Crain's New York Business

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OCTOBER 12, 2020

COVID-19

Virus restrictions draw backlash, questions After mixed messages and violent opposition, experts still worry about second wave

BY GWEN EVERETT, BRIAN PASCUS AND COLIN KERN

REINGOLD SAYS the trucking business is rebounding.

B

TRANSPORTATION

BUCK ENNIS

ON THE ROAD AGAIN Truck drivers have returned to work, a sign the economy may be on the mend

BY AARON ELSTEIN VOL. 36, NO. 34

NEWSPAPER

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n the spring, Matt Reingold got a lot more rest at night. It wasn’t as relaxing as it sounds, because he runs a trucking company in the Bronx. In normal times his phone buzzes at his bedside all night long.

“You sleep with your ringer on and hope your wife doesn’t divorce you,” he quipped.

But quiet nights are a thing of the past for Reingold. After a near-total collapse in business during the spring, the trucking business has snapped back See TRUCKER on page 22

© 2020 CRAIN COMMUNICATIONS INC.

usinesses and religious groups have openly resisted orders by the governor and the mayor to lock down Brooklyn and Queens neighborhoods with surging infection rates. But experts question if the restrictions go far enough to stop a second wave.

“What we’re seeing play out is this challenge of figuring out how local to implement the control measures, because the boundaries are really blurry here,” said Rachael Piltch-Loeb, an associate research scientist at New York University who specializes in epidemiology.

“We are running with the responses before we are walking. There’s no way to know how effective it’s going to be.”

The state shut down circumscribed areas of Brooklyn and Queens, including Borough Park, Gravesend and Far Rockaway, last week after those neighborhoods saw an increase in Covid-19 cases.

The areas facing restrictions were put into a series of color-coded zones. In red zones, all but essential businesses closed, with restaurants restricted to takeout only and mass gatherings banned. Orange zones saw the shutdown of high-risk businesses such as gyms and limited restaurants to outdoor dining only.

Gatherings in that zone have a See SHUTDOWN on page 17

Old-style Thai and other appetizing eats

STATE ATTORNEY GENERAL LOOKS TO PROTECT HOME OWNERSHIP

PAGE 23

PAGE 4

OUT OF OFFICE

REAL ESTATE

SoHo rezoning has real estate industry’s support, but community opposition persists

BY EDDIE SMALL

BUCK ENNIS

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he mayor’s renewed push to rezone SoHo to increase affordable housing has the support of major real estate and development groups, but even they acknowledge overcoming community opposition will be a significant hurdle.

“All of the mayor’s rezoning efforts have been met with furious political and legal challenges,” said Jessica Katz, executive director of the Citizens Housing and Planning Council, “so we’re just happy that the mayor’s office is giving SoHo at least a fair shake and is going to defend it on the merits.”

Mayor Bill de Blasio announced last Wednesday that the rezoning effort for SoHo and NoHo would move forward into the city’s public land-use review process. It would encompass the area bound by Ca-

that the changes would bring up to 3,200 new homes to the neighborhood, 800 of which would be affordable, and give more flexibility to local businesses and cultural organizations.

“The city’s proposal is centered on two key ideas that all New Yorkers can support: building affordable housing in high-income neighborhoods and addressing our unprecedented retail crisis,” said James Whelan, president of the Real Estate Board of New York.

The SoHo rezoning effort comes on the heels of multiple unsuccess-

“WE’RE JUST HAPPY THAT THE MAYOR’S OFFICE IS GIVING SOHO A FAIR SHAKE” nal Street to the south, Houston Street and Astor Place to the north, Lafayette Street and the Bowery to the east, and Sixth Avenue and West Broadway to the west.

The administration estimates

ful attempts to rezone city neighborhoods. The de Blasio administration’s attempts to rezone parts of Bushwick and Southern Boulevard collapsed during the winter in the face of opposition from the local councilmen, and the Industry City owners’ attempt to rezone their Sunset Park campus recently fell apart, also because of political opposition—although the mayor did not take a stance on that project (see Viewpoints, page 8).

Vicki Been, deputy mayor of housing and economic development, acknowledged in January that the administration was unlikely to reach its goal of rezoning 15 neighborhoods to spur affordable housing before de Blasio left office.

With local Councilwoman Margaret Chin having expressed support for the process, however, the SoHo rezoning appears to have cleared one major hurdle that the aforementioned ones did not.

“As our city continues its path to rebuild and recover, the movement to secure housing justice and build inclusive neighborhoods has never been more urgent,” Chin said. “Our collective recovery as a city will be determined by how our communities rise up to confront that challenge.”

Tom Wright, president and CEO of the Regional Plan Association, expressed his support as well. He described SoHo as “exactly the type of community where we should

Queens casino forges ahead with plans for $400M hotel despite bleak market

BY EDDIE SMALL

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$400 million Hyatt Regency is set to open early next year at the only casino in New York City, even as the hotel industry struggles through its worst market in recent memory.

Genting Group is moving full steam ahead with its plans for a 10-story, 400-room hotel at the Resorts World Casino near JFK Airport in Queens. It plans to open the

in overnight hotel accommodations to the mix for Resorts World NYC would really propel us to become a true world-class destination,” said Bob DeSalvio, president of Genting Americas East. “And we certainly understand the difficult times we’re in now, but we’re really building this for the future.”

The casino itself opened in 2011, and Genting announced plans to add a hotel in 2017. At the time the company expected to open the hotel in mid-2019.

Hyatt did not respond to a request for comment.

The ongoing pandemic has hit New York’s hotel industry especially hard. Hotels including the AKA Wall Street and the W New York Downtown on Albany Street have closed permanently, and the Hilton in Times Square filed a notice with the state Department of Labor on Aug. 31

“WE UNDERSTAND THE DIFFICULT TIMES, BUT WE’RE BUILDING FOR THE FUTURE” Hyatt during the first quarter of 2021, the company announced last Tuesday.

“We have always felt that, for the long-term development opportunities at the property here, adding

saying it planned to close permanently as well. The industry faced an immediate 85% drop in revenue starting March 22, Hotel Association of New York City President Vijay Dandapani previously told Crain’s.

Tourism troubles The hotel industry’s problems are directly linked to the struggles in tourism, which also has taken a hit due in part to travel restrictions.

Famed New York institutions such as Carnegie Hall and Lincoln Center plan to stay dark until at least the end of the year and Broadway will not reopen until next spring at the earliest.

The City Council has proposed ideas to help tourism that include creating a corollary to Open Restaurants for theaters and creating a temporary centralized agency to allow members of the industry to communicate better with city bureaucrats.

Hyatt currently has 18 hotels in

New York City, according to its website. A Hyatt Centric at 39th Street and Fifth Avenue is scheduled to open soon.

Genting isn’t the only company placing a bet on New York’s hotel industry during a rough time. ICG Hospitality and 7G Realty recently partnered to open a swanky Rockaway Beach hotel with 53 rooms, eights suites, a spa and four restaurants and bars.

Resorts World closed March 15 and reopened Sept. 9 with significant safety protocols in place, DeSalvio said. He acknowledged that the hotel might not see a surge of visitors right away, but he remains confident about its future.

“I do think that, over time, business travel will ramp up,” he said.

“It’s going to take a while, obviously, for it to get back to where it was.

But the fact that we’re so close to JFK and these will be what we believe to be the highest-quality rooms near JFK, I think it bodes well.” ■

build more affordable homes.”

The introductory public engagement process for the SoHo rezoning lasted for six months and included more than 40 meetings in 2019, the de Blasio administration said. It was co-sponsored by Chin, the Department of City Planning and Manhattan Borough President Gale Brewer.

This bodes well for its chances at success, said Gary Tarnoff, co-chair of the land-use division of the law firm Kramer Levin.

“The fact that it’s now part of the community planning process is a positive, and the fact that this process was sponsored by a council member and the borough president is also something that’s a positive,” Tarnoff said. “I know that there will be opposition from some longtime SoHo residents, but I think it has a good chance of getting through.”

No specifics Sean Sweeney, leader of the SoHo Alliance, has expressed misgivings about the rezoning. He does not want to see skyscrapers come to the neighborhood, he said, and he is concerned by the lack of specifics in the city’s plan.

“I wish there was more information,” Sweeney said. “And I want real affordable housing. I want housing for the poor, not for the ­upper-middle class.” ■

WEBCAST CALLOUT

NOV. 5 WHAT DOES THE PRESIDENTIAL ELECTION MEAN FOR NYC? Policymakers and leading business executives will gather to discuss the state of New York after a tumultuous presidential election. We’ll break down what you need to know next year. This is an opportunity for some of the city’s best minds to come together to discuss what lies ahead for local businesses.

VIRTUAL EVENT TIME: 4 to 5 p.m.

CrainsNewYork.com/ NovNYCSummit

Vol. 36, No. 34, OCTOBER 12, 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 | October 12, 2020

DIVERSITY & INCLUSION

BUCK ENNIS

STEVENSON (left) turned to NYPACE and volunteer Lynda Peralta for guidance in raising funds for her newspaper.

A HELPING HAND

Volunteers step in to assist minority-owned firms with finding the tools to survive the pandemic

BY BRIAN PASCUS

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hen Covid-19 began to take its toll on New York City’s economy in mid-March, Harlem Community News publisher Pat Stevenson didn’t know how she would survive. Stevenson’s revenue is completely dependent on advertisements, and many businesses stopped advertising once they were forced to close.

“I didn’t know going forward what it would look like for me,” she said. “When businesses closed down the third week

in March, I lost over $100,000 worth of business.”

As small businesses across the city attempt to recover from the ongoing economic crisis, with minority- and women-owned companies in an especially tough spot, a collection of local nonprofits and small companies are offering resources to make that challenge easier for minority-owned firms.

Stevenson turned to New York Professional Advisors for See HELP on page 19

ECONOMY

Fearing another lockdown, small businesses race to get online ahead of holidays

F

aced with the threat of another Covid-19 shutdown—and a holiday shopping season analysts expect will set records for online sales— the race is on for city store owners to get their products online.

At Magpie, an Upper West Side gift store, owner Sylvia Parker is diligently

working to post as much of the toys, stationery and jewelry that fill her shelves online for the first time. The store operated only a small online shop before the pandemic but now lists more than 100 items—with many more to add.

“It is an extra job for businesses at a time we are all also trying to figure out how to operate safely,” Parker said. “It won’t make up for what we’ve lost in-

store, but it is absolutely necessary.”

Shopkeepers are taking notice as rising Covid-19 rates in parts of Brooklyn have forced nonessential businesses to start closing.

“We have to be prepared in case we are shut down again,” Parker said.

All signs are pointing to this holiday

ISTOCK

BY RYAN DEFFENBAUGH

See ONLINE on page 18 OCTOBER 12, 2020 | CRAIN’S NEW YORK BUSINESS | 3

POLITICS

Attorney general supports state antitrust legislation Letitia James New York state attorney general INTERVIEW BY JANON FISHER

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ew York State Attorney General Letitia James, the first Black woman to hold the office, probably works harder than you do. During the pandemic she has rooted out price gouging, held off student debt, fought environmental battles with national scope and kept homeowners secure in their property. She took time out of her busy schedule recently to talk to Crain’s about some of these issues. The interview has been edited for length and clarity.

goods, hand sanitizers, gloves, masks, things like that. We had to issue over 1,500 cease-anddesist letters. We did not have to go to court, thank God, to seek that enforcement of the law and of the executive order.

We were able to work with businesses all over the city and throughout the state of New York.

Then we saw a transition of For a number of reasons. As the price gouging from essential we reviewed the list, we have items to food. We received a concerns that a significant number of complaints, primarily number of homeowners should in Brooklyn and the Bronx, not have been on the list as about price gouging related to a result of negotiations that eggs and meat. We met with we conducted as the former supermarkets all throughout the public advocate of the city. For city. instance, one-, two- and threeWe took a look at the supply family homes are not supposed chain and found that they were to be on the list, senior citizens merely passing on the cost were not supposed to be on the to their customers, and that list. Houses of faith, they're not they were not engaging in any supposed to be on the list, and illegality. unfortunately, we uncovered a We did uncover one number of errors. And then last manufacturer of eggs who, in but not least, it's really critically fact, was engaging in price important that we support and gouging, and we had to initiate promote homeownership in the some litigation against that manufacturer. We are continuing to receive “IT’S IMPORTANT THAT calls to our hotlines from consumers again WE PROTECT THE related to price gouging of food products, MARKETPLACE” and we will continue to investigate those complaints that come to our city. And during this pandemic, hotline. It's really critically during this time, we do not important that individuals obey think it benefits New Yorkers, the law, and that businesses particularly homeowners, to not take advantage of this go forward with this lien sale. pandemic.

And that's why we've asked for a postponement and we reached out to the governor, and State Sen. Mike Gianaris I want to thank the governor for recently proposed anti-trust stepping in. legislation that would affect big

Your office was particularly active during the height of the pandemic to root out price gouging in the city. To what extent do you think that's still a problem?

What products were most frequently gouged?

So in the beginning of the pandemic, we saw individuals who were taking advantage of the situation. We received around 8,000 calls to our hotline, and primarily the price gouging focused on essential

tech companies. Nationally, the federal government has taken aim at Google and Apple for antitrust violations. Is that a problem the state should take up?

We have antitrust laws in the state of New York, but we haven't updated them in some time, and they're outdated.

Unfortunately, they don't reflect the realities of the 21st century.

