Crain's New York Business

ASKED & ANSWERED Healthfirst chief on why school reopenings are key PAGE 10

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OCTOBER 26, 2020

DEITELZWEIG said hotel rooms can easily be converted into boutique offices.

BREATHING NEW LIFE INTO DYING HOTELS

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usiness leaders last week welcomed Mayor Bill de Blasio’s proposal for distributing a Covid-19 vaccine once one becomes available.

After scientists and the state government have properly vetted the vaccine, de Blasio said, the city will execute a two-phase distribution plan.

During the first phase, the city will have a limited supply of doses and will prioritize doling them out to frontline and essential workers, health care personnel and at-risk groups. To prepare for the initial vaccine rollout, the city is enrolling providers in the Department of Health and Mental Hygiene’s citywide immunization registry. More than 2,500 providers currently report to the registry, the mayor said.

The second phase will expand efforts to vaccinate the general public. The vaccine will be distributed through private and public hospitals, health care clinics, community centers, schools, testing sites, pharmacies and urgent-care centers, de Blasio said. To increase availability, he added, the city will ensure that there is adequate storage.

“We know that the vaccine will be the difference-maker, and we know that time is coming near,” the mayor said Wednesday during his briefing on the matter. “So New York City is working very closely with the

BY NATALIE SACHMECHI

C BUCK ENNIS

raig Deitelzweig made his mark in real estate by buying office buildings and making them look and feel like hotels. “Why shouldn’t you feel like you’re on vacation when you’re at work?” he asks. His redevelopment of the offices at 10 Grand Central is evocative of a chic, boutique hotel with a signature scent pumping through its ducts.

He’s done this at properties around the city, but now See HOTEL on page 20

SEE Top 25 commercial property managers in New York, PAGE 12

NEWSPAPER

See VACCINE on page 20

OUT OF OFFICE

A roundup of the city’s hottest new eateries PAGE 23

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Mayor’s vaccine plan a good first step: biz leaders

BY COLIN KERN AND SHUAN SIM

With the industry on the ropes, investors are brainstorming ways to repurpose the now-empty buildings

© 2020 CRAIN COMMUNICATIONS INC.

CORONAVIRUS

But city should plan to keep providing fiscal help to struggling firms

REAL ESTATE

VOL. 36, NO. 36

DON’T BANK ON IT Branch closings leave one Bronx neighborhood in the lurch

INSTANT EXPERT

Landlords, retailers at odds over the rent PAGE 16

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REAL ESTATE

15% of city landlords could default on property taxes next year “ELECTED OFFICIALS CAN’T TAX, FINE OR REGULATE THEIR WAY OUT OF THIS HOUSING CRISIS”

BY NATALIE SACHMECHI

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After the July property tax deadline passed, the city’s Department of Finance reported that collections were up 6%, though that number was misleadingly hopeful, experts said.

WEBCAST CALLOUT

Tax lien sale delay

Most of those collections were already in escrow along with mortgage payments, and renters were using federal Paycheck Protection Program money to make rent. With no more federal money flowing in, experts said, the next deadline in January would show how the pandemic has hurt property owners’ ability to pay their bills.

Rent collections have improved marginally since last month, up to 84% from 81%, though the vacancy rate continues to rise. It’s currently

T CRAIN’S BUSINESS FORUM FEATURING SEN. CHUCK SCHUMER During the pandemic, New York’s senior senator, Chuck Schumer, has fought doggedly to secure federal funding for small businesses, the MTA, local hospitals, schools and more—while still focusing on major projects like the Gateway tunnel. Join Crain’s Nov. 18 to hear the Brooklyn-born legislator talk about some of the battles he’s waged and what’s to come after the presidential election.

VIRTUAL EVENT Time: 4 to 5 p.m.

CrainsNewYork.com/NovBusinessForum

anyone can move in.

In many cases, the landlords can’t afford to make the fixes now, especially for rent-regulated apartments, according to the report. A majority of the buildings are prewar and come with high maintenance costs.

“Lawmakers need to attract people back to the city by cutting the costs of housing, by lowering property taxes on affordable housing and by easing regulations so owners can lower rents,” Martin said.

Real estate broker confidence plunges to another record low, REBNY says

BY EDDIE SMALL

NOV. 18

at 12.8%, compared with 3% in February.

The improved rental collections and rising vacancy rates together suggest that renters have left the city and are not looking for a new home here, Martin said.

More than 16,000 units are on the market, according to a recent Douglas Elliman report. The vacancy rate calculated by CHIP counts only empty apartments that have not been listed for rent because they require refurbishing before

The city was scheduled to hold its annual property tax lien sale in May, but Mayor Bill de Blasio postponed the sale until last month because of pandemic-related issues.

The lien sale would affect property owners who were at least three years’ past due on property taxes or a year behind on water and sewage charges. It would give the city’s budget a $57 million boost.

Despite pleas to delay the sale further so property owners would not be subject to the high interest rates of having collectors manage their debt, de Blasio planned to move forward until Gov. Andrew Cuomo stepped in and pushed the sale back until at least Nov. 3 via executive order.

CHIP represents more than 400,000 units of rental housing, the large majority of it rent-regulated. ■

he pandemic and its financial fallout are continuing to take a serious toll on the confidence of New York’s real estate brokers.

Broker confidence fell to a record low during the third quarter of this year, dropping to 3.08 out of 10, according to the latest index from the Real Estate Board of New York. It is the third consecutive quarter that broker confidence has fallen to a record low. The third-quarter figure marks a 7% decline since the second quarter.

“With brokers increasingly uncertain about the future of the market, the bad news is just getting worse for millions of New Yorkers who rely on the everyday government services funded by real estate–generated tax revenue,” REBNY President James Whelan ­ said in a statement.

Brokers are not confident that things will improve soon either, as their future confidence index has

dropped to 3.51 out of 10, REBNY said. That marks a 10% drop from the second quarter and indicates the industry thinks the market will get worse before it gets better.

Pessimistic outlook The report reflects the confidence of residential brokers and commercial brokers. Residential brokers experienced a small confidence boost during the second quarter, when New York launched the second phase of its reopening, but it then fell 14% between the second and third quarters to 4 out of 10.

The confidence of commercial brokers is trending in the opposite direction, increasing 11% between the second and third quarters.

However, commercial brokers still have a more pessimistic outlook than residential brokers, at just 2.15 out of 10, according to the report.

Overall, broker confidence dropped by 47% year over year. It declined by 64% among commercial brokers and by 30% among res-

AP PHOTO

Leaving the city

“Elected officials cannot tax, fine or regulate their way out of this current housing crisis.”

BUCK ENNIS

ore than 15% of city landlords could default on their property tax or water and sewer bills come January, a new survey of property owners found.

For the past eight months, depressed residential rent collections—84% of the expected amount—and a vacancy crisis ­fueled by New Yorkers leaving the city have given landlords much to worry about, given that they’re on the hook for their own mortgage and building expenses, according to responses from a Community Housing and Improvement Program questionnaire.

With the next property tax deadline less than three months away, some property owners said they just won’t have the money to pay their debts.

“While some owners can sustain this type of hit, more than 1 in 10 cannot,” said Jay Martin, executive director of CHIP, “and that is a crisis for affordable housing in New York.”

idential brokers. Future broker confidence overall dropped by 36% year over year, falling by 49% among commercial brokers and 22% among residential brokers.

REBNY has been conducting its confidence survey since 2012.

Many of the broker comments the organization highlighted in its latest report focused on the need to

procure government aid for the city and on how much uncertainty the pandemic has caused in the city’s real estate market.

The confidence index comes on the heels of another report from REBNY saying that the drop in real estate activity has so far led to a $755 million decline in city and state tax revenue this year. ■

Vol. 36, No. 36, October 26, 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 26, 2020

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ECONOMY

As banks close branches, small businesses suffer Bank locations are disappearing in New York at the fastest rate in 20 years.

One Bronx neighborhood in particular is feeling the pain

BY AARON ELSTEIN

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ne recent morning, Bronx mechanic Pablo Garcia wired money to his mother in Puerto Rico from a checkcashing shop near the intersection of Burnside and Jerome avenues. A bank probably would have charged less than the $5 minimum fee imposed by the check-casher, but going to one wasn’t really an option for Garcia. The neighborhood’s two bank branches have closed.

“My mother is struggling, like everyone,” he said. “I have to get money to her.”

The Amalgamated Bank location at 94 E. Burnside Ave. shut its doors for good Sept. 25, a victim of the Covid-19 pandemic, which has reduced profits at all banks and led them to close branches across the city in unprecedented numbers.

The Chase branch on the opposite side of the elevated subway tracks, at 5 W. Burnside Ave., closed last October after a flooding accident in the building. It isn’t expected to reopen until April at the earliest. The bank nearest to the check-casher Garcia used is a mile away.

The loss of the Burnside Avenue business district’s two banks has been an especially bitter pill. The

BUCK ENNIS

IT TAKES Ventura an hour to get back and forth to his nearest bank branch.

See BANKS on page 19

FILM

Movie theaters struggling to survive after months of closure Governor allowing cinemas to reopen—but not in the city

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ost film lovers in New York City have been unable to see a movie on the big screen for the better part of a year, and it comes as no surprise that many theaters are feeling the strain.

Rubbing salt in the wound, the rest of the state has started to leave New York City behind. Gov. Andrew Cuomo announced that effective last Friday theaters may reopen, albeit at a maximum 25% capacity and with a maximum attendance of 50 people per film—everywhere ex-

cept the five boroughs.

