, you can keep up with city news every day by visiting our website, crainsnewyork.com.

CORRECTION Dr. Teresa Smith is director of graduate education at SUNY Downstate Health Sciences University. Her name was misspelled in “Pandemic reshapes how medical students learn,” published June 29.

BY BRIAN PASCUS

T

he Metropolitan Transportation Authority may discontinue entire subway lines because of drastic declines in funding and ridership, a new report from the Riders Alliance says.

The alliance, a nonprofit focused on transit, estimates that without a $3.9 billion infusion from the federal government within the next month, the MTA could institute budget cuts of up to 50%. These reductions could eliminate half of the subway lines in Manhattan in order for the authority to continue to function.

“Without $3.9 billion to fill its budget gap from July to December, the agency would face a deficit of $650 million each month, roughly 20 times the gap it faced in 2010, when it cut two subway and 110 bus lines to save $400 million,” the Riders Alliance said in its report.

The alliance developed three scenarios for the MTA if faced with the reality of no federal funding. The first one envisions the elimination of lines like the 1, 2, 3, B, D, F, M, G, J, Z, 7 and Times Square shuttle.

Recent comments from MTA executives lend credibility to this scenario.

“Without a virtually immediate infusion of $4 billion in federal aid, the MTA cannot serve as the catalyst for economic growth that this

city, state and country needs as the recovery continues,” MTA CFO Bob Foran wrote in an op-ed on the authority’s website. “Faced with losses that could exceed $10 billion over the next 18 months, our remaining options in the absence of federal assistance are dire.”

The other two scenarios developed by the Riders Alliance include local-only service with an acrossthe-board service cut of 50% and an elimination of all commuter rail and bus lines.

Looking for a savior Federal funding is still a question mark. The Democrat-controlled House of Representative in May passed the Heroes Act, which would have allocated the necessary funds to the MTA, but the Republican-controlled Senate has shown no inclination to give the bill a vote.

“We are all looking to Congress now as the only savior, in particular to the U.S. Senate, who must act within the next month to save our transit system,” said Danny Pearlstein, president of the Riders Alliance.

Senate Majority Leader Mitch McConnell has expressed a willingness in recent days for another coronavirus stimulus bill, but it is not yet clear how much money a new package would allocate for municipal transit. McConnell has previously suggested that the Sen-

ate should not fund "blue state bailouts.”

“We have urgently requested $3.9 billion in emergency funding from Congress to get us through the remainder of 2020, and we need the Senate to return to Washington, do its job and provide this funding now,” said MTA spokesman Aaron Donovan. “The future of NYC and our nation's economy depends on it.”

It is not clear if the MTA is considering cuts to staff or frontline workers in order to shore up its budget. A source within the MTA told Crain’s that all options are on the table.

The city's Independent Budget Office offered its own dire fiscal projections for the MTA. A July 2020 report highlights how a collapse in transit ridership has led to a collapse in fare revenue, and a decline in tax revenue from various arms of the economy has augmented this fiscal death spiral.

Tax revenue that under normal circumstances reliably fills the MTA’s coffers has been decimated during the pandemic. There have been declines in real estate, sales and corporate taxes and overall economic activity.

Between 2020 and 2022, the IBO

BUCK ENNIS

WEBCAST CALLOUT

projects, there will be a drop of $2.7 billion in tax revenue from what the MTA projected before the pandemic.

Future financial commitments from the city and the state also remain clouded in doubt. While the city is still required to pay $1.9 billion that remains from a $2.7 billion contribution to the 2015-19 capital program, the amount the city will be able to grant for the 2020-24 capital program remains in limbo.

Foran painted a bleak assessment.

“The MTA's 2020 revenue losses are greater than that of more than 30 states, according to a recent survey, and greater than 35 states in 2021,” he wrote. “Without help from Congress, the MTA will be forced to take drastic measures unacceptable to riders—including service and personnel reductions and jettisoning huge portions of the historic 2020-2024 capital program.” ■

Vol. 36, No. 25, July 13, 2020—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for bimonthly in January, July and August and the last issue in December, by Crain Communications Inc., 685 Third Ave., New York, NY 10017.

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

2 | CRAIN’S NEW YORK BUSINESS | JULY 13, 2020

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CORONAVIRUS ALERT

PPP loans favored wealthier ZIP codes Affluent areas of the city had better rates of taking in federal bailout funding

BY BRIAN PASCUS

RUSSO of Il Punto says waiters have to provide security to keep away panhandlers.

Z

IP code is destiny when it comes to the Paycheck Protection Program.

Affluent New York City neighborhoods received more money from the federal bailout program than poorer communities, according to a report by real estate listing company RentHop. “We saw pretty large disparities there,” said Evan Raciti, executive vice president of RentHop. “We saw in Greenpoint, Park Slope, the Financial District, Carnegie Hill— all wealthier neighborhoods— they all received 70% or more in PPP assistance.”

The listings company divided the total number of loans granted PERCENTAGE by the total eliof businesses gible busiin Greenpoint nesses in a that received neighborhood PPP funding, using data according to from the CenRentHop. sus Bureau and the Small Business Administration.

PERCENTAGE The ZIP of Flushing codes with the businesses that five highest received bailout percentages cash, one of the for PPP fundlowest rates in ing in Rentthe city.

Hop’s report were Greenpoint (78.2%), Park Slope (78%), Brooklyn Heights (73.9%), the Financial District (71.5%) and Carnegie Hill in Manhattan (70.6%).

These five ZIP codes have an average median income between $81,900 and $150,600, as of 2018, according to figures from the Furman Center for Real Estate and Urban Policy.

“I’m going to look at it as a glass half full, as three of the top five are Brooklyn neighborhoods,” said Randy Peers, president of the Brooklyn Chamber of Commerce.

“It’s a testament to the fact that our businesses are organized, and they have a good chamber of commerce that was supporting them.”

78.2%

38.3%

BUCK ENNIS

HELL’S DINING ROOM?

West Side restaurant owners say an influx of homeless New Yorkers is threatening the alfresco-eating plan meant to be their lifeline

BY BRIAN PASCUS

T

he outdoor dining plan meant to save the struggling restaurant industry after weeks of shutdown has butted up against a public policy issue that has dogged the de Blasio administration.

Multiple restaurant owners in Hell’s Kitchen have expressed concern that the mayor’s Open Restaurants initiative— alfresco dining as a lifeline to eateries— is being undermined by an expanding and aggressive homeless population.

Antonio Russo, owner of Il Punto Ristorante on Ninth Avenue and West 38th Street, said Mayor Bill de Blasio’s See DINING on page 24

The flip side The ZIP codes with the bottom five percentage levels in RentHop’s report were Flushing, Queens (38.3%); Bay Ridge, See LOANS on page 4

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CORONAVIRUS ALERT

Madison Avenue, The Hub, Jackson Heights could face rocky retail recoveries, report says

BY EDDIE SMALL

ISTOCK, GETTY IMAGES, REDUX/NEW YORK TIMES

T

hree major retail spots in the city face different challenges as they look to recover from the pandemic downturn, according to a new report from HR&A Advisors.

The study, put together with tech startup Live XYZ, examined the strengths and weaknesses facing The Hub in the South Bronx, Jackson Heights in Queens and Madison Avenue in Midtown.

Overall, the analysis suggested that The Hub would be the least resilient of the three neighborhoods, “unfortunately no surprise, given that this is also a low-income community of color,” it said. But Jackson Heights and Madison Avenue could run into problems of their own.

For its analysis, HR&A looked at preexisting vacancy rates, the percentage of essential businesses that never had to close, chain stores that would likely be better able to absorb an economic hit, and businesses’ abilities to take advantage of more relaxed outdoor-seating rules.

65%

OF MADISON AVENUE restaurants have enough space for sidewalk seating.

27%

OF BUSINESSES in The Hub were deemed essential, so they didn’t close during the shutdown.

8%

WAS THE VACANCY RATE in Jackson Heights prepandemic, but most businesses there are small.

Prime position The Jackson Heights area was found to be best positioned for recovery based solely on vacancies with a pre-coronavirus rate of just 8%, according to the study. The Hub had a 12% vacancy rate, and Madison Avenue had a 14% vacancy rate.

The Hub had the highest percentage of essential businesses, such as grocery stores and pharmacies, at 27%, followed closely by Jackson Heights at 26% and Madison Avenue at 15%. That such stores never had to close makes them more like-

ly to survive and provides a point of strength for retail corridors to build on, the report said.

But Madison Avenue was best positioned to take advantage of the economic strength of chain stores and outdoor seating rules. The report found 30% of its businesses are chain stores, and 65% of its businesses have enough space to create sidewalk seating.

Just 16% of businesses in The Hub are chain stores, and only 40% of them have enough space for sidewalk seating, the report found.

LOANS

have played into the lack of funding amounts.

“Where you see a disparity is east Brooklyn—Brownsville, Canarsie, Georgetown,” he said. “Those are communities that clearly did not fare as well as the rest of the borough. And yes, those businesses are mostly businesses of color or businesses that serve people of color. That’s a concern.”

RentHop looked at which city ZIP codes had the highest number of jobs retained and the total number of PPP loans that specific business sectors received. Midtown, the headquarters for numerous commercial businesses and companies, retained the most jobs.

“It’s not surprising, seeing how the jobs retained were so concentrated in Midtown,” said Raciti. “It’s what one would expect, given the concentration of jobs there.”

Overall, the data showed almost every neighborhood of Manhattan

FROM PAGE 3

Brooklyn (44.1%), the Upper East Side (44.4%); Corona, Queens (48.2%); and Bath Beach, Brooklyn (48.3%).

Not including the Upper East Side, the other four neighborhoods had a median household income level between $50,797 and $59,696, according to the Furman Center

In Jackson Heights, these numbers were 6% and 64%, respectively.

Sulin Carling, a principal at HR&A and an author of the report, said the chain-store issue was an interesting one, because neighborhoods essentially could be exchanging economic vibrancy for economic security.

“Madison Avenue with all of those chains, maybe they’ll fare better,” she said, “but is that a good thing, if more of those small businesses fail and we have an even greater concentration of chains on

Madison Avenue?”

Jackson Heights has a large amount of small, immigrant-owned businesses that might have a hard time navigating red tape and recovery resources, for instance, whereas Madison Avenue could face a severe retail crisis if many of the neighborhood’s former office workers switch to working from home more permanently or if enough Manhattan residents who left the city during the pandemic do not return, the report said.

“If people are going to shift to re-

struggling city right now because it will benefit us all.”

Cash by industry

BUCK ENNIS

“WE MUST CELEBRATE EVERY FEDERAL DOLLAR BROUGHT INTO OUR STRUGGLING CITY” and Point2, an online real estate marketplace.

Experts cautioned against making a direct correlation between PPP loan money and a neighborhood’s median income. For instance, Peers noted that he lives in Bath Beach, a neighborhood that is mainly residential, which could

mote work, it actually may really not end up doing very well,” Carling said of Madison Avenue, “and so as we talk about reopening, as we talk about all the different ways that we can support businesses and revitalize corridors, I think it’s just going to be really important to see what’s happening on the ground.”

The study took into account the median household income in each of the neighborhoods. Those incomes were $21,000 for The Hub, $56,000 for Jackson Heights and $146,000 for Madison Avenue. ■

received at least 1,000 individual PPP loans.

“The majority of the city’s small businesses are located in Manhattan, and we have a strong network in place to help them survive,” said

Jessica Walker, president and CEO of the Manhattan Chamber of Commerce. “That may not explain all of the disparities at play here, but we must celebrate every federal dollar that was brought into our

The companies that most benefited from the PPP loan, according to RentHop’s data, appear to be either small businesses or professional organizations. In the city, professional, scientific and technical services received 45,964 PPP loans, the single highest number. Retail came in second, with 33,566, and health care and social assistance took in 32,612.

“Health care and social assistance is the largest sector in Brooklyn in terms of employment, and that’s why it’s near the top,” Peers said. “We’ve got lots of not-for-profits and social services agencies based here as well as doctor’s offices and clinics.”

Food services and construction received slightly more than 52,000 combined PPP loans. Industries that did not receive as many loans included utilities, mining and gas extractions—all of which received less than 1,000 loans each. ■

4 | CRAIN’S NEW YORK BUSINESS | JULY 13, 2020

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IN THE MARKETS

Shake Shack sales drop points to restaurants’ woes

S

Only bids responsive to the entire scope of work will be considered and, to be successful, bidders must be prequalified by Turner. Certified M/WBE and Small Business (13 CFR part 121) companies are encouraged to submit.

In order to receive the bid packages, potential bidders must submit a complete Subcontractor/Vendor Prequalification Statement. Prior prequalification submissions that remain current will be considered as previously submitted or may be updated at this time. All bidders must prequalify by the bid deadline July 16, 2020 and submission of a prequalification statement not later than July 2, 2020 is strongly encouraged. All bidders must have an acceptable EMR, and will be subject to government regulations such as 44 CFR and Federal Executive Order 11246. Successful bidders will be required to use LCP Tracker compliance verification software. Note that while this is a New York City prevailing wage project, union affiliation is not required for BP#34.

To obtain further information about contracting opportunities and/or the prequalification package and bid solicitation package/s, please contact Macarena Bermudez (mbermudez@tcco.com or 212-229-6000.)

cludes the impact of the temporary pay increase and the costs of opening four new restaurants across the country.

Because serving up burgers and fries fits well in a takeout-only world, Shake Shack looks as if it has the wherewithal to survive the pandemic and maybe even grow.

For almost every other eatery, the future is deeply uncertain.

It’s worth recalling that immediately after the city closed restaurants in March, Shake Shack founder Danny Meyer took a lot of heat for letting go of 2,000 people when he shut down Union Square Hospitality Group, his collection of fine-dining establishments.

Now it’s pretty clear he saw which way the winds were blowing. ■

Brooklyn’s Dime Community Bank agrees to merger

A

little more than two months after Dime Community Bank disclosed that 50% of tenants weren’t paying rent in apartments it has lent to, the Brooklyn-based lender agreed to be acquired by Long Island’s Bridge Bancorp in a $489 million deal.

The new bank will keep Dime’s name and be run by Bridge Chief Executive Kevin O’Connor from the company’s Hauppauge, Long Island, headquarters.

“This is the right time, the right transaction,” O’Connor said on a recent conference call.

But the timing puzzled those who observed that the transaction amounts to a big bet on a shattered economy recovering soon, even as reopening efforts have stalled.

“Where does your comfort come from?” one analyst asked.

Dime and Bridge officials essentially argued that two dinged banks

are better off together than apart.

Like most banks, the two institutions’ stock prices are way down, and both have significantly increased reserves in anticipation of a surge in defaults. Executives said they’ve written down suspect loans after taking what O’Connor said was a “draconian look” at their portfolios before striking the deal.

First of many Analysts expect the Dime deal will be the first of many as community banks determine they can’t withstand the Covid-19 fallout alone.

“This combination points to what we think will be a heightened focus for banks to gain scale and diversification in this volatile and uncertain economic and interest rate environment,” Keefe Bruyette & Woods analyst Collyn Gilbert said in a report.

The new Dime will have a robust 14.3% risk-based capital ratio that

The date for the virtual public opening at the Turner Construction Company office located at 375 Hudson Street, New York, New York, is July 17, 2019 at 11 am.

Survival skills

BANKING

BY AARON ELSTEIN

Rehabilitation and Flood Mitigation of the New York Aquarium, Brooklyn, NY Turner Construction Company, an EEO Employer, is currently soliciting bids for the Rehabilitation and Flood Mitigation of the New York Aquarium from subcontractors and vendors for the following bid packages: BP #34 Electrical Manhole EMH-2 including excavation & concrete work (Bid, Payment & Performance Bond Required)

BLOOMBERG

hake Shack Chief Executive Randy Garutti recently rode his bike around the city, and the sight of small businesses reopening warmed his heart.

“It’s hard, and it may be hard for a while,” he wrote in the Flatiron 23rd Street Partnership’s annual report, “but we have to believe [the economy is] going to come back.”

On July 7 Shake Shack gave a glimpse of just how arduous the road back will be.

The chain, whose flagship location, in Madison Square Park, drew long lines of office workers and tourists, reported that quarterly sales have dropped by 40%, or $60 million, and reopened restaurants are getting much less traffic. Its stock, which started the day down insurance. Shake Shack even man13% this year, fell 5%. aged to open some new restaurants Even so, Shake Shack is in much during the pandemic, and it is lookbetter shape than most of ing to add more. the city’s 26,000 restauStill, Shake Shack’s comeback will take rants. It’s a public compaawhile. It reported last ny with resources most week that same-store independent operators sales fell 49% in the seccan only dream of, startond quarter, and in New ing with $184 million in York, where the company cash on hand and a $50 generates one-fifth of its million line of credit. The revenue, sales for the Manhattan-based chain, week ending July 1 were with 280 locations nationwide, even returned a AARON ELSTEIN down 58%. Reopened restaurants are experi$10 million Paycheck encing “significantly reduced sales Protection Program loan in April.

Soon after doing that, the com- volumes.”