I want to thank Sen. Gianaris for putting forth a bill which would focus on the monopolistic

4 | CRAIN’S NEW YORK BUSINESS | October 12, 2020

COURTESY OF THE NEW YORK STATE ATTORNEY GENERAL’S OFFICE

You support the suspension of property tax lien auctions.

These come from taxes owed by property owners that have been delinquent for at least three years. Haven’t they gotten enough latitude?

The city needs funding that these auctions produce.

Why postpone these tax lien auctions?

JAMES

powers of companies that engage in anti-competitive conduct.

At this point in time we cannot go after companies who engage in antitrust violations and individuals who take advantage of the market. Now, our law is limited in the state of New York.

Companies can take advantage of their monopoly power. It's important that we protect the marketplace. And we protect it from companies who engage in monopolistic abuse, and who engage in antitrust violations.

Currently our office is investigating a number of businesses for antitrust violations. And so we will continue again to ensure that the law reflects the current technology and reflects conduct which currently exists in our marketplace.

You are now the highest law enforcement officer in the state. At other times you have been an advocate for law enforcement reform. How do you balance the two now that you are leading a system that you have at times sought to change?

The Office of Attorney General has an Organized Crime Task Force, and we engage in a lot of arrests and investigations, and we work with a number of jurisdictions all throughout the state of New York, particularly focusing on gun trafficking and

drug trafficking. But at the same time, we want to make sure that we respect the rights of individuals and rebuild the trust, which unfortunately has been broken in some communities.

It's critically important that we focus on going after bad actors, that we focus on addressing crime in the state of New York.

But at the same time, respecting the Constitution and the rights of individuals.

It's a balancing act.

The bottom line is basically this: We need to trust, and at the same time ensure, that law enforcement is in a position to do its job effectively.

Finally we get to the toughest question. You know we've all been locked down in the pandemic; we all have to cope with the lockdown and limited movement. To help you get through it, who are your top artists on your pandemic playlist?

I hate to disappoint you, but I don't have a playlist. I'm very busy. I’m involved in a lot of cases. From sunup to sundown it's basically just reviewing a number of briefs, talking to a number of attorneys.

And then, usually in the evening I watch the news and then I wake up and do it all over again. But if I were to have a playlist, I’m pretty old school, so I listen to a lot of R&B. And what

CRAIN’S FORUM WITH THE NEW YORK STATE ATTORNEY GENERAL HEAR MORE from Letitia James about how the state is enforcing price-gouging laws, protecting the competitive marketplace and safeguarding the environment. As the state’s top law enforcement officer, she has dismantled President Donald Trump’s charity, halted the auctioning of property tax liens and cracked down on pandemicrelated price gouging.

The attorney general will be the guest speaker on Wednesday, Oct. 14, from 3 to 4 p.m. To register for this free event, visit crainsnewyork. com/octbusinessforum.

I like to listen to most these days is gospel music.

What do you do to unwind?

I read a lot of books, and I walk in my community, quite a bit.

And I have a circle of friends who allow me to laugh and to be myself. I focus on family. And just playing with the children in the neighborhood. Because they're honest, because they’re pure and because they're innocent. ■

SPONSORED CONTENT

Slow market for a hotel industry reeling from Covid-19 W

ith the travel and tourism industry still hit hard by the Covid-19 pandemic and no vaccine or treatment on the immediate horizon, the pace of deals in the hotel space has slowed in recent months. Adding to the situation are unknowns about the outcome of the U.S. elections in November.

service hotels, which have performed better than other hotel types for a variety of reasons, including their ability to be self-contained units with kitchenettes and office spaces. An interesting change in the market post-Covid may be an increase in foreign investors who want to add limited service hotels to balance their hotel portfolio.

“Many people are waiting to see what November brings on the political front and what Q1 2021 brings on the vaccine front; all that uncertainty makes for a slow transactional market for hotels right now,” says Cecilia T. Gordon, a director at law firm Goulston & Storrs and co-chair of the firm’s Hospitality and Recreation Industry Group.

With the crisis, however, has come an opportunity for investors, to provide the capital needed to wait out the storm or to re-purpose existing hotels to other uses. Crain’s Content Studio recently spoke with Gordon to gain insight into the rapidly evolving trends.

CRAIN’S: Many hotels are facing another three to six months of being closed or having very low occupancy— and potentially never reopening. What creative solutions are you seeing from owners of hotel properties?

CECILIA GORDON: Many hotels tried to maximize summer occupancy and pick up revenue from drive-to summer vacations.

Now, if you look around, you’ll see a lot of advertising for fall getaways, which drive weekend occupancy, and week-long stays where the whole family can do remote work and remote schooling from the hotel and then enjoy the hotel’s amenities at the end of the day. In many cases, we are hearing that hotels are able to maintain their rates, although the lower occupancy levels across the week are driving the averagedaily-rate metric down.

CRAIN’S: How are they using business-to-business space?

GORDON: Hotels are looking at creative ways to use their conferencing facilities. For instance, Wyndham is rolling out a program at some of its European hotels to allow hybrid meetings among separate conference rooms at the same hotel or among hotels in separate cities. So a small group can meet, socially distanced, in one conference room and get the benefits of in-person connections, while also meeting remotely with co-workers from other offices.

There is a real appetite for seeing people in person if it can be done safely and getting out of the house, and in more northern areas, there is a feeling of urgency to having an alternative to outdoor meetings, as the cold and dark of the winter begin.

CRAIN’S: Are you seeing trends

in repurposing hotel buildings for other types of uses? What are the opportunities on this front?

GORDON: Some hotels are renting their rooms as offices as an interim model. The investment that many hotels made in providing strong Wi-Fi is paying off, as this is a significant amenity for people looking to work outside the home but unable to access their employer’s officers.

Other hotels in cities such as New York, Chicago and LA are temporarily housing the homeless or medical/emergency personnel, which provides some revenue.

CRAIN’S: How does zoning come into play when hotel owners repurpose their space?

GORDON: When there was the first rush in the spring to use hotels for homeless housing or for medical or emergency personnel, one of the questions that came up was if the use was still a “hotel” use and was zoning compliant.

Often, the alternative use was requested or sponsored by a local or regional government entity, which then agreed that, to the extent there was a zoning problem, the government would not pursue it. However, where hotels are permanently repurposed (for example, to multifamily or senior housing), zoning will be one of the first hurdles to clear as hotels are often in areas zoned for commercial use where residential use is restricted.

CRAIN’S: What tax and financial implications are you seeing for hotels that are closed or under-occupied?

GORDON: A lot of jurisdictions are giving real estate owners

grace periods to pay real estate taxes. That bill will come due, but it’s not coming due yet.

Hotels are waiting to see if they can hold on at lower occupancy and lower revenue levels until travel returns, particularly business travel. Even hotels that have closed need to find ways to pay for basic operating costs, not to mention debt service, and the financial pressure increases the longer it takes for an effective vaccine to be widely available.

There have been foreclosures and voluntary handovers of hotels, but nowhere near as many as people were projecting that we would have by now. It is challenging for lenders to take on hotels that need—or are likely to need— cash infusions to keep running, and at the same time, many owners do not want to lose an asset that they believe will stabilize once there is a vaccine and the external causes of the low occupancy are removed.

This focus on the underlying value of the assets, combined with hope that the pandemic will end soon, is also impacting the bid-ask spread, as many hotel owners are not willing to accept the “distressed” pricing offered by buyers.

CRAIN’S: Many experts expect that a meaningful number of hotels in the U.S. may never re-open. What is the impact on foreign investment?

GORDON: The last couple of years, there has been a strong appetite among foreign investors for buying luxury hotels in very desirable locations such as major gateway cities—like New York and San Francisco—and high-end resort locations. Many of those hotels have been weathering

CRAIN’S: With many people moving from the cities to the suburbs, what does the future hold for urban hotel properties?

Cecilia T. Gordon, director, Goulston & Storrs the pandemic, even with lower occupancies, by appealing to a demographic with the desire and ability to escape, even if just for a weekend “staycation.”

But one of the unexpected impacts of the pandemic has been the success of limited-

GORDON: If more people are living in the suburbs and working from home most days, with the occasional visit to the main office in the city (or another city), hotels are a great alternative to an apartment in the city or staying with friends. So, in the short-term, that trend is likely to be good for urban hotels—but in the long-term, the hotels need the cities to stay strong and vibrant. ■

IN THE MARKETS

Morgan Stanley pays big money for a piece of old Wall Street Firm acquires Eaton Vance for $7 billion—a 38% premium over its market price

A

THE QUESTION IS WHETHER GORMAN OVERPAID FOR A FIRM PAST ITS PRIME

GORMAN BUCK ENNIS

iling industries often see over Zoom.

The Eaton Vance deal, struck only consolidation waves.

There’s one underway on days after Morgan Stanley completWall Street involving in- ed its acquisition of E-Trade, fills a vestment firms that try—and most- hole. The 96-year-old Boston-based ly fail—to beat the market. These firm is a major player in the hot companies, many of which date trend of sustainable investing, and it has a presence in bond inback to the days of ticker tape and top hats, have vesting that Morgan Stanbeen busily coupling up ley lacks. Most important, for a couple of years in a it still manages about $500 desperate effort to keep billion and brings $1.7 bilafloat while fed-up clients lion in annual revenue to abandon ship and send Morgan Stanley while it their money to Blacklifts the bank’s assets unRock, Vanguard and other der management to $1.2 low-fee index trackers. trillion. Morgan Stanley’s Another one bit the stock price rose more than AARON ELSTEIN 1% Thursday. dust last Thursday, when Eaton Vance agreed to be Gorman has been bulkacquired by Morgan Stanley for $7 ing up the wealth-management billion, or a hefty 38% premium business to balance out Morgan over its market price.

Stanley’s volatile investment bank“People who hang around trying ing for many years. to buy great companies cheaply The question is whether Gorman never get anything done,” said overpaid for a firm past its prime.

Eaton Vance’s stock traded at $40 a share heading into Thursday, down from $60 in early 2018. During the spring it suffered $9 billion in net outMorgan Stanley Chief Executive flows, the first time it had sprung a ­ James Gorman in response to critics leak in 22 quarters, Evercore of the deal, which was negotiated ISI said. The outflows abated

during the summer, but the tides are rolling against active-management investment firms that can’t compete on fees with the index-investing specialists and are consistently unable to outperform the market.

Only 24% of all active funds beat the market in the 10-year period ending in June of this year, according to Morningstar. Active managers believed they would shine when the markets turned stormy, but

only half topped the performance of their passive rivals in the first half of this year.

Opportunity knocks Last year the head of Invesco predicted a third of asset-management firms, undone by fee pressure and rising costs, could disappear in five years, and that forecast looks spoton. Legg Mason and Franklin Templeton combined earlier this year, and activist investor Nelson Peltz

recently disclosed that he had 9.9% stakes in Invesco and Janus Henderson and he is pushing them to find merger partners.

For Goldman Sachs, whose market value has fallen nearly $20 billion below Morgan Stanley’s, opportunity knocks.

It won’t be long before the big active-management investment firms disappear. When Gorman came courting, Eaton Vance smartly hit the bid. ■

TECHNOLOGY

Flatiron software company reaches $2 billion valuation

Clear links with labs on Covid-19 effort

BY RYAN DEFFENBAUGH

BY RYAN DEFFENBAUGH

qork after leaving job as his nqork, the software compa- MetLife’s chief inny that helped the city formation officer. launch its Covid-19 tracking The company has app earlier this year, has raised grown to have $207 million from investors and more than 350 now has a valuation of $2 billion. employees, with a That places the Flatiron District client list that instartup among the city’s unicorns, cludes Goldman HOBERMAN the rarefied club of private firms Sachs, John Hanthat investors say are worth $1 bil- cock and Liberty Mutual. Its platform is used most often to rapidly develop lion or more.

The firm provides “no code” soft- online applications for consumers seeking bank loans or car ware that allows corporate insurance. and government workers Analysts expect noto build digital products code development will through drag-and-drop AMOUNT continue to grow to octools—no programming Unqork has language required. cupy more of the masraised from The company’s latest sive market for enterinvestors since its investment round was led prise software. Airtable, launch in 2017 by a group of funds mana San Francisco-based aged by BlackRock. Existstartup that helps coming investors such as panies manage databasGoogle’s CapitalG and Goldman es without code, raised $185 milSachs participated as well. Unqork lion from investors last month. has raised $365 million since its Unqork built itself around New launch in 2017.

York’s strength in the finance and CEO Gary Hoberman started Un- insurance sectors, hiring talent

U

$365M

6 | CRAIN’S NEW YORK BUSINESS | October 12, 2020

from both.

“New York is the proving ground for enterprise software,” Hoberman said. “If you can build something that works for Wall Street, it can work for anyone.”

While declining to give exact figures, Hoberman said revenue for the company has tripled three years in a row.

At the start of the pandemic, the de Blasio administration turned to Unqork for a website that would allow residents to self-report Covid-19 cases. The city also relied on Unqork to build an app that let out-of-work yellow-cab and ridehail drivers deliver meals to low-income New Yorkers. Both apps were built in a weekend.

With the new funds, Hoberman said the company will continue hiring for its U.S. headquarters, in the Flatiron District, and will also expand its second office, in London. He declined to provide an estimate for how many people the company will hire. The firm’s online job board lists about 70 open positions. ■

MANHATTAN-BASED BIOMETRICS firm Clear—best known for letting people skip to the front of the airport security line—has partnered with Quest Diagnostics and LabCorp to link Covid-19 test results to an app that lets firms and building owners screen at the door for health risks.