“Is he going to take two weeks to make a decision if there isn’t a spike? Is he going to take a month? I have no idea,” said Karen Cooper, director of the Film Forum, an

BUCK ENNIS

BY GWEN EVERETT

See MOVIES on page 4 OCTOBER 26, 2020 | CRAIN’S NEW YORK BUSINESS | 3

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HEALTH CARE

NY Covid-19 alert app exceeds 500,000 downloads

BY RYAN DEFFENBAUGH

near that person for 10 minutes or more are notified.

Covid Alert NY is built on technology from Apple and Google and does not use any location data, which Gov. Andrew Cuomo said earlier this month will prevent the collection of any personal user information.

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oughly a month after its launch date, a state app that alerts people about possible Covid-19 exposure has been downloaded about 550,000 times—an impressive number that will need to keep growing to boost its effectiveness.

A mix of private and public efforts have launched this month to help boost the daily downloads of Covid Alert NY, which peaked at 75,000 on Oct. 2, according to an analysis by SensorTower, a research firm that tracks the app stores of Google and Apple. Erin Silk, a state Department of Health spokeswoman, said state data show the app has been downloaded 630,000 times.

Moving the needle Troy Tassier, a Fordham University professor who studies economic epidemiology, said similar apps have proved effective in Asia at identifying potential contact that individuals might not report to a contact tracer, such as the person sitting next to them on the bus.

“The more who use the app, the better it will work,” Tassier said. “But even a small percentage of users can be helpful because it lowers at least some amount of manual contact tracing.”

A joint study between Oxford University and Google in September estimated that exposure notifications could reduce infections by 15% in a region, if an app is downloaded by at least 15% of the population and is paired with manual contact tracing. If each individual download of Covid Alert NY represents one person, about

ABOUT 3% OF NEW YORK’S 19.5 MILLION RESIDENTS ARE USING COVID ALERT NY Covid Alert NY uses Bluetooth technology to detect when people have been within 6 feet of one another for longer than 10 minutes— assuming they have each downloaded the app.

If someone later reports on the app that he or she has tested positive, all those who could have been

3% of New York’s 19.5 million residents are using it.

New York’s app links up with those of New Jersey, Pennsylvania and Delaware to alert people if they were exposed by someone out of state. Cuomo pledged to advertise Covid Alert NY and has placed a download link prominently on the website dedicated to the state’s

MOVIES

could, in turn, encourage their employees to download it as a tool for reopening a workplace.

“We are viewing this as a complement to state-level efforts,” said McLaughlin, former deputy chief technology officer for the Obama administration. “We will see how much large employers can move the needle.” ■

REAL ESTATE

More affordable units coming to Queens

FROM PAGE 3

BY EDDIE SMALL

A BUCK ENNIS

independent cinema in the Village.

“When I look at numbers, I’m looking at the same infection numbers as everybody else. Manhattan is very, very strong. We don’t have a lot of Covid in Manhattan, and we certainly don’t have a lot of it downtown. There are hot spots, obviously, but we are not among them.”

As operations that gather large groups of the public in an enclosed space, movie theaters fall squarely within the definition of venues deemed unsafe because of the pandemic.

The damage of their extended shutdown is clear in New York: More than 1,000 people in the industry have lost work, filings with the Department of Labor show.

The way things are going, 70% of the nation’s small and midsize cinemas could go bankrupt, according to the National Association of Theater Owners.

How New York manages to reopen its cinemas affects the broader industry. That much was clear when Cineworld shut down all 536 of its Regal Cinemas nationally, citing the wrench a delayed reopening in New York state had thrown into the chain of movie production.

“The prolonged closures have had a detrimental impact on the release slate for the rest of the year and, in turn, our ability to supply our customers with the lineup of blockbusters they’ve come to expect from us,” Cineworld Chief Executive Mooky Greidinger said. “As such, it is simply impossible to con-

Covid-19 response.

A separate effort led by the Covid-19 Technology Task Force—a group of “volunteer nerds,” as described by tech entrepreneur Andrew McLaughlin, that includes members from Google and Amazon—is holding virtual seminars and one-on-one sessions to educate employers about the app. They

tinue operations in our primary markets.”

The company reversed course after Cuomo’s announcement, though its New York City theaters remain closed.

Revenue streams Some city theaters will be saved, at least for now, by wealthy benefactors paying the bills. Such is the case at Midtown’s historic Paris Theater, for which Netflix took out a multiyear lease in November. The company declined to clarify how long the lease will last.

Film Forum, which is a nonprofit, has been able to offset some of the damage to its bottom line through donations from its members. It also has earned some revenue by streaming films. It has brought in just $90,000 in seven months, Cooper said, adding that although those are strong numbers for a vir-

tual cinema program, it’s not nearly enough to make up for the nonprofit’s losses. During normal times, a film can bring in $20,000 to $25,000 in a single week, she said.

“These figures are absolutely pathetic compared to what we would be earning if people were buying tickets and coming into a movie theater, our movie theater,” she said. “So it’s not the same thing.

And yet we’re considered very successful at this whole virtual cinema business.”

Cooper said she’s anxious for Cuomo to give word on whether guests will be allowed to come back to the theater. But even once they are, she recognizes that will be just the start of the recovery.

“I remember 9/11. We were closed for all of three days, and it took a year to recover the audience,” she said. “People are traumatized by events like this.” ■

rker Cos. is moving forward with another building at its extensive affordable-housing complex in Edgemere, Queens.

The developer has filed plans with the Department of Buildings for a 194-unit mixed-use building at 5123 Beach Channel Drive. The property is designed to include 140,000 square feet of residential space and 22,000 square feet of commercial space. The building will stand 17 stories and 180 feet tall and will include 133 parking spots, the plans say.

“While we are still waiting for financing to be approved for Edgemere Commons, we want to be ready to go as soon as that moment comes,” Arker spokeswoman Samantha Matson said. “This filing with DOB is a preliminary step toward our groundbreaking, which we hope happens in 2021.”

Arker received the OK from the City Council to build its Edgemere project in November. The complex has been billed as the largest private affordable-housing development under the de Blasio administration. It will bring 2,050 units of rent-regulated housing to the site of the former Peninsula Hospital, along with 150,000 square feet of retail space anchored by a Western

Beef supermarket, the developer says.

Edgemere Commons will consist of 11 buildings overall, with apartments for people making between 30% and 130% of the area’s median income, and it will include 270 senior housing units, according to the plans. It also will include 38,000 square feet of open space that will feature a public plaza and a playground, they say.

The project is expected to take 15 years to build, with work progressing in five phases.

‘Ready for growth’ Although some local residents expressed concerns about the density of Edgemere Commons, the project gained the support of local Councilman Donovan Richards.

He said he is happy to see Arker continue to work on it in the face of the Covid-19 pandemic.

“This project moving forward symbolizes not only that our waterfront is ready for growth but also responsible growth that really is going to ensure that the residents who live in this neighborhood have access to a supermarket, have access to open space and will now have a prime opportunity to enjoy amenities that so many other communities have,” Richards said. ■

4 | CRAIN’S NEW YORK BUSINESS | October 26, 2020

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SPONSORED CONTENT

The post-coronavirus commercial real estate market T

he coronavirus pandemic has unmistakably altered the office culture. As businesses search for a new normal amid social restrictions, what they require from their office space—in terms of location, amenities and management structure—is changing.

To learn how this shift has affected the commercial real estate market and how businesses have handled the transition back to in-person work, Crain’s Content Studio turned to MaryAnne Gilmartin, chief executive officer of Mack-Cali, developer of the commercial-residential Harborside neighborhood in Jersey City, New Jersey.

CRAIN’S: The pandemic has caused many businesses to turn to remote-work arrangements.

What about businesses that aren’t working remotely— how have their needs and preferences changed when looking for office space?

MARYANNE GILMARTIN: In times of uncertainty, business leaders look for ways to assert control and provide comfort to their employees. That starts with health and safety, and at Mack-Cali we’ve implemented the protocols and technologies needed to make our office buildings safe during this pandemic. But it goes beyond that. The workday experience really extends from when employees leave home in the morning until they return at night and includes commuting, eating, meeting, socializing and often handling an errand or two.

Companies now want an office

as effective or productive. It is critical to instill in tenants that it is safe to come back. We can’t control how the government is responding to the latest events, but we can ensure that the air is filtered, that elevator capacity is limited, that you can still get a good lunch, enjoy safe and clean communal spaces both indoors and outdoors, and hold in-person meetings.

CRAIN’S: Have the less densely populated markets in the New York area become more desirable as businesses consider potential future Covid-19 surges?

GILMARTIN: Even before Covid-19 there was a recognition that the New York region really needs more business districts outside of Manhattan. People increasingly want to live near where they work, they want access to open

“Companies now want an office ecosystem that can make the workday experience as integrated, safe and comfortable as possible—ideally under one roof… such as our Harborside complex in Jersey City.” ecosystem that can make all of this as integrated, safe and comfortable as possible—ideally under one roof or in a campus setting. Not surprisingly, we’ve seen a spike in interest for campus locations such as our Harborside complex in Jersey City.

CRAIN’S: Are businesses that initially pivoted to telecommuting now returning to office spaces? What factors are involved in that decision?

GILMARTIN: The one thing I hear consistently from our tenants is that they want to be back in the office, because in most cases working remotely just isn’t

space during the workday, and they want manageable density that is convenient without feeling overcrowded.

Neighborhoods that have both those elements and do not compromise on the commuting convenience are going to be very successful. That’s Jersey City, Downtown Brooklyn, Long Island City—places that are very accessible but where you can take a call on a waterfront esplanade and your employees can walk to work from great residential neighborhoods.