The company is burning through pany, which entered the year with 7,300 hourly staff, awarded all those $200,000 in cash per week—a big employees a 10% raise through at swing from this time last year, when least July 22. It continues to pay it generated $1.3 million in cash per 100% of furloughed workers’ health week. The cash-burn figure ex-

Invitation to Prequalify and to Bid

will come in handy if tenants can’t pay rent and small businesses can’t reopen. Apartment loans accounted for 60% of Dime’s loan book, but after the merger, this suddenly worrisome asset class will shrink to 44% of loans.

Merger-related layoffs could be significant, with executives aiming to cut overhead by 15%, mainly by eliminating duplicative back-office jobs. No branch closings are expected. The two banks entered the year with 920 employees between them.

But for Dime and Bridge, they’re celebrating a deal they describe as a merger of equals, even as the parties are still getting used to what that idea really means. On the conference call, O’Connor said that Dime CEO Kenneth Mahon would remain CEO when in fact he’s to become executive chairman.

“Sorry,” O’Connor said. “Freudian slip.” ■

Grassi Consulting: Because running your business is never a straight path. grassicpas.com/consulting

JULY 13, 2020 | CRAIN’S NEW YORK BUSINESS | 5

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TECHNOLOGY

Riding it out Daniel Ramot Via INTERVIEWED BY RYAN DEFFENBAUGH

T

he most impressive part of the $200 million that ride-share company Via raised this year was not that it helped the New York-based company attain a $2.3 billion valuation. It was the timing. The deal was announced March 30, a day when Covid-19 had placed most global cities on lockdown and crushed transportation companies.

Co-founder and CEO Daniel Ramot spoke with Crain’s about his company’s fortunate timing and his thoughts on the future.

How did the new funding round come together despite the pandemic?

that has a huge impact on ridership. But the core of our business is providing technology for public transportation We had a really good partner agencies. That has been much in Exor NV that was aligned more robust, with some really with our vision and saw the interesting opportunities. opportunity in transit technology In Berlin, for instance, we and public mobility as a whole. converted what was basically Public transportation is crucial on-demand commuter transit for our cities, and technology service to a free service for health THERE ARE MASSIVE BUDGET care workers that covered a much SHORTFALLS AND LOWER larger area.

RIDERSHIP NUMBERS

is going to play an increasingly bigger role. That’s a trend that, if anything, Covid-19 is accelerating.

What opportunities have emerged in response to the pandemic?

The part of our business where we are providing rides directly to consumers—such as in New York and D.C.—those cities went into a lockdown, and obviously

How do you build those relationships with government entities that are so core to the business?

You have to take a partnership approach. A government entity can’t just be a client or someone that you’re selling to. If a city or transit authority opts to work with you, they’re taking a real risk. If the system doesn’t work, there is huge public scrutiny and potential for backlash.

The Metropolitan Transportation Authority and the Port Authority are both in financial trouble in this city, and local governments everywhere are under fiscal stress. Are you concerned they will cut back on spending for new transit tech?

I believe that it is actually because of all that financial stress that it is more critical than ever for transit agencies to adopt technology to manage this crisis. Pre-Covid-19 we were seeing momentum from transit agencies kind of upping their game and using technology to create a more convenient service for customers. The urgency has now increased by several times.

There are massive budget shortfalls and lower ridership numbers that fluctuate rapidly.

Accommodating that with a traditional bus system is very, very hard.

Without a vaccine, will enough people be willing to return to

public transit for systems to remain viable?

Transit agencies have to make the type of changes that help people feel more comfortable coming in. That comes down to cleaning and running more frequent service. It could also include systems for reserving a seat on the bus, where you know how many people are going to be on board. In cities that are opening up and have a Via system, ridership is climbing back up to a pre-Covid-19 level, while the ridership on the bus remains very low. People clearly prefer a system where they know there’s

CRAIN’S EVENT ON THE FUTURE OF TECH IN NYC TO HEAR MORE from Daniel Ramot and other tech industry leaders on how they’re continuing to raise capital in a very different economy, check out Crain’s Tech 25: What is the future of tech in NYC on Thursday, July 23, 2020, 4-5 p.m. Subscribers can visit CrainsNewYork.com/ crains-tech-25 to register.

only going to be X number of people in the vehicle. ■

REAL ESTATE

Invitation to Prequalify and to Bid Rehabilitation and Flood Mitigation of the New York Aquarium, Brooklyn, NY Turner Construction Company, an EEO Employer, is currently soliciting bids for the Rehabilitation and Flood Mitigation of the New York Aquarium from subcontractors and vendors for the following bid packages: BP #34 Electrical Manhole EMH-2 including excavation & concrete work (Bid, Payment & Performance Bond Required) Only bids responsive to the entire scope of work will be considered and, to be successful, bidders must be pre uali ed by Turner. Certi ed M/WBE and Small Business (13 CFR part companies are encouraged to submit.

In order to receive the bid packages, potential bidders must submit a complete ubcontractor endor re uali cation tatement. rior pre uali cation submissions that remain current will be considered as previously submitted or may be updated at this time. All bidders must pre ualify by the bid deadline July 16, 2020 and submission of a pre uali cation statement not later than uly , is strongly encouraged. All bidders must have an acceptable EMR, and will be subject to government regulations such as C and ederal xecutive rder . uccessful bidders will be re uired to use C Tracker compliance veri cation software. Note that while this is a New York City prevailing wage project, union a liation is not re uired for BP#34.

To obtain further information about contracting opportunities and or the pre uali cation package and bid solicitation package/s, please contact Macarena Bermudez (mbermude @tcco.com or .

The date for the virtual public opening at the Turner Construction Company o ce located at 375 Hudson Street, New York, New York, is July 17, 2019 at 11 am.

Link: lease join my meeting from your computer, tablet or smartphone. https global.gotomeeting.com join

BBR Partners scoops up space at Park Avenue Plaza

BY NATALIE SACHMECHI

B

BR Partners has signed a deal to occupy 30,000 square feet in Fisher Brothers’ luxury Park Avenue Plaza office tower.

The 15-year lease begins immediately for BBR, a boutique wealth management firm that will occupy the 18th floor of the 45-story building at 55 E. 52nd St. in Midtown East.

The price of the deal was not disclosed.

“We look forward to returning to work and enjoying the spacious and state-of-the-art facilities that Park Avenue Plaza provides,” said Barry Klayman, a partner and the chief operating officer at BBR Partners. “Fisher Brothers understood our needs and were able to safely accommodate our people, as well as our short- and long-term business goals as we enter a postCovid-19 world.”

Although the deal was in the

works before the pandemic, things are different now for offices. Temperature checks, social distancing and hospital-grade air filtration systems are in place at Park Avenue Plaza, as well as other Fisher-owned buildings in the city for tenants that are coming in, said Abigail Rollins, a company spokeswoman.

The office will be delivered as a raw space, but Fisher Brothers will give BBR a tenant allowance to build out the office, she added.

With office leasing rates at alarmingly low levels, landlords are still hopeful key industries will need office space.

Leasing activity Financial services, insurance and real estate firms led leasing activity in the second quarter, especially in Midtown, with a 46% share in leasing volume, according to a report from Colliers International, which included BNY Mellon’s 130,000-square-

foot renewal at 200 Park Ave. and D.E. Shaw’s 78,000-square-foot renewal at 120 W. 45th St. “We’re proud to be able to work with high-caliber tenants, such as BBR, by providing knowledgeable, Class A services,” said Ken Fisher, a partner in the real estate firm. “Experience and innovation in the workplace have never been more important than now, as the city returns to the workplace.”

With $18 billion in assets under management, BBR Partners will join the ranks of other notable financial services companies that call Park Avenue Plaza home, including Blackrock and Court Square Capital Partners, when it moves its operations from its current office on the 26th floor of Rockwood Capital’s 2 Grand Central Tower.

In February, The Real Deal reported that Rockwood was putting the building on the market with a $600 million asking price. ■

6 | CRAIN’S NEW YORK BUSINESS | JULY 13, 2020

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7/10/20 12:13 PM

HEALTH CARE

Oscar won’t cover most Covid-19 antibody tests

BY JONATHAN LAMANTIA

O

scar told members of its health insurance plans in a recent email that it may not cover costs associated with Covid-19 antibody testing. It had cited those costs in a May filing as a reason it would need to raise premiums in 2021.

The email informed members that the insurer would cover the tests, which can show that a person has been exposed to Covid-19, only for specific reasons.

“We cover medically necessary antibody testing as required by the

tion to the state to increase its premiums would be revised, and the mention of coverage of antibody testing driving up costs was submitted to the state in early May. “Every year rate setting is an iterative process, and our team is working with state regulators to revise our submission, taking into account additional information that has become available since the initial filing,” she said.

The email was little consolation to Oscar member Bryan Byczek.

The 40-year-old graphic designer from Brooklyn recently went to a MedRite Urgent Care clinic to receive an antibody test. He had used the state’s website to find a testing location and assumed the cost would be covered. Now he’s waiting for a bill to arrive.

“Receiving that letter so late in the game—months and months into it—is disappointing,” Byczek said. “I personally can afford to cover the test, but I know there are others that can’t.”

Oscar said it would pay for the test if it were being used to help identify multisystem inflammatory syndrome, a complication that has

HAVING ANTIBODIES MAY NOT MEAN THAT YOU’RE IMMUNE TO THE VIRUS Cares Act, but only when it’s being used to diagnose Covid-19 or determine a treatment plan, and the antibody test is provided in line with CDC recommendations,” the insurer wrote in the email, which members received June 30.

An Oscar spokeswoman told Crain’s that the insurer’s applica-

been identified in children who previously had Covid-19 or were exposed to someone with the disease, and other such cases.

Oscar will not cover the test for individuals interested in finding out if they have antibodies for a sense of security before they see family members, as was the case with Byczek.

“Having antibodies may not mean that you’re immune to the virus, so antibody testing can’t tell you if you’re protected from repeat infection,” Oscar wrote. “The CDC also doesn’t recommend the use of antibody testing to determine if you can return to work.”

It told members they would have to pay for the test out of pocket, and the cost of the test won’t apply to their deductible.

Medically appropriate Guidance from the state Department of Financial Services has noted the federal Cares Act requires insurers to cover antibody tests without asking members to pay copays, coinsurance or deductible payments when a health care provider determines the test is medically appropriate. The Oscar spokeswoman said Oscar covers

BLOOMBERG

Members will pay out of pocket for testing sought for a sense of security

medically necessary antibody testing that meets its clinical criteria.

The Department of Financial Services said it doesn’t comment on pending rate requests.

Oscar is seeking to raise premiums by an average of 19.1% in 2021.

Byczek’s plan will cost 20% more next year, or $680 a month. The state must approve or adjust Oscar’s request, which was the highest on average statewide, before it goes into effect.

Elisabeth Benjamin, vice president of health initiatives at the Community Service Society, said Oscar shouldn’t be able to raise its

prices to account for a Covid-19 treatment or vaccine that may not materialize. She noted that insurers have saved money as their members have skipped routine care during the pandemic. It also should be covering antibody testing under the state’s guidance to insurers, she said, noting that NYC Health + Hospitals is offering free antibody testing.

“Why aren’t they driving a good bargain on antibody testing?” Benjamin asked. “The whole point of the individual market is they will negotiate a better rate than an individual could on their own.” ■

Wellness is a journey we take together.

Together, we joined a movement. We just didn’t know what to call it. But we coughed into our elbows, sang happy birthday while washing our hands, and sent food to complete strangers. It was the start of something bigger than any one of us.

And made powerful by all of us. Continue the movement at TogetherWeWell.com

JULY 13, 2020 | CRAIN’S NEW YORK BUSINESS | 7

P007_CN_20200713.indd 7

7/10/20 12:51 PM

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

EDITORIAL

group publisher Mary Kramer

City blew a chance to help minority businesses during pandemic

publisher/executive editor

EDITORIAL editor Robert Hordt assistant managing editors

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

Unfortunately, it’s the same old story.

Promises are made to take corrective action to ensure that people of color get a fair shake, and programs are created to facilitate such action. But when it’s time to step up and do the right thing, other priorities always seem to take precedence. In this case, the mayor’s office said the city’s first priority was to get hospitals what they needed in a hurry.

We agree, but why does that preclude officials from working with minority firms?

The city issued contracts for a wide range of products, including masks, gowns, medical devices, food and meal programs, transportation and cleaning services.

It’s hard to believe that more minority businesses were not awarded Covid-19 contracts.

For many minority vendors, the city’s help was desperately needed at a critical time for their business.

Fenix Reyno, the president of a Bronx-based livery business, said she really could have used a contract from the city during the pandemic. Half the people in her fleet have stopped working and are

THE CITY HAS TO FIND OUT WHY MORE MINORITY FIRMS DIDN’T GET CONTRACTS the 622 Covid-19 contracts issued by the city.

The numbers in themselves would have been alarming, but given that the city already has a program in place to give minorities their fair share of contracts, these figures are disgraceful and, quite frankly, indefensible.

Frederick P. Gabriel Jr.

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

Jonathan LaMantia reporters Suzannah Cavanaugh,

Ryan Deffenbaugh, Gwen Everett, Jennifer Henderson, Brian Pascus, Natalie Sachmechi, Eddie Small contributors Ronald DeCicco, ISTOCK

T

o understand the frustration of people of color in New York, consider the $3.4 billion in contracts the city recently awarded businesses in its fight against the Covid-19 pandemic.

Despite minorities owning a substantial number of businesses in the city, only 5% of the $3.4 billion went to minority-owned firms, a Crain’s analysis found.

Blacks fared the worst, with 1%; Latino-owned firms received 1.3%; and Asian firms got 2.5%.

Nearly 10,000 minority-owned firms are registered with the city’s Office of Minority and WomenOwned Business Enterprises, but only 87 of them received one of

associate publisher Lisa Rudy

collecting unemployment benefits.

Although her company has been certified as a minority-owned business since 2016 and has won contracts from the state in the past worth $10.8 million, she has never received a contract from the city.

“I’ve applied for everything,” she told Crain’s reporter Gwen Everett.

“I’ve tried to do different things, like different sorts of transportation. There has to be some contract out there, even if it’s delivering test samples.”

The city’s failure in this case is only one example of the kinds of problems minority-owned firms often face when trying to win contracts. Because payment is often made only after a product is delivered, firms often need

financing upfront to fulfill a contract—and that can be difficult, even for those that have established relationships with banks.

If the city is serious about helping minority-owned firms, it needs to complete a top-to-bottom review of why more of them did not get Covid-19 contracts, and then take appropriate action to correct its shortcomings. That might mean expanding its program to help firms find the financing they need to compete on equal footing with better-financed companies.

Mayor Bill de Blasio is fond of telling New Yorkers how much he cares about racial justice. Here’s a chance for him to do something about it. ■

Cara Eisenpress, C. J. Hughes, Steve Krupinski, Danielle McManus Sladek, Mark Yawdoszyn to contact the newsroom:

www.crainsnewyork.com/staff 212.210.0100 685 Third Ave., New York, NY 10017-4024 ADVERTISING

www.crainsnewyork.com/advertise senior account managers Roland Espinosa,

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dstein@crain.com CUSTOM CONTENT director of custom content

Patty Oppenheimer, 212.210.0711, poppenheimer@crainsnewyork.com senior manager, custom content

Sophia Juarez, sophia.juarez@crainsnewyork.com EVENTS

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

OP-ED

5G is key to curbing inequality

Ana Jimenez, ajimenez@crainsnewyork REPRINTS director, reprints & licensing Lauren Melesio,

212.210.0707, lmelesio@crain.com PRODUCTION

BY KEVIN PARKER

T

he upheaval of the past several months—from the novel coronavirus pandemic to the protests of police brutality following the killing of George Floyd in Minneapolis—has opened many eyes to deep-seated inequities in New York and across the nation.

The key to addressing these inequities in large part lies in improving access to information. In this day and age, that means ensuring everyone—no matter the person’s address, skin color or income—can get online. And to do that, we need the next-generation connectivity of 5G. This may seem overly simple, but the reality is every New Yorker deserves and needs access to the innovative and, at times, lifesaving technologies that 5G can facilitate.

Gov. Andrew Cuomo has recognized this by twice proposing in his executive budget a streamlined permitting process for small cells. If we do not heed his call and develop a uniform framework for

updating the state’s communications infrastructure, then New York’s economy and some of our already underserved citizens will fall even further behind.

The pandemic upended life as we know it, forcing us online for work, school and health care visits—even socialization. In the process, we realized that many individuals—often those most in need of services, classes and continuity—were unable to fully participate in this new “digitized” reality because they lacked adequate and reliable online access.

In New York alone, more than 500,000 households lack internet access. This is unacceptable, but it's not a problem unique to the five boroughs. A recent Common Sense Media report found that 27% of New York students lack adequate internet access, and 45% of them are Black, Latino or Native American.

What is required is a statewide solution, and concerns about local control over the permitting process cannot stand in the way of providing access to a service that

has become as integral to daily life as water or electricity.

As the state reopens, it is clear that the new normal will keep many of us online far more frequently than in the pre-pandemic days. A successful recovery—both economic and personal—must benefit all New Yorkers, and that cannot be achieved if online inequity continues.

Step IT up More than half of homes across the U.S. had only wireless service during the first half of 2018, according to data compiled by the National Center for Health Statistics. Data compiled by the Pew Research Center shows that young, minority and low-income individuals rely on wireless devices to search for jobs, access medical care and seek educational resources. In emergency situations, up to 80% of 911 calls are made from mobile phones.