The partnerships mark a big step for Clear’s new Health Pass app, which the company says links biometric verification technology with health data. But privacy advocates have concerns.

To enter an office building or venue using Health Pass, people must download the app and take a selfie to authenticate their identity. A quiz asks about potential symptoms.

People then need to stand in front of one of Clear’s kiosks, where their face will be scanned and their temperature taken.

Based on guidelines set by the business or venue, the kiosks give a red or green light indicating if someone should be allowed to enter.

CEO Caryn Seidman-Becker said

the partnerships with Quest and LabCorp would add to that process by allowing people “a discreet, secure way to share their test results when they enter public settings and workplaces.”

Clear says building owners or companies do not have access to an individual’s health data through the technology. They will see only the red or green light indicating whether to allow someone into a building.

No legal protection?

Health Pass has attracted skepticism since its launch. Albert Fox Cahn, an attorney, called it a “privacy nightmare” that could create a false sense of security.

“There’s no legal protection to stop schools, employers or public accommodations from forcing people to install this sort of invasive app on their phone as a requirement to keep their job, get an education or simply take part in public life,” said Fox Cahn, founder of the Surveillance Technology Oversight Project, a Lower Manhattan privacy watchdog group. ■

HEALTH CARE

Women, those with dependents most likely to lose jobs—and insurance—during pandemic

7.7M

BY JENNIFER HENDERSON

A

55%

ISTOCK

lthough women made up 47% of the pre-pandemic workforce, they’ve accounted for 55% of total job losses since the beginning of the crisis, a new national study has found.

As many as 7.7 million American workers have lost jobs with employer-sponsored health insurance because of the pandemic, according to the study. Overall, women were most affected, as were manufacturing workers and the middle-aged.

And 6.9 million dependents were covered by employer-sponsored insurance through those who lost their job.

The study was conducted by the Employee Benefit Research Institute, the W.E. Upjohn Institute for

“Workers ages 35 to 44 and 45 to ing the study’s findings last week, the groups noted that the link be- 54 bore the brunt of ESI-covered tween employment job losses, in large part because and health insur- workers in these age groups were ance coverage has the most likely to be covering important implica- spouses and other dependents,” tions for Americans’ said Paul Fronstin, director of the access to health Employee Benefit Research Insticare.

Employer-­ tute’s Health Research and Educasponsored health insurance is the tion Program, in a statement. most common form in the U.S. If millions of workers and their

EMPLOYER-SPONSORED HEALTH INSURANCE IS THE MOST COMMON FORM Employment Research and the Commonwealth Fund. In announc-

“Unlike prior recessions, the reforms of the Affordable Care Act are a safety net for many who lose covNUMBER of erage,” said Sara Collins, vice presiAmericans who dent for health care coverage, achave lost a job cess and tracking at the with employerCommonwealth Fund, in a statesponsored health ment. “But the law is now at risk of insurance during repeal before the Supreme Court, the pandemic, the just when Americans need it most.” study found Though the study did not include data specific to New York, other recent efforts have pointed to an anticipated need.

PERCENTAGE of Recently a study from the United the total lost jobs Hospital Fund found that an estiduring the crisis mated $800 million in funding will that had been held be necessary in the next year for by women housing, food, health insurance and remote learning investments to support the basic needs of New dependents have lost employer-­ York children affected by the pansponsored insurance during the demic. The study found that the pandemic, the result will be in- long-range repercussions on chilcreased enrollment in Consolidat- dren will result in about $1.7 billion ed Omnibus Budget Reconciliation in additional costs to the state in Act, or Cobra, coverage as well as in the next 50 years.

An analysis released by the EmAffordable Care Act marketplace plans and Medicaid, the study’s au- pire Center in Albany in July found thors said. Additionally, there will that enrollment in New York’s Medbe an increase in the number of un- icaid program is rising at the fastest rate in six years. ■ insured Americans.

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October 12, 2020 | CRAIN’S NEW YORK BUSINESS | 7

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

EDITORIAL

publisher/executive editor

An unequivocal ‘no’ hurts the city’s vision for its future When developers wanted to build on their success by rezoning the city to build more, the neighborhood shut it down. Local City Councilman Carlos Menchaca, who is term-limited out next year, came down against it, convinced by community activists that it would spur rapid gentrification and lead to displacement of the largely Hispanic and Asian working-class New Yorkers in the neighborhood.

This is the dance of development in New York City. Both sides start at polar opposites and negotiate toward the middle. Under a City Council tradition called member deference, the local representatives get to lead the way. In the case of Industry City, developer Andrew Kimball gave up on the plan to build a hotel in the space. But instead of meeting him halfway, the community stood firm. No alternatives were given, and the answer always seemed to come back “no.”

That seems to be the default of the city’s growing progressive political class, who are gaining more seats every election. But “no” is not a vision for the future of the city. It doesn’t create jobs, and it doesn’t contribute to the tax base.

Menchaca said that he was still

IF THE PANDEMIC HAS TAUGHT US ANYTHING, CONTROL IS AN ILLUSION developers with an idea. Though accessible only by one subway line and not central to other Brooklyn attractions, Industry City became a draw for families looking for a cheap day out and adventurous Manhattanites looking for the next food trend. But the idea began to gain momentum, drawing 500 businesses.

associate publisher Lisa Rudy EDITORIAL editor Robert Hordt assistant managing editors Telisha Bryan,

Janon Fisher audience & analytics manager

Gabriella Iannetta associate editor Lizeth Beltran (digital) art director Carolyn McClain photographer Buck Ennis data editor Gerald Schifman senior reporters Aaron Elstein reporters Ryan Deffenbaugh, Gwen Everett,

Jennifer Henderson, Brian Pascus, Natalie Sachmechi, Shuan Sim, Eddie Small executive assistant Devin Cavallo to contact the newsroom:

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

www.crainsnewyork.com/advertise BUCK ENNIS

D

oes New York still support big visions?

That’s the question that arises from the death of the Industry City rezoning plan. The project had the potential to generate 20,000 jobs, millions in construction spending and become a site of innovation to generate new ideas for years to come.

Grand visions have become a threat to a certain political class of New Yorkers who fear what they can’t control. If the pandemic has taught us anything, control is an illusion.

Industry City was a mostly forgotten set of buildings until 2013, when they were bought by

Frederick P. Gabriel Jr.

willing to work with the developer but again offered no alternative vision.

The death of Industry City comes nearly a year after Amazon’s second-headquarters project, which promised 25,000 jobs. Other rezoning and development projects have faced major headwinds.

As more left-leaning politicians are elected, they will cease to be the opposition and become the custodians of this city. What that looks like is unclear, because their

message up until now has been little more than no.

There is one bright spot on the horizon, however. Mayor Bill de Blasio announced a push to rezone SoHo for new development, which would bring much-needed housing to Manhattan. This too was met with community opposition, but this time local City Councilwoman Margaret Chin came out in favor of the project.

Let’s hope that this is a turning point, because the city needs a vision for the future. ■

I

in the city declined 5% while restaurant and bar jobs increased 8%. Today, however, experiential retail is suffering, a condition that is expected to continue.

Counterintuitively, Manhattan’s central business districts will face a longer-term struggle than other areas. The restaurants, coffee shops and stores in our central business districts rely heavily on nonresidents, who abruptly vanished from the city in March.

In addition, wealthy Manhattan residents left in droves.

In contrast, The Wall Street Journal found evidence that foot traffic in the other boroughs is bouncing back because of an increased daytime population of people working from home. Outer-borough retail corridors may be better positioned to recover than the Manhattan central business district.

Manhattan is better positioned to regain tourists and residents

RETAIL IN MANHATTAN NOW HAS A NEW SET OF VULNERABILITIES shopping was cannibalizing “dry retail”—stores selling nonperishable goods, such as clothing— while “experiential retail”—restaurants, salons and pop-ups—was growing. Between 2015 and 2019, the jobs in dry-retail occupations

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 events and marketing manager

Michelle Sustar, mstustar@crain.com manager of conferences & events

Ana Jimenez, ajimenez@crainsnewyork

director, reprints & licensing Lauren Melesio,

Manhattan has to rethink retail real estate n the wake of Covid-19, retail businesses have been decimated by forced closures, reduced consumer demand and capacity reductions.

In August, 87% of the retail businesses in the city were unable to pay full rent.

Even before the coronavirus, the retail sector was in flux. Online

Stuart Smilowitz, Tori Weil people on the move manager Debora Stein,

REPRINTS

OP-ED

BY SULIN CARLING

senior account managers Roland Espinosa,

than workers: While the pandemic has shown that technology enables us to work productively remotely, we have not discovered a good substitute for travel or urban life.

Long-term shift In contrast, surveys indicate that at least a partial shift to remote work is likely long term. If we want to bring back as many tourists, residents and workers as we can, we will need to figure out how to fill ground-floor spaces to restore Manhattan’s vibrancy.

We need to rethink the value of retail—not as a revenue generator, but as a street activator and amenity for upper-floor tenants. More affordable spaces could provide opportunities for mom-and-pop restaurants. Ground floors can become pop-ups, art installations, product showrooms or “parks”— offering experiences for which there are no online substitutes.

Of course, some landlords might

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

Simone Pryce media services manager Nicole Spell SUBSCRIPTION CUSTOMER SERVICE

decide to leave spaces vacant, and there may be too much space to fill.

We need strong leadership—from business improvement districts, civic organizations and the city—to conduct coordinated planning and encourage landlords on strategically targeted major corridors to fill ground floors with new uses, creating a vibrancy that cannot be achieved if spaces are filled haphazardly across a wide area.

There is no going back to the Manhattan retail landscape of 10 years ago or even 10 months ago.

We must rethink how we use ground-floor spaces and focus those efforts on the avenues—or some subset of them—to create a critical mass of activities and experiences.

Without doing so, we risk losing the vitality of Manhattan altogether. ■

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Entire contents ©copyright 2020 Crain Communications Inc. All rights reserved. ©CityBusiness is a registered trademark of MCP Inc., used under license agreement.

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

Sulin Carling is a principal at HR&A Advisors.

8 | CRAIN’S NEW YORK BUSINESS | OCTOBER 12, 2020

P008_CN_20201012.indd 8

10/9/20 4:03 PM

OP-ED

Environmental sustainability must be part of New York’s pandemic comeback

T

he global pandemic, the financial crisis and the racial justice movement have gripped the world this year, knocking climate change out of the spotlight. But in these conjoined crises lies a glimmer of hope: the opportunity to build back our economy, nation and world better by creating a blueprint for a sustainable future.

With three simultaneous crises demanding attention, it may seem foolish to focus on another one, but Earth’s temperature continues to

reminder of the devastating consequences of climate change.

The aggregate cost of billion-dollar natural disasters in the U.S. more than quadrupled from the 1980s to the 2010s. For every 1-degree-Celsius increase, the combined value of market and nonmarket damages across the U.S. economy is about 1.2% of the gross domestic product.

With the federal government’s Paris Accord withdrawal date imminent, it is more important than ever for states to take the lead to ensure the solvency and liquidity of the financial institutions they regulate.

New York state has become a global leader in combating climate change. Under the Climate Leadership and Community Protection Act, the state aims to reach a carbon neutral economy by 2050, and it recently announced the $50 billion Empire Building Challenge, which will improve the efficiency of existing multifamily and commercial high-rise buildings and significantly reduce their carbon footprint.

My agency, the state Department

THE U.S. HAS FALLEN BEHIND EUROPE IN CLIMATERELATED REGULATION. rise at an alarming pace. The 10 hottest years ever recorded have all occurred since 1998, with 2020 likely to be among the hottest. In May of this year, the concentration of carbon dioxide in the atmosphere increased to the highest level ever recorded in human history. This year’s record-breaking wildfire season on the West Coast is yet another

of Financial Services, is working with industry and other regulators to support New York’s efforts on climate change. We have urged the insurance industry to start factoring in the financial risks from climate change into all of its management, operations and business strategies. To help, we have established a comprehensive set of expectations on managing the risks from climate change.

Best practices There’s no time to waste. The U.S. has fallen behind Europe in climate-related regulation.

We are following international best practices in these efforts. To publicly demonstrate New York’s support for sustainable insurance aims, the Financial Services Department recently became a supporting institution of the United Nations Environment Programme Finance Initiative Principles for Sustainable Insurance.

And we’re here to help the industry catch up. We partnered with the New York State Energy Research and Development Authority to accelerate the creation of innovative insurance and financial products to

AP PHOTO

BY LINDA LACEWELL

speed up the development and deployment of key low-carbon technologies.

The Financial Services Department also is looking at climate change through the lens of consumer protection and racial equity and working on solutions there, too. No one is immune to the risks posed by climate change, but it disproportionally affects disadvantaged communities, including low-income communities and communities of color, feeding into the vicious circle of social inequality.

As we work to recover from the pandemic and the financial crisis and address racial injustice, government and industry need to seize this opportunity to develop and integrate climate change policies that create an even more sustainable world for future generations.

The clock is ticking. ■ Linda Lacewell is the superintendent of the state Department of Financial Services and a member of Gov. Andrew Cuomo's Cabinet.

ONE THING YOU CAN COUNT ON. New tax laws and regulations. COVID-19. Elections looming.

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In a world of change, let EisnerAmper be your constant.