CRAIN’S: How have buildings and complexes that house multiple businesses adapted

their policies and protocols during the coronavirus?

GILMARTIN: I’ll use our Harborside campus as an example. You can tell from the moment you reach campus that things have changed. There is signage throughout the buildings updating people on new protocols, hand sanitizer stations, social distancing in the elevators, and reduced capacity in our food hall. We’ve increased the filtration in our heating, ventilation and air-conditioning systems and doubled down on cleaning crews to frequently sanitize high-touch points.

Because we control the entire campus, we can provide a consistent level of safety, security, service and amenities across all of our buildings, and our tenants know that all spaces are adhering to the same very high standards. Being able to provide that level of service is not possible outside of an integrated campus environment.

CRAIN’S: Do you see the remote-work trend continuing?

If so, will that create opportunities for businesses seeking office space?

GILMARTIN: The isolation that we have all experienced in the past seven months cannot continue. People want to get back to the office for both the work and social aspects. In the short term, there may be good deals for tenants seeking space, but the market will rebound.

The long-term trend will be a hybrid approach, where we have more flexibility to work remotely on a more frequent basis but are expected to be in the office the majority of the time. This new paradigm will open up a lot of exciting opportunities for rethinking how we work and how we use office space, and it will affect where companies want to locate, creating a more diversified set of business districts in the region.

MaryAnne Gilmartin, Mack-Cali CEO CRAIN’S: Given the ways in which the world of work has changed this year, what does the office of the future look like?

GILMARTIN: This extended period away from the office has changed some things about

how we want to live moving forward that I expect to continue.

Expectations around wellness will be very high, as they should be, as companies take a harder look at how being in an office all day affects every aspect of the staff’s well-being. This period will accelerate trends we already are seeing, such as bringing hospitality into the office and expanding the amount of space that we allocate to each employee (ending the long-standing trend toward densification). Careeroriented people, however, still long for the opportunity to be mentored by superiors in their office through both direct interactions and passive observations, and to demonstrate their capabilities and skills in an in-person meeting. Ultimately people want to feel connected to the work they do, the people with whom they work, and the career path in which they are invested— those are all facilitated by being physically present in an office.

■

REAL ESTATE

Here’s what real estate is looking for in the next mayor

Leaders of the industry say the current administration treats them with hostility

T

he city’s developers and landlords say the next mayor should focus on getting New York’s economic engine—real estate—back up and running.

The real estate industry accounts for more than half of the city’s tax revenues and employs thousands of people across construction and hospitality, but it has been hurt by delinquent rent payments, pressing mortgage payments and an administration that, business leaders say, treats them with hostility.

Real estate tax revenues are down at least $755 million compared with the first nine months of last year, and property sales are down 45%, according to a Real Estate Board of New York report.

“We need a mayor that creates

tween the real estate industry and the city during the pandemic has been the property tax deadline, which passed in July and will come again in January. Landlords called on Mayor Bill de Blasio to freeze the taxes so property owners who ­haven’t been collecting rent from their tenants wouldn’t default on their own bills—to no avail.

Tax-lien sale In the midst of a municipal budget crisis, de Blasio was adamant about moving forward with the city’s annual property tax-lien sale last month, which could generate $57 million for the city’s coffers. He rescheduled it only after Gov. Andrew Cuomo issued an executive order postponing the sale for a month.

Meanwhile, hotels are in danger of default, though they are still on the hook for taxes, mortgages and other expenses. And there’s no help in sight.

“The city’s got to be run like a business, and it has not been like a business for the last decade,” Malkin said. “New York City is not only about social agendas and public statements.”

One challenge among the city’s mayoral candidates is that for some, a willingness to engage with business and real estate interests is seen as a negative, said Scott Rechler, chief executive of RXR Realty, which owns more than 25 million square feet of Manhattan real estate. It will be

REAL ESTATE TAX REVENUES ARE DOWN AT LEAST $755 MILLION an environment that allows business to succeed,” said Anthony Malkin, chief executive of the Empire State Realty Trust, “not a mayor that leads an administration that expresses overt hostility toward the real estate industry and business in New York.”

A major point of contention be-

OMA

BY NATALIE SACHMECHI

key, he said, for the next mayor of New York to get business leaders involved so they can play a role in the city’s recovery.

Inequality During de Blasio’s mayoral campaign in 2013, he highlighted the inequality in the city. “This is a place that in too many ways has become a tale of two cities,” he lamented, “a place where City Hall

has too often catered to the interests of the elite rather than the needs of everyday New Yorkers.”

But rather than unifying the “two cities,” Rechler said, de Blasio has seemed to govern only for the people who’d been overlooked, at times vilifying the business community.

“We need someone who cares about the minutiae of running a city,” said Jay Martin, executive di-

rector of the Community Housing Improvement Program, a group that represents 25,000 property owners across the five boroughs.

He said he would get behind a candidate who can support jobs, housing, developing and keep money flowing into the city to support social programs.

“We need development to get off the ground,” Martin said, “and not let it die on the vine.” ■

POLITICS

Who’s got the money in the mayoral race

BY BRIAN PASCUS

A

s the 2021 mayoral race heats up and more candidates announce their intentions to run, the best-funded campaigns are coming into focus.

The two most experienced candidates are Comptroller Scott Stringer and Brooklyn Borough President Eric Adams.

Each candidate has a wealth of experience in state politics. Adams was first elected to the Assembly in 2007; Stringer was first elected to

ALL THE MAIN CONTENDERS THUS FAR ARE DEMOCRATS that chamber in 1993. Both men have been mainstays in city politics since the mid-2000s.

Not surprisingly, Adams and Stringer have raised more money than the other candidates in the

race. A July campaign finance summary showed that Adams had $2.1 million on hand. Data from the New York City Campaign Finance Board showed Adams received $2.2 million from 6,694 donations during the current mayoral election cycle.

Newbies playing catch-up The same July summary found that Stringer has $2.3 million on hand. Data from the finance board revealed Stringer received almost $1.4 million from 4,772 donations during the election cycle.

This leaves the newbies in the race playing catch-up.

Shaun Donovan, former U.S. Office of Management and Budget director and former secretary of Housing and Urban Development, has never before run for elected office.

During the January-July filing period, Donovan raised $661,822 from 630 donations—an average of $1,050 per donation. The July finance summary showed Donovan

had $453,538 on hand.

Other candidates are either struggling to raise money or might not be comfortable filing an official disclosure.

Loree Sutton, former com­ missioner of the city Department of Veterans’ Services, raised $154,783 from 407 donations, according to the board. But the July summary showed she was $4,455 in the red. It’s unclear where Sutton’s current balance lies.

Civil rights attorney Maya Wiley recently entered the race, and former Sanitation Commissioner Kathryn Garcia announced her intention of exploring a run. Neither has shown much, if any, fundraising prowess thus far.

Wiley’s campaign did not release any fundraising numbers, and the finance board shows no money from donations.

Garcia’s exploratory campaign revealed the same lack of donations.

Neither campaign responded to re-

ISTOCK

The two most experienced candidates have raised the most funds

quests to supply their own numbers.

The next filing deadline for campaign donation disclosures is Jan. 15.

The primary election is scheduled for June 22. All the main contenders in the race thus far are Democrats. ■

6 | CRAIN’S NEW YORK BUSINESS | October 26, 2020

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

EDITORIAL

publisher/executive editor

It’s time to put aside posturing and develop a Covid vaccine strategy on how a vaccine would be dispensed in the city and the state.

Considering that there are so many unknowns about when one will be officially ready, Cuomo said the state’s plan is meant to be flexible.

And he noted that the real guidance will need to come from the federal government.

“To date, the federal government has not clearly delineated the roles and responsibilities between the federal and state government, outlined how the vaccine will be funded or reimbursed, and provided other key details that will be required before New York can finalize plans for a vaccine program,” the announcement read.

Unfortunately, the Covid vaccine has been rolled into the rhetoric of the upcoming presidential election, another example of how the pandemic has become viewed more as a political issue than a public health crisis. President Donald Trump has been touting the imminent release of a vaccine, and former Vice President Joe Biden has cast doubts on his timeline and the safety of rushing one through the pipeline.

The jabs thrown by both sides

51% OF AMERICANS SAID THEY WOULD TRY TO GET A VACCINE WHEN IT COMES OUT But what has been noticeably absent has been a clear implementation plan from the government.

Last week Mayor Bill de Blasio and Gov. Andrew Cuomo individually announced preliminary plans

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

Janon Fisher audience & analytics manager

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

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

www.crainsnewyork.com/staff 212.210.0100 GETTY IMAGES

F

or months we’ve heard business leaders, health care professionals and government officials tell us that a Covid-19 vaccine is essential to life getting back to normal.

When will office workers once again feel comfortable coming into work? When will schools, restaurants and movie theaters be able to reopen fully? The answer from all sides is always a resounding “When there’s a vaccine!”

According to one statisticsfocused website, as of Oct. 20 there were 650 Covid-19-related medications and vaccines in development worldwide. In the U.S., the Food and Drug Administration is preparing to expedite the vetting process to give Americans speedy access to whichever offering is ready first. The pharmaceutical side is coming together.

Frederick P. Gabriel Jr.

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

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

are contributing to the skepticism,and in some cases fear, many Americans feel about taking whatever is ready first. A CNN poll this month found that 51% of Americans said they would try to get a vaccine when it comes out.

Locally, an NYU study of transit workers found that although 24% of respondents had contracted Covid-19, only 30% said they would receive a vaccine when one becomes available. Thirty-two percent said they would not take one, and 38% said they were not sure. The main reason cited for not wanting to get a dose was a lack of

trust in its safety.