We can bridge the digital divide if we invest now in key infrastructure, including small cell technology that will bring fast and robust

connectivity to underserved areas of our city and state.

Small cell networks consisting of antennas installed on municipal infrastructure, such as streetlights and public utility poles, underpinned by fiber cable, will serve as the backbone for 5G. For everyone to access wireless networks, small cell deployments must increase.

That means policymakers and elected officials need to step in.

More than two dozen states thus far have statewide regulations to provide fair and efficient guidelines for municipalities to charge uniform fees and grant equal access to utility poles for small cell attachment.

To keep New York’s economy competitive, protect residents and secure a bright future for every constituent, we must develop and pass legislation on the issue now.

The future depends on it. ■

production and pre-press director

Kevin Parker is a New York state senator representing Flatbush, Midwood, Kensington, Park Slope, Windsor Terrace and East Flatbush.

founder G.D. Crain Jr. [1885-1973]

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chairman Mrs. G.D. Crain Jr. [1911-1996]

8 | CRAIN’S NEW YORK BUSINESS | JULY 13, 2020

P008_CN_20200713.indd 8

7/10/20 12:47 PM

OP-ED

CLASSIFIEDS Hope is in the air; let’s getad,back toorwork To place a classified Call 212-210-0189 Email: jbarbieri@crainsnewyork.com Advertising Section

PUBLIC & LEGAL NOTICES

TELECOMMUNICATIONS

BY GARY LABARBERA

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State St., Albany, NY 12207-2543.

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FORECLOSURE SUPPLEMENTAL SUMMONS IN TAX LIEN FORECLOSURE–SUPREME COURT OF THE STATE OF NEW YORK, COUNTY OF NEW YORK – NYCTL 2018-A TRUST, and THE BANK OF NEW YORK MELLON as Collateral Agent and Custodian for the NYCTL 2018-A Trust, Plaintiffs, TAHIR, et. al., Defendants. Index No. 153231/19. To the above named Defendants –YOU ARE HEREBY SUMMONED to answer the complaint in this action within twenty days after the service of this summons, exclusive of the day of service or within thirty days after service is completed if the summons is not personally delivered to you within the State of New York. In case of your failure to appear or answer, judgment will be taken against you by default for the relief demanded in the the remobilization plan are strictly complaint. Plaintiffs designate New followed.

York County as the place of trial. Venue Construction has always been is based upon the county in which the the economic engine has lifted property a lien upon whichthat is being New YorkisCity —and nation— foreclosed situated.

Thethe foregothrough tremendous challenges. ing summons is served upon you by Knowing the totradesmen publication pursuant an order of theand Hon. Lucy Billings, tradeswomen ofJ.S.C., Newentered York, on I am Februarythis 27, 2020. of this accertain timeThe willobject be no differtion is to foreclose a tax lien covering the ent. premises located at Block 1010 Lot 1637 Let’s get back to work. on the Tax Map of New York County and is also known as 157 West 57th Street, Gary LaBarbera is the president Unit 46B, New York, New York. ofDated: the Building and Construction February 27, 2020

BLOOMBERG

Construction is the economic engine that lifts New York City

â–

Trades Council of Greater New York.

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JUNE 29, 2020 | CRAIN’S NEW YORK BUSINESS | 31 JULY 13, 2020 | CRAIN’S NEW YORK BUSINESS | 9

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6/25/20 12:46 PM 7/9/20 5:05 PM

THE LIST TOP-PAID CHIEF EXECUTIVES New York-area CEOs ranked by total compensation (in millions)

RANK

CEO NAME

COMPANY (TICKER)

Joseph Ianniello ViacomCBS Inc. (VIAC) 1 Stephen Schwarzman Blackstone Group Inc. (BX) 2 James Dolan Madison Square Garden Sports Corp. (MSGS) 3 Lachlan Murdoch Fox Corp. (FOXA) 4 George Roberts KKR & Co. Inc. (KKR) 5 Henry Kravis KKR & Co. Inc. (KKR) 6 Irwin Simon Hain Celestial Group Inc. (HAIN) 7 Mario Gabelli GAMCO Investors Inc. (GBL) 8 James Gorman Morgan Stanley (MS) 9 Jamie Dimon JPMorgan Chase & Co. (JPM) 10 Francisco D'Souza Cognizant Technology Solutions Corp. (CTSH) 11 Kenneth Frazier Merck & Co. Inc. (MRK) 12 Michael Corbat Citigroup Inc. (C) 13 David Solomon Goldman Sachs Group Inc. (GS) 14 Laurence Fink BlackRock Inc. (BLK) 15 Stephen Squeri American Express Co. (AXP) 16 Ajaypal Banga Mastercard Inc. (MA) 17 Andre Calantzopoulos Philip Morris International Inc. (PM) 18 Leonard Schleifer Regeneron Pharmaceuticals Inc. (REGN) 19 Fabrizio Freda Estée Lauder Cos. Inc. (EL) 20 John Foley Peloton Interactive Inc. (PTON) 21 Marc Holliday SL Green Realty Corp. (SLG) 22 Daniel Glaser Marsh & McLennan Cos. Inc. (MMC) 23 Josh Sapan AMC Networks Inc. (AMCX) 24 Virginia Rometty International Business Machines Corp. (IBM) 25 John Wren Omnicom Group Inc. (OMC) 26 Brian Duperreault American International Group Inc. (AIG) 27 Carlos Rodriguez Automatic Data Processing Inc. (ADP) 28 James Meyer Sirius XM Holdings Inc. (SIRI) 29 Giovanni Caforio Bristol-Myers Squibb Co. (BMY) 30 Olivier Pomel Datadog Inc. (DDOG) 31 Hans Vestberg Verizon Communications Inc. (VZ) 32 Albert Bourla Pfizer Inc. (PFE) 33 Emanuel Chirico PVH Corp. (PVH) 34 Ramon Laguarta PepsiCo Inc. (PEP) 35 Alan Schnitzer Travelers Cos. Inc. (TRV) 36 Brian Harris Ladder Capital Corp. (LADR) 37 Morris Goldfarb G-III Apparel Group (GIII) 38 Michael Roth Interpublic Group of Cos. Inc. (IPG) 39 Pierre Laubies Coty Inc. (COTY) 40 Vincent Forlenza Becton, Dickinson and Co. (BDX) 41 Brian Humphries Cognizant Technology Solutions Corp. (CTSH) 42 Joseph Levin IAC/InterActiveCorp (IAC) 43 John McAvoy Consolidated Edison Inc. (ED) 44 Charles Lowrey Prudential Financial Inc. (PRU) 45 Robert Thomson News Corp. (NWSA) 46 10 | CRAIN’S NEW YORK BUSINESS | JULY 13, 2020 Michel Khalaf MetLife Inc. (MET) 47 Stanley Bergman Henry Schein Inc. (HSIC) 48 Charles Scharf Bank of New York Mellon Corp. (BK) 49

P010_P012_CN_202006713.indd 10

TOTAL COMPENSATION IN 2019

SALARY IN 2019

BONUS IN 2019

NONEQUITY INCENTIVE PLAN IN 2019

OPTION AWARDS IN 2019

STOCK AWARDS IN 2019

DEFERRED COMPENSATION IN 2019

OTHER COMPENSATION IN 2019

$125.4

$2.8

$0.0

$0.0

$0.0

$37.4

$0.5

$84.7

$57.1

$0.4

$0.0

$0.0

$0.0

$0.0

$0.0

$56.7

$54.1

$1.0

$0.0

$2.6

$30.0

$19.9

$0.0

$0.7

$42.1

$3.0

$1.7

$5.7

$5.0

$23.1

$3.4

$0.2

$40.2

$0.3

$0.0

$0.0

$0.0

$0.0

$0.0

$39.9

$40.1

$0.3

$0.0

$0.0

$0.0

$0.0

$0.0

$39.8

$36.4

$0.7

$0.0

$0.0

$0.0

$0.0

$0.0

$35.6

$32.2

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$32.2

$31.6

$1.5

$6.4

$0.0

$0.0

$23.7

$0.0

$0.0

$31.6

$1.5

$5.0

$0.0

$0.0

$24.5

$0.0

$0.6

$29.2

$0.4

$0.8

$0.0

$0.0

$28.0

$0.0

$0.0

$27.6

$1.7

$0.0

$4.6

$4.5

$11.4

$5.1

$0.4

$25.5

$1.5

$6.8

$0.0

$0.0

$17.2

$0.0

$0.0

$24.7

$2.0

$7.7

$0.0

$0.0

$14.7

$0.0

$0.3

$24.3

$1.5

$7.8

$0.0

$0.0

$14.8

$0.0

$0.3

$23.8

$1.5

$7.0

$1.9

$2.4

$10.3

$0.1

$0.6

$23.2

$1.3

$0.0

$5.7

$7.5

$8.7

$0.0

$0.2

$22.1

$1.5

$0.0

$5.5

$0.0

$9.8

$5.3

$0.1

$21.5

$1.4

$0.0

$3.1

$11.7

$5.0

$0.0

$0.3

$21.4

$2.0

$0.0

$7.1

$3.8

$7.6

$0.7

$0.2

$21.4

$0.5

$0.0

$0.8

$20.1

$0.0

$0.0

$0.0

$21.0

$1.3

$0.0

$3.3

$0.0

$16.4

$0.0

$0.0

$20.3

$1.5

$0.0

$6.5

$5.8

$5.8

$0.5

$0.4

$20.2

$2.0

$0.0

$4.4

$0.0

$13.8

$0.0

$0.0

$20.2

$1.6

$0.0

$5.0

$0.0

$11.6

$1.1

$0.9

$19.8

$1.0

$0.0

$18.7

$0.0

$0.0

$0.0

$0.1

$19.4

$1.6

$0.0

$5.9

$2.8

$8.6

$0.2

$0.3

$19.0

$1.1

$0.0

$3.4

$4.0

$6.8

$3.7

$0.1

$18.8

$2.0

$8.8

$0.0

$0.0

$7.5

$0.0

$0.5

$18.8

$1.7

$0.0

$3.9

$0.0

$12.5

$0.0

$0.7

$18.6

$0.3

$0.0

$0.2

$18.1

$0.0

$0.0

$0.0

$18.1

$1.5

$0.0

$4.1

$0.0

$12.0

$0.0

$0.5

$17.9

$1.6

$0.0

$3.6

$6.1

$4.3

$1.7

$0.6

$17.5

$1.5

$0.0

$2.0

$2.0

$8.0

$3.7

$0.3

$16.9

$1.3

$0.0

$4.5

$0.0

$8.0

$2.7

$0.4

$16.8

$1.0

$0.0

$6.0

$3.6

$5.4

$0.7

$0.1

$16.7

$1.0

$0.0

$7.4

$0.0

$8.3

$0.0

$0.0

$16.6

$1.0

$0.0

$11.3

$0.0

$4.0

$0.0

$0.3

$16.6

$1.7

$0.0

$7.6

$0.0

$6.9

$0.1

$0.4

$16.2

$1.0

$0.0

$0.0

$10.2

$5.0

$0.0

$0.1

$16.0

$1.3

$0.0

$2.0

$4.8

$7.3

$0.7

$0.0

$16.0

$0.8

$4.0

$0.7

$0.0

$10.3

$0.0

$0.2

$15.5

$1.0

$3.5

$0.0

$0.0

$10.6

$0.0

$0.4

$15.3

$1.3

$0.0

$1.6

$0.0

$5.9

$6.4

$0.1

$15.1

$1.2

$0.0

$6.1

$1.7

$5.0

$1.1

$0.1

$14.7

$3.0

$0.0

$5.5

$0.0

$5.5

$0.3

$0.4

$14.6

$1.1

$0.0

$4.5

$0.9

$6.7

$1.1

$0.2

$14.4

$1.5

$0.0

$3.0

$0.0

$9.6

$0.0

$14.3

$1.0

$0.0

$0.0

$0.0

$13.3

$0.0

$0.3 7/8/20 1:02 PM

$0.0

35 36 37 38 39 40 41 42 43 44 RAN 45 146 247 348 449 550 651 752 853 954 10 55 11 56 12 57 13 58 14 59 15 60 16 61 17 62 18 63 19 64 20 65 21 66 22 67 23 68 24 69 25 70 26 71 27 72 28 73 29 74 30 75 31 76 32 77 33 78 34 79 35 80 36 81 37 82 38 83 39 84 40 85 41 86 42 87 43 88 44 89 45 90 46 91 47 92 48 93 49 94

HER TION 019

84.7

56.7

$0.7

$0.2

39.9

39.8

35.6

32.2

$0.0

$0.6

$0.0

$0.4

$0.0

$0.3

$0.3

$0.6

$0.2

$0.1

$0.3

$0.2

$0.0

$0.0

$0.4

$0.0

$0.9

$0.1

$0.3

$0.1

$0.5

$0.7

$0.0

$0.5

$0.6

$0.3

$0.4

$0.1

$0.0

$0.3

$0.4

$0.1

$0.0

$0.2

$0.4

$0.1

$0.1

$0.4

$0.2

$0.3

$0.0

35 36 37 38 39 40 41 42 43 44 RANK 45 146 247 348 449 550 651 752 853 954 10 55 11 56 12 57 13 58 14 59 15 60 16 61 17 62 18 63 19 64 20 65 21 66 22 67 23 68 24 69 25 70 26 71 27 72 28 73 29 74 30 75 31 76 32 77 33 78 34 79 35 80 36 81 37 82 38 83 39 84 40 85 41 86 42 87 43 88 44 89 45 90 46 91 47 92 48 93 49 94

Ramon Laguarta

PepsiCo Inc. (PEP)

$16.9

$1.3

$0.0

$4.5

$0.0

$8.0

$2.7

$0.4

Alan Schnitzer

Travelers Cos. Inc. (TRV)

$16.8

$1.0

$0.0

$6.0

$3.6

$5.4

$0.7

$0.1

Brian Harris

Ladder Capital Corp. (LADR)

$16.7

$1.0

$0.0

$7.4

$0.0

$8.3

$0.0

$0.0

Morris Goldfarb

G-III Apparel Group (GIII)

$16.6

$1.0

$0.0

$11.3

$0.0

$4.0

$0.0

$0.3

Michael Roth

Interpublic Group of Cos. Inc. (IPG)

$16.6

$1.7

$0.0

$7.6

$0.0

$6.9

$0.1

$0.4

Pierre Laubies

Coty Inc. (COTY)

$16.2

$1.0

$0.0

$0.0

$10.2

$5.0

$0.0

$0.1

Vincent Forlenza

Becton, Dickinson and Co. (BDX)

$16.0

$1.3

$0.0

$2.0

$4.8

$7.3

$0.7

$0.0

Brian Humphries

Cognizant Technology Solutions Corp. (CTSH)

$16.0

$0.8

$4.0

$0.7

$0.0

$10.3

$0.0

$0.2

Joseph Levin

IAC/InterActiveCorp (IAC)

$15.5

$1.0

$3.5

$0.0

$0.0

$10.6

$0.0

$0.4

John McAvoy

Consolidated Edison Inc. (ED)

$15.3 TOTAL COMPENSATION IN$15.1 2019

$1.3

$0.0

SALARY IN $1.2 2019

BONUS IN $0.0 2019

$1.6 NONEQUITY INCENTIVE PLAN IN $6.1 2019

$0.0 OPTION AWARDS IN $1.7 2019

$5.9 STOCK AWARDS IN $5.0 2019

$6.4 DEFERRED COMPENSATION IN $1.1 2019

$0.1 OTHER COMPENSATION IN $0.1 2019

$125.4 $14.7

$2.8 $3.0

$0.0

$0.0 $5.5

$0.0

$37.4 $5.5

$0.5 $0.3

$84.7 $0.4

CEO NAMELowrey Charles

COMPANY (TICKER) Prudential Financial Inc. (PRU)

Joseph Ianniello Robert Thomson

ViacomCBS Inc. (VIAC) News Corp. (NWSA)

Stephen Schwarzman Michel Khalaf

Blackstone MetLife Inc. Group (MET) Inc. (BX)

$57.1 $14.6

$0.4 $1.1

$0.0

$0.0 $4.5

$0.0 $0.9

$0.0 $6.7

$0.0 $1.1

$56.7 $0.2

James StanleyDolan Bergman

Madison Square Henry Schein Inc.Garden (HSIC) Sports Corp. (MSGS)

$54.1 $14.4

$1.0 $1.5

$0.0

$2.6 $3.0

$30.0 $0.0

$19.9 $9.6

$0.0

$0.7 $0.3

Lachlan Murdoch Charles Scharf

Fox (FOXA) BankCorp. of New York Mellon Corp. (BK)

$42.1 $14.3

$3.0 $1.0

$1.7 $0.0

$5.7 $0.0

$5.0 $0.0

$23.1 $13.3

$3.4 $0.0

$0.2 $0.0

George Weston Roberts Hicks

KKR & Co.Corp.

Inc. (KKR) Alleghany (Y)

$40.2 $14.0

$0.3 $1.1

$0.0

$0.0 $3.2

$0.0

$0.0 $5.0

$0.0 $4.5

$39.9 $0.2

Henry Adena Kravis Friedman

KKR & Co. (KKR) Nasdaq Inc.Inc. (NDAQ)

$40.1 $13.9

$0.3 $1.0

$0.0

$0.0 $3.4

$0.0

$0.0 $9.3

$0.0 $0.1

$39.8 $0.0

Irwin Simon Patrice Louvet

Hain Group(RL) Inc. (HAIN) RalphCelestial Lauren Corp.