Learn more at EisnerAmper.com/TaxHelp

October 12, 2020 | CRAIN’S NEW YORK BUSINESS | 9

COMMERCIAL REAL ESTATE

Historic Tammany Hall unveiled as new Union Square office building Reading International bought the 73,000-square-foot property in 2001

T

ammany Hall, the former home of the eponymous, corrupt Democratic political faction and a historical landmark, has undergone a glossy renovation as a Class A building in Union Square.

Reading International, which owns and operates cinemas and other real estate in the U.S., Australia and New Zealand, purchased the 73,000-square-foot property at 44 Union Square in 2001, and

square feet have been allocated for retail that can be divided into smaller stores with 14-foot ceilings.

“We are thrilled to unveil the historic 44 Union Square and believe it is a perfect jewel box and a unique addition to the dynamic Union Square neighborhood,” said Margaret Cotter, an executive vice president at Reading International. The property “is an identifiable and brandable space, built to state-of-the-art standards, and offers tenants, employees and customers a location surrounded by boundless and creative amenities.”

In 2017 the developer secured a $57 million construction loan for the renovations from the Bank of the Ozarks to complete the BKSK Architects–designed project.

The neo-Georgian building was constructed in 1929, on the heels of the Great Depression and when the Tammany Society, which cru-

PLANS FOR REVAMPING THE BUILDING BEGAN ONCE IT ACHIEVED LANDMARK STATUS IN 2013 plans for revamping the building began once it achieved landmark status in 2013.

A 3-story glass-and-steel dome now sits atop the site, which can be used as a mixture of flexible office and retail space. Up to 30,000

saded for immigrants and the city’s poor, was at the height of its political fortunes and popularity, the Landmarks Preservation Commission said.

Corruption, violence and the loss of political clout weakened the group’s influence on city politics, and it ceased to exist in 1966.

Previous occupants In 1943 the group sold the building to a local arm of the International Ladies’ Garment Workers’ Union, and its main meeting hall became a center for the city’s union activities. More recently the site has been used to house a number of off-Broadway theater companies. It had been occupied by the New York Film Academy since 1994.

“The new 44 Union Square offers an amazing opportunity for today’s office user looking to make an impression in a modern and redesigned landmark asset,” said David Falk, president of Newmark Knight Frank’s tristate division, who is overseeing office leasing at the property. “In addition to the soar-

CHRISTOPHER PAYNE, ESTO

BY NATALIE SACHMECHI

ing views from inside the iconic dome, the property is also self-contained with a dedicated lobby and private elevators that offer safe and secure access for tenants.”

Newmark Knight Frank Vice

Chairman Peter Shimkin and Director Jonathan Franzel are also working on the office leasing. Vice Chairman Jeffrey Roseman is managing the retail leasing for Reading International. ■

NOMINATIONS CLOSING SOON Crain’s New York Business is seeking Notable Women in Law, which will publish as a section within Crain’s New York Business in the December 21 issue. This feature is a celebration of women executives working in law who have impacted New York City in major ways. It honors their professional, civic and philanthropic achievements.

Nominate today at crainsnewyork.com/notablelaw2020 Nominations must be completed by the deadline, October 16, to be considered.

Questions? Contact notables@crainsnewyork.com

2020

10 | CRAIN’S NEW YORK BUSINESS | October 12, 2020

SPONSORED CONTENT

The changing face of commercial air travel

T

he coronavirus pandemic and ensuing restrictive measures have created two serious challenges for the airline industry: keeping passengers and employees safe, and maintaining services through a sustained drop in commercial air travel. To learn how one airline has adapted its protocols and services to meet the moment, Crain’s Content Studio turned to Mike Erbeck, vice president of United Airlines’ Newark hub.

CRAIN’S: United plans to fly 40% of its full schedule in October. That’s an increase from September. Are passengers coming back to air travel?

ERBECK: As we closed out the Labor Day weekend, we saw stronger-than-expected passenger volume, which offered some encouragement.

With several states requiring a 14-day quarantine and the borders to many of our international destinations remaining closed, however, it will take additional time before we see more significant jumps in customer traffic.

What we are noticing is an increase in activity from customers looking to reconnect with friends, family and colleagues. We are seeing strong bookings into the fall as there continues to be a lot of pent-up demand, and we expect last-minute bookings heading into Thanksgiving.

Since the start of the pandemic, United has been a leader among U.S. airlines in enacting new policies and innovations designed to keep employees and passengers safer when traveling. We were the first U.S. airline to mandate masks for flight attendants, quickly following with all customers and employees.

United was also among the first U.S. carriers to announce we wouldn’t permit customers who refused to comply with our mandatory mask policy to fly with us. United was also the first U.S. airline to roll out touchless check-in for customers with bags and the first to require passengers to take an online health assessment before traveling.

Most recently we announced we will apply Zoono Microbe Shield, an EPA-registered antimicrobial coating that forms a long-lasting bond with surfaces and inhibits the growth of microbes, to our entire

“Following previous tough times, airlines made difficult decisions to survive, sometimes at the expense of customer service. We won’t be following that same playbook as we come out of this crisis.

Instead, we’re looking at new ways to serve our customers better.”

CRAIN’S: What logistical changes has United made to check-in, boarding, seating and in-flight services to keep passengers and employees safe during the pandemic?

mainline and express fleet before the end of the year.

ERBECK: We know travel looks a little different these days.

Throughout the travel journey, we’re putting safety and cleanliness at the forefront of the travel experience through our United CleanPlus program and by teaming up with Clorox.

We’re also working closely with the experts at the Cleveland Clinic, who advise us on enhancing safety measures, including our cleaning and disinfection protocols.

ERBECK: Safety has always been our top priority, and the social distancing and cleaning procedures that have become a way of life for all of us are now central to how we run our airline.

CRAIN’S: How has the pandemic changed cleaning procedures?

We’ve taken a close look at every stage of the travel experience, introducing meaningful changes and innovations to maintain the highest standards of safety.

our schedules to reflect the change in customer demand while resuming service or adding capacity on routes where we’re seeing increased interest for travel.

We have implemented robust new cleaning protocols for all of our flights, including wiping down tray tables, seatback screens, armrests, lavatories, galleys, window shades and seat belts with a high-grade multipurpose cleaner.

Those efforts—combined with state-of-the-art, high-efficiency filtration systems to clean and circulate the air and electrostatic spraying—mean our aircraft are cleaner than ever before.

When customers are ready to travel again, we’ll be ready to welcome them back, delivering industry-leading cleanliness, caring connections and the safest possible journey from lobby to landing.

CRAIN’S: United has eliminated change fees and will make standby free in January. Do you see those fees returning once the pandemic subsides, or is the airline industry (or United in particular) rethinking its services and fees more permanently?

ERBECK: We are thrilled to share that United has permanently eliminated change fees on all standard Economy and Premium cabin tickets for travel within the United States, Mexico and the Caribbean. And starting on Jan. 1, any United customer can fly standby for free on a flight departing the day of their travel regardless of the type of ticket or class of service, a first among U.S. carriers.

Change is inevitable these days—but it’s how we respond to it that matters most. When we heard from customers about where we can improve, getting rid of this fee was often the top request.

Following previous tough times, airlines made difficult decisions to survive, sometimes at the expense of customer service. We won’t be following that same playbook as we come out of this crisis. Instead,

Mike Erbeck, vice president, United Airlines’ Newark hub

we’re looking at new ways to serve our customers better.

CRAIN’S: How has United approached its long-term plans for serving travelers through and beyond the pandemic?

ERBECK: We continue to be data-driven and realistic in our approach to rebuilding our network. We have adjusted

In November, we will launch new round-trip service from New York’s LaGuardia to Fort Lauderdale, Fort Myers, Orlando and Tampa. Looking ahead to December, United will fly daily between Chicago and New Delhi and, starting in spring 2021, United will become the only airline to operate between San Francisco and Bangalore, India, and between NewarkNew York and Johannesburg.

United also will introduce new service between Washington, D.C., and Accra, Ghana and Lagos, Nigeria, in late spring of 2021. In the summer of 2021, United will fly nonstop flights four times weekly between Chicago and Kona, Hawaii, and between NewarkNew York and Maui. ■

THE LIST LARGEST REAL ESTATE INVESTMENT TRUSTS Ranked by total New York–area square footage owned

RANK

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

METRO-AREA SQ. FT. OWNED (IN MILLIONS) 2020/ 2019

2019 FUNDS FROM OPERATIONS (IN MILLIONS)/ % CHANGE VS. 2018 1

COMPANY (TICKER)/ ADDRESS

PHONE/ WEBSITE/ TOP EXECUTIVE

Vornado Realty Trust (VNO) 888 Seventh Ave. New York, NY 10019

212-894-7000 vno.com Steven Roth

31.84 31.95

$1,067.5 +37.5%

$4,509.5 +108.3%

$7,303.9

81 Offices

SL Green Realty Corp. (SLG) 420 Lexington Ave. New York, NY 10170

212-594-2700 slgreen.com Marc Holliday

28.77 29.03

$605.7 -0.0%

$1,279.5 -0.0%

$3,772.6

63 Offices

Mack-Cali Realty Corp. (CLI) 210 Hudson St. Jersey City, NJ 07311

732-590-1010 mack-cali.com MaryAnne Gilmartin

16.36 17.71

$116.1 -31.8%

$353.6 -3.2%

$1,385.0

50 Diversified

Boston Properties Inc. (BXP) 800 Boylston St. Boston, MA 02199

617-236-3300 bostonproperties.com Owen Thomas

10.61 11.47

$1,209.6 +11.5%

$2,985.3 +9.8%

$14,065.1

9 Offices

Empire State Realty Trust Inc. (ESRT) 111 W. 33rd St. New York, NY 10120

212-687-8700 empirestaterealtytrust.com Anthony Malkin

8.78 8.79

$260.1 -8.0%

$742.6 +0.1%

$1,213.4

24 Offices

Paramount Group Inc. (PGRE) 1633 Broadway New York, NY 10019

212-237-3100 paramount-group.com Albert Behler

8.60 9.15

$277.4 -5.8%

$774.0 +0.5%

$1,709.8

8 Offices

Simon Property Group Inc. (SPG) 225 W. Washington St. Indianapolis, IN 46204

317-636-1600 simon.com David Simon

8.51 8.50

$4,272.3 -1.2%

$6,185.8 +1.1%

$20,917.1

Urban Edge Properties (UE) 888 Seventh Ave. New York, NY 10019

212-956-2556 uedge.com Jeffrey Olson

5.63 5.88

$167.1 -0.8%

$397.4 -6.1%

$1,385.2

32 Shopping centers

Columbia Property Trust Inc. (CXP) 315 Park Ave. South New York, NY 10010

212-433-4100 columbia.reit Nelson Mills

4.01 2.78

$167.9 -18.2%

$297.0 -5.1%

$1,504.1

10 Offices

Safehold Inc. (SAFE) 1114 Sixth Ave. New York, NY 10036

212-930-9400 safeholdinc.com Jay Sugarman

3.26 3.68

$43.1 +104.5%

$93.0 +87.0%

$2,934.0

AvalonBay Communities Inc. (AVB) 4040 Wilson Blvd.

Arlington, VA 22203

703-329-6300 avalonbay.com Timothy Naughton

3.19 10.60

$1,280.7 +5.1%

$2,333.8 +1.9%

$21,718.9

Duke Realty Corp. (DRE) 8711 River Crossing Blvd.

Indianapolis, IN 46240

317-808-6000 dukerealty.com James Connor

2.15 2.15

$514.9 +5.4%

$878.2 +6.8%

$13,107.3

Urstadt Biddle Properties Inc. (UBA) 321 Railroad Ave. Greenwich, CT 06830

203-863-8200 ubproperties.com Willing Biddle

2.09 2.09

$52.0 -5.8%

$140.1 +1.7%

$442.4

Macerich Co. (MAC) 401 Wilshire Blvd.

Santa Monica, CA 90401

310-394-6000 macerich.com Thomas O'Hern

2.06 2.06

$537.0 -4.9%

$909.3 -2.9%

$1,341.9

1 Regional malls

Unibail-Rodamco-Westfield (URW) 7 Place du Chancelier Adenauer Paris

33-1-53437437 urw.com Christophe Cuvillier

2.00 4.51

$5,304.7 +1.6%

$7,816.5

4 Diversified

Alexandria Real Estate Equities Inc. (ARE) 26 N. Euclid Ave. Pasadena, CA 91101

626-578-0777 are.com Joel Marcus

1.87 1.88

$877.4 +12.0%

$1,736.1 +17.9%

$20,475.1

Brixmor Property Group Inc. (BRX) 450 Lexington Ave. New York, NY 10017

212-869-3000 brixmor.com James Taylor Jr.