It’s time to put aside the political posturing and cement a strategy that works for the people.

“States cannot do this on their own. Period. This is a massive undertaking,” Cuomo said. “This is a larger operational undertaking than anything we have done under Covid to date. And we need the federal government to be a competent partner with this state and with every state.”

New Yorkers are ready to get back to normal. It’s time for the federal government to get to work on helping us do so. ■

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

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

OP-ED

REPRINTS

Don’t let small thinking kill another New York project

BY RICHARD SIU, WILLIAM XU AND JOHN LIANG

W

e love New York City. As either immigrants or children of immigrants who were raised to believe in its entrepreneurial spirit and hustle, the city has always represented an opportunity.

That is why the current state of stalling or vetoing any significant type of economic development is so concerning.

We are the owners behind the proposed Special Flushing Waterfront District, a community-based project with a vision for the continued progression of Flushing. Our vision is to take the 29 dilapidated waterfront acres that have sat stark for decades and turn them into a year-round destination replete with 160,000 square feet of publicly accessible waterfront, a new road network, community facilities, housing (including affordable), hotels, office space, retail and parking.

Further, we will clean up the Flushing Creek, one of the city's most contaminated bodies of water. It’s an exciting project, to say the least.

As each of our teams individually owns the land parcels that make up the proposed district, we could have developed the properties on our own without any consideration of community input. But because we saw the bigger picture and the opportunity to improve Flushing on a larger scale, we decided to work with the community and take into account recommendations from local stakeholders to truly improve the land and connect the downtown area to the waterfront.

This is private land, with no rezoning.

It’s an intimidating climate right now for people who want to build and improve this city, and a climate that does not seem fair or logical.

We watched the Amazon HQ2 deal fall apart because there was opposition to providing public subsidy, and we shook our heads when In-

dustry City was essentially forced to withdraw its application after six long years of effort. Although our special district is completely different from those projects, namely because it is not a rezoning, the city cannot allow another project to fail.

We need economic stimulus.

Paralyzed The city, of course, bears great responsibility in its decisions, yet somehow along the way many of its officials have become paralyzed when it comes to advancing real estate, always coming from a place of “no.” Our district alone could generate more than $165 million annually in taxes, of which $116 million would be property taxes.

Nearly half of the city’s fiscal budget depends on property taxes, and recent city reports have illuminated long-lasting, crippling impacts on the city in future years. We need to act decisively now to mitigate the impact before it’s too late.

The small minority of people

director, reprints & licensing Lauren Melesio,

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

Simone Pryce media services manager Nicole Spell

who oppose and deliberately mischaracterize our project fail to provide any real or tangible solutions that make sense for our communities. Turning away jobs at this juncture—jobs that serve as a lifeline for thousands of local residents—is counterproductive to our future.

The Flushing project will create more than 3,000 permanent jobs.

We are ready to move Flushing forward. Without economic development, there is no growth or progress.

New York City will recover from the pandemic. We want to believe this and are devoted to the city’s future. But politics must be left at the door. Let’s choose action over words and seize the opportunities our great city was built upon. ■ Richard Siu is chief investment officer of F&T Group. William Xu is vice president of United Construction & Development Group. John Liang is president of Young Nian Group.

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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]

8 | CRAIN’S NEW YORK BUSINESS | OCTOBER 26, 2020

P008_CN_20201026.indd 8

10/23/20 3:26 PM

OP-ED

Stop watching New York’s gambling dollars leave for New Jersey

W

hen a typical Jets fan wakes up at 9 a.m. in a Manhattan apartment on a Sunday in October, there are four hours until the first NFL games of the day kick off. Suppose the fan wants to place a wager.

That fan has a few choices.

The fan could take a ferry or a PATH train across the Hudson River and use a smartphone to bet through one of the numerous mobile sports-betting platforms that operate legally in New Jersey. The

Of the four options, our Jets fan is least likely to head upstate, and for good reason: It is by far the most inconvenient.

For reasons that defy logic or reason, New York has failed to do what New Jersey, Pennsylvania and a number of other states that have legalized sports betting have done: allow individuals within the state’s borders to place such bets online.

Assemblyman Gary Pretlow and state Sen. Joseph Addabbo have tried to introduce legislation that would allow for mobile betting statewide, made available through platforms set up by the existing upstate casinos and regulated by the state Gaming Commission. But their colleagues have refused to act on any such bills. And Gov. Andrew Cuomo already has said he would veto anything that were to pass, claiming that a constitutional amendment would be required to allow for such a law— an argument that Addabbo and others have noted is nothing more than a pretext.

Cuomo himself explained in his budget proposal in January that the

IT’S TIME FOR THE GOVERNOR AND THE LEGISLATURE TO STEP UP TO THE PLATE fan could drive to the Meadowlands to make a bet at the window.

The fan could stay in their apartment and bet through a bookie or one of the offshore sports books that serve the United States illegally. The last option would be to drive more than two hours to one of the upstate casinos to place a bet in person at a sports book there.

efforts to expand gaming revenues were, in his view, “creative, although irresponsible, revenue sources to solve a problem which doesn’t really exist.”

OFFICIALS must make it easier for New York sports fans to bet in their home state.

Tax revenue Last year New Jersey saw more than $4.5 billion wagered on sports, 84% of which was done on train platforms, living room couches and barstools across the state, not in the brick-and-mortar sports books. The benefits for the Garden State were significant. More than $36 million in tax revenue was generated from these licensed sports books last year.

New York, meanwhile, which launched sports wagering at its upstate casinos in July 2019, collected under $800,000 in taxes last year, a number that when prorated comes out to about 5% of the tax revenues in New Jersey. With the upstate casinos shuttered since March, those tax revenues have now dropped to zero.

Contrary to what the governor believed in January, the problem now most certainly exists. Cuomo already has made it clear the state needs fiscal help, claiming New

AP PHOTO

BY EVAN DAVIS

York will face a budget deficit of $30 billion in the next two years resulting from, among other things, a drop in tax revenues caused by the pandemic. At a time when the governor is asking individuals and businesses across the state to make sacrifices, one would think that he—more than anyone—would understand that political agendas should not get in the way of allowing New York to capture tax revenues that are there for the taking.

Legalizing mobile sports betting alone won’t make up the state’s

deficit. But every little bit helps, and New York needs the help now more than ever. The time for playing politics has passed.

It’s time for the governor and the Legislature to step up to the plate and allow New Yorkers to bet on sports legally without needing to travel to an upstate casino or to New Jersey to do it. ■ Evan Davis is the managing director of sports betting and gaming at SeventySix Capital Sports Advisory.

OCTOBER 26, 2020 | CRAIN’S NEW YORK BUSINESS | 9

ASKED & ANSWERED

PAT WANG Healthfirst

P

DOSSIER

INTERVIEW BY JENNIFER HENDERSON

WHO SHE IS President and CEO, Healthfirst

at Wang, president and CEO of Healthfirst, a nonprofit insurer formed by a group of health care systems, had been working to advance value-based care long before the pandemic. The concept involves paying hospitals and physicians based on their patients’ outcomes rather than on the volume of services they provide. Now, as health care providers face unprecedented financial strain due to the Covid-19 crisis, Wang says such payment arrangements are more critical than ever. Not only do they improve the quality of care for patients—including the 1.5 million plan members Healthfirst serves throughout the city, Long Island and surrounding areas—but they also generate fiscal benefit for the facilities, practices and health centers that serve them.

AGE 66

How does Healthfirst contribute to value-based care?

What you understand as profit in another health insurance company’s balance sheet at Healthfirst is contractually-driven surplus that goes back to the delivery system. Eighty percent of the premiums we get for medical services flows through value-based payment arrangements, which means that providers benefit when there is a surplus in the premium. If less money is spent on fee-for-service claims, the surplus is part of the contractually-obligated payment stream.

What has that meant during the pandemic?

For April through June, we are distributing $250 million in those surpluses [about double that of the same period last year], and we’ve expedited the calculation and reconciliation of those amounts to get them out the door faster because the delivery system really needs it.

Why are value-based payments vital now and in normal times?

In the best of times, we have always been trying to push for this model because it aligns the incentives around trying to keep people healthy and avoiding unnecessary care. The providers are aligned with that goal because they benefit from it if they can reduce avoidable care. Consider Covid-19 to be like a war. In war times, the model has been a lifesaver because there is this artificial depression of utilization, and that’s why the providers have lost so much money—their revenue has dried up. But because we have these risk contracts, the surplus that is there, that’s what has gone out the door to them.

BORN Jersey City RESIDES Manhattan EDUCATION Bachelor’s in history and East Asian studies, Princeton University; J.D., New York University School of Law FAMILY MATTERS Wang is married and has one son who lives in Brooklyn.

GLOBAL TIES She has lived in Croatia, Taiwan as well as China, where she had more than 20 first cousins.

FLARE FOR FOOD Wang has become reacquainted with the joy of cooking as a result of the pandemic.

EYE ON MEDICAID About three-quarters of Healthfirst’s members are Medicaid beneficiaries. The insurer’s initial response to the crisis included having its care managers make sure members had medicine and durable medical equipment to stay at home safely.

BUDGET CUTS Wang says the magnitude of the state’s Medicaid cuts—instituted to pare back on spending growth—is devastating. “Cuts to us as a Medicaid plan are cuts to hospitals.”

What happens when patients again begin seeking services?