$36.4 $13.9

$0.7 $1.3

$0.0

$0.0 $5.2

$0.0

$0.0 $7.3

$0.0

$35.6 $0.1

Mario Gabelli Raymond McDaniel

GAMCO Inc. (GBL) Moody’s Investors Corp. (MCO)

$32.2 $13.8

$0.0 $1.0

$0.0

$0.0 $2.5

$0.0 $1.6

$0.0 $6.3

$0.0 $2.4

$32.2 $0.0

James Gorman Alessandro Bogliolo

Morgan (MS) Tiffany &Stanley Co. (TIF)

$31.6 $13.5

$1.5 $1.4

$6.4 $2.7

$0.0 $1.5

$0.0

$23.7 $7.4

$0.0

$0.0 $0.5

Jamie Dimon John Hess

JPMorgan Hess Corp.Chase (HES)& Co. (JPM)

$31.6 $13.5

$1.5

$5.0 $0.0

$0.0 $3.3

$0.0 $3.0

$24.5 $4.5

$0.0 $1.2

$0.6 $0.0

Francisco Ralph IzzoD'Souza

Cognizant Technology Solutions (CTSH) Public Service Enterprise Group Corp.

Inc. (PEG)

$29.2 $13.1

$0.4 $1.4

$0.8 $0.0

$0.0 $2.1

$0.0

$28.0 $7.4

$0.0 $2.2

$0.0 $0.1

Kenneth Frazier David Kenny

Merck Co. Inc. (MRK) Nielsen&Holdings (NLSN)

$27.6 $12.9

$1.7 $1.3

$0.0 $2.5

$4.6 $2.1

$4.5 $0.0

$11.4 $7.0

$5.1 $0.0

$0.4 $0.1

Michael Corbat Rodney Martin

Citigroup Inc. (C) Voya Financial Inc. (VOYA)

$25.5 $12.6

$1.5 $1.0

$6.8 $0.0

$0.0 $3.1

$0.0

$17.2 $8.1

$0.0

$0.0 $0.2

David Solomon Thomas Gibbons

Goldman Sachs Inc. (GS)(BK) Bank of New YorkGroup Mellon Corp.

$24.7 $12.5

$2.0 $0.8

$7.7 $0.0

$0.0 $1.6

$0.0

$14.7 $9.5

$0.0 $0.5

$0.3 $0.1

Laurence Victor LuisFink

BlackRock Inc. (BLK) Tapestry Inc. (TPR)

$24.3 $12.4

$1.5 $1.4

$7.8 $0.0

$0.0 $1.9

$0.0 $3.6

$14.8 $5.4

$0.0

$0.3 $0.1

Stephen Squeri Jane Elfers

American Co.(PLCE) (AXP) Children's Express Place Inc.

$23.8 $12.2

$1.5 $1.1

$7.0 $0.0

$1.9 $1.0

$2.4 $0.0

$10.3 $10.0

$0.1 $0.0

$0.6 $0.1

Ajaypal DouglasBanga Peterson

Mastercard S&P Global Inc. Inc. (MA) (SPGI)

$23.2 $12.2

$1.3 $1.0

$0.0

$5.7 $2.8

$7.5 $0.0

$8.7 $8.0

$0.0

$0.2 $0.4

Andre StevenCalantzopoulos Temares

Philip Morris International Inc. (PM) Bed Bath & Beyond Inc. (BBBY)

$22.1 $12.1

$1.5 $3.6

$0.0

$5.5 $0.0

$0.0 $0.8

$9.8 $7.5

$5.3 1 $0.0

$0.1 $0.2

Leonard Schleifer Steven Kandarian

Regeneron Inc. (REGN) MetLife Inc.Pharmaceuticals (MET)

$21.5 $12.0

$1.4 $0.5

$0.0

$3.1 $1.8

$11.7 $1.1

$5.0 $8.2

$0.0

$0.3

Fabrizio Freda Dan Bodner

Estée (EL) Verint Lauder SystemsCos. Inc.Inc. (VRNT)

$21.4 $11.9

$2.0 $0.8

$0.0

$7.1 $0.8

$3.8 $0.0

$7.6 $10.2

$0.7 $0.0

$0.2 $0.1

John Foley Howard Lutnick

Peloton Interactive Inc. (PTON) BGC Partners Inc. (BGCP)

$21.4 $11.8

$0.5 $1.0

$0.0

$0.8 $10.8

$20.1 $0.0

$0.0

$0.0

$0.0

Marc Barry Holliday Gosin

SL Green Realty (SLG) Newmark Group Corp.

Inc. (NMRK)

$21.0 $11.6

$1.3 $1.0

$0.0

$3.3 $10.5

$0.0

$16.4 $0.0

$0.0

$0.0 $0.1

Daniel Ronald Glaser Kramer

Marsh McLennan Griffon &Corp.

(GFF) Cos. Inc. (MMC)

$20.3 $11.6

$1.5 $1.1

$0.0

$6.5 $7.5

$5.8 $0.0

$5.8 $2.7

$0.5 $0.0

$0.4 $0.3

Josh Sapan Steven Roth

AMC Networks Vornado RealtyInc. Trust(AMCX) (VNO)

$20.2 $11.5

$2.0 $0.9

$0.0 $0.8

$4.4 $0.0

$0.0 $4.8

$13.8 $4.6

$0.0

$0.0 $0.4

Virginia Rometty Susan Givens

International Business Machines New Senior Investment Group Inc.Corp.

(SNR)(IBM)

$20.2 $11.3

$1.6 $0.8

$0.0 $1.8

$5.0 $0.0

$0.0 $1.0

$11.6 $7.7

$1.1 $0.0

$0.9 $0.0

John MarkWren Pearson

Omnicom Group Inc.Inc. (OMC) Equitable Holdings (EQH)

$19.8 $11.3

$1.0 $1.3

$0.0

$18.7 $3.0

$0.0 $1.4

$0.0 $4.1

$0.0 $1.1

$0.1 $0.4

Brian Duperreault Lee Olesky

American International Group Inc. (AIG) Tradeweb Markets Inc. (TW)

$19.4 $11.2

$1.6 $0.8

$0.0

$5.9 $7.0

$2.8 $0.0

$8.6 $3.4

$0.2 $0.0

$0.3 $0.0

Carlos AnthonyRodriguez Malkin

Automatic Data Processing Inc.(ESRT) (ADP) Empire State Realty Trust Inc.

$19.0 $11.1

$1.1 $0.8

$0.0 $2.0

$3.4 $0.0

$4.0 $0.0

$6.8 $8.2

$3.7 $0.0

$0.1

James ThomasMeyer Kemly

Sirius XM Holdings Columbia Financial Inc. Inc. (SIRI) (CLBK)

$18.8 $11.1

$2.0 $0.8

$8.8 $0.0

$0.0 $0.8

$0.0 $2.8

$7.5 $4.2

$0.0 $2.4

$0.5 $0.2

Giovanni Caforio Mark Schiller

Bristol-Myers Co. (BMY) Hain CelestialSquibb Group Inc. (HAIN)

$18.8 $10.9

$1.7 $0.6

$0.0

$3.9 $0.7

$0.0

$12.5 $9.6

$0.0

$0.7 $0.0

Olivier Pomel Noel Wallace

Datadog Inc. (DDOG) Colgate-Palmolive Co. (CL)

$18.6 $10.8

$0.3 $1.2

$0.0

$0.2 $2.4

$18.1 $3.4

$0.0 $3.4

$0.0

$0.0 $0.4

Hans Vestberg Matthew Lambiase

Verizon (VZ) ChimeraCommunications Investment Corp.Inc. (CIM)

$18.1 $10.7

$1.5 $0.9

$0.0

$4.1 $5.7

$0.0

$12.0 $4.1

$0.0

$0.5 $0.0

Albert Chaim Bourla Indig

Pfizer Inc.Inc. (PFE) Phreesia (PHR)

$17.9 $10.5

$1.6 $0.3

$0.0

$3.6 $0.1

$6.1 $2.5

$4.3 $7.6

$1.7 $0.0

$0.6 $0.0

Emanuel Ian Cook Chirico

PVH Corp. (PVH) Co. (CL) Colgate-Palmolive

$17.5 $10.3

$1.5 $1.4

$0.0

$2.0 $2.9

$2.0 $3.6

$8.0 $0.0

$3.7 $2.0

$0.3 $0.4

Ramon RichardLaguarta Daly

PepsiCo Inc.Financial (PEP) Solutions Inc. (BR) Broadridge

$16.9 $10.3

$1.3 $0.9

$0.0

$4.5 $1.3

$0.0 $3.3

$8.0 $3.4

$2.7 $1.5

$0.4 $0.1

Alan Schnitzer Jeffrey Gennette

Travelers Cos. Macy's Inc. (M)Inc. (TRV)

$16.8 $10.3

$1.0 $1.3

$0.0

$6.0 $0.9

$3.6 $2.9

$5.4 $4.4

$0.7

$0.1

Brian Harris Alan Colberg

Ladder Corp. (LADR) AssurantCapital Inc. (AIZ)

$16.7 $10.2

$1.0

$0.0

$7.4 $1.6

$0.0

$8.3 $6.3

$0.0 $0.7

$0.0 $0.5

Morris StephenGoldfarb Rusckowski

G-III GroupInc. (GIII) QuestApparel Diagnostics (DGX)

$16.6 $10.1

$1.0 $1.1

$0.0

$11.3 $1.4

$0.0 $3.0

$4.0 $4.3

$0.0

$0.3

Michael Roth Camillo Pane

Interpublic Group of Cos. Inc. (IPG) Coty Inc. (COTY)

$16.6 $9.7

$1.7 $0.5

$0.0

$7.6 $0.0

$0.0

$6.9 $2.8

$0.1 $0.0

$0.4 $6.3

Pierre Laubies Seth Bernstein

Coty Inc. (COTY) Holding (AB) AllianceBernstein

$16.2 $9.4

$1.0 $0.5

$0.0 $3.9

$0.0

$10.2 $0.3

$5.0 $4.8

$0.0

$0.1

Vincent Forlenza Yaniv Sarig

Becton, and Co. (BDX) Mohawk Dickinson Group Holdings Inc. (MWK)

$16.0 $9.4

$1.3 $0.3

$0.0

$2.0 $0.0

$4.8 $0.0

$7.3 $9.0

$0.7 $0.0

$0.0

Brian Humphries Dev Ittycheria

Cognizant Technology MongoDB Inc. (MDB) Solutions Corp. (CTSH)

$16.0 $9.4

$0.8 $0.4

$4.0 $0.0

$0.7 $0.4

$0.0

$10.3 $8.5

$0.0

$0.2 $0.0

Joseph Levin Albert Behler

IAC/InterActiveCorp (IAC) Paramount Group Inc. (PGRE)

$15.5 $9.4

$1.0 $1.1

$3.5 $0.0

$0.0 $2.3

$0.0

$10.6 $5.8

$0.0

$0.4 $0.2

John JamesMcAvoy Tisch

Consolidated Edison Inc. (ED) Loews Corp. (L)

$15.3 $9.3

$1.3 $1.0

$0.0

$1.6 $3.8

$0.0

$5.9 $0.9

$6.4 $3.6

$0.1 $0.0

Charles Lowrey Henry Fernandez

Prudential Financial Inc. (PRU) MSCI Inc. (MSCI)

$15.1 $9.3

$1.2 $1.0

$0.0

$6.1 $1.7

$1.7 $0.0

$5.0 $6.5

$1.1 $0.0

$0.1 $0.0

Robert RichardThomson Handler

News Corp.

(NWSA) Jefferies Financial Group Inc. (JEF)

$14.7 $9.2

$3.0 $1.0

$0.0 $3.3

$5.5 $4.5

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JULY 13, 2020 | CRAIN’S NEW YORK BUSINESS | 11

Michel RichardKhalaf Johnson

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Charles Michael Scharf DeMarco

Bank of New York Corp.

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Jeffrey Gennette Macy's Inc. (M) $10.3 $1.3 $0.0 $0.9 $2.9 $4.4 $0.7 $0.1 81 Alan Colberg Assurant Inc. (AIZ) $10.2 $1.0 $0.0 $1.6 $0.0 $6.3 $0.7 $0.5 82 Stephen Rusckowski Quest Diagnostics Inc. (DGX) $10.1 $1.1 $0.0 $1.4 $3.0 $4.3 $0.0 $0.3 83 Camillo Pane Coty Inc. (COTY) $9.7 $0.5 $0.0 $0.0 $0.0 $2.8 $0.0 $6.3 84 Seth Bernstein AllianceBernstein Holding (AB) $9.4 $0.5 $3.9 $0.0 $0.3 $4.8 $0.0 $0.1 THE LIST 85 Yaniv Sarig Mohawk Group Holdings Inc. (MWK) $9.4 $0.3 $0.0 $0.0 $0.0 $9.0 $0.0 $0.0 86 TOP-PAID CHIEF EXECUTIVES Dev Ittycheria MongoDB Inc. (MDB) $9.4 $0.4 $0.0 $0.4 $0.0 $8.5 $0.0 $0.0 87 Albert Behler Paramount Group Inc. (PGRE) $9.4 $1.1 $0.0 $2.3 $0.0 $5.8 $0.0 $0.2 88 James Tisch Loews Corp. (L) $9.3 $1.0 $0.0 $3.8 $0.0 $0.9 $3.6 $0.0 TOTAL NONEQUITY OPTION STOCK DEFERRED OTHER 89 COMPENSATION SALARY BONUS INCENTIVE AWARDS AWARDS COMPENSATION COMPENSATION Henry Fernandez MSCI Inc.(TICKER) (MSCI) RANK CEO NAME COMPANY IN $9.3 2019 IN $1.0 2019 IN $0.0 2019 PLAN IN $1.7 2019 IN $0.0 2019 IN $6.5 2019 IN $0.0 2019 IN $0.0 2019 90 RichardIanniello Handler Jefferies Financial Group Inc. (JEF) $9.2 $1.0 $3.3 $4.5 $0.0 $0.0 $0.4 Joseph ViacomCBS Inc. (VIAC) $125.4 $2.8 $0.0 $0.0 $0.0 $37.4 $0.5 $84.7 191 Richard Johnson Foot Locker Group Inc. (FL) $9.2 $1.1 $1.4 $1.2 $4.9 $0.5 $0.0 Stephen Schwarzman Blackstone Inc. (BX) $57.1 $0.4 $0.0 $0.0 $0.0 $0.0 $0.0 $56.7 292 Scott Verisk Analytics (VRSK) $9.1 $1.0 $0.0 $1.4 $1.6 $4.9 $0.1 $0.0 JamesStephenson Dolan Madison SquareInc. Garden Sports Corp. (MSGS) $54.1 $2.6 $30.0 $19.9 $0.0 $0.7 93 3 Michael Murdoch DeMarco Mack-Cali Realty Corp. (CLI) $9.0 $0.8 $0.0 $1.7 $2.5 $4.0 $0.0 $0.0 Lachlan Fox Corp. (FOXA) $42.1 $3.0 $1.7 $5.7 $5.0 $23.1 $3.4 $0.2 494 Ivan Kaufman Arbor&Realty Trust Inc. (ABR) $8.9 $1.0 $4.3 $3.6 $0.0 George Roberts KKR Co. Inc. (KKR) $40.2 $0.3 $0.0 $0.0 $0.0 $0.0 $0.0 $39.9 595 Yakov Varonis Systems Inc. (VRNS) $8.5 $0.6 $0.0 $0.5 $0.0 $7.4 $0.0 $0.0 Henry Faitelson Kravis KKR & Co. Inc. (KKR) $40.1 $0.3 $0.0 $0.0 $39.8 96 6 RobertSimon Bakish ViacomCBS Inc. (VIAC) $8.4 $0.2 $3.1 $5.0 $0.0 Irwin Hain Celestial Group Inc. (HAIN) $36.4 $0.7 $0.0 $0.0 $0.0 $0.0 $0.0 $35.6 797 Ellen Alemany CIT GroupInvestors Inc. (CIT) $8.3 $1.0 $2.3 $5.0 $0.1 Mario Gabelli GAMCO Inc. (GBL) $32.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $32.2 898 Patrick Decker Xylem (XYL) (MS) $8.3 $1.1 $0.0 $0.8 $1.5 $4.8 $0.0 $0.1 James Gorman MorganInc. Stanley $31.6 $1.5 $6.4 $0.0 $0.0 $23.7 $0.0 99 9 Jason Gorevic Teladoc Health (TDOC) $8.0 $0.5 $0.0 $0.7 $6.8 $0.0 Jamie Dimon JPMorgan ChaseInc. & Co. (JPM) $31.6 $1.5 $5.0 $0.0 $0.0 $24.5 $0.0 $0.6 100 10 Francisco D'Souza Cognizant Technology Solutions Corp. (CTSH) $29.2 $0.4 $0.8 $0.0 $0.0 $28.0 $0.0 $0.0 11