1.84 1.83

$572.9 +2.6%

$1,169.0 -5.3%

$3,800.5

19 Shopping centers

Acadia Realty Trust (AKR) 411 Theodore Fremd Ave. Rye, NY 10580

914-288-8100 acadiarealty.com Kenneth Bernstein

1.58 1.62

$126.9 +6.7%

$319.0 +12.1%

$1,119.7

35 Shopping centers

Tanger Factory Outlet Centers Inc. (SKT) 3200 Northline Ave. Greensboro, NC 27408

336-292-3010 tangeroutlet.com Steven Tanger

1.47 1.47

$223.9 -8.6%

$483.4 -4.0%

$666.4

Regency Centers Corp. (REG)

904-598-7000

1.35 1.35

$654.4 +0.2%

$1,165.7 +0.4%

$7,764.5

10 Shopping centers

1.34 1.44

$216.8 -5.3%

$731.1 +1.6%

$2,326.6

1 Regional malls

Independent Drive regencycenters.com 12 | CRAIN’S 1 NEW YORK BUSINESS | October 12, 2020 Jacksonville, FL 32202

Lisa Palmer

Taubman Centers Inc. (TCO) 200 E. Long Lake Road Bloomfield Hills, MI 48304

248-258-6800 taubman.com Robert Taubman

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

EQUITY MARKET CAP (IN MILLIONS)

2020 METRO-AREA PROPERTIES OWNED

PROPERTY FOCUS

8 Regional malls

1 1 1 1 1 12 2 32 42 52 62 7 8 9 1 1 1 1 1 1 1 1 1 1 2 2

RAN

­

6 Diversified

43 Multifamily homes

6 Industrial

38 Shopping centers

5 Offices

2 Outlet centers

15 16 17 18 19 120 221 322 423 524 625 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 RANK

Unibail-Rodamco-Westfield (URW) 7 Place du Chancelier Adenauer Paris

33-1-53437437 urw.com Christophe Cuvillier

2.00 4.51

Alexandria Real Estate Equities Inc. (ARE) 26 N. Euclid Ave. Pasadena, CA 91101

626-578-0777 are.com Joel Marcus

1.87 1.88

Brixmor Property Group Inc. (BRX) 450 Lexington Ave. New York, NY 10017

212-869-3000 brixmor.com James Taylor Jr.

Acadia Realty Trust (AKR) 411 Theodore Fremd Ave. Rye, NY 10580

914-288-8100 acadiarealty.com Kenneth Bernstein

Tanger Factory Outlet Centers Inc. (SKT) 3200 Northline Ave. COMPANY (TICKER)/ Greensboro, NC 27408

336-292-3010 PHONE/ tangeroutlet.com WEBSITE/ Steven Tanger

Vornado (VNO) Regency Realty CentersTrust Corp.

(REG) 888 Seventh Ave. 1 Independent Drive New York, NY FL 10019 Jacksonville, 32202

212-894-7000 904-598-7000 vno.com regencycenters.com Steven Roth Lisa Palmer

31.84 1.35 31.95 1.35

$1,067.5 $654.4 +37.5% +0.2%

$4,509.5 $1,165.7 +108.3% +0.4%

$7,303.9 $7,764.5

81 10 Offices Shopping centers

SL Green Centers Realty Corp.

(SLG) Taubman Inc. (TCO) 420 Ave.Road 200 Lexington E. Long Lake New York, NY 10170 Bloomfield Hills, MI 48304

212-594-2700 248-258-6800 slgreen.com taubman.com Marc RobertHolliday Taubman

28.77 1.34 29.03 1.44

$605.7 $216.8 -0.0% -5.3%

$1,279.5 $731.1 -0.0% +1.6%

$3,772.6 $2,326.6

631 Offices Regional malls

Mack-Cali Realty Corp. (CLI) UDR Inc. (UDR) 210 St. Drive 1745Hudson Shea Center Jersey City,Ranch, NJ 07311 Highlands CO 80129

732-590-1010 720-283-6120 mack-cali.com udr.com MaryAnne Gilmartin Thomas Toomey

16.36 1.25 17.71 2.56

$116.1 $633.4 -31.8% +10.3%

$353.6 $1,180.1 -3.2% +12.5%

$1,385.0 $11,029.6

50 10 Diversified Multifamily homes

Boston Properties (BXP) Kimco Realty Corp.Inc. (KIM) 800 St. 500 Boylston N. Broadway Boston, MA11753 02199 Jericho, NY

617-236-3300 516-869-9000 bostonproperties.com kimcorealty.com Owen Conor Thomas Flynn

10.61 1.22 11.47 4.33

$1,209.6 $608.4 +11.5% -0.2%

$2,985.3 $1,250.1 +9.8% -0.6%

$14,065.1 $5,553.6

9 Offices 43 Shopping centers

Empire State Realty TrustInvestment Inc. (ESRT) Manulife US Real Estate 111 33rd St. TrustW. (BTOU) New York,St.NY 10120 8 Cross Singapore

212-687-8700 65-68011055 empirestaterealtytrust.com manulifeusreit.sg Anthony Jill SmithMalkin

8.78 1.20 8.79 1.20

$260.1 -8.0%

$742.6 $163.7 +0.1% +1.3%

$1,213.4 $1,188.0

242 Offices

Paramount Group New York City REITInc. Inc.(PGRE) (NYC) 1633 Broadway 650 Fifth Ave. New New York, York, NY NY 10019 10019

212-237-3100 212-415-6500 paramount-group.com newyorkcityreit.com Albert EdwardBehler Weil

8.60 1.15 9.15 1.15

$277.4 $9.3 -5.8% +66.2%

$774.0 $71.4 +0.5% +13.6%

$1,709.8

87 Offices Offices

ADDRESS

TOP EXECUTIVE

$5,304.7 +1.6%

$7,816.5

$877.4 +12.0%

$1,736.1 +17.9%

$20,475.1

1.84 1.83

$572.9 +2.6%

$1,169.0 -5.3%

$3,800.5

19 Shopping centers

1.58 1.62

$126.9 +6.7%

$319.0 +12.1%

$1,119.7

35 Shopping centers

$483.4

$666.4

METRO-AREA SQ. FT. OWNED 1.47 (IN MILLIONS) 1.47 2020/ 2019

2019 FUNDS FROM $223.9 OPERATIONS -8.6% (IN MILLIONS)/ % CHANGE VS. 2018 1

2019 REVENUE -4.0% (IN MILLIONS)/ % CHANGE VS. 2018

EQUITY MARKET CAP (IN MILLIONS)

4 Diversified

5 Offices

2 Outlet centers 2020 METRO-AREA PROPERTIES OWNED

PROPERTY FOCUS

Simon Property Group Inc. (SPG) 317-636-1600 8.51 $4,272.3 $6,185.8 $20,917.1 8 Regional malls 225 W. Washington St. simon.com 8.50 -1.2% +1.1% Indianapolis,

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Urban Edge Properties (UE) 888 Seventh Ave. New York, NY 10019

212-956-2556 uedge.com Jeffrey Olson

5.63 5.88

$167.1 -0.8%

$397.4 -6.1%

$1,385.2

32 Shopping centers

Columbia Property Trust Inc. (CXP) 315 Park Ave. South New York, NY 10010

212-433-4100 columbia.reit Nelson Mills

4.01 2.78

$167.9 -18.2%

$297.0 -5.1%

$1,504.1

10 Offices

Safehold Inc. (SAFE) 1114 Sixth Ave. New York, NY 10036

212-930-9400 safeholdinc.com Jay Sugarman

3.26 3.68

$43.1 +104.5%

$93.0 +87.0%

$2,934.0

AvalonBay Communities Inc. (AVB) 4040 Wilson Blvd.

Arlington, VA 22203

703-329-6300 avalonbay.com Timothy Naughton

3.19 10.60

$1,280.7 +5.1%

$2,333.8 +1.9%

$21,718.9

Duke Realty Corp. (DRE) 8711 River Crossing Blvd.

Indianapolis, IN 46240

317-808-6000 dukerealty.com James Connor

2.15 2.15

$514.9 +5.4%

$878.2 +6.8%

$13,107.3

Urstadt Biddle Properties Inc. (UBA) 321 Railroad Ave. Greenwich, CT 06830

203-863-8200 ubproperties.com Willing Biddle

2.09 2.09

$52.0 -5.8%

$140.1 +1.7%

$442.4

Macerich Co. (MAC) 401 Wilshire Blvd.

Santa Monica, CA 90401

310-394-6000 macerich.com Thomas O'Hern

2.06 2.06

$537.0 -4.9%

$909.3 -2.9%

$1,341.9

1 Regional malls

Unibail-Rodamco-Westfield (URW) 7 Place du Chancelier Adenauer Paris

33-1-53437437 urw.com Christophe Cuvillier

2.00 4.51

$5,304.7 +1.6%

$7,816.5

4 Diversified

Alexandria Real Estate Equities Inc. (ARE) 26 N. Euclid Ave. Pasadena, CA 91101

626-578-0777 are.com Joel Marcus

1.87 1.88

$877.4 +12.0%

$1,736.1 +17.9%

$20,475.1

Brixmor Property Group Inc. (BRX) 450 Lexington Ave. New York, NY 10017

212-869-3000 brixmor.com James Taylor Jr.

1.84 1.83

$572.9 +2.6%

$1,169.0 -5.3%

$3,800.5

19 Shopping centers

Acadia Realty Trust (AKR) 411 Theodore Fremd Ave. Rye, NY 10580

914-288-8100 acadiarealty.com Kenneth Bernstein

1.58 1.62

$126.9 +6.7%

$319.0 +12.1%

$1,119.7

35 Shopping centers

Tanger Factory Outlet Centers Inc. (SKT) 3200 Northline Ave. Greensboro, NC 27408

336-292-3010 tangeroutlet.com Steven Tanger

1.47 1.47

$223.9 -8.6%

$483.4 -4.0%

$666.4

Regency Centers Corp. (REG) 1 Independent Drive Jacksonville, FL 32202

904-598-7000 regencycenters.com Lisa Palmer

1.35 1.35

$654.4 +0.2%

$1,165.7 +0.4%

$7,764.5

Taubman Centers Inc. (TCO) 200 E. Long Lake Road Bloomfield Hills, MI 48304

248-258-6800 taubman.com Robert Taubman

1.34 1.44

$216.8 -5.3%

$731.1 +1.6%

$2,326.6

6 Diversified

43 Multifamily homes

6 Industrial

38 Shopping centers

5 Offices

2 Outlet centers

10 Shopping centers

October 12, 2020 | CRAIN’S NEW YORK BUSINESS | 13

1 Regional malls

COMMERCIAL REAL ESTATE

Alice & Olivia sued for future rent

BY EDDIE SMALL

BY NATALIE SACHMECHI

BLOOMBERG

R

ipco Real Estate claims Ceruzzi Properties stiffed it out of a half-million dollars in commission brokered in 2018 on an Upper East Side luxury condo complex.

Ceruzzi hired Ripco to lease a roughly 8,000-square-foot retail condo at 155 E. 86th St. in December 2018, and Ripco secured a deal with JPMorgan Chase for the space, Ripco’s lawsuit says.

The landlord owed the brokerage about $2.1 million in commission for the deal, and the landlord still owes Ripco $559,017.13, according to the lawsuit.

JPMorgan signed its lease in March 2019, and Ripco’s commission should have been paid in full within the next six months, the lawsuit says. The brokerage has asked Ceruzzi for its missing commission balance, but it has yet to receive any of it.

“The lease was executed over 18 months ago,” the lawsuit says.

“While a certain delay in payment may be understandable, particularly with the current crisis in New York City, the failure to pay can no longer be tolerated.”

Ceruzzi could also owe a $707,850 option due in 2029 and a $778,635 option due in 2034, but Ripco already is concerned the landlord will default on these payments, according to court papers.

No objections Ceruzzi has never objected to the amount of commission it owes Ripco or tried to say that it deserves a discount, according to the lawsuit.

Ripco is suing for its missing commission funds along with interest, damages and legal fees.

Representatives for Ceruzzi did not respond to a request for comment. Ripco’s attorney Kevin O’Donoghue declined to comment.

The Upper East Side property is

known as The Hayworth. Ceruzzi spent $118.6 million putting the site together between 2013 and 2014 and launched sales there last year.

The building stands 21 stories tall with 61 residential units, and current listings are asking for between $2.55 million and $10.45 million, according to StreetEasy.

The pandemic has almost completely upended New York’s real estate market, and multiple commercial landlords are suing their tenants for unpaid rent. Fashion retailer Ted Baker is alleged to owe its landlord in SoHo almost $1 million in back rent, for instance, while Capstone Equities has sued pastry chain Paris Baguette for more than $200,000 in rent at a location in Koreatown. ■

OTHER RETAILERS might be getting into trouble with landlords over unpaid back rent due to the pandemic, but Alice & Olivia’s landlord wants future rent, too, according to a lawsuit filed Oct. 1 in state Supreme Court in Manhattan.

The New York-based womenswear brand has moved out of its trendy Meatpacking District outpost, and landlord Greenway Mews Realty wants to recover the $161,000 in rent it is owed for the remainder of the lease, through April, plus other expenses.

The Stacey Bendet-led clothier left the building, at 416 W. 13th St., in August, according to the complaint, eight months before the lease was due to expire. The company also owes $27,000 in monthly rent for September and October, the landlord said in the suit.

Cost claims No other tenant has filled the space, and Greenway has had to spend $77,000 on “experts, plumbing, contracts, electricity and architect fees” to bring the retail space back to “as was” condition

BLOOMBERG

Ripco claims landlord owes $560,000 commission

before someone else can occupy it, the complaint says.

A representative for Alice & Olivia did not respond to a request for comment.

The company moved into the space in 2011, when it signed a 3.5-year lease with Greenway. In December 2014 it extended the lease for seven years and put down a $112,500 letter of credit in lieu of a cash security deposit.

After Alice & Olivia vacated the store, Greenway drew down on the credit, leaving a balance of $19,000 for the month of August, meaning the company hasn’t paid rent in five months. Greenway is also looking for $10,000 in attorneys’ fees. ■

VIRTUAL EVENT • COMPLIMENTARY TO ATTEND • SPACE IS LIMITED

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14 | CRAIN’S NEW YORK BUSINESS | October 12, 2020

Presenting Sponsor

RESIDENTIAL REAL ESTATE

BLOOMBERG

D

on’t pay rent until 2021” is the message blaring from a web page of New York apartment listings by The Related Cos. Manhattan landlord Stonehenge says you can “Live free for 3” in some of its units. That’s in addition to the Citi Bike membership and American Express gift cards the company is offering students and recent graduates who sign leases.