We do see utilization coming back, and we have been encouraging our members to get needed care because people have put a lot of stuff off. We have to see whether the bounce back is gigantic or it just brings things back to a steady state. If we go back to a more normal utilization pattern, then the regular incentives of trying to align around good preventive care and avoiding unnecessary care, they just kick in.

How can the city safely bounce back from the pandemic?

What challenges face the broader insurance industry?

Balancing the needs and expectations of consumers who need and deserve good health care coverage, expanding access however we can and doing it within an increasingly constrained economic environment.

This is especially true with Medicaid, where the state’s budget situation is dire at the same time as people’s needs are increasing. Given that Healthfirst has over 1 million Medicaid members, the potential impact of the state’s budget is especially concerning. For me, our priority has to be enabling as many people as possible to have full access to high-quality care, and it’s going to be a challenge to figure out how to do that in this economic environment. Insurers also need to be mindful of the hurt being experienced by so much of the provider delivery system. The value of our products relies on having strong doctors, hospitals and community resources. Balancing all of this in a financially viable way is going to be a challenge. ■ 10 | CRAIN’S NEW YORK BUSINESS | October 26, 2020

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Attendees will come away with insight they can apply to their career.

Pat Wang will serve as the keynote speaker on the second day of the summit, addressing how to lead with empathy under exceptionally stressful financial conditions. Reserve your virtual seat today: CrainsNewYork.com/ PowerWS20.

BUCK ENNIS

Continue doubling down on the public health measures already in place: wearing masks, social distancing and hand sanitation. We know what to do. But I think a singular focus on getting the schools open for full learning should top the list of what we are aiming for. We should measure our success against that goal. As an employer, I can tell you that we will not be able to get fully back to work until the thousands of employees with school-age children can get their kids back into school. It’s of course better for all children and particularly critical for poorer children.

The city’s economic recovery is going to hinge on how quickly and how well we can get that done so that parents can resume their normal lives too. As a longtime resident of the city who has watched us recover from recession, 9/11 and Hurricane Sandy, I believe in the city’s ability to bounce back against the odds. But this time is going test all of us, and we should be sober about the need for everyone to contribute to the solution.

SPONSORED CONTENT

The next phase in the evolution of real estate investment With the uncertainty in the real estate markets brought on by the Covid-19 crisis, many real estate firms are reconsidering their investment strategies and the structure of their investments. This year has seen many new real estate funds form as real estate players look to gain market advantages.

ABOUT THE AUTHORS

Are you contemplating starting a real estate fund? Have you recently launched your first fund? Raising capital for real estate investments through a fund can certainly have its returns.

One of the biggest benefits: It provides the opportunity for a buyer to strike quickly and close deals with capital already committed and ready to be deployed instead of going through the process of raising capital and negotiating investor terms after identifying a potential acquisition. A fund can be a necessity when a buyer needs to move expeditiously to close a distressed deal.

In this unpredictable and competitive real estate market, the flexibility of having committed capital at a buyer’s disposal can be the edge that gains the confidence and trust of the seller and wins the bidding war.

Other benefits to raising capital through a real estate fund: It allows you to attract larger commitments from larger investors, and it helps you to build relationships with institutional investors and gain their trust. This gives you added marketplace creditability and attracts others to invest alongside them.

This means larger funds, more capital to invest, better investment opportunities, more management fees and momentum for the next fund.

When launching a real estate fund, there are critical questions fund managers should ask themselves before they approach investors. For example, what is the real estate fund’s clearly defined strategy? In what types of assets will the fund invest?

What class of properties? What geographies? What are the targeted returns? What is the execution plan to generate the targeted returns?

To sell to potential investors, fund managers should be prepared to show their performance records on deals compared to industry benchmarks. This will provide investors the opportunity to assess managers using the same metrics. Funds should thoroughly research the market on fees and fee structures, such

Investing through Real Estate Funds: Benefits • Close quickly with capital already committed • Attract larger investors • Use internal resources more efficiently

Considerations • Establish a clearly defined fund strategy • Develop a track record for presentation • Prepare for financial reporting requirements and efficient tax structure

as management fees and how they are charged, acquisitiondisposition fees, and preferred returns. In addition, funds should be prepared, through side letters, to meet any unique requirements by specific investors.

Fund managers may need to demonstrate to investors that they have the capacity to handle the workload that will come from launching a fund, and they should be prepared to consider expanding their back office or seek outsourced solutions to fill gaps.

For example, hiring a thirdparty fund administrator can assist in investor relations and financial reporting tasks, and engaging third-party property

managers can ease the burden on fund managers of day-today, on-site operations. Fund managers should be able to leverage off the efficiency of the fund structure by better utilizing their internal resources.

This should allow more for fund-level operations, including enhanced cash flow management to achieve the targeted returns.

Many funds’ operating agreements require audited financial statements. Fund managers should ensure they are equipped with the proper internal controls and financial reporting systems to make it through a financial statement audit with an unqualified opinion. Furthermore, a fund would be required to report its investments at fair value on its financial statements if the fund meets the definition of an “investment company” under U.S. Generally Accepted Accounting Principles.

FASB Accounting Standards Codification 946-10-15-6 states that an investment company has these fundamental characteristics: “obtains funds from one or more investors and provides the investor(s) with investment management services” and “commits to its investor(s) that its business purpose and only substantive activities are investing the funds solely for returns from capital appreciation, investment income, or both.” While fair value reporting could add complication and require additional sophistication to the financial reporting process, fair value financial statements are generally seen as more useful to investors.

Mark M. Mindick, CPA

Jordan M. Epstein, CPA

Partner and real estate practice leader

Partner

CONTACT US:

Mark Mindick: mmindick@citrincooperman.com Jordan Epstein: jepstein@citrincooperman.com

Now more than ever, preparation, planning and strong leadership are crucial in making a difference between success and failure. Tomorrow’s business world will be anything but normal. Every business needs a comprehensive playbook to navigate the changes we face today and transition into tomorrow’s reimagined normal.

Fund managers should be familiar with the rules and regulations of the Securities and Exchange Commission and their states’ regulatory agencies, and consult with their professional service providers on whether they must file to become Registered Investment Advisers, which have additional oversight and reporting requirements.

Finally, fund managers should work with their tax attorneys and accountants during the formation process to ensure that the fund is tax-efficient and optimally structured for all parties.

Ownership, operation and disposition of real estate through funds should provide investors with at least the same tax benefits

as deal-by-deal transactions.

After assessing the benefits and considerations of launching a real estate fund, make sure to consult with your professional service providers to address your opportunity.

The time is now to prepare for the new wave of real estate investment. The structure of real estate deals is evolving. Focus on what counts and call your trusted advisors to help put evolution into action. ■ For more Citrin Cooperman thought leadership on real estate funds, visit http://bit.ly/finreport4funds

Visit us at www.citrincooperman. com/industries/real-estate

OCTOBER 26, 2020 | CRAIN’S NEW YORK BUSINESS | 11

COPY EDITOR ______ COLD READER ______ WRITER ______ SENIOR EDITOR ______ FINAL ______

THE LIST LARGEST COMMERCIAL PROPERTY MANAGERS Ranked by square footage under management in New York City

RANK

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

COMMERCIAL SQ. FT. MANAGED IN THE CITY (IN MILLIONS) 2020/ 2019 1

THIRD-PARTY SQ. FT. MANAGED IN THE CITY (IN MILLIONS) 2020/ 2019 2

COMPANY/ LOCATION

PHONE/ WEBSITE

HEAD(S) OF NEW YORK OFFICE

Cushman & Wakefield Inc. 1290 Sixth Ave. New York, NY 10104

212-841-7500 cushmanwakefield.com

Toby Dodd President, New York tristate

66.54 67.68

66.54 67.68

1,311 JPMorgan Chase & Co., Centene, Lazard, Verizon

JLL 330 Madison Ave. New York, NY 10017

212-812-5700 jll.com/newyork

Peter Riguardi Chairman and president, New York region Stephen Schlegel Chief operating officer, market director

55.40 57.30

55.40 57.30

1,838 Outten & Golden, Marks Paneth, Crain Communications

CBRE Group Inc. 200 Park Ave. New York, NY 10166

212-984-8000 cbre.com

Matt Van Buren President, Northeast division

33.00 36.00

33.00 36.00

1,730 Marsh & McLennan, Peloton, Lyft, Antares Capital

SL Green Realty Corp.