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Laurence Fink BlackRock Inc. (BLK) $1.5 $7.8 $0.0 $0.0 $14.8 $0.0 $0.3 15 Stephen Squeri American Express Co. (AXP) $23.8 $1.5 $7.0 $1.9 $2.4 $10.3 $0.1 $0.6 16 WANTInc.MORE OF CRAIN’S EXCLUSIVE DATA? CRAINSNEWYORK.COM/LISTS. Ajaypal Banga Mastercard (MA) $23.2 VISIT$1.3 $0.0 $5.7 $7.5 $8.7 $0.0 $0.2 17 Andre Calantzopoulos Philip Morris International Inc. (PM) $22.1 $1.5 $0.0 $5.5 $0.0 $9.8 $5.3 $0.1 18 Leonard Schleifer Regeneron Pharmaceuticals Inc. (REGN) $21.5 $1.4 $0.0 $3.1 $11.7 $5.0 $0.0 $0.3 19 Fabrizio Freda EstÊe Lauder Cos. Inc. (EL) $21.4 $2.0 $0.0 $7.1 $3.8 $7.6 $0.7 $0.2 20 John Foley Peloton Interactive Inc. (PTON) $21.4 $0.5 $0.0 $0.8 $20.1 $0.0 $0.0 $0.0 21 Marc Holliday SL Green Realty Corp. (SLG) $21.0 $1.3 $0.0 $3.3 $0.0 $16.4 $0.0 $0.0 22 NOMINATIONS CLOSING SOON! Daniel Glaser Marsh & McLennan Cos. Inc. (MMC) $20.3 $1.5 $0.0 $6.5 $5.8 $5.8 $0.5 $0.4 23 Josh Sapan AMC Networks Inc. (AMCX) $20.2 $2.0 $0.0 $4.4 $0.0 $13.8 $0.0 $0.0 24 Virginia Rometty International Business Machines Corp. (IBM) $20.2 $1.6 $0.0 $5.0 $0.0 $11.6 $1.1 $0.9 25 John Wren Omnicom Group Inc. (OMC) $19.8 $1.0 $0.0 $18.7 $0.0 $0.0 $0.0 $0.1 26 Brian Duperreault American International Group Inc. (AIG) $19.4 $1.6 $0.0 $5.9 $2.8 $8.6 $0.2 $0.3 27 Carlos Rodriguez Automatic Data Processing Inc. (ADP) $19.0 $1.1 $0.0 $3.4 $4.0 $6.8 $3.7 $0.1 28 James Meyer Sirius XM Holdings Inc. (SIRI) $18.8 $2.0 $8.8 $0.0 $0.0 $7.5 $0.5 29 Crain’s New York Business will highlight Notable Women in Accounting and Consulting, which will publish$0.0 as a Giovanni Caforio Bristol-Myers Squibb Co. (BMY) $18.8 $0.0 $3.9 $0.0 $12.5 $0.0 $0.7 30 section within Crain’s New York Business in the September 28$1.7 issue. This feature is a celebration of women Olivier Pomel Inc. (DDOG) $18.6 $0.3 $0.0 $0.2 $18.1 $0.0 $0.0 $0.0 31 executives working inDatadog accounting and consulting who have impacted New York City in major ways and honors Hans Vestberg Verizon Communications Inc. (VZ) $18.1 $1.5 $0.0 $4.1 $0.0 $12.0 $0.0 $0.5 32 their professional, civic and philanthropic achievements.

Albert Bourla Pfizer Inc. (PFE) $17.9 $1.6 $0.0 $3.6 $6.1 $4.3 $1.7 $0.6 33 Emanuel Chirico PVH Corp. (PVH) $17.5 $1.5 $0.0 $2.0 $2.0 $8.0 $3.7 $0.3 34 Ramon Laguarta PepsiCo Inc. (PEP) $16.9 $1.3 $0.0 $4.5 $0.0 $8.0 $2.7 $0.4 35 Nominate today at crainsnewyork.com/notableaccounting2020 Alan Schnitzer Travelers Cos. Inc. (TRV) $16.8 $1.0 $0.0 $6.0 $3.6 $5.4 $0.7 $0.1 36 Brian Harris Ladder Capital Corp. (LADR) $16.7 $1.0 $0.0 $7.4 $0.0 $8.3 $0.0 $0.0 37 Nominations must be completed by the deadline, July$0.0 24, to be $11.3 considered.

Morris Goldfarb G-III Apparel Group (GIII) $16.6 $1.0 $0.0 $4.0 $0.0 $0.3 38 Questions? Contact notables@crainsnewyork.com Michael Roth Interpublic Group of Cos. Inc. (IPG) $16.6 $1.7 $0.0 $7.6 $0.0 $6.9 $0.1 $0.4 39 Pierre Laubies Coty Inc. (COTY) $16.2 $1.0 $0.0 $0.0 $10.2 $5.0 $0.0 $0.1 40 Vincent Forlenza Becton, Dickinson and Co. (BDX) $16.0 $1.3 $0.0 $2.0 $4.8 $7.3 $0.7 $0.0 41 Brian Humphries Cognizant Technology Solutions Corp. (CTSH) $16.0 $0.8 $4.0 $0.7 $0.0 $10.3 $0.0 $0.2 42 Joseph Levin IAC/InterActiveCorp (IAC) $15.5 $1.0 $3.5 $0.0 $0.0 $10.6 $0.0 $0.4 43 John McAvoy Consolidated Edison Inc. (ED) $15.3 $1.3 $0.0 $1.6 $0.0 $5.9 $6.4 $0.1 44 Charles Lowrey Prudential Financial Inc. (PRU) $15.1 $1.2 $0.0 $6.1 $1.7 $5.0 $1.1 $0.1 45 Robert Thomson News Corp. (NWSA) $14.7 $3.0 $0.0 $5.5 $0.0 $5.5 $0.3 $0.4 46 12 | CRAIN’S NEW YORK BUSINESS | JULY 13, 2020 Michel Khalaf MetLife Inc. (MET) $14.6 $1.1 $0.0 $4.5 $0.9 $6.7 $1.1 $0.2 47 Stanley Bergman Henry Schein Inc. (HSIC) $14.4 $1.5 $0.0 $3.0 $0.0 $9.6 $0.0 $0.3 48 Charles Scharf Bank of New York Mellon Corp. (BK) $14.3 $1.0 $0.0 $0.0 $0.0 $13.3 $0.0 $0.0 49

NOMINATIONS OPEN

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Weston Hicks

7/9/20 4:56 PM

Alleghany Corp. (Y)

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SPONSORED CONTENT

Trust and culture in the changing workplace

B

uilding a strong workplace culture rooted in trust and community is more important than ever. A recent survey of chief executives surveyed by the Young Presidents Organization found that 96% rate building and maintaining trust with stakeholders a high priority, with 42% saying the importance they place on building this trust has increased in the past five years.

Building trust and community, however, can be challenging right now, given the uncertainty in the business environment and competing priorities that leaders must juggle. Fortunately, the effort is well worth it—and it pays dividends, such as less burnout, higher productivity, lower workplace stress, fewer sick days and higher levels of engagement.

For insight on how organizations can demonstrate transparency and trustworthiness to key stakeholders, Crain’s Content Studio recently spoke with three experts from Goulston & Storrs about how New York City employers can best achieve that goal: Ayeshah Johnson, director of diversity and inclusion Carla Reeves, associate in employment litigation and counseling, and Elizabeth Levine, director in employment litigation and counseling Here are edited highlights from that conversation: CRAIN’S: Why is building trust so crucial today?

JOHNSON: Trust between employees and employers is a two-way street and will impact employees’ ability to support and follow necessary changes to the workplace and workplace culture in the wake of the Covid-19 pandemic.

Employers should maintain a connection with their remoteworking employees by regularly checking in with them via videoconferencing, phone or email, in ways that are inclusive and replicate the direct interactions we are used to having in the physical workplace.

Keep your employees informed of the status of the business, Trust creates permission to take plans to reopen the physical risks toward change—there is workplace, and steps the an underlying understanding business is taking to provide employees “TRUST IS THE GLUE THAT HOLDS with a safe place to work.

TOGETHER HIGH-PERFORMING Acknowledge that information TEAMS AND ORGANIZATIONS, may be subject AND IT BRINGS OUT THE BEST to change and IN EMPLOYEES.” continue to keep employees and faith that your employer informed of new developments will have your back. In a highDo not be afraid to reach out trust environment, employees to employees just to check in, will be more willing to accept even when you do not have and adhere to such changes. concrete plans or answers to every anticipated question.

Trust is the glue that holds together high-performing CRAIN’S: Many employees are worried about their job teams and organizations, security as they juggle family and it brings out the best in responsibilities that have employees. When employees mounted since the pandemic. feel trust, they are willing to How can employers let give more energy toward their employees know the own motivation and to the company is on their side? motivation and vision of others.

CRAIN’S: What is the best way to build trust?

LEVINE: Employers must communicate effectively and be transparent with employees.

REEVES: Communicate awareness of and empathy for the impact of the pandemic and what is happening in communities. Create space for employees to share their

Ayeshah Johnson, director of diversity and inclusion

Carla Reeves, associate in employment litigation and counseling

Elizabeth Levine, director in employment litigation and counseling

needs and the challenges they may be facing because of the pandemic and quarantine.

into work when they should otherwise stay home.

such as wearing masks, social distancing, and so forth. Communicate that all employees will be held to the same standards to observe new workplace rules and protocols, including the highest performers and managementlevel employees. Ensure that you communicate consistently with employees at all levels of your workforce, including those that may be furloughed.

Recognize that those challenges may include the effects of racism and police brutality. Listen to what your employees have to say and accept what you are hearing as the real and unique experiences of unique individuals. Foster an environment in which employees feel supported in speaking up.

CRAIN’S: As the country reopens for business, we’re seeing more cases of Covid-19. How can employers make sure that everyone on their team is prioritizing community responsibility when it comes to infection prevention?

LEVINE: Employers and employees must work together to shift the workplace from a traditional one, in which employees demonstrate their commitment by showing up to the workplace, to one in which all employees prioritize the needs of their colleagues and the workplace community.

Employees must accept that they need to stay home if they are sick or have been exposed to someone who has tested positive, or is presumed positive, for Covid-19. To support and encourage employees to abide by these rules, try to be flexible in how you enforce your paid time off and sick-time policies.

Doing so can help to minimize the risk that employees will be incentivized to put the community at risk by coming

CRAIN’S: Do you have any advice on how employers can best communicate with stakeholders during the reopening?

REEVES: Understand that employees will be asked to make changes that may make them uncomfortable—

ASKED & ANSWERED built in New York City in the 1920s. We pulled together a phenomenal public-private partnership to bring this theater back to life.

INTERVIEW BY BRIAN PASCUS

WHO SHE IS Partner and head of the Urban Investment Group, Goldman Sachs

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argaret Anadu, 38, represents the next generation of American finance. The Goldman Sachs veteran, who was featured as a Crain’s 40 Under 40 honoree, is a partner in the firm and also the head of its Urban Investment Group, where she commands a $4 billion portfolio aimed at revitalizing communities. As an African American woman, she uses her leadership platform to shatter the stereotype that investment banking is the last bastion for white men.

How did you become interested in finance?

I’ve been at Goldman since I graduated from college. I joined the firm as an analyst. I thought it would be a great way for me to save money so I could go to law school. I knew that working on Wall Street was a way to save up and further my education, and I just got hooked.

What does your team at Goldman Sachs do?

Every year the team I lead deploys between $1 billion and $1.5 billion into projects and companies that benefit underserved places and people and families. Our goal is to direct capital into places where conventional capital is not necessarily focused.

How does that work?

We do it in the form of real estate. We’ve built thousands of units of affordable housing. And we do it through

IT – d!

A W ite T ’ m N i l DO e is ac Sp

Is the finance industry more diverse than when you started out?

GREW UP Houston, Texas, and Lagos, Nigeria RESIDES Brooklyn 2019 DEAL VOLUME $1.3 billion deployed, with more than 80% in minority communities FAMILY TIES Anadu is married and the mother of two young children.

HER INSPIRATION “My mom is my rock star. She instilled in me at a very young age the difference between your ability and your circumstance.”

WISE WORDS Anadu lives by the Angela Davis quote: “You have to act as if it were possible to radically transform the world.

And you have to do it all the time.”

small-business finance, creating access to capital for some of the most vibrant and talented entrepreneurs in our country who don’t have an easy shot at getting capital.

Which project stands out for you?

We invested $80 million or $90 million into the restoration of Kings Theatre in Flatbush. This was a real labor of love.

Kings is one of the five “wonder theaters”

My first finance job was at a hedge fund, where I was one of, I believe, three Black employees out of it must’ve been several hundred. And I was an intern. Joining Goldman right out of college, I was one of very few Black people on the trading floor.

But I think in 18 years in finance, it is certainly more diverse than when I started. We have made progress. We all acknowledge progress has been insufficient across the industry. If that progress continues with the same growth [rate], we won’t be in the place we need to be for a very long time.

How can the industry diversify?

Focus on who we attract even earlier than just the hiring and interview process. Make sure we are recruiting from the widest array of colleges and universities so we are recruiting from the deepest talent pool. From where we sit with diversity, we are so far behind where we all aspire to be that nothing short of a collaborative, significant, persistent, comprehensive effort is going to move the needle.

Why is a diverse finance workforce so important?

It’s crucial if you think about the basic premise that diverse teams outperform and that a diverse set of ideas and people at the table come to better outcomes than a less diverse set. When you think about finance and how the allocation of capital determines whether a business gets started and which cities flourish, it’s at the core of everything we do. So to have a lack of diversity of ideas in an industry that is at the core of our society is dangerous. ■

BUCK ENNIS

MARGARET ANADU Goldman Sachs

DOSSIER

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With virtual health care interactions on pace to top 1 billion by year’s end, telemedicine has led to changes in how patients manage their health.

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Join Crain’s and top health care professionals on July 14 for an in-depth look at how telemedicine and new ways of monitoring have reduced health care costs and improved patient outcomes.

Register at CrainsNewYork.com/July14HPWebcast Sponsored by

Produced by

14 | CRAIN’S NEW YORK BUSINESS | JULY 13, 2020

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A PORTRAIT OF THE FUTURE

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LTHOUGH THE Crain’s 20 in Their 20s Class of 2020 may seem to bring incredibly varied backgrounds to their widely different fields, it is notable how much they have in common.

All share a strong work ethic that has meant logging long hours producing commercials or reinventing office space.

In the first decade of their promising careers, they already have transformed long-held beliefs about such matters as how companies handle human resources and how the real estate world trades property.

Whether these 20somethings work in the public or the private sector, many of them expressed a deep and heartfelt commitment to giving back. They also seem to be on the cutting edge of intellectual property, online gaming and retirement planning.

At a time when many aspects of life are discouraging, these 20somethings will inspire you.

They have inspired me.

CHRISTINE HAUGHNEY DARE-BRYAN PHOTO DIRECTION BY BUCK ENNIS

CrainsNewYork.com/20-in-their-20s-2020

JULY 13, 2020 | CRAIN’S NEW YORK BUSINESS | 15

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MICHAEL GARCIA, 25 Interior designer, MKDA

MICHAEL GARCIA HAS ALWAYS had an eye for spatial relationships. As a child, he would critique where tables and displays were placed in restaurants and stores, and he rearranged his room every three to four months.

Now Garcia does that professionally, as an interior designer at MKDA near Gramercy Park. He pitches bold,

striking layouts for corporate offices in the city.

He favors projects where the clients embrace his most creative ideas, he said. Those clients are not always the ones you might think. He cited accounting firm Friedman, whose relocated headquarters Garcia designed with transparent meeting rooms, bold accent colors and geometric floor patterns.

Garcia pays particular attention to the interviewing stage of design, when he polls employees and executives about how they work day to day. That’s essential, he said, to designing a space that flows the way employees need it to flow.

“I think that’s really when you start affecting the people

KIM CALLAGHAN, 28

in the work space,” he said.

He’s currently focused on what he dubs “Covid-conscious” design. Beyond incorporating public health guidelines, he is trying to design enticing work spaces, even as remote work from home has never been more accepted.

Garcia started at MKDA at age 22, decades younger than many of his clients and colleagues. But he’s never been shy about his ideas.

“There’s always that moment of ‘I am definitely—or, not definitely but usually—the youngest person in the room,’” he said. “But I find that age doesn’t really come into play as long as I speak with conviction and know what I’m talking about.”

— GWEN EVERETT

Short-term fixed-income trader, Bank of America

I HAD A MANAGER EARLY ON WHO USED TO POP BY MY DESK ALL THE TIME AND ASK, ‘WHAT’S ONE THING YOU LEARNED TODAY?’ ”

ENTERING A MALE-DOMINATED FIELD did not intimidate Kim Callaghan. She grew up in a family of financiers, with two older sisters working in the industry. They encouraged her to turn her knack for numbers into a career. And her experience playing college soccer gave her the time-management skills to rise quickly in the field.

When she was 21, Callaghan leveraged a summer internship at Bank of America and a degree in International Business and Management from Dickinson University into a full-time position as a portfolio management assistant at BofA. During the next four years, she steadily rose through assistant roles to eventually earn a position as a short-term fixed-income trader.