Landlords are growing more desperate as they struggle to fill apartments amid an urban exodus. And they’re no longer reluctant to show their hand: Generous giveaways that just months ago were hashed out behind the scenes are now advertised boldly for anyone browsing online.

“You can’t hide it anymore,” said Gary Malin, chief operating officer of brokerage Corcoran Group, which represents landlords. “Owners are saying to themselves, ‘I’d rather be honest from the beginning, rather than play a game back and forth and otherwise lose a tenant.’ ” With many people still working from home, restaurants operating at reduced capacity and schools most-

ly online, New Yorkers are finding few reasons to stay put in the city’s costliest borough. Manhattan rental listings soared last month to more than double the inventory from a year earlier, according to appraiser Miller Samuel and brokerage Douglas Elliman Real Estate. The vacancy rate jumped to a record high 5.1% from under 2% in August 2019.

That gives renters leverage, and they’ll choose an apartment with “the best possible deal” over one they love the most, Malin said.

“Tenants are filling out four to five applications at the same time and negotiating one offer against the other,” he said. “Owners want to lead with their best foot. If you sit and try to hold on for every last penny, for every last dollar, tenants are just going to go somewhere else.”

Upping the offers Enticements such as a free month, a complimentary gym membership or the payment of a broker’s fee have long been standard in New York when landlords want to fill units.

These days it’s not uncommon to see pitches for three free months, especially in buildings that have fancy amenities that have been off-limits

during the pandemic.

Brookfield Properties is offering three months free at downtown’s New York by Gehry tower. Equity Residential has the same deal on select units at some of its pricier buildings, including Prism at Park Avenue South, where perks include a golf simulator and an indoor lap pool.

At Stonehenge’s buildings—all but one in Manhattan—occupancy was almost 99% before the lockdown, CEO Ofer Yardeni said. That figure slipped to 85% as tenants moved back with their parents, to the suburbs or to the beach to ride out the summer while working remotely.

Now, with the weather cooling and more businesses reopening, people are considering coming back, and Yardeni is using sweeteners to get their attention. Stonehenge is offering three free months because its competitors are too, he said. And behind the scenes, current tenants are being paid as much as $4,000 if they find takers for empty units in the company’s buildings.

“I’ve been in the business for over 30 years and I’ve never seen the market this way,” Yardeni said. “It’s almost like a falling knife.”

BLOOMBERG

Manhattan landlords’ latest lure: Free rent until next year

Related is giving renters up to three free months on new leases at buildings including One Union Square South and Tribeca Tower, a spokeswoman confirmed. For a time it also offered brokers a fee equivalent to two months rent— larger than the traditional payout.

The incentives apply only to new tenants, creating a “slippery slope” for landlords who also need to hang on to existing renters, Yardeni said.

He added that his company offers adjustments on renewals on a caseby-case basis.

With the rental market heading into its typically slowest season,

property owners know if they don’t fill apartments now, the job will get even harder in the coming months.

“Most landlords, especially the smaller ones, can’t afford to leave their properties vacant,” said Michael P. Feldman, CEO of Choice New York Cos., one of New York’s biggest apartment managers.

While offering such big breaks sounds like surrender, it’s actually a smart move, Malin said.

“Whatever you give away, you’re bringing in tenants quicker, you get rent quicker,” he said. “You start to mitigate your losses and you’ll come out ahead.” ■

SPORTS

Madison Square Garden extends furloughs affecting more than 1,700 workers

BY GWEN EVERETT

Redefining

M

Prolonged uncertainty There’s no indication of just how long temporary will be. Despite the rest of the city reopening, performances and events have been disallowed since March. When those types of large-scale gatherings will be safe again is anyone’s guess, and the Garden’s filing shows how that prolonged uncer-

what you should expect from BLOOMBERG

adison Square Garden has extended furloughs for more than 1,700 workers, a filing with the state Department of Labor shows.

Ushers, ticket sellers, officers and carpenters are among those workers, 1,735 in total, whose temporary layoffs will go on for the better half of a year.

“With our venues still closed due to Covid-19, we filed the required notice that the previously announced temporary layoffs of venue employees will exceed six months,” Madison Square Garden spokesman Glen Caplin said. “We continue to pursue solutions that will allow us to safely reopen so we’re able to bring back employees and fans as quickly as possible, once a return date for live events is established.”

tainty is touching even the most well-known names in the city.

Madison Square Garden Entertainment Group, the Garden’s parent company, reported just $9 million in total revenue in its most recent quarterly report, a 96% decrease from the $215.2 million it brought in for the same quarter in 2019.

Many of the city’s other venues also are in financial distress. The Metropolitan Opera House said in September that it would not reopen for at least a year, and a simi-

lar filing with the Department of Labor shows it has furloughed or laid off more than 2,000 people.

Broadway’s layoffs have surpassed 1,000, and Carnegie Hall has dipped into its endowment.

Madison Square Garden Entertainment Group owns the Beacon Theatre and Radio City Music Hall in addition to its Penn Plaza site.

The extended furloughs mainly hit its Penn Plaza workforce, although they also affect 54 workers at the Beacon Theatre and 140 workers at Radio City Music Hall. ■

your accountant. grassicpas.com

October 12, 2020 | CRAIN’S NEW YORK BUSINESS | 15

ASKED & ANSWERED

INTERVIEW BY SHUAN SIM

A

s president and COO of Mount Sinai Hospital, Dr. David Reich understands the importance of heeding science when enacting public health measures, especially during a pandemic. In his long career at the hospital—he arrived at Mount Sinai in 1984 and has been in his current role since 2013—Reich has noted that each time the city has gone through a public health crisis, it has emerged stronger by implementing action backed by data. In managing Covid-19, the city has done well thus far, he says, but the recent uptick in positive cases is a red flag that New Yorkers should not let our guard down.

How would you grade the way New York has handled its reopening efforts?

Overall, I would give the city and state an A for their attention to detail, focus on science and rising above political forces that might have led us to unwise measures. New York had been clear that even if its residents did not agree with its slowness in reopening, it was the appropriate thing to do, leaving us as one of the states with the best control of the situation.

How is Mount Sinai doing?

We are seeing a different set of challenges every few weeks since March. As the crisis evolved, so has

WHO HE IS President and chief operating officer, Mount Sinai Hospital AGE 60 GREW UP Philadelphia RESIDES Chelsea

What do you make of the recent uptick in cases?

The outbreaks in Brooklyn and Queens, as well as in Rockland and Orange counties, are concerning. This uptick could evolve into a second wave if we let our guard down. Shutting down specific ZIP codes might be strict, but if those measures are employed with better education for the community, perhaps those residents could understand the necessity to avoid a citywide shutdown again.

EDUCATION Bachelor’s in science, Pennsylvania State University; medical degree, Jefferson Medical College

Has complacency or fatigue lowered New Yorkers’ vigilance?

Fatigue is definitely everywhere. But fatigue is no excuse to drop common sense. Regarding complacency, we do not want people who might have decent levels of antibodies thinking they’re not susceptible to the virus again. At this time, there isn’t enough medical evidence that the presence of antibodies is effective protection, as there has been worldwide evidence of reinfection. We do not know how protective antibodies are, for how long and at what level.

FAMILY MATTERS Reich and his husband, Keith Marran Jr., entered into a commitment ceremony in 2002 and got legally married in 2012.

KEEPING BUSY Reich was taught to be handy around the house by his father. Recently he has been working on home improvements and replacing light fixtures and plumbing at his townhouse.

VIRTUAL BLESSINGS His family recently celebrated Rosh Hashanah over Zoom.

The move online was necessary as his parents, who still live in Philadelphia, are in their 80s.

What more needs to be done?

Masking, social distancing and frequent hand hygiene work.

But more importantly, take responsibility as individuals living in a society. If you or someone you live with is demonstrating Covid-19 symptoms, isolate until the symptoms resolve or get tested. Until vaccines are available in sufficient quantity to achieve herd immunity, we’re not out of the woods. ■

POST-COVID PLANS Reich would like to hop on a plane with his husband and travel internationally when the pandemic is over.

medical knowledge, and we’re at the stage where there are a lot of clinical trials available that we’re trying to ensure patients have access to.

VIRTUAL EVENT

EAR

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IRD

MOUNT SINAI HEALTH SYSTEM

DR. DAVID REICH Mount Sinai Hospital

DOSSIER

TIC

KET S AV AIL

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Thursday, November 5 | 4-5 p.m.

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16 | CRAIN’S NEW YORK BUSINESS | October 12, 2020

P016_CN_20201012.indd 16

10/8/20 2:06 PM

REAL ESTATE

Ex-Turner exec pleads guilty in bribery scheme

BY EDDIE SMALL

A

NYCMAYORSOFFICE/FLICKR

DE BLASIO

SHUTDOWN FROM PAGE 1

10-person maximum. Yellow zones keep businesses open with lesser restrictions.

Public health experts say this is a compromise between economic and public health concerns.

“We’re not shutting down NYC, but instead we are shutting down mass gatherings in a specific neighborhood,” said Troy Tassier, an economist who specializes in

ange or yellow zone. He said the real issue is a lack of enforcement of pandemic-time safety guidelines: “This is about common-sense compliance and enforcement.”

Racial disparities The city has struggled to enforce pandemic guidelines fairly. In the spring data showed the Police Department’s social-distancing enforcement was sharply racially disparate: 35 out of 40 people arrested for social-distancing violations were Black. In response Mayor Bill de Blasio rolled back the NYPD’s role in social-distancing enforcement through the summer. This fall the mayor reversed course, giving the NYPD and other agencies the ability to enforce mask wearing after calls from the governor and business leaders.

Mixed messages and political squabbling between the governor and the mayor aggravated the anger and the chaos around increased controls.

De Blasio announced his plan to shut down nine ZIP codes in the city and place 11 more on watch at the start of last week. Cuomo shot down the proposal before unveiling his zones the next day. The rest of the week was spent with businesses scrambling to understand what guidelines they would need to follow, for how long and whether they fell into a red, orange or yellow zone at all.

For all the criticism about the shutdown being overly broad, experts say this is a narrowly tailored response. Most of the city is operating normally. If this targeted approach works, it will be because of advances around virus safety that the city and the state did not have in the spring, they say. For example, the public better understands the need for masks and social distancing.

New York City has dramatically expanded its testing capacity. It performed 250,000 tests in the week ending Oct. 3, compared with 7,371 the week ending March 14, when restaurants first shut down. It also now has a tracing corps able to track down details about the virus’ spread

MULTIPLE GROUPS HAVE FILED LAWSUITS AGAINST GOV. ANDREW CUOMO epidemiology at Fordham University. “It prevents us from implementing much larger and more draconian shutdowns.”

‘Common-sense compliance’ But the measures have already been met with sharp backlash.

Multiple groups, including Jewish synagogues, the Catholic Church and a business in a red zone, have filed lawsuits against Gov. Andrew Cuomo for the restrictions. Borough Park erupted into violent demonstrations in which groups set fire to masks and attacked journalists.

Business groups slammed the shutdowns as going too far.

“We hoped it would not be necessary to shut down all nonessential business in broad areas surrounding ‘hot spots’ since everyone is so much better prepared to deal with pandemic conditions than they were in March,” said Kathryn Wylde, president and chief executive officer of the powerful business group Partnership for New York City. “The response to new outbreaks could be more nuanced than when the pandemic first hit us.

For something that has such a devastating impact, we should not be taking the same approach as when the pandemic first hit and no one had protocols in place.”

Randy Peers, president of the Brooklyn Chamber of Commerce, criticized the shutdown, which puts much of south Brooklyn in a red, or-

in ways not possible in the spring.

Still, Cuomo has repeatedly said that Covid-19 doesn’t understand geographical boundaries, and experts note that it still could spread outside of the containment zones.

The challenge politically is that after months of economic struggles on top of health ones, people may be fatigued and unwilling to accept that the virus hasn’t gone away, said NYU’s Piltch-Loeb.

“I think people are loath to shut down the city altogether,” said Danielle Ompad, professor of epidemiology at NYU, adding that this response attempts to mitigate public health with economic considerations. “We continue to ask people to do really hard things. I am concerned it won’t be enough.” ■

former executive at Turner Construction has pleaded guilty for his involvement in a scheme to steal more than $15 million from Bloomberg LP in a bribery conspiracy.

Vito Nigro, a former project superintendent at Turner, pleaded guilty last Tuesday to first-degree grand larceny and could face up to nine years in prison, Manhattan District Attorney Cyrus Vance Jr. announced.

Nigro’s colleague Ronald Olson, a former vice president at Turner, and Anthony Guzzone, former head of global construction at Bloomberg, both previously pleaded guilty to the same charge and also could face up to nine years in prison. Michael Campana, a former construction manager at Bloomberg, pleaded guilty to third-degree money laundering and received a promised sentence of one year in jail and $239,000 in restitution.

Campana, Nigro, Olson and Guzzone all were also convicted of federal tax crimes in the scheme.

The men inflated subcontractor bids, falsified work orders and misappropriated subcontractor funds to steal millions from Bloomberg LP, according to Vance’s office.