420 Lexington Ave. New York, NY 10170

212-594-2700 slgreen.com

Marc Holliday Chairman, chief executive

28.89 28.11

2.07 2.07

827 ViacomCBS, Credit Suisse, Sony, Amazon

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

212-894-7000 vno.com

Steven Roth Chairman, chief executive David Greenbaum Vice chairman Michael Franco President

28.65 28.82

5.94 5.93

n/d Facebook, Amazon, Google, Bloomberg, Neuberger Berman, Interpublic Groups of Cos., PwC, AMC Networks

Brookfield Properties 250 Vesey St. New York, NY 10281

212-417-7000 brookfieldproperties.com

Ben Brown Managing partner

27.70 27.70

0.00 0.00

475 Amazon; Accenture; Skadden, Arps, Slate, Meagher & Flom; RBC

Hines 345 Hudson St. New York, NY 10014

212-230-2300 hines.com

Tommy Craig Senior managing director, tristate region

23.70 16.62

17.41 10.33

335 Mitsui Fudosan America Inc., Publicis Groupe, Cantor Fitzgerald, Horizon Media

Tishman Speyer 45 Rockefeller Plaza New York, NY 10111

212-715-0300 tishmanspeyer.com

Rob Speyer President, chief executive

20.60 20.97

2.78 2.78

n/d Colgate-Palmolive, Jefferies, NBCUniversal, MetLife

RXR Realty 75 Rockefeller Plaza New York, NY 10019

212-797-1330 rxrrealty.com

Scott Rechler Chairman, chief executive Michael Maturo President, chief financial officer

16.60 16.60

0.00 0.00

515 UBS; Bank of America; Davis Polk & Wardwell; Paul, Weiss, Rifkind, Wharton & Garrison

GFP Real Estate 125 Park Ave. New York, NY 10017

212-609-8000 gfpre.com

Eric Gural, Brian Steinwurtzel Co-chief executives, principals Jeffrey Gural Chairman, principal

15.89 16.01

3.31 3.22

418 NYC Health & Hospitals, Omnicom, Rockwell Group, The Gap

Silverstein Properties Inc. 7 World Trade Center New York, NY 10007

212-490-0666 silversteinproperties.com

Larry Silverstein Chairman Marty Burger Chief executive Tal Kerret President

14.00 14.00

0.00 0.00

n/d Spotify, Group M, Moody's, Droga 5

Durst Organization 1 Bryant Park New York, NY 10036

212-257-6600 durst.org

Douglas Durst Chairman Jonathan Durst President

13.00 13.00

0.00 0.00

1,500 Bank of America, Condé Nast, Patterson Belknap, Nasdaq

Rudin Management Co. Inc. 345 Park Ave. New York, NY 10154

212-407-2400 rudin.com

William Rudin Co-chairman, chief executive Eric Rudin Co-chairman, president

10.35 10.68

0.00 0.00

329 Blackstone, KPMG, BlackRock, Thomson Reuters

Colliers International 666 Fifth Ave. New York, NY 10103

212-716-3500 colliers.com

David Amsterdam President, investments and Eastern region Stephen Shapiro Tristate director of operations

9.28 9.10

9.28 9.10

239 Mount Sinai Health System, Valentino, Datagrid, Sprint

George Comfort & Sons Inc. 200 Madison Ave. New York, NY 10016

212-481-1122 gcomfort.com

Peter Duncan President, chief executive

9.11 8.64

2.01 1.79

Boston Properties Inc. 599 Lexington Ave. New York, NY 10022

212-326-4000 bxp.com

John Powers Executive vice president, New York region

8.68 8.00

1.15 1.15

189 Blackstone, Kirkland & Ellis, Shearman & Sterling, Weil Gotshal & Manges

Paramount Group Inc. 1633 Broadway New York, NY 10019

212-237-3100 paramount-group.com

Albert Behler Chairman, chief executive, president

8.60 8.61

0.62 0.62

317 n/d

Empire State Realty Trust 111 W. 33rd St. New York, NY 10120

212-687-8700 empirestaterealtytrust.com

Anthony Malkin Chairman, president, chief executive

8.26 8.27

0.00 0.00

n/d LinkedIn, Allianz, PVH Corp, ASCAP, Nescafé, IPG

Cohen Brothers Realty Corp.

750 Lexington Ave. New York, NY 10022

212-838-1800 cohenbrothersrealty.com

Charles Cohen President, chief executive Steven Cherniak Chief operating officer

7.65 7.65

0.00 0.00

525 McCann Group of Cos., WeWork, Houghton Mifflin, Meredith Corp.

L&L Holding Co.

212-920-3360

David Levinson Chairman, chief executive Robert Lapidus Chief investment officer

7.26 7.26

0.93 0.93

on page 14 143 Tiffany & Co.,Continued Grey Advertising, Citadel, MasterCard

James Buslik, David Levy Principals

6.97 6.97

6.97 6.97

261 Dashlane, Taboola, Milliman, New York–Presbyterian Hospital

142 W. 57thBUSINESS St. ll-holding.com 12 | CRAIN’S NEW YORK | October 26, 2020 New York, NY 10019 Adams & Co. Real Estate 411 Fifth Ave. New York, NY 10016

212-679-5500 adamsre.com

2020 CITY EMPLOYEES 3 ACTIVE CITY TENANTS

40 New York Life Insurance, Havas, PVH Corp., 1199 SEIU

AT THE CENTER OF

WHAT’S NEXT

Fueled by ideas, expertise and passion across borders and beyond service lines, our Cushman & Wakefield real estate professionals create solutions to prepare our clients for what’s next. By empowering our property managers to understand client business objectives and tailor best-in-class services to each property’s unique needs, we are leading the way in property management in New York City.

Cushman & Wakefield is proud to be ranked

#1 Commercial Property Manager of 2020 / New York City

cushmanwakefield.com

CN019924.indd 1

10/21/20 11:47 AM

15 16 THE 17 LIST LARGEST COMMERCIAL PROPERTY MANAGERS 18 19 120 221 322 423 524 25 6 7 8 9 10 RANK

George Comfort & Sons Inc. 200 Madison Ave. New York, NY 10016

212-481-1122 gcomfort.com

Peter Duncan President, chief executive

9.11 8.64

2.01 1.79

Boston Properties Inc. 599 Lexington Ave. New York, NY 10022

212-326-4000 bxp.com

John Powers Executive vice president, New York region

8.68 8.00

1.15 1.15

189 Blackstone, Kirkland & Ellis, Shearman & Sterling, Weil Gotshal & Manges

Paramount Group Inc. 1633 Broadway New York, NY 10019

212-237-3100 paramount-group.com

Albert Behler Chairman, chief executive, president

8.60 8.61

0.62 0.62

317 n/d

Empire State Realty Trust 111 W. 33rd St. New York, NY 10120

212-687-8700 empirestaterealtytrust.com

Anthony Malkin Chairman, president, chief executive

8.26 8.27

0.00 0.00

n/d LinkedIn, Allianz, PVH Corp, ASCAP, NescafĂŠ, IPG

Cohen Brothers Realty Corp.

750 Lexington Ave. New York, NY 10022 COMPANY/

212-838-1800 cohenbrothersrealty.com

Charles Cohen President, chief executive Steven Cherniak HEAD(S) OF NEW officer YORK OFFICE Chief operating

0.00

525 McCann Group of Cos., WeWork, Houghton Mifflin, Meredith Corp.

L&L Holding Co. Cushman & Wakefield Inc. 142 57thAve. St. 1290W.Sixth New York, NY 10019 10104

212-920-3360 212-841-7500 ll-holding.com cushmanwakefield.com

JLL Adams & Co. Ave. Real Estate 330 Madison 411 New Fifth York, Ave. NY 10017 New York, NY 10016

212-812-5700 212-679-5500 jll.com/newyork adamsre.com

Kaufman Organization CBRE Group Inc. 450 200 Seventh Park Ave.Ave. New York, NY 10123 10166

212-471-4300 212-984-8000 kaufmanorganization.com cbre.com

SL Green Realty Corp.

Columbia Property 420 Lexington Ave. Trust Inc. 315 South New Park York, Ave. NY 10170 New York, NY 10010 Vornado Realty Trust 888 Seventh Ave. Rockefeller New York, NYGroup 10019 1271 Sixth Ave. New York, NY 10020

212-594-2700 212-433-4100 slgreen.com columbia.reit

Jack Resnick & Sons Inc. 110 E. 59thProperties St. Brookfield New York, NY 250 Vesey St.10022 New York, NY 10281

212-421-1300 resnick.nyc 212-417-7000 brookfieldproperties.com

LOCATION

PHONE/ WEBSITE

212-894-7000 vno.com 212-282-2000 rockefellergroup.com

7.65

COMMERCIAL SQ. FT. MANAGED IN THE7.65 CITY (IN MILLIONS) 2020/ 2019 1

THIRD-PARTY SQ. FT. MANAGED IN THE0.00 CITY (IN MILLIONS) 2020/ 2019 2

40 New York Life Insurance, Havas, PVH Corp., 1199 SEIU

2020 CITY EMPLOYEES 3 ACTIVE CITY TENANTS

David Levinson Toby Dodd Chairman, chiefYork executive President, New tristate Robert Lapidus Chief investment officer Peter Riguardi James Buslik, Levy New York region Chairman and David president, Principals Stephen Schlegel Chief operating officer, market director

7.26 66.54 7.26 67.68

0.93 66.54 0.93 67.68

143 JPMorgan Tiffany & Co., Grey& Advertising, 1,311 Chase Co., Centene, Citadel, MasterCard Lazard, Verizon

55.40 6.97 57.30 6.97

55.40 6.97 57.30 6.97

1,838 Outten & Golden, Marks Paneth, 261 Dashlane, Taboola, Milliman, Crain Communications New York–Presbyterian Hospital

Edward Matt VanHart Buren Chief executive President, Northeast division Steven Kaufman President Marc Holliday Nelson Millschief executive Chairman, President, chief executive Gavin Evans, Jeff Gronning Steven Roth Executive vice presidents Chairman, chief executive Daniel Moore David Greenbaum President, chief executive Vice chairman Michael Franco President Jonathan Resnick President Ben Brown Managing partner

6.70 33.00 6.50 36.00

1.94 33.00 1.74 36.00

133 Kleinfeld, Anheuser Busch, 1,730 Marsh & McLennan, Peloton, FXCollaborative Architects, Adobe Lyft, Antares Capital

28.89 6.40 28.11 2.80

2.07 4.50 2.07 0.00

827 ViacomCBS, Credit Suisse, Sony, 70 Twitter, AmazonYahoo!, Snap Inc., Pitchbook

28.65 28.82 5.80 5.80

5.94 5.93 1.10 1.10

n/d Facebook, Amazon, Google, Bloomberg, Neuberger Berman, 290 AIG, Major League Interpublic Groups Baseball, of Cos., PwC, WhiteNetworks & Case, Latham & Watkins AMC