Callaghan serves as market maker—someone who buys and sells securities to maintain market liquidity. She consumes financial news to best advise issuers. The job’s fast pace is a challenge, she said, but it’s one she finds rewarding.

She credits her success to the strong relationships she has built during her time at BofA. She said she made a point to seek out mentors who would offer constructive criticism that spurred progress.

“I had a manager early on who used to pop by my desk all the time and ask, ‘What's one thing you learned today?’”

Callaghan said. “At first I thought it was seemingly pointless. But over the years I've realized that it's a way of conducting yourself in the industry—always making sure you’re pushing yourself to learn and continuing to grow as an individual and in your career.”

— SUZANNAH CAVANAUGH 16 | CRAIN’S NEW YORK BUSINESS | JULY 13, 2020

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ELIZABETH ANGELES, 29 Senior director, AdvocateNYC, United Way

VOLUNTEERING HAS BEEN integral to Elizabeth Angeles’ life. While growing up on the Lower East Side, she volunteered at food banks. In the Parkchester section of the Bronx where she lives, she serves on the community board.

After working briefly in finance, she enrolled in a master’s of public administration program at New York University, then worked at the city’s Emergency Management office, where she developed plans to help disabled residents during crises including Superstorm Sandy.

“I think listening is important,” Angeles said. “Checking in with people, understanding where they are coming from.”

That kind of listening became a discipline for Angeles, as she built her career. While working at the Clinton Foundation, she participated in long-term resilience programs in the Caribbean after Hurricane Maria.

“She has a laser focus on what you can make an impact on,” said Gauree Patel, a Clinton Global Initiative manager who worked with Angeles.

Since January, Angeles has led a new advocacy unit at the United Way, where she develops city policies to help New Yorkers financially.

With the mayor and half the City Council up for re-election, Angeles said, now is a key moment to address inequities.

“When we talk about people who are struggling to make ends meet— undocumented, Black, Latinos—we have to be explicit about our commitment to racial equity,” she said.

“With that clarity and specificity, our advocacy can be stronger.”

— CARA EISENPRESS

WE HAVE TO BE EXPLICIT ABOUT OUR COMMITMENT TO RACIAL EQUITY”

MICHAEL BERLIN, 27 Senior associate, Blackstone

MICHAEL BERLIN WAS INTERNING at a suit-maker when his Harvard roommate started bringing interesting stuff home from work: research reports and other materials from a private-equity firm. Berlin, a mathematics major, saw a chance to apply his talent for solving puzzles to real-world questions.

Today, he is part of a team of about 90 people that manage $30 billion for the Blackstone Group, one of the world’s leading private-equity firms, in its “tactical operations” group. He acknowledges he wasn’t sure what that meant when he started four years ago.

“On my first day,” he recalled, “I thought, Should I wear a camo jacket?”

Instead of solving complicated math problems, Berlin puts together complex deals. A recent investment in an Ecuadoran mining company’s debt, for example, meant getting repaid with ounces of physical gold and a stream of royalties.

“That was a little out of my comfort zone at first,” he said, “but we got a good return.”

When he isn’t working 16-hour days making deals, Berlin volunteers with the Hole in the Wall Gang Camp for children with cancer and other serious illnesses. He also raises funds for the Association for Frontotemporal Degeneration, a rare form of dementia that afflicts his father.

Berlin remains fond of math and enjoys following the ups and downs of Elon Musk’s SpaceX. “I love the cosmos and would have enjoyed working at SpaceX,” he — AARON ELSTEIN said. “Maybe one day that will be the theme.”

ON MY FIRST DAY, I THOUGHT, ‘SHOULD I WEAR A CAMO JACKET?’ ”

VALDINE BONHEUR, 29

Career services coordinator, Visions

AT HER CORE, Valdine Bonheur seeks to help people—which helps explain why she works at Visions, a nonprofit providing professional assistance to the blind and visually impaired.

“I’ve always been someone who liked to connect people to different opportunities, to resources and learning opportunities,” she said. “I also have a passion for business, as well as diversity and inclusion. I wanted to find a way to merge the two.”

At Visions, Bonheur works with Fortune 500 companies and small businesses to showcase the talents of blind and visually impaired job candidates.

So far, she has placed nearly 60 employees at Amazon in different roles, some in customer service and others in warehouses. She placed other clients in roles as account executives and software engineers at Yelp and the Advance Care Alliance of New York, which provides services to people with intellectual and developmental disabilities and their families.

“I am someone who likes to bring people together,” Bonheur said, adding that she teaches companies how to use accessible accommodating technologies for on-site training. “I’ve been able to get myself jobs, so I thought I could help other people get jobs.”

— BRIAN PASCUS JULY 13, 2020 | CRAIN’S NEW YORK BUSINESS | 17

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SAYIEF LESHAW, 25 Program director, Stonewall Community Development Corporation SAYIEF LESHAW WAS WORKING the cocktail bar at a holiday party when he first met Paul Nagle, executive director of the Stonewall Community Development Corp. He was struck by what Nagle told him: Some of the most trailblazing gay, lesbian, bisexual and transgender activists felt pressure to go back into the closet when trying to access senior services such as housing and health care.

The unfairness of that is what led Leshaw to first take an internship at the nonprofit, which is located blocks from Gramercy Park and is dedicated to providing housing and services to LGBTQ senior citizens.

Five years later, he is one of two full-time staff members at the nonprofit, which routinely pro-

duces more than nonprofits with more employees.

Stonewall has reached thousands of LGBTQ seniors even amid the Covid-19 pandemic. It con-

s

f

NABEEL ALAMGIR, 28 Co-founder, CEO Lunchbox

CECILIA XIE, 29

Associate, Morrison Foerster GROWING UP IN THE BAY AREA during the Wild West days of the internet, Cecilia Xie watched many companies in Silicon Valley developing new ways to share information while facing few laws governing user privacy.

“I didn’t understand why there were no regulations or controls to protect my information and what I was doing,” Xie said.

Classes at Yale University and then Harvard Law, from which Xie graduated in 2016, helped her realize she wasn’t wrong in feeling that way. The web was still mostly untamed, a “no man’s land of law,” she said.

As an associate at Morrison & Foerster in Midtown Manhattan, Xie helps clients understand how to protect the privacy of their customers and employees.

She has worked extensively tracking recent legislation that has sought to bring order to the internet, such as the California Consumer Privacy Act and the European Union’s General Data Protection Regulation.

“These new rules and paths can be difficult to navigate,” Xie said. “I love that I can think about how companies operate in this landscape.”

Covid-19 has brought a new set of privacy challenges for her clients to address. As employees return to the office, they might be asked to submit information on whether they are feeling sick and might be subject to fever checks.

“These are things that may be great for public health,” Xie said, “but there are privacy concerns for the data that are only now being — RYAN DEFFENBAUGH addressed by a patchwork of U.S. laws.”

AN IMMIGRANT WHO MOVED here from Kuwait at age 15, Nabeel Alamgir learned English by watching Martin Scorsese movies and by busing tables for his local Bareburger in Astoria.

That first job stuck with him. He ditched his premed program at Syracuse University to intern in the corporate office of Bareburger, where he rose to chief marketing officer by age 25.

In that role, he helped launch a custom ordering platform. But he soon realized most restaurants are too small to build their own takeout and delivery website, leaving them dependent on the likes of Grubhub and Uber Eats. He created Lunchbox, an online ordering platform, as an alternative.

“We want to bring power back to restaurants,” Alamgir said.

Bareburger, Fuku and 16 Handles are among Lunchbox’s customers. The platform launched in February 2019. It received $2 million in seed funding from investors in April, and it expects to process $36 million in sales this year.

After the pandemic forced restaurants to close their doors, Alamgir co-founded Help Main Street, a website that aggregates locations where people can support restaurants they like by purchasing gift cards from them. The project helped direct more than $500,000 to 125,000 listed restaurants across the country, Alamgir said.

During the weeks of protests against systemic racism and police methods that followed the killing of George Floyd in Minneapolis, Help Main Street added a directory of Black-owned businesses to support.

“As a startup, our best resource is time and talent,” Alamgir said. “I felt so helpless. So the best thing we could do was get to work.”

— RYAN DEFFENBAUGH

WE WANTED TO BRING POWER BACK TO RESTAURANTS”

G

I LOVE THAT I CAN THINK ABOUT HOW COMPANIES OPERATE IN THIS LANDSCAPE”

H

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sistently wins funding from the City Council.

That’s no small feat. Many nonprofits find asking for a chunk of City Hall’s limited funding to be a

grueling, uncertain process. But Leshaw has succeeded in securing discretionary funds even from council members who do not make LGBTQ rights part of their platform.

“So, even where it kind of defies logic,” Leshaw said, “I think the work speaks such a volume.”

It’s also a testament to Leshaw’s skills as a jackof-all-trades organizer. He lobbies, manages teams of people older than him and holds town halls and informational sessions, which have become Zoom calls and webinars. He personally walks seniors through the technological steps to access the webinars.

And he listens. His recent launch of an antiracism advocacy group for the elderly came about when a senior and lifelong activist expressed how frustrating it was to be stuck at home during a moment of nationwide protests.

It’s all a “really hard 180” from his previous life plan: to be a nautical engineer. That’s a career path for scientists who want to apply their knowledge to the real world. But Leshaw passed on it because it is still too theoretical. His current work, he has found, is a lot more hands-on.

— GWEN EVERETT

LIZ LASH, 27

Senior Associate, CBRE EVEN AFTER THE PANDEMIC, offices will never go out of style for this commercial real estate broker.

Since joining CBRE in 2015, Liz Lash has made her mark in office leasing, working with Macy’s to sublease 800,000 square feet of space to Apple and other companies that were looking to expand.

“The collaboration in an office cannot be reproduced,” Lash said.

“It’s more fruitful and encouraging than doing it over email, on the phone or on Zoom.”

When she isn’t working on a deal, Lash finds new clients by networking with her contacts in the real estate industry as well as with brokers in other CBRE offices.

It’s rare for a company to approach a broker and ask for help, she said—which is why relationship building is key.

After completing internships in television and communications while studying at Duke University, Lash did a Google search her senior year and came across CBRE’s Wheel program, which offers graduates rotational experience in different areas of real estate.

She knew that working behind a desk was not her thing, and the Wheel program promised a relationship-driven career in a people-oriented industry.

“If you don’t go into it as a people person who likes to talk and network, it’s especially tough,” she said.

—NATALIE SACHMECHI

THE COLLABORATION IN AN OFFICE CAN NOT BE REPRODUCED”

GARRISON GIBBONS, 27 Head of people, Knotch

GARRISON GIBBONS IS part of a new generation of human resource leaders advancing the historically stodgy profession.

“Human resources is changing rapidly,” Gibbons said, “from being compliance-driven to becoming more people-driven.”

In that shift, he said, human resources departments can take the lead in creating workplaces that are inclusive and equitable.

Gibbons, who is openly queer, said his experience navigating the corporate world drives his passion to ensure all voices within a workplace are heard.

He said he found his ability to speak out for what he believes in while growing up in Jackson, Miss., with two lawyers for parents and five older siblings.

Much as the youngest child in a large family must fight for time to speak, he said, he knows people's views can be lost within the workplace.

“There are many great ideas that sit at the bottom of organizations today with no means to be heard,” he said.

At Knotch—which helps companies including Amazon and JPMorgan Chase analyze their content marketing—Gibbons has pushed the company to diversify its hiring and recruiting practices beyond the standard hiring pool for technology. Black and Latino workers represent 18% of the city’s industry, according to a 2018 study by the Community Service Society of New York.

Gibbons has been unafraid to call out powerful industry organizations, such as the Society for Human Resource Management, when he felt their public messaging was slow to embrace the Black Lives Matter movement.

“HR must change,” he said, “to combat racism in the workplace much more directly.”

— RYAN DEFFENBAUGH JULY 13, 2020 | CRAIN’S NEW YORK BUSINESS | 19

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B DANIEL TSAY, 29

Senior Director, League Operations NBA THE HEAD OF LEAGUE OPERATIONS for NBA 2K—a joint venture between the NBA and Take-Two Interactive—is uniquely suited to lead in the $1.1 billion e-sports industry. He described his journey, however, as a “weird, winding route.”

While growing up in Fremont, Calif., Tsay absorbed video games with a scholarly fervor, reading online reports to learn how to master each new release. He also loved sports and developed a fantasy-football habit. He studied finance and economics at NYU’s Stern School of Business before spending three years at Evercore in mergers and acquisitions.

While he was moving up in the finance world, his love of sports and gaming presented him with an intriguing opportunity: a position with the NBA Strategy Group, a division of the league

“rooted in valuation and analytics,” he said.

When the NBA considered entering the world of e-sports, Tsay raised his hand to lead. He assembled a league that now has 23 teams with six players each. They earn up to $37,500 each per six-month contract and compete for $1.4 million in prizes, playing in front of millions of fans on the online channels Twitch and YouTube Gaming.

The 2020 NBA 2K season— briefly interrupted during the coronavirus pandemic, which also disrupted the opening of a glitzy new Manhattan gaming studio—even featured games on ESPN2.

In other words, while live professional sports ground to a halt in the spring, NBA 2K continued its surge. “Our viewership this season,” Tsay said, “is the highest it’s ever been.”

—RICHARD CONTI

OUR VIEWERSHIP THIS SEASON IS THE HIGHEST IT’S EVER BEEN.”

I T J A S

JESSICA RABE, 25 CoFounder, DataTrek Research

CALL IT POT, GANGA, WEED OR ITS CLASSIER LABEL: CANNABIS. Nearly everybody has an opinion about marijuana. Jessica Rabe has the facts.

She has made herself Wall Street’s leading analyst for the emerging field, applying to the cannabis business the same rigor that her counterparts at big banks and hedge funds use when assessing, say, the technology sector. She culls records from tax departments of states that have legalized marijuana, tracks their regulatory regimes, and monitors the results of the mostly Canada-based producers whose shares trade on the New York Stock Exchange.

Rabe embarked on her path when she realized most people on Wall Street couldn’t because federal law prevents banks from serving the cannabis industry.

“I saw an opportunity to follow an interesting, fast-growing business that nobody else really could talk about, at least not in public,” she said.

Rabe has been moving ahead of the herd for a while. She started college at 16, got her first Wall Street job at 19 and was vice president at a brokerage firm by 22, before starting DataTrek three years ago with Nicholas Colas. Her interest in finance stems from the Great Recession, which hit when she was a teenager.

She said she thinks it’s time for New York to legalize recreational cannabis. Because of the Covid-19 pandemic, vacant storefronts might litter the city, and the state will need new sources of tax revenue. She estimates marijuana could bring $1.3 billion in annual tax revenue and create thousands of jobs.

“Every little bit helps,” she said.

— AARON ELSTEIN

I SAW AN OPPORTUNITY TO FOLLOW AN INTERESTING, FAST-GROWING BUSINESS.”

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BRAD WEEKES, 25 Senior Associate, Kivvit

BRAD WEEKES KNEW EARLY on that he wanted to make a difference. As a child living in East New York, Brooklyn, he witnessed inequity in the criminal justice system for people of color, he said.

“Growing up in that environment and seeing how it tears apart communities and is a destructive force, it instilled in me the need to bring justice to an unjust system,” Weekes said.

After graduating from Brown University, he joined Kivvit, a public affairs firm, where he provides strategic communications expertise across a variety of sectors including health care, labor unions and nonprofits.

His broadest focus is criminal justice. Together with his client fwd.us., Weekes has sought to change cash-bail practices in New York and Mississippi by placing stories about the issue in news outlets that resonate with legislators.

To that end, he helped get a story in Rolling Stone about Kalief Browder, a Bronx teen who spent three years at Rikers Island, two of them in solitary confinement, awaiting trial because his family could not afford bail. After Browder’s release—he was never convicted of a crime—he committed suicide. The Rolling Stone story appeared on the anniversary of his death, and on the same day Netflix debuted When They See Us, a criminal justice series.

Through his work, Weekes hopes to pressure lawmakers to make positive changes.

“Bail is a flawed system,” he said. “Your freedom depends on your paycheck. If you are poor, you are penalized and punished.”

— BRIAN PASCUS

IT INSTILLED IN ME THE NEED TO BRING JUSTICE TO AN UNJUST SYSTEM”

DREW STERRETT, 27 CoFounder and CEO, Lex Markets

WHAT DO YOU DO when commercial real estate doesn’t have its own public securities market? You create one.

That’s what Drew Sterrett did in 2017, when he

and his brother, Dean, founded LEX Markets with friend Jesse Daugherty. Together they developed the first marketplace for investing in individual real estate assets such as office buildings, warehouses and parking garages.

After a late-night phone conversation with his brother, Sterrett realized that their only access to trading real estate securities was through public REITs, which don’t offer benefits such as being able to customize a portfolio and invest in individual properties.

Sterrett quit his private-equity job following that phone call and began figuring out how to develop and sell LEX to the exclusive, slow-moving club that is New York real estate, while also trying to attract average investors to the opportunities available in commercial properties.

LEX has raised $4 million from Thor Equities and Greycroft.

The brothers worked as business partners before—in elementary school. They sold rubber bracelets with their school’s logo for $5 apiece, earning about $2,000, a portion of which they gave to charity.

To upend an industry such as real estate, Sterrett said, the key is “not taking things at face value and always questioning how and why.”