“All of the executives indicted in this scheme will serve jail time thanks to the efforts and expertise of prosecutors in our Rackets Bureau,” Vance said. “The integrity of New York City’s construction industry is threatened by pay-to-play corruption, which drives up cost and can drive down quality.”

Cash and vacations The conspiracy was based around interior construction work for Bloomberg offices at 120 Park Ave. and 919 Third Ave. For those properties, the quartet filed fake documents including invoices and purchase orders to increase their budgets and received cash bribes, vacations and home renovations from subcontractors in exchange for helping them secure contracts, court documents say.

So far 22 subcontracting firms have pleaded guilty to taking part in the conspiracy and have paid about $8.8 million worth of restitution, according to Vance’s office.

Nigro did not organize the conspiracy, but it was still “in his best interest” to take a plea deal, said his attorney, Mario Gallucci.

“I was able to craft a fair resolution to this matter,” he said, “a resolution that takes into account he was not a leader or organizer.” ■

October 12, 2020 | CRAIN’S NEW YORK BUSINESS | 17

FROM PAGE 3

season being the most online-driven in history. U.S. e-commerce sales surged 37%, to $200 billion, in the second quarter, according to the Commerce Department, capturing a record 15% of all retail sales. Enterprise software giant Salesforce is projecting that as much as 30% of holiday shopping will be done online this year.

High stakes The stakes are high for small businesses to capture some of that spending. As many as a third of the 230,000 small businesses that populate neighborhood commercial corridors may never reopen, the Partnership for New York City warned in a July report.

Thousands of small businesses already moved online at the start of the pandemic—tripling the stock market value of e-commerce platform Shopify since March.

Philip Chaitman launched a

tailed off after a couple of months of online sales growth at the start of the pandemic. He is hoping for a boost from additional advertising ahead of the holiday season.

The majority of his sales are driven by locals at his brick-and-mortar store, where he is not competing with wholesalers and e-commerce giants.

“We have heard from people who are searching the website to see what the business is all about before coming in to try the shoes on,” Chaitman said. “That has helped.”

But now a host of new private and public efforts are working to get holdouts online or to expand the presence of stores that already have made the leap.

Gov. Andrew Cuomo’s office recently launched Empire State Digital, a partnership with Shopify and fellow e-commerce companies Square and Etsy. It includes free trials with the companies and online training from the state.

A separate program run by Google will help 150 city small businesses set up Shopify stores and optimize how their business appears in online search results. Google will pay graduates of the nonprofit jobs training program Coop $20 per hour to work with three businesses each. Applications for the program opened at the end of September.

“IT WON’T MAKE UP FOR WHAT WE’VE LOST, BUT IT’S ABSOLUTELY NECESSARY” website for his Park Slope shoe outfitter, Good Footing, in late February using Shopify. But business

37%

PERCENTAGE by which e-commerce sales surged in the second quarter, according to the Commerce Department

30%

PERCENTAGE of holiday shopping predicted to be done online this year

Shopify charges a monthly rate starting at $29, along with a transaction fee of 2.9% plus 30 cents. Competitor Square charges a similar transaction fee but has monthly options that range from free (for a website with Square branding) to $12 per month for a custom site.

Competing with Amazon Digital storefronts don’t magically solve the challenges facing small retailers. Small businesses are competing directly with Amazon and its millions of items that can be shipped for free, typically in two days.

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Cinch Market, which launched this summer with the tagline “Shop Brooklyn, Not Bezos,” is trying to level the playing field. Its website can facilitate same-day delivery within the borough for more than 30,000 items from 50 Brooklyn stores.

There are no fees for businesses to join. Cinch collects up to 9% of completed sales to cover its operating costs, compared to fees of up to 15% at Amazon. Delivery staff pick up the items from stores and bring them to customers. They are paid

$20 to $25 an hour, plus tips, to do so.

Maya Komerov, the Brooklyn resident who founded the company, said Cinch is working to process a waiting list of another 50 stores and expects to expand to Manhattan later this month. She said the risk of a second wave of Covid-19 cases is adding urgency to the company’s growth.

“Businesses are very concerned that there is going to be a shutdown,” Komerov said. “We are working quickly.” ■

HELP FROM PAGE 3

Community Entrepreneurs. The group, consisting of experts from leading financial firms who volunteer their time to business owners in a seminar-type format, seeks to create a small-business boot camp for minorities across New York.

In Stevenson’s case, the group followed up on the work it did with her two years ago, when it set up her newspaper’s online presence and website. It worked in tandem with her to create a subscription-supported campaign to commemorate the 25th anniversary of Harlem Community News. Within one week the effort raised $13,000 for the

day helps roughly 60 local business owners and entrepreneurs a year improve their financial standing.

NYPACE typically avoids startups.

Its main candidate for assistance is the business owner who is two to three years in but lacks the necessary strategy and financial skills to take a concept to the next level.

“You can get to $200,000 on instinct, but you can’t sustain your growth or get anywhere meaningful without knowing your numbers,” Inadomi noted.

Greater access NYPACE is not alone in helping minority- and women-owned businesses.

In Flatbush, Jeff Lindor’s staff of six at the Gentlemen’s Factory works closely with the Brooklyn Chamber of Commerce and the Department of Small Business Services to help minority entrepreneurs gain access to city contracts and certifications.

“We’re an incubator program helping men of color gain greater skills so they can receive better means for employment while ushering them into the venture capital space,” said Lindor, CEO of the Gentlemen’s Factory, which he founded in 2017.

Members pay a monthly rate to access the firm’s workspace and go through different workshops and programs that help them navigate life as a business owner in New

“WE’RE NOT JUST LOOKING AT YOUR BUSINESS BUT AT YOUR SOCIAL IMPACT TOO” newspaper. Today subscriptions and donations continue to come in.

“They connected the dots. This is what they do,” she said.

“There is a rise of entrepreneurship, especially among people of color,” said Ken Inadomi, executive director of NYPACE. “Through NYPACE, we are able to democratize the process” of accessing capital, strategy and advice.

Founded in 2002 as a volunteer program out of Wall Street firm Warburg Pincus, the nonprofit to-

York.

As an MWBE-certified employer, the G e n t l e m e n ’s Factory goes into local schools and jails to provide professional development training to young men of color.

“Through our boot camps, we give them introductions to different angel investors to fund their businesses,” Lindor said.

In the Bronx, Communitas America, a nonprofit founded in 2018, looks to promote socially conscious community entrepreneurship.

“Our main mission is to support the social-impact ecosystem in underserved communities,” said Esmeralda Herrera, director of programs and community relations at Communitas America.

The group works with business owners, primarily women and people of color, it deems social entrepreneurs—those who are looking to improve society through a business concept—during a three-month period to help their business concept move beyond the idea stage to a place where it can have a positive effect on the community.

“We’re the ones who are not just looking at your business but looking at your social impact too,” Herrera said.

Communitas America plans to open a new Bronx headquarters,

HeyGround, in the spring to serve as the central hub for innovation and collaboration.

Located at 521 Bergen Ave., the building is now being renovated.

Navigating digital As the pandemic has forced businesses to pivot to an exclusively online existence, one community organization in Brooklyn is filling the needs of the increasingly saturated online marketplace.

Since 1979 BRIC has been Brooklyn’s information and cultural headquarters, a fountainhead of artistic development and a public access channel geared toward educating the community.

“BRIC, as a public access provider, has trained organizations how to tell their own stories using media,” said Sharon Polli, executive vice president of advancement. “We’ve adapted that core expertise to serve small businesses.”

In the past four years, BRIC has formed training partnerships with the Department of Small Business Services and NYC & Company to create classes, mentor programs and media training for small businesses and entrepreneurs.

Before the pandemic, BRIC’s downtown headquarters welcomed more than 1,000 people per week to 170 classes, which are targeted to the needs of the community. Taught

by a staff of 100, the classes are free or low-cost tutorials that range from an introduction to recording a podcast on an iPhone to learning digital photography to advertising on Instagram. Now, as the city continues to socially distance, BRIC looks to use virtual training for organizations and small businesses seeking to improve their digital footprint for what this moment demands.

“We don’t build it for them,” said BRIC President Kristina Newman-Scott. “Our methodology is you teach a man to fish.”

As New York’s economic recovery begins, organizations that rally alongside minority small-businesses owners can be vital to ensuring they have the resources they need.

Entrepreneurs can access these programs by contacting the Department of Small Business Services or their local chamber of commerce.

“We do quite a bit of specialized programing for MWBEs,” said Randy Peers, president of the Brooklyn Chamber of Commerce. “What we started to do this year is look at private sector procurement, moving beyond government contracting.”

Such initiatives can provide the fresh perspective a business owner needs.

“They taught me to appreciate the fact that a business owner can profit by someone outside of their business wanting to take the time to understand what you’re doing and understand what’s in your head and adding to that,” Stevenson said of NYPACE. “And it worked.” ■

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OCTOBER 12, 2020 | CRAIN’S NEW YORK BUSINESS | 19

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P020_CN_20200012.indd 20

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PEOPLE ON THE MOVE

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

ACCOUNTING

ACCOUNTING

ACCOUNTING

ACCOUNTING

COMMERCIAL REAL ESTATE

Mazars USA LLP

Mazars USA LLP

Mazars USA LLP

Mazars USA LLP

FTI Consulting

Mazars USA has named Alisha Jernack, CPA, as partner. Alisha has more than 11 years of public accounting experience, servicing entrepreneurs and privately owned businesses. She specializes in business advisory, strategic planning, financial reporting and tax services.

Alisha serves privately owned businesses in transportation and logistics, food and beverage, and consumer products, as well as other manufacturing and distribution industries. She leads the COVID business advisory team and is a core member of the Business Advisory Practice.

Mazars USA has named Adam Liebman, CPA, as partner. Adam is in the Real Estate Practice and has been with the firm since 2011. He has over 17 years of experience providing accounting and tax services to privately-held business and private equity firms. Adam has contributed to the growth of the Real Estate Practice by providing transactional support on partnership restructurings and working with clients on tax deferred sales of real estate assets.

Mazars USA has named Gina Oloman, CPA, as partner. Gina is in the Financial Services Practice in the New York Office, focusing primarily on banking and the capital markets. She has contributed to the growth of the firm through winning new businesses and cross-selling with existing clients. Gina has a track record of nurturing strong client relationships and is passionate about people development. She currently serves as the Chairman of the New York State Society of CPAs’ Banking Committee.

Mazars USA has named Marine Rollinger as partner.

Marine has led the Accounting and Outsourcing Services practice in the New York Office for two years. She has significantly increased the AOS client portfolio since joining Mazars USA five years ago. She is also successful in winning temporary in-house staff replacement opportunities.

Marine began her career at Mazars in Europe. She spent four years at Mazars France, and four years at Mazars UK where she focused on both AOS and audit.

Josh Herrenkohl joins FTI Consulting as Senior Managing Director and will lead its Real Estate Business Transformation practice, working with real estate investors, owners and users of real estate to better manage the rapid change taking place across the real estate industry.The group’s core focus is on areas that include strategic planning, cost reduction, outsourcing, digital and technology innovation, and process efficiency. Josh was previously the Global Real Estate Consulting Leader at EY.

CONSULTING

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FINANCE

Ichor Strategies

DuckerFrontier

Ichor Strategies - a research and advisory consultancy - is proud to welcome Lisa Hernandez Gioia as Senior Vice President of Corporate Engagement. As SVP, Hernandez Gioia is responsible for business development and client relations. She brings 20 years of experience working at the intersection of politics, philanthropy, and business, including her most recent position as Director of External Affairs at the Related Companies.

Dino Mauricio joins Ducker Holdings, LLC., parent company of DuckerFrontier, as President and CEO effective October 1, 2020. Dino will lead the company’s global research and consulting practice as well as the events division. A seasoned advisor to Fortune 500 corporations and multinational clients for over 25 years, Dino brings extensive experience in strategy development, customer and market due diligence, merger integration, transformation, competitive intelligence and benchmarking.

Valuation Research Corporation

WHAT’S YOUR COMPANY’S NEXT MOVE?

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PEOPLE ON THE MOVE OCTOBER 12, 2020 | CRAIN’S NEW YORK BUSINESS | 21

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TRUCKER

it possible for Clifford Drummond to quit long-haul routes after 17 years and spend more time with his family in the Bronx. On a recent shift he worked from dawn until 3 p.m. delivering 21 pallets to the Met Council and the Campaign Against Hunger. Apart from traffic, he said, the hardest part of his job is dealing with ravenous people who want to sneak on his truck after waiting in line for hours.

“I tell people, ‘I know you’re hungry, but I can’t let you on my truck,’” Drummond said.

FROM PAGE 1

vigorously. By 6 every morning, Reingold, the regional manager at RMX Global Logistics, is at his Hunts Point office lining up drivers to haul food into and around the city.

“My 2-year-old gets up in the middle of the night mumbling, ‘Daddy working,’” he said.

Trucking, which employs more than 10,000 New Yorkers, is one of the most sensitive sectors to changes in the economy. It tracks GDP closer than any other indicator. Its sharp recovery is an encouraging sign that the city is crawling out of the economic abyss.

“A lot of our members have recovered most or all of the business they lost,” said Kendra Hems, president of the Trucking Association of New York.

companies that weathered the storm are aggressively restocking inventories. Another factor is locked-down shoppers ordering more stuff online.