5.28 5.28 27.70 27.70

0.00 0.00 0.00

240 Google, Universal Music Group, EstĂŠe-Lauder, Pace University 475 Amazon; Accenture; Skadden, Arps, Slate, Meagher & Flom; RBC

Hines 212-230-2300 Tommy Craig

23.70

17.41 335 Mitsui Fudosan America Inc.,

Hudson St. hines.com Senior managing director, region

16.62 10.33 Â Publicis Cantor 345

tristate

Groupe,

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Media

1-Â 2-

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New York, NY 10014 Fitzgerald, Horizon ­ € €‚ €�

11

Tishman Speyer 45 Rockefeller Plaza New York, NY 10111

212-715-0300 tishmanspeyer.com

Rob Speyer President, chief executive

20.60 20.97

2.78 2.78

n/d Colgate-Palmolive, Jefferies, NBCUniversal, MetLife

RXR Realty 75 Rockefeller Plaza New York, NY 10019

212-797-1330 rxrrealty.com

Scott Rechler Chairman, chief executive Michael Maturo President, chief financial officer

16.60 16.60

0.00 0.00

515 UBS; Bank of America; Davis Polk & Wardwell; Paul, Weiss, Rifkind, Wharton & Garrison

GFP Real Estate 125 Park Ave. New York, NY 10017

212-609-8000 gfpre.com

Eric Gural, Brian Steinwurtzel Co-chief executives, principals Jeffrey Gural Chairman, principal

15.89 16.01

3.31 3.22

418 NYC Health & Hospitals, Omnicom, Rockwell Group, The Gap

Silverstein Properties Inc. 7 World Trade Center New York, NY 10007

212-490-0666 silversteinproperties.com

Larry Silverstein Chairman Marty Burger Chief executive Tal Kerret President

14.00 14.00

0.00 0.00

n/d Spotify, Group M, Moody's, Droga 5

Durst Organization 1 Bryant Park New York, NY 10036

212-257-6600 durst.org

Douglas Durst Chairman Jonathan Durst President

13.00 13.00

0.00 0.00

1,500 Bank of America, CondĂŠ Nast, Patterson Belknap, Nasdaq

Rudin Management Co. Inc. 345 Park Ave. New York, NY 10154

212-407-2400 rudin.com

William Rudin Co-chairman, chief executive Eric Rudin Co-chairman, president

10.35 10.68

0.00 0.00

329 Blackstone, KPMG, BlackRock, Thomson Reuters

Colliers International 666 Fifth Ave. New York, NY 10103

212-716-3500 colliers.com

David Amsterdam President, investments and Eastern region Stephen Shapiro Tristate director of operations

9.28 9.10

9.28 9.10

239 Mount Sinai Health System, Valentino, Datagrid, Sprint

George Comfort & Sons Inc. 200 Madison Ave. New York, NY 10016

212-481-1122 gcomfort.com

Peter Duncan President, chief executive

9.11 8.64

2.01 1.79

Boston Properties Inc. 599 Lexington Ave. New York, NY 10022

212-326-4000 bxp.com

John Powers Executive vice president, New York region

8.68 8.00

1.15 1.15

189 Blackstone, Kirkland & Ellis, Shearman & Sterling, Weil Gotshal & Manges

Paramount Group Inc. 1633 Broadway New York, NY 10019

212-237-3100 paramount-group.com

Albert Behler Chairman, chief executive, president

8.60 8.61

0.62 0.62

317 n/d

Empire State Realty Trust

212-687-8700

Anthony Malkin

750 Lexington Ave. New York, NY 10022

cohenbrothersrealty.com

President, chief executive Steven Cherniak Chief operating officer

L&L Holding Co. 142 W. 57th St. New York, NY 10019

212-920-3360 ll-holding.com

David Levinson Chairman, chief executive Robert Lapidus Chief investment officer

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PANELISTS

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40 New York Life Insurance, Havas, PVH Corp., 1199 SEIU

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James Buslik, David Levy Principals

6.97 6.97

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261 Dashlane, Taboola, Milliman, New York–Presbyterian Hospital

Edward Hart Chief executive Steven Kaufman

6.70 6.50

1.94 1.74

133 Kleinfeld, Anheuser Busch, FXCollaborative Architects, Adobe

POLITICS

Power broker: Communities are in driver’s seat

BY GWEN EVERETT

D

Rehabilitation and Flood Mitigation of the New York Aquarium, Brooklyn, NY Turner Construction Company, an EEO Employer, is currently soliciting bids for the Rehabilitation and Flood Mitigation of the New York Aquarium from subcontractors and vendors for the following bid packages: BP #36 East Service Yard Asphalt Pavement (Bid, Payment & Performance Bond Required)

evelopers that want to do business in a post–Industry City, post-Amazon HQ2 New York need to be ready to sweeten the deal for neighborhood groups more than ever, New York City power broker James Capalino said.

“We’ve got clients who are prepared to put a substantial number of dollars into local, community-­ based organizations,” he said.

“That’s part of what I think we anticipate is going to be a major opportunity for us. Because a lot of these organizations are going to be forced to sort of retool and rethink.”

His firm, Capalino, has lobbied for some of the city’s biggest development projects in recent memory, including the High Line and Hudson Yards. But the firm’s founder sat down with Crain’s at a moment when the political calculus for getting those kinds of projects approved is shifting.

No case exemplifies that better than Jamestown’s abandoned bid to rezone Industry City in Brooklyn last month. Developers of that project pulled their application for the rezoning after substantial opposition built up from community groups and legislators that the project would lead to gentrification.

Capalino worked on that project, lobbying for Jamestown.

“The fact that Industry City was defeated was very chilling to the real estate investment marketplace,” he said. “I’ll tell you right now, there were any number of major players we represent who said, ‘This is how the city of New York wants to treat us? Let them go eat spinach. We’re not going to spend hundreds and hundreds of thousands of dollars it

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

In order to receive the bid packages, potential bidders must submit a complete Subcontractor/Vendor Prequalification Statement. Prior prequalification submissions that remain current will be considered as previously submitted or may be updated at this time.

All bidders must prequalify by the bid deadline November 12, 2020 and submission of a prequalification statement not later than November 06, 2020 is strongly encouraged.

All bidders must have an acceptable EMR, and will be subject to government regulations such as 44 CFR and Federal Executive Order 11246. Successful bidders will be required to use LCP Tracker compliance verification software. Note that while this is a New York City prevailing wage project, union affiliation is not required for BP#36.

INDUSTRY CITY

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

The date for the virtual public opening by Turner Construction Company office located at 375 Hudson Street, New York, New York, is November 13, 2019 at 11 am.

takes to take the projects [through] the approval process to get torpedoed at the finish line.’ ” The keys to avoiding such a fate going forward, he said, are building community support early in projects—that’s where sweetened deals for community players come in— and getting city leaders ready to withstand political pressure.

Beyond lobbying Capalino is rolling out services outside of traditional lobbying to adjust to the current political landscape. The firm is fortifying its lobbying efforts with a consulting component, with the aim of helping clients get real estate approvals and permits and secure financing.

It also will help businesses develop community-support programs in order to adjust to a political climate that, Capalino says, requires them to demonstrate their commitment to social-impact concerns.

As the politics of development

change, so does much of the old political guard. The second-highest-paid lobbying firm in the city last year, Capalino raked in more than $11.9 million, according to the city.

Much of its notoriety in recent years has had to do with its owner’s close relationship with Mayor Bill de Blasio. But that will change in next year’s election, along with the vast majority of the City Council, where all but a handful of veteran legislators are hitting their term limit.

To get into the orbit of the new politicians, Capalino is leaning on his old network.

“We’ve established a very robust database of everybody who is running for council and have reached out to a good number of those people, just offering, you know, ‘If you need some advice or help or you’d like to sit with Richard Barth, who [was] executive director of City Planning for 25 years.…’ ” Capalino said. “That process is sort of just beginning to gather steam.” ■

CORONAVIRUS

State can’t stop viral spread from NJ, CT, Cuomo says BLOOMBERG

Link for virtual opening: Please join my meeting from your computer, tablet or smartphoneg https://global.gotomeeting.com/join/796489749

Redefining what you should expect from your accountant.

N

grassicpas.com AP PHOTO

ew York is unable to stop Covid-19 spreaders coming from Connecticut and New Jersey and will try to quell the rise in cases in those states, Gov. Andrew Cuomo said last week.

There’s “no way to quarantine” due to all the connections in the tristate area, Cuomo said during a virus briefing. “It would have a disastrous effect on the economy.”

Cuomo said he will speak with the governors of Connecticut and New Jersey to devise a plan.

“To the extent travel among the states or between the states is not essential, it should be avoided,” he said.

New York has 43 states on its travel advisory list, the most to date.

Travelers coming from hot spots on

Invitation to Prequalify and to Bid

the list are required to quarantine for 14 days.

The number of cases in New York remains relatively low, and the state has focused its efforts on microclusters mainly in Queens and Brooklyn and Rockland and Orange counties, Cuomo said.

Of the tests conducted in those

areas, 2.9% were positive.

Of 90,540 tests reported Oct. 19, 1.3% were positive, including in hot spot areas. Excluding those areas, 1.25% statewide were positive, Cuomo said.