—NATALIE SACHMECHI

MELANEY COMPRES, 26

Director of Operations, Office of the CEO, Acacia Network MELANY COMPRES LIVES BY her notebook. “It’s like my bible,” she said. She uses it to keep things on track for the leadership of Acacia Network, a nonprofit that focuses on housing, health care, education and services for the elderly in New York’s Puerto Rican communities.

Compres hadn’t realized how proficient at monitoring projects she was until she joined Acacia as an assistant in 2017. She has been promoted twice, most recently to director of operations.

“I found purpose in the work I was doing here, and as they gave me more, I pushed myself to do more,” she said. “They are serving the communities I come from.”

When she was a child, she lived in Washington Heights until her house burned down and her family entered the shelter system. Later, they settled in Castle Hill, in the Bronx. Life did not get much easier.

When a childhood friend was shot in 2015, Compres found that the trauma helped her focus on her future. With encouragement from her sister and several teachers, she earned an associate degree and took an office job.

Now, notebook in hand, she manages large-scale projects, such as organizing wellness and health programs for clients sheltering in place during the coronavirus crisis.

Compres, who is pursuing a bachelor’s degree in business and management at Lehman College, sees the impact of Acacia’s work on her community even as she sweats the details. She said it makes her believe New Yorkers will get through the pandemic.

— CARA EISENPRESS

I FOUND PURPOSE IN THE WORK I WAS DOING HERE”

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HALIE GRAHAM, 24 Executive producer, The Garage

HALIE GRAHAM DOES NOT BLINK at the prospect of working until 2 or even 3 in the morning, because that’s what being an executive producer at advertising firm The Garage requires.

“I remember I was working until 2 a.m. on this Pepsi project,” Graham said. “But I was just excited to be doing it, because that’s what needed to be done.”

That Pepsi Black commercial aimed to showcase the liquid itself in a way people had never seen before, she said. The final product was a series of closeup shots of the bubbly soda in motion, topped with shape-shifting transitions and an electronic music background.

Graham’s tasks involve calculating how much money every piece of a production would need to bring it together.

She is so young for her role that she sometimes gets mistaken on set for someone with a lower rank.

“Being a woman in the industry, it’s really, really hard,” she said. “I have men come ask me a question, and I say no to it, then they go ask my 45-year-old boss the same thing.”

Her boss, Steve Giralt, hired her as an entry-level studio manager three years ago. Now they run The Garage together.

Part of Graham’s rapid success since then stems from trusting her judgment. From the time she started working in the industry, she noted flaws in the ways productions were run.

“I just started handling them,” Graham said. “I should be more hesitant than I am. I am not hesitant at all.”

— GWEN EVERETT

I SHOULD BE MORE HESITANT THAN I AM. I AM NOT HESITANT AT ALL”

K.C. BOAS, 26

Vice president, BlackRock Financial MOST WOMEN ARE paid less than men and earn less over their lifetime, partly because they’re more likely to stop their career to raise children. One consequence: Many women end up saving less for retirement than men do.

“The retirement crisis is definitely a women’s crisis,” said K.C. Boas, who is trying to do something about that.

Persuading someone to set aside money for an event far in the future— especially if the person is dealing with more immediate responsibilities, such as student debt—is no easy task. And Boas recognizes that some people have trouble listening to financial-planning advice from someone born the same year target-date mutual funds were invented.

“You’ve got to be empathetic when talking about these things,” Boas said.

“Most of all, you have to be human.”

Boas and her team work with 35,000 retirement plans that serve 65 million people. She is part of the global leadership team for BlackRock’s Women’s Network and is a founder of the Global Mosaic Leadership Team, which seeks to create a diverse, inclusive workforce. She also co-founded the Women in RG leadership group within BlackRock.

Boas, who decided to go by her initials in kindergarten, learned to save money when her grandfather started giving her a $5 weekly allowance. That served as an introduction to financial planning, back when her long-term goal was putting aside enough money for a new lunch box.

— AARON ELSTEIN

THE RETIREMENT CRISIS IS DEFINITELY A WOMEN’S CRISIS”

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PATRICIA WOOD, 28 Associate, Sidley Austin FOR PATRICIA WOOD, being involved in capital markets at a prestigious law firm was a natural next step.

After growing up in the Midwest, Wood studied biomedicine at the University of Toronto, then earned a dual MBA and J.D. degree at Osgoode Hall Law School in Toronto. After that, she spent time in Sidley Austin’s London office.

“I’ve been able to gather a variety of different experiences,” she said.

Now comfortably situated in the firm’s New York office, Wood looks to help companies raise money so they can continue operations, acquire an asset or build toward something new and profitable.

She assists in a variety of fundraising, including initial public offerings, equity offerings and debt offerings.

“There’s a collaborative aspect that I like,” Wood said.

More than anything, she loves the challenge that each new deal presents, as she tries to find solutions for her clients while outsmarting the market.

“I like that it’s a practice that’s always evolving. That excites me,” Wood said. “I love New York. I love the high-paced excitement that’s in the air. And I love that stores are — BRIAN PASCUS open all the time.”

THERE’S A COLLABORATIVE ASPECT THAT I LIKE”

JOSEPH JUMA, 28

Project manager, Suffolk Construction

an-

TEIN

CHAOUKI EL RASSI, 24 Lead associate, Ferzan Co.

DEVELOPERS AND INVESTORS COME to Chaouki El Rassi when they want to bring their ideas to fruition.

As a project manager at real estate consulting firm Ferzan Co., he is responsible for shepherding these plans.

“It’s important for a project to be set on the right path at the outset for it to be successful,” El Rassi said.

The pandemic has kept him busy. Lately he has been working on corporate interior projects and office renovations to comply with new safety guidelines as employees return to work.

Meanwhile, he is overseeing renovations at The Biltmore, a 464-unit residential rental tower in Midtown, and in The New Yorker hotel’s kitchen and restaurant areas.

Originally from Tripoli, Lebanon, El Rassi studied civil and environmental engineering at the American University of Beirut. After working for his architect father in his home country, he traveled to New York for the first time in 2017 to study urban planning at Columbia University. While in graduate school, he conducted field work in Genoa, Italy, aimed at revitalizing the city. He recommended that Genoa capitalize on its waterfront by building public transportation, parks and observatories around it.

After interning at Philip Habib and Associates, a New York consulting firm that focuses on environmental and transportation planning, El Rassi joined Ferzan in July 2019.

He is keen on promoting social justice and equality. He wrote his graduate thesis on applying best practices from New York’s urban planning world in Lebanon and other nations. Down the road, he — NATALIE SACHMECHI hopes to become more involved in public works projects.

JOSEPH JUMA ISN’T THE first person in New York to experience frustration at LaGuardia Airport, though he had more at stake than a missed connection. While working on the airport’s recent redevelopment, the Kenyan immigrant, fresh from NYU’s Tandon School of Engineering, discovered the inefficiencies of most large-scale construction. That made him want to pivot to projects where he could put his philosophies about technology and workflow into practice.

In December 2017 Juma landed a job at Suffolk Construction’s Manhattan office, where he now manages the Zero Irving development on East 14th Street. His role building a city-supported Union Square Tech Training Center combines his two passions: encouraging STEM education and using technology and planning to streamline building construction.

It’s a remarkable step in Juma’s journey, which started in the relaxing beach village of Lamu.

“I felt like there was something more than life there,” he said. He earned a spot in Kenya’s national high school in Nairobi, becoming its top student. He then got recruited for what would be the first graduating class at NYU Abu Dhabi.

The NYU connection enabled him to study in New York, and he returned to Manhattan to earn a master’s degree in construction management. Now Juma helps implement Suffolk’s planning procedures, getting the construction and design teams on the same page.

He is committed to mentoring others from minority backgrounds to help them achieve their career goals.

“You get to a point in your life where it’s no longer about you,” he said. “It becomes about hope and who you inspire.”

— RICHARD CONTI

YOU GET TO THE POINT IN YOUR LIFE WHERE IT’S NO LONGER ABOUT YOU”

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en masse quickly,” said Julia Arredondo, a spokeswoman for the mayor.

Of the 622 contracts doled out to businesses for pandemic-related goods, 29 each went to firms the city had registered as Black-, Latino- or Asian-owned. That’s out of a pool of 9,815 businesses with those designations.

Meanwhile, city coronavirus contracts disproportionately threw a lifeline to white male business owners.

Nearly 90% of the city’s Covid-19 spending went to businesses not designated as minority- or womenowned, Crain’s analysis found, even though more than half of the city’s businesses are in that category, according to the city comptroller.

The analysis does not account for minority- and women-owned businesses not registered with the city as such.

For many city businesses, these contracts could have made the difference between survival and bankruptcy.

“If a contract would’ve been available, it would’ve probably helped us maintain. Because more than half of the fleet has just stopped working in general.

They’re on unemployment and hoping things change,” said Fenix Reyno, president of Reyno Car Ser-

DINING FROM PAGE 3

agreement to shelter the homeless in Midtown commercial hotels during the pandemic makes it feel unsafe for his customers and staff to be outdoors.

“I came 10 years from Sicily to New York, and I’ve never seen Ninth Avenue being so bad,” he said. “It got so much worse than it used to be before the pandemic.

It’s unbelievable. It’s like hundreds and hundreds of people asking for money, and they react badly like never before. They get very violent.

“We’re not waiters or restaurants anymore,” he added. “We are now security guards for people who choose to sit down at our table.”

For Tommy Greco, owner of Ritz Bar & Lounge on 46th Street’s Restaurant Row, the recent encounters he’s had with some individuals has left him shaken. Greco recalled, a woman who appeared homeless and wearing a hospital bracelet smashed the end of a bottle and threatened to cut him as he

awards out of only those that are subject to Local Law 1, which sets goals for certain agencies to hire more diverse contractors.

In 2019 the law applied to only a quarter of the full $20.5 billion the city awarded in contracts.

The comptroller, who has graded minority-business contracting since 2014, gave the city a C in 2019 after four years of D+ grades. Last year it got an F for its effort to include Black-owned businesses.

and no mask getting in their face, “Experiencing homelessness is screaming, ‘Give me money’?” not a crime—it is a temporary chalGreco asked. “They are lenge that a person may beyond aggressive.” go through, driven by a Some business owners range of complicated faceven perceive an uptick tors that we as a city work in crime. to help people overcome NUMBER of Mark Oram, general and address by providing single adults manager of Tavola on services and supports," being housed in 139 commercial Ninth Avenue and West said Isaac McGinn of the hotels, the city 37th Street, said somecity’s Department of SoDepartment of one recently smashed a cial Services.

Social Services fist through a window to Advocates for commuconfirms break into his restaurant. nity housing caution Oram signed a petition against making blanket directed at the mayor judgments against the and the City Council that city’s homeless and inhas circulated among stead suggest a change in AMOUNT of the Hell’s Kitchen and Hudperspective. hotels’ contract, son Yards business own“We need to treat every which has been ers and residents. It comperson with compassion reported to run through at least plains about an increase and recognize the stress October in crime, drug activity, and anxiety for people vandalism, harassment who have been priviand assaults. leged enough to be stably “We have a shooting gallery up housed these last few months has on 36th Street where you can see been magnified and exacerbated overt heroin use,” Oram said. Peo- for those who don’t have a place to ple are defecating on the streets, he sleep each night," said Jacquelyn added. “Every bit of progress this Simone, a policy analyst at Coalineighborhood has made over the tion for the Homeless. years is stepping But City Council Speaker Corey backward.”

Johnson, who represents the 3rd An analysis of District, which includes Hell's 311 complaints, Kitchen, blamed the de Blasio adhowever, shows ministration for what business that calls regard- owners say they are now experiing "homeless encing. street condition” “The de Blasio administration or “homeless person assistance” can and must do better,” Johnson have decreased in Manhattan from said. “My office is working around June 2019 to June of this year by the clock with business owners, more than 50%.

Hell’s Kitchen residents, the Department of Homeless Services Pointing fingers and service providers to improve The city defended its program things, and we will continue to do and faulted the business owners so until we solve this problem.”

In the spring the mayor crafted a for complaining.

plan to house the city’s homeless population during the pandemic, effectively turning empty commercial hotels into homeless shelters.

“There was an immediate need for the hotels because many of these homeless people were in a congregate setting that was also conducive to human transmission due to the nature of this virus,” said Vijay Dandapani, president and CEO of the Hotel Association of New York City.

“Obviously hotels are separate units. That was the thinking behind it.”

Social Services confirmed to Crain’s that 139 of the city’s commercial hotels are housing more than 13,000 single adult individuals. A contract between the city and the Hotel Association is financed in part by the Federal Emergency Management Agency.

NY1 first reported the $78 million contract will run through at least October. Dandapani told Crain’s he does not know if the contract will be extended or, if so, for how long that would be.

Dire consequences The consequences of not considering race in contracting awards

“ONE WOULD THINK THAT NEW YORK WOULD BE MORE PROGRESSIVE” are dire, said Jacob Faber, professor of sociology and public service at New York University.

“City contracts during this time were just a crucial source … one of the few sources of continuing streams of financial support,” Faber said. “These disparities are really kind of sad, a sad example of how, ostensibly, race-neutral policies and practices can have devastatingly unequal impacts.”

Statistics suggest that, nationally, 40% of Black-owned businesses are not going to survive the eco-

“EVERY BIT OF PROGRESS THIS NEIGHBORHOOD HAS MADE IS STEPPING BACKWARD” stood on the steps of his brownstone above his restaurant. Another time, a half-naked woman in a wheelchair went from table to table, demanding money from his customers.

“Who is going to want to come out and drop $120 when you have a homeless person covered in urine

13K

$78M

No feet in the door A half-dozen minority-owned businesses that spoke with Crain’s expressed exasperation at the contracting system, which they said proved hard to break into.

At issue are society’s structural barriers, such as access to financing, said Dan O’Flaherty, a professor of urban economics at Columbia University.

Most contracts pay vendors only once goods are delivered, so winning a contract requires getting upfront financing from a bank or relying on personal wealth, O’Flaherty said, adding that banks have historically underfinanced people of color.

“If there is a pervasive belief that you cannot perform, or even if there is a belief from a large proportion of society that you can’t perform, then you won’t be able to perform,” he said. “Being a businessman is relying crucially on a stranger to trust you.”

After winning a $200,000 con-

More changes?

Because of its proximity to Times Square, Hell’s Kitchen has one of the highest concentrations of commercial hotels in Manhattan. Although there is no direct correlation between the hotel plan and the recent concerns expressed by restaurateurs, Hell’s Kitchen business owners and employees say they have definitely seen the neighborhood change.

“I’ve been working here two

ISTOCK

FROM PAGE 1

nomic downturn brought on by Covid-19, he said.

To be sure, at the height of the pandemic, there was a pressing need to accelerate the process.

The mayor suspended typical oversight procedures around procurement to speed up the search.

Still, procurement was hardfought. Many contractors do not produce the masks, hand sanitizer or ventilators New York was desperately searching for.

But other services, such as food and transportation, are less niche.

Reyno, an experienced vendor who had handled a contract with New York state worth $10.8 million, said she would have been eager to use her cabs to transport food or medical services.

Racial disparities have long plagued contracting in the city. Just 4.4% of the $18.4 billion in non-Covid-related contracts doled out this year went to minority-owned firms. That number rises to 6.8% when including women-owned firms, which is actually an improvement on last year, when 4.9% of $20.5 billion in contracts the city wrote went to minority- or women-owned businesses, according to a comptroller’s report.

The de Blasio administration uses a different set of figures.

The mayor measures the percentage of MWBE contracts it

vice, a Bronx-based livery business that specializes in transporting people to nonemergency medical appointments.

Although Reyno’s business has been registered as a minorityand women-owned business enterprise since 2016, she has yet to win a contract from the city.

“I’ve applied for everything. I’ve tried to do different things, like different sorts of transportation,” she said. “There has to be some contract out there, even if it’s delivering test samples.”

tract, James Lyons, who is Black and the owner of the security firm 1Star-Networks in Brooklyn, said he could not get Chase to give him the $75,000 line of credit he needed to finance the equipment he required to fulfill the contract. He’s been banking with Chase for 10 years.

Chase did not respond to a request for comment.

“You want to help minority business, women-minority businesses.

You get all the so-called training, all the complex meetings,” said Josephine Banks, who ran 3DJ Green Real Estate Brokers, an eco-friendly real estate and construction firm in Brooklyn. She held MWBE certification for nearly 10 years. “Blah, blah, blah, blah, blah. But there are so many blocks in actually getting a contract.”

Banks has since moved to Georgia.

“One would think that New York would be more progressive,” she said. “It’s just sad. It’s not real.” ■

BUCK ENNIS

MINORITY

years, and once in a while you’d get a drunk guy,” said Rafael Cusimo, floor manager at Tavola. “But since the Covid started and the hotel policy started, I see kind of an extension and it being more aggressive than before. The situation is becoming dangerous.”

The Department of Social Services would not comment on the possibility of a connection between the administration’s hotel housing policy and the experiences relayed by business owners.

The 2021 budget recently passed

by City Hall cuts funding to the Department of Homeless Services by $45.1 million. As the city faces a fiscal crisis, some experts are concerned that further cuts in the capital budget will only exacerbate homelessness in the city.