Part of RMX’s success is due to how it remade itself during the pandemic. Previously Reingold spent most of his time dispatching truckers to Midwest slaughterhouses to bring sides of beef and pallets full of chickens back to Hunts Point, the sprawling Bronx marketplace whose 150 distributors and wholesalers provide half of New York’s meat and fish and 60% of its produce, according to the city.

Darker days It’s a jaw-dropping turnaround considering that in April truck traffic entering the city fell by 30%, according to Port Authority data, and the city’s nearest truck stop—the Vince Lombardi Travel Plaza on the New Jersey Turnpike—was as vacant as a Midtown hotel. In early July, YRC Worldwide, the nation’s fifth-largest trucking firm, avoided bankruptcy thanks to a $700 million bailout from the Trump administration.

The absence of truckers posed a major problem to the city, because although New Yorkers love to hate

Processors closed But business got disrupted when Covid-19 outbreaks forced processors to close temporarily. In addition, many of Reingold’s customers at Hunts Point are struggling because 50% of their revenue was driven by restaurants.

Hunts Point offered all members a 40% rent discount during the summer and is asking its landlord, the city Economic Development Corp., to forgive nearly $500,000 in monthly rent.

“Nobody has gone out of business,” said Bruce Reingold, general

“A LOT ... HAVE RECOVERED MOST OR ALL OF THE BUSINESS THEY LOST” road-hogging rigs, 90% of the city’s food arrives by truck.

“Drivers told us if they set foot in New York they wouldn’t be allowed to make another pickup somewhere else,” Reingold said. “I’d tell them they didn’t have to leave their cab; we’d remove everything. But still they would not come.”

A hefty 35% jump in freight rates, tucked into prices for groceries and other goods, helped attract reluctant truckers from out of state.

(Rates are understood to be now running at least 10% above normal.) And even in the pandemic’s darkest days in New York, most of the city’s truck drivers—whose mean annual wage is $54,500— continued to report for work to get deliveries onto supermarket shelves or into people’s apartments.

“What we did was heroic,” said Danny Kane, president of the International Brotherhood of Teamsters Local 202, which has 4,200 members. “When we enter negotiations for a new contract in January, that will be on everyone’s mind.”

BUCK ENNIS

Traffic’s back Today the same number of trucks fill the city’s highways and streets as a year ago. In fact, July traffic was slightly ahead of last year.

The recovery might seem puzzling considering thousands of small businesses remain comatose and unemployment is high. But

Face to face

22 | CRAIN’S NEW YORK BUSINESS | OCTOBER 12, 2020

BUCK ENNIS

RXR MADE UP lost business by delivering food for food banks in the city. manager of Hunts Point and Matt’s father. “But the market was more active a year ago.”

New business Matt Reingold has kept his firm busy by lining up new customers.

Before getting into logistics, he was a football coach at Becker College in Massachusetts. So he is used to changing plans quickly.

Recently his firm started doing business with the heaviest hitter of them all: Amazon. RMX hauls items from an Amazon warehouse in New Jersey to another in Massachusetts, where they are distributed to shoppers.

“We offered to deliver in the five boroughs, Hoboken and Philadelphia. They said, ‘You’ve got Boston,’” Reingold said with a shrug.

“We said, ‘Thank you very much.’”

Another new client, the Food Bank for New York City, accounts for 80% of Reingold’s local jobs.

It’s demanding work because food pantries don’t come with loading docks. Reingold’s firm outfitted some of its fleet with lift gates, which cost $10,000 each, so drivers can unload their pallets from the street. Reingold said the Food Bank pays a premium rate for what he calls “white-glove service.”

“It’s different sort of work,” he said, “but it has kept us busy.”

Delivering to local pantries made

Before Reingold’s truckers ventured out one recent morning, he decided to pay his client a visit and walked across the parking lot to the Food Bank loading dock.

A guard took his temperature, and he provided his phone number for contact tracers. Inside, workers loaded onto trucks cans of Goya beans and Shenandoah Valley-grown apples that would be delivered to churches and nonprofits across the city.

“It’s the first time I’ve been in here in six months,” Reingold said, sizing up the scene. “I used to sit in that office over there and talk with the guys in the morning. But now everyone is masked up, and no one is talking.”

He found warehouse manager Juan Arenas.

“Juan, it’s been a long time,” Reingold said. “Really good to see you.”

Arenas nodded. “When was the last time I saw you?” he said.

“It must have been March,” Reingold said. “When can I come back to the warehouse?”

“Whenever the new normal comes,” Arenas replied.

After a few minutes Reingold headed back to his office. It was a little after 9 a.m., and the busiest part of his day was over.

“Nobody ever cares very much about trucks,” he said. “People don’t think about them until something goes wrong. That’s why I stopped by the Food Bank. I want them to know everyone’s faces. I want them to see we’re there for them every day.” ■

DRUMMOND, once a long-haul driver for RXR, now delivers locally to food pantries.

STATEMENT OF OWNERSHIP, MANAGEMENT AND CIRCULATION (Required by 39 U.S.C. 3685) 1. Publication Title: Crain’s New York Business 2. Publication No.: 000-209 3. Filing Date: 9-30-20 4. Issue Frequency: Weekly, except for bimonthly in January, July and August and the last issue in December 5. No. of Issues Published Annually: 44 6. Annual Subscription Price: $129.00 7. Complete Mailing Address of Known Office of Publication: Crain Communications, Inc. 685 Third Avenue, New York, New York County, NY 10017-4024 Contact Person Jim Cantley (313) 446-1615 8. Complete Mailing Address of Headquarters or General Business Office of Publisher: 685 Third Avenue, New York, NY 10017-4024 9. Full Names and Complete Mailing Addresses of Publisher, Editor, and Managing Editor: Publisher, Fred P. Gabriel, Crain Communications, Inc. 685 Third Avenue, New York, NY 10017-4024; Editor, Robert Hordt, Crain Communications, Inc. 685 Third Avenue, New York, NY 100174024; Managing Editor, Crain Communications, Inc. 685 Third Avenue, New York, NY 10017-4024; 10. Owner (Do not leave blank. If the publication is owned by a corporation, give the name and address of the corporation immediately followed by the names and addresses of all stockholders owning or holding 1 percent or more of the total amount of stock. If not owned by a corporation, give the names and addresses of the individual owners. If owned by a partnership or other unincorporated firm, give its name and address as well as those of each individual owner. If the publication is published by a nonprofit organization, give its name and address. (Item must be completed.): Crain Communications Inc. 1155 Gratiot Avenue, Detroit, MI 48207-2997; K.E. Crain, 1155 Gratiot Avenue, Detroit, MI 48207-2997.

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Average No. Copies of Copies Single Each Issue Issue During Extent and Published Preceding Nature of Nearest to 12 Months Circulation Filing Date A. Total No. Copies (Net Press Run) 40,434 39,780 B. Legitimate Paid and/or Requested Distribution (By Mail and Outside the Mail) (1) Outside-County Paid/Requested Mail Subscriptions Stated on PS Form 3541.

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OUT OF OFFICE THAI FARM KITCHEN LOCATION 21 Peck Slip, South Street Seaport HOURS Noon to 10 p.m. daily WEBSITE thaifarmkitchenseaport.com SIGNATURE DISHES Nua Toon: Rustic, slow-cooked, pastureraised beef soup with bok choy and bean sprouts ($12)

THAI FARM KITCHEN

Lamb shank in massaman curry: Braised lamb shank with cumin, coriander, lemongrass, potatoes, crispy shallots and peanuts ($26) Vegan green papaya salad: Sour green papayas with organic green beans, cherry tomatoes, Thai chili, lime juice, tamarind juice, salt and crushed peanuts ($11)

JESS CALVO

Gai satay: Chicken on skewers marinated with spices and turmeric and served with peanut sauce ($15)

Old-style Thai cuisine with a smile

A new Seaport spot serves the classics with a focus on organic ingredients

D

uring the shutdown, husband and wife restaurateurs Jess and Kanyawee Calvo thought about New Yorkers cooking at home or ordering takeout from just a few places. They figured everyone might be bored of the same old foods.

The duo, who are from Thailand and had restaurants in the Bangkok area before opening the original Thai

Farm Kitchen in Brooklyn in 2018, thought they could offer some novelty downtown. What’s more, they knew that opening during the pandemic would command attention, reducing the need for marketing.

In late June the pair launched the South Street Seaport outpost for takeout only, thinking business might be slow. But it wasn’t: People lined up, and the team moved forward with

outdoor dining when the time came.

Outdoors, the space has nearly 70 seats, with tables separated by plastic partitions. There’s a gazebo and plenty of plants. The Calvos want to make diners feel as though they have entered a different world.

Indoors, 15 seats are available (25% of the 60 that normally would be).

The waitstaff is trained to be especially hospitable. The Calvos said all

employees are tasked with “bringing out the smile” for customers.

The menu features Thai classics including curries, soups, noodles and rice. Kanyawee Calvo was brought up cooking Thai food in “the old style,” meaning all the curry pastes, for example, are made from scratch.

Thai Farm Kitchen also prioritizes the sourcing of its food, focusing on organic and local ingredients. A vegan section of the menu is a respite for those who might normally avoid Thai cooking because of the common use of fish sauce and shrimp. All dishes are mild, “Western spicy” or “Thai spicy,” he said.

Calvo hopes the restaurant offers customers comfort during a time of widespread worry.

“We want people to forget all the stress and just enjoy our hospitality,” he said.

— Cara Eisenpress

RESTAURANT NEWS AND NOTES

AMIGO BY NAI Noon to midnight daily A collaboration between a New York tapas restaurant and a Los Angeles food truck, Amigo by Nai is a taqueria offering six fillings, among them carnitas (pork, available in various cuts), gambas (shrimp) and coliflor (shawarma-roasted cau-

PEPPA’S JERK CHICKEN 11 a.m. to 11 p.m. Sunday through Thursday; 11 to 2 a.m.

Friday and Saturday The 15-year-old jerk chicken institution in Brooklyn has opened its fourth location, in East Flatbush. Menu items include stewed oxtail, rice and

liflower). All come in corn tortillas made by a nearby French bakery. There are 10 outdoor tables, room for 50 inside and takeout packages offering taco fillings by the pound.

29 Second Ave., East Village NICE DAY 11:30 a.m. to 9 p.m. Wednesday through Sunday This takeout restaurant from the owners of Chinese pancake mini chain Junzi pays homage to popular Chinese-American fare such as General Tso’s chicken, beef and broccoli, and orange shrimp (called Shake Shake Shrimp at Nice Day). Junzi has developed a mobile ordering system that it’s extended to the pop-up. A permanent location is planned for the end of the year.

170 Bleecker St., Greenwich Village

KATHRYN SHELDON

COURTESY OF AMIGO BY NAI

AMIGO BY NAI

NICE DAY

peas, and curried goat. Lunch specials cost $7. 1853 Nostrand Ave., East Flatbush THE TYGER 5 to 11 p.m. Tuesday through Sunday At this Southeast Asian restaurant from the owners of nearby

Chinese Tuxedo, the menu breezes through the region, turning out dishes including the Banh Xeo crispy turmeric and coconut crepe with roasted pumpkin and pickled papaya, Singaporean chili crab fried rice and beef short rib in red curry.

1 Howard St., SoHo TLAXCAL KITCHEN 12:30 to 10:30 p.m. daily Closed Elmhurst restaurant Cevicheria El Rey is now hosting this pop-up taco restaurant, which specializes in the food of Puebla, Mexico. The chef also teaches cooking classes. The tacos Arabes are a mix of Middle Eastern and Mexican cooking, featuring thick, pitalike tortillas stuffed with cochinita pibil, or slow-cooked pork made with a mix of spices such as cinnamon and allspice. 85-16 Roosevelt Ave., E ­ lmhurst, Queens — C.E.

OCTOBER 12, 2020 | CRAIN’S NEW YORK BUSINESS | 23

NOV. 9

Opening Day

NOV. 10 - 12

20

Focus Sessions

CRAIN’S NEW YORK BUSINESS NOVEMBER 9 – NOVEMBER 12

LISTEN AND LEARN FROM METRO NEW YORK’S PREEMINENT WOMEN

This weeklong summit will bring together the leading women in New York City’s public and private sectors20 to discuss the biggest professional and personal challenges facing them today. Leaders will offer tips on investments, mentoring relationships, and overcoming the challenges to leadership and success. Keynote presentations and concentrated panel discussions will leave attendees with insight they can apply to their careers.

SUMMIT KICKOFF NOV. 9

LEADERSHIP MENTORING

INVESTING

NOV. 10

NOV. 11

NOV. 12

Opening day speakers: Mary Ann Tighe Sallie Krawcheck

Keynote speaker: Pat Wang

Keynote speaker: Alexandra Lebenthal

Keynote speaker: Anne Ackerley

Mary Ann Tighe and Sallie Krawcheck will talk about mentoring in a male-dominated field, across generations and through one of the most challenging economic periods in the city’s history.

How do you lead with empathy under exceptionally stressful financial conditions?

In the current economy, how has mentoring changed for women?

How should women invest in themselves?

CRAIN’S NEW YORK BUSINESS

CEO of the Tri-State Region, CBRE

CEO and Co-Founder, Ellevest

President and Chief Executive Officer, Healthfirst

Senior Advisor, Houlihan Lokey

Head of the Retirement Group, BlackRock

Event questions: crainsevents@crainsnewyork.com Sponsorship opportunities: Lisa Rudy • lrudy@crain.com

RESERVE YOUR VIRTUAL SEAT TODAY: CrainsNewYork.com/PowerWS20

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