There were 12 virus-related deaths and 942 people hospitalized as of Oct. 19. ■ October 26, 2020 | CRAIN’S NEW YORK BUSINESS | 15

INSTANT EXPERT

Retailers, landlords battle over who foots the pandemic bill THE ISSUE

THE PLAYERS

1

2

The pandemic shutdown wreaked havoc on the city’s retail sector, which was already suffering due to the increased popularity of online shopping. New York’s distinction as the epicenter of the virus has driven shoppers out of the city, forcing businesses to temporarily shutter.

The relationship between landlords and shops has been completely upended as many retailers are now either unable or unwilling to pay New York’s sky-high rents.

As retailers, restaurants and firms creep back to business, their landlords say that they’re still on the hook to pay back rent.

Property owners are filing lawsuits asking their tenants to fork over the money they’re owed because they need to pay their own mortgages. Businesses say that’s out of the question because of the legal principle force majeure, which lets tenants out of their lease obligations if they’re faced with extraordinary circumstances.

16 | CRAIN’S NEW YORK BUSINESS | OCTOBER 26, 2020

YEAH, BUT…

3

Landlords argue that the pandemic doesn’t count as an extraordinary circumstance under force majeure. Judge Debra James ordered Gap to continue paying rent at its Times Square flagship store in July, though at a 10% discounted rate to account for the pandemic’s effects on its business.

If businesses have to come up with the cash, that could force some into bankruptcy. But if landlords don’t get their money, banks could eventually force them into foreclosure. Property owners also have another tax deadline coming up in January and worry they won’t have the funds to pay.

The city and the state have their fingers crossed for more stimulus from Washington after the first two rounds of Paycheck Protection Program benefits, but there isn’t much that can be done for these businesses otherwise.

SOME BACKGROUND

4

Rising rents and the popularity of e-commerce giants like Amazon have posed a threat to brick-and-mortar retail. Department stores and even small businesses have felt the pangs of consumers’ preference for online shopping. Six months after the pandemic shut NEIMAN MARCUS them down, many of the city’s businesses are struggling to stay afloat, let alone pay thousands in rent. Neiman Marcus is abandoning its post at Hudson Yards, and the space will be converted to offices, which have fared much better amid the market’s downturn.

Leasing velocity has dropped 31% since last year, and retail vacancies have reached new highs, with 254 availabilities as of this month, a CBRE report found, up from 226 during the first quarter and 2018’s peak of 230. The Upper West Side’s empty spaces skyrocketed by 50%, to 24 from 16 last year.

Rents have been falling in tandem, about 13% year over year, and are expected to continue to drop well into 2021, though Manhattan rents tend to be sticky—landlords are limited in how much they can reduce prices because their lenders dictate a minimum monthly rent at each property.

BUCK ENNIS

5

These cases could take months or even years to hash out. The goal for both landlords and retailers is to work CUOMO something out in the meantime to avoid hefty legal fees and drawn-out conflicts. Landlords have said that they’re not interested in evicting either.

They’d rather have a space filled than not, but that also comes with the expectation that rent is going to be paid on time and in full.

Right now landlords are banned from evicting commercial tenants over pandemic-related rent arrears until January next year, and property owners can’t be foreclosed on until then either.

Once the moratorium lifts, Gov. Andrew Cuomo could offer an extension, or eviction and foreclosure proceedings may start flooding the courts.

GOVERNORANDREWCUOMO/FLICKR

WHAT’S NEXT

THE RELATIONSHIP BETWEEN LANDLORDS AND SHOPS HAS BEEN COMPLETELY UPENDED

Big-ticket brands like Ted Baker and Jo Malone haven’t paid rent since March, and the former owes nearly $1 million to its landlord. H&M and Urban Outfitters URBAN OUTFITTERS have also stopped paying, as have a number of restaurants and retailers.

Global flexible office provider Knotel has been sued over at least 10 of its Manhattan locations, racking up more than $6 million in arrears.

Businesses are fighting back too. Victoria’s Secret told SL Green that it wanted to break its lease and stop paying its nearly $1 million monthly rent at its Herald Square store, as did Bath & Body Works at its Flatiron outpost.

The city’s biggest property owners and developers, including Vornado Realty Trust, the Moinian Group, the Chetrit Group, The Related Cos. and SL Green, as well as landlords of smaller parcels of real estate are going after them to recover the back rent.

BUCK ENNIS

BY NATALIE SACHMECHI

ARTS & CULTURE

Black artist questions equity over delay in million-dollar city sculpture commission

W

hen Mayor Bill de Blasio launched a review of symbols of hate on city property in 2017, just one monument was ultimately removed: a Central Park statue of J. Marion Sims, a 19th-­ century gynecologist who performed medical experiments on enslaved Black women. The city then set about commissioning a Black artist to create a replacement work.

But the artist who won that contract says she has been stonewalled for more than a year by the Department of Cultural Affairs, the city

Community support Bagwell and legislators grilled the commissioner of the Cultural Affairs Department, Gonzalo ­Casals, about delays to the project, which Bagwell said will cost about $1 million. Bagwell’s proposed statue is named Victory Beyond Sims.

Replacing the original statue has been mired in controversy. A committee tasked with reviewing submissions initially backed a different statue by a better-known artist, ignoring community support for Bagwell’s piece and sparking a backlash that the city eventually bowed to.

“This is a very interesting time,” Bagwell said. “People are only now

“THIS IS NOT A FUNDING ISSUE. THIS IS A CASHFLOW ISSUE” agency overseeing the project.

“For information, I always have to reach out twice,” Vinnie Bagwell, the Yonkers artist, said during a re-

of art move,” Queens Councilman Jimmy Van Bramer said, referring to a statue of the Italian American nun that was unveiled Oct. 12 in Battery Park. “There is a lot of significance to this, and it is very frustrating for people to see—while I have a lot of respect for the work that Mother Cabrini did—that one move with such rapidity and have other pieces of equal importance not move at all.”

cent City Council hearing. “Can you confirm that the funding is secure? I can’t seem to get an answer to that question. Even with the suspension of public art, why can’t we at least begin the process of negotiating an agreement?”

On pause BLOOMBERG

BY GWEN EVERETT

learning about the public art arena.

This is a white, patriarch arena. It is the kind of arena where you need to be invited in. You can’t win, normally, a million-dollar commission unless you had a million-dollar commission. That’s why this is so important to me.”

The delay came to light during a hearing dedicated to discussing how racial inequity operates in the

city’s art world. Black Lives Matter protests this year have led to renewed scrutiny of the city’s rarefied arts institutions, which have disproportionately white workforces.

Gov. Andrew Cuomo “just unveiled a statue of Mother Cabrini that he fast-tracked and got done within a year, including during the Covid crisis, and yet the city is not able to make this particular piece

With the city facing a catastrophic financial situation in light of the pandemic, many capital projects have been paused.

Casals blamed the city’s weak financial position for creating cashflow issues that have stalled the Bagwell project.

“This is not a funding issue,” he said. “This is a cash-flow issue. The funding for this project is secure, and it’s in place. The question is, where can we start unpausing­—removing the pause—on capital projects based on the city’s cash flow?

That is much larger than the Department of Cultural Affairs. It has to do with city finances.” ■

A REAL THANK YOU FOR OUR VIRTUAL GALA Many thanks to our Board of Trustees and supporters for the success of our virtual gala, held Tuesday, October 20th, 2020, hosted by Marla Diamond. We appreciate all the guests and participants who attended virtually!

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October 26, 2020 | CRAIN’S NEW YORK BUSINESS | 17

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10/23/20 12:14 PM

REAL ESTATE

Orangetheory behind on $750K in rent at SoHo gym

BY NATALIE SACHMECHI

B

outique fitness chain ­Orangetheory is behind on more than $750,000 in rent at its SoHo gym, according to a lawsuit filed in state Supreme Court in Manhattan.

The company has 15 studios around the city, all of which closed in March when Gov. Andrew Cuomo ordered gyms to suspend services. It hasn’t paid any rent at 62 Crosby St. since then, the landlord,

will increase to $45,000 closer to the lease’s expiration, according to court papers.

The Crosby Street location, ­Orangetheory’s first to be hit with a demand for back rent, has reopened. It is unclear whether the fitness company has been keeping up with payments at its other locations, but they are currently operating at 33% capacity.

“The studio’s ability to operate business is still severely restricted,” said Kevin Keith, the company's chief brand officer, who called the landlord’s claims “grossly inaccurate.”

He added, “While we and many believe these mandates inequitably target the fitness industry, it is our intent to continue to negotiate in good faith with our landlord. The law is unclear as to what landlords may charge and what tenants must pay toward rental fees during the period that businesses like ours were required to shut down per government order.”

Corso, claims in the lawsuit.

The company signed a 10-year lease at the 4,600-square-foot space with its landlord in 2017, the complaint says. And although the pandemic and executive orders forced its locations to close, it was not excused from paying its rent.

Corso notified Orangetheory that it was in default of its lease in September; a month later it still has not received any money, the landlord said. The rent is now at nearly $38,000 per month for the gym and

Tough times Although gyms were permitted to reopen in New York on Sept. 2, group fitness classes such as Spin,

BLOOMBERG

“THE STUDIO’S ABILITY TO OPERATE BUSINESS IS STILL SEVERELY RESTRICTED”

yoga and Pilates were still banned in the city by Mayor Bill de Blasio.

Boutique gyms and fitness companies banded together last month to file a lawsuit against the city to pressure de Blasio into giving them the green light to reopen.

SoulCycle locations around the city remain closed. Orangetheory is allowing its clients to do self-guided workouts at its studios rather

than coached group sessions.

Luxury gym operator Equinox is being sued for more than $1.3 million in rent arrears, Crain’s reported. Equinox had not paid any