Most restaurant owners said they are torn between compassion and their new reality.

“They’re human beings, so I completely understand. They’re going through tough times too,” Il Punto’s Russo said. “But I think we should have a safe place for them in order to keep the rest of the city safe as well.” ■

24 | CRAIN’S NEW YORK BUSINESS | JULY 13, 2020

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CORONAVIRUS ALERT

Landlords promise fresh air to fight airborne virus

BY RYAN DEFFENBAUGH

W

orkers in a Rudin Management building can now check their office’s air quality via phone—in recognition that making workers feel comfortable about the air indoors will be the key to reopening offices.

Rudin, which owns about 10 million square feet of city office space, has for several years used its inhouse system to track fresh-air intake, carbon dioxide levels and humidity within its buildings. The landlord has now launched an app that allows its tenants to follow the same data points.

Rudin is among several office landlords investing in improving

their airflow systems to cut down on the risk Covid-19 could circulate within a building.

The World Health Organization said there is “evidence emerging” that the disease is capable of spreading through smaller, aerosolized droplets that hang in the air longer.

State officials are studying which types of filters and technologies can best weed out the virus. Gov. Andrew Cuomo said all shopping malls must install new air filters before reopening.

“If we can do that without an exorbitant expense for existing HVAC systems, it’s something we have to look at,” the governor said, referring to heating, ventilation and air conditioning. The governor has pledged

new guidance is on the way for other building types as well.

Business and building owners, already stung by costs for personal protective equipment and enhanced cleaning, will watch closely as the state defines “exorbitant.”

“I’m convinced that airborne transmission is possible, so the question is, how much do you have to do to reduce that risk to a reasonable level?” asked William Bahnfleth, a professor and indoor air expert at Penn State University.

Bahnfleth is the chairman of the epidemic task force at the American Society of Heating, Refrigerating and Air-Conditioning Engineers.

His group recommends property owners replace air filters and circu-

PEOPLE ON THE MOVE

late as much fresh air as possible into their buildings.

Comparing costs HEPA—short for high-efficiency particulate air—filters are believed to be most effective at eliminating the virus. But they cost about 20 cents per square foot of a building and require stronger airflow than many buildings are capable of pumping, creating additional costs.

The HVAC engineering group says most buildings can safely use MERV 13 filters, which cost about 1 cent per square foot and are more readily adapted to standard air-conditioning systems. MERV stands for minimum efficiency reporting value and is rated from 1 to 16, with 16

offering the highest level of filtration. The state is requiring MERV 11 or higher for malls. Rudin is using MERV 15 filters in its buildings, an executive there said.

Pumping in fresh air, meanwhile, requires a balancing act between energy consumption and need.

Blasting 100% fresh air may not be necessary for a building at a quarter capacity.

“If you are at 100% fresh air in the middle of July or August, the system will struggle with that,” said Mark Walsh-Cooke, a mechanical engineer and principal at engineering and design firm Arup. “We need to think, How do we balance energy consumption with good indoor-air quality?” ■

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

HEALTH CARE

HEALTH CARE

HEALTH CARE

HEALTH CARE

HEALTH CARE

Visiting Nurse Service of New York Board of Directors

Visiting Nurse Service of New York Board of Directors

Visiting Nurse Service of New York Board of Directors

Visiting Nurse Service of New York Board of Directors

Visiting Nurse Service of New York Board of Directors

Karen Boykin-Towns has joined the Board of Directors at the Visiting Nurse Service of New York. Ms. Boykin-Towns is recognized as a visionary and strategic results-driver in complex business and government environments, with demonstrated success in policy, advocacy, communications and proactive change management. After 22 years at Pfizer Inc., she now serves as President/CEO of Encore Strategies, LLC and Vice Chairman of the National Association for the Advancement of Colored People (NAACP) Board of Directors.

Edward Torres, a structured reinsurance broker and member of the financial advisory team at Willis Towers Watson in New York City, has joined the Board of Directors at the Visiting Nurse Service of New York. Mr. Torres previously served as Director of Capital Markets at PartnerRe, as President and portfolio manager at Baldwin & Lyons Capital Markets, and as Registered Principal at Benfield Advisory, Inc. He holds CPCU and ARe designations, and is an advisor to Princeton Climate Analytics, Inc.

Gayle M. Rosenthal, M.D., a resident of New York City for the past several years, has joined the Board of Directors at the not-for-profit Visiting Nurse Service of New York. Dr. Rosenthal served as a gastroenterologist at West Suburban Hospital Medical Center in Oak Park, Illinois for nearly two decades, and also practiced at Elmhurst Clinic in Elmhurst, Illinois. She currently serves as a docent for the Illinois Holocaust Museum and Education Center in Skokie, Illinois.

Donna E. McCabe, DNP, RN, a clinical nurse expert and master educator in aging, geriatrics and mental health, has joined the Visiting Nurse Service of New York Board of Directors. A Clinical Associate Professor at New York University Rory Meyers College of Nursing and a Fellow at Hartford Institute for Geriatric Nursing at NYU Meyers, Dr. McCabe is a board-certified geriatric nurse practitioner and psychiatric mental health NP. She directs the Hartford Institute for Geriatric Nursing Undergraduate Scholars Program.

is one of five new Directors joining the Visiting Nurse Service of New York Board. For nearly two decades, Ms. Sale served as EVP for External Affairs at Hospital for Special Surgery (HSS), an affiliate of Weill/Cornell Medical College, where she specialized in orthopedics and rheumatology.

She was Chief of Staff to NYS Lieutenant Governor Stan Lundine, served in the Carter/Mondale and Clinton/Gore campaigns, and is an independent director of BlueWolf Health Care Services, LLC.

FINANCIAL SERVICES

PROFESSIONAL SERVICES

City National Bank

Crowe LLP

Richard A. Raffetto has joined City National Bank as president. He will serve on City National’s board of directors and will report directly to Chief Executive Officer Kelly Coffey. Raffetto is an outstanding leader with 30 years of experience in corporate and commercial banking, most recently at U.S. Bancorp in New York, and before that at the Bank of New York Mellon.

Nicholas Bennett has been promoted to partner in audit services of Crowe LLP, a public accounting, consulting and technology firm.

He is based in the New York office. Bennett specializes in financial services providing audit and advisory services to SEC and CFTC registered broker-dealers, publicly traded bank holding companies, and private financial institutions. He earned his BS in Accounting from St. John Fisher College. He is a CPA in FL and NY, and a member of the AICPA, NYSSCPA, and FICPA.

NEW HIRE? PROMOTION? BOARD APPOINTMENT?

ANNOUNCE

YOUR BIG NEWS IN CRAIN’S!

Crain’s People on the Move showcases industry achievers and their companies to the New York business community.

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

PEOPLE ON THE MOVE

Deborah M. Sale

JULY 13, 2020 | CRAIN’S NEW YORK BUSINESS | 25

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Advertising Section

CLASSIFIEDS COMMERICIAL REAL ESTATE

US Treasury Dept. Auction. Bid Online Tues. 8/4 at 11 am Commercial Land w/ Air Rights. 5051-5055 Broadway, NY Currently leased as a parking lot. 7500 sf w/ 31,500 total sf w/Air Rights. To be sold w/tenant in place w/ rental income of $5800 per mo. www.cwsmarketing.com 703-273-7373

FOR SALE JERSEY SHORE HOTEL

1 Block from beach.1 PH suite, 15 en-suite bedrooms, balconies.100 seat restaurant/events 1000 sq ft Retail/Comm space.

Call (212) 532 2990

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

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

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

POSITION AVAILABLE Vice President, Portfolio Management (with Specialization) (WorldQuant, LLC / New York, NY). Dvlp & maintain statistical arbitrage strategies for global equity portfolio; analyze predictive mathematical models (alphas) genratd by researchers. Reqs Bach in Mathmatcs, Computr Informatn Systms, Computr Science, Computr Engnrng, Physics, Statistics, or Operatns Rsrch & 2 yrs exp in job offered or 2 yrs exp as VP, Research, &/or Sr Quntitatve Rsrchr, &/ or Quntitatve Rsrchr or in similar positn(s). Bkgd in educ, train, or exp must incl strong C++ programming skills; SUÀFLHQF\ LQ VFULSWLQJ SURJUDPPLQJ lnguages (such as Python); undrstndng of linear algebra, logic, prbability & statistics; basic knwldge of mathmaticl programming & optimizatn; exp w/ VWDWLVWLFO DQO\VLV RI ÀQDQFLDO GDWD H[S dvlpng systematic forecastng models & systematc alpha strategies, for the glbl VWRFN PDUNHWV RU IRU RWKHU ÀQDQFLDO markts, w/ annualized Sharpe ratio of at least 2.0. Send resumes to Sandra.

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

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

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

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

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

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

Purpose: Any lawful activity.

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

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

DEADLINE EXTENDED TO JULY 24

Love your company? TELL

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

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

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

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

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

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

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

Purpose: Any Lawful Purpose.

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

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

Purpose: any lawful act.

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

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

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

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

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

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

US WHY!

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26 | CRAIN’S NEW YORK BUSINESS | JULY 13, 2020

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OUT OF OFFICE

Where to sit and eat a burger in the five boroughs The summer staple lives on thanks to outdoor seating

BY CARA EISENPRESS

I

TEN HOPE

COURTESY OF TEN HOPE

ndoor dining has been postponed in the city, a public health move that could continue the financial challenges for the industry. Yet because of the warm weather and loosened restrictions about how restaurants can set up outdoors, there are now dozens of places where you can sit and eat a burger and fries. Of course, workers are still grappling with limited hours and concerns about safety, so follow restaurants’ rules about wearing a mask, tip well, and don’t linger so they can turn the table.

THE BERGEN Noon to midnight Monday through Saturday; noon to 8 p.m. Sunday The Bergen specializes in wings, fries, seafood and burgers, which patrons can now dine on alfresco. Burgers include the Hawaiian, with pineapple, bacon and teriyaki sauce, and the O.G. Bergen, with coleslaw, cheddar, pickles and buttermilk ranch mayo on a toasted bun. Crispy fried chicken can replace the burger in any sandwich.

1299 Bergen St., Crown Heights THE BONNIE 4 p.m. to midnight Monday through Thursday; 3 p.m. to midnight Friday; 10 a.m. to midnight Saturday and Sunday This Astoria bar and eatery has a garden that’s once again open for drinking and

HOW GREEK IT IS 10 a.m. to 10 p.m. daily Diners in the tented outdoor seating area can choose from a vast menu of Greek specialties. The burger section includes an 8-ounce hamburger and cheeseburger, a Greek burger served on a pita with feta and tzatziki sauce, and a turkey burger.

2224 Hylan Blvd., Staten Island BURGER JOINT, INDUSTRY CITY Noon to 4 p.m. daily Several of the stalls at Industry City have reopened. Diners can place to-go orders, then

find a spot to eat in the complex’s outside courtyards. Burger Joint, a branch of the famous Midtown location, has both beef and plantbased burgers with standard toppings. A nearby stall, Renegades of Sunset, serves a vegan beet and mushroom patty.

220 36th St., Sunset Park, Brooklyn KARAZISHI BOTAN 5 to 10 p.m. Monday through Thursday; 5 to 11 p.m. Friday; noon to 2:30 p.m. and 5 to 11 p.m.

Saturday; noon to 2:30 p.m. and 5 to 9 p.m. Sunday This “ramen diner” serves bowls of noodles and Japanese appetizers. Its menu also has a burger section, except the buns have been replaced by bomboloni, or Italian-style donuts. Most burger-like is the beef meatball selection. The bomboloni also come filled with chicken cutlet and chili con carne. Reservations for spots in the outdoor garden are appreciated though not required and can be made at 347-763-1155.

255 Smith St., Cobble Hill, Brooklyn

KAFANA 5 to 11 p.m. Monday through Friday; noon to 11 p.m. Saturday and Sunday A Serbian spot in the East Village, Kafana makes two burgers, which can be ordered at its sidewalk tables. Both are a blend of veal, BURGER JOINT, pork and beef INDUSTRY CITY and served in the

KARAZISHI BOTAN

KARAZISHI BOTAN

dining. Patrons can stop by for the classic dry-aged burger with spicy pickles or the Beyond vegan burger.

29-12 23rd Ave., Astoria BURGER HEIGHTS BURGER HEIGHTS 11:30 a.m. to 10 p.m. daily The takeout shop has set up several tables and chairs on the sidewalk outside its ordering counter.

Customers can stop by for burgers made from Pat LaFrieda beef and topped with Swiss cheese, mushrooms and onions; pepper jack and grilled jalapeños; or American cheese, lettuce and tomato.

177 Wadsworth Ave., Washington Heights

INDUSTRY CITY

BURGER HEIGHTS

BEATSTRO Noon to 10 p.m. daily The food here combines African American and Puerto Rican influences on a menu that ranges from fried green tomatoes to pernil (roasted pork shoulder) served with rice and beans and salsa verde.

Beatstro’s burger is served smash-style with lettuce, tomato, pickles and jalapeño cheese sauce. The restaurant has set up about 10 seats on the sidewalk, which can be reserved in advance through its website.

135 Alexander Ave., Mott Haven, Bronx

Serbian flatbread lepinja. They’re topped with a clotted cheese spread.

116 Loisada Ave., East Village TEN HOPE OUTDOOR GARDEN 5 to 11 p.m. Monday through Friday; noon to 11 p.m. Saturday and Sunday A 2,500-square-foot patio is the key feature for the moment at this recently opened Williamsburg restaurant. The burger is smashed and comes with white American cheese, caramelized onion aioli and pickles. There’s also a version with mushrooms and Gorgonzola.

10 Hope St., Williamsburg THE PINEAPPLE CLUB Noon to 11 p.m. Monday through Friday; 10 a.m. Saturday to 2 a.m. Sunday The tropical theme of this cocktail bar extends to its burger, which is served outside at tables that can be reserved but are open to walk-ins as well. The Island burger is a double patty that comes topped with cheddar cheese, pickles and a special sauce.

509 E. Sixth St., East Village JULY 13, 2020 | CRAIN’S NEW YORK BUSINESS | 27

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35+ calling features including Call Forwarding, Call Transfer, Voicemail to Email and more

REOPEN YOUR BUSINESS WITH THE BEST SOLUTIONS FOR LESS.

Call 1-855-251-8821 Or visit Business.Spectrum.com/reopen

Offer expires 08/31/2020; subject to change. Qualified new business customers only. Must not have subscribed to applicable services w/ in the last 30 days & have no outstanding obligation to Charter. *$49.99 Internet offer is for 12 mos. when bundled w/ TV or Voice & incl. Spectrum Business Internet starting speeds. Internet speed may not be avail. in all areas. Actual speeds may vary. Advertised speed based on download speed on wired connection. Wireless Internet speeds may vary. Spectrum Internet modem is req'd & included in price; Internet taxes are included in price except where req'd by law (TX, WI, NM, OH, WV and HI). ^Free mo. offer will be applied as credit by the 2nd mo. statement. Standard installation, taxes, fees, equipment, and broadcast surcharge included. Excludes usage charges & Spectrum Mobile. °Based on Eighth Measuring Broadband America Fixed Broadband report completed by the FCC, https://www.fcc.gov/reports-research/reports/measuring-broadband-america/measuring-fixed-broadband-eighth-report. ˭Value based on retail price for comparable services. §99.9% network reliability based on average HFC Availability, Jan 2019 - Jan 2020. Visit business.spectrum.com/network-reliability for details. Standard pricing applies after promo. period. Services subject to all applicable service terms & conditions, which are subject to change.

Services & promo. offers not avail. in all areas. Installation & other equipment taxes & fees may apply. Restrictions apply. Call for details. © 2020 Charter Communications, Inc

Offer expires 08/31/2020; subject to change. Qualified new business customers only. Must not have subscribed to applicable services w/ in the last 30 days & have no outstanding obligation to Charter. **$19.99 Voice offer is for 12 mos. when bundled with Internet & incl. one business phone line w/ unlimited local & long distance w/ in the U.S., Puerto Rico, & Canada plus 2,000 long-distance minutes to Mexico. Limited time offer. Offer not available in all areas. Offer not available to bars and restaurants. Includes phone taxes, charges and fees. Other telephone services may have corresponding taxes and rates. ^Free mo. offer will be applied as credit by the 2nd mo. statement. Standard installation, taxes, fees, equipment, and broadcast surcharge included. Excludes usage charges & Spectrum Mobile. Standard pricing applies after promo. period. Services subject to all applicable service terms & conditions, which are subject to change. Services & promo. offers not avail. in all areas. Installation & other equipment taxes & fees may apply. Restrictions apply. Call for details. © 2020 Charter Communications, Inc.

Small businesses are coming back.

And yours can make a huge difference.

SWITCH TO SPECTRUM BUSINESS AND ENJOY 1 MONTH OF SERVICE FREE^ NO CONTRACTS + FREE STANDARD INSTALLATION ($99 VALUE)^ OFFER EXPIRES 08/31/20

When your business reopens, you'll be helping both your community and the country. That's why we're supporting small businesses with 1 FREE month^ of Internet, Phone and TV, plus FREE standard installation.^

REOPEN AND GET THE BEST VALUE

Call 1-855-251-8821 Or visit Business.Spectrum.com/reopen SBIZ - GEN200 — 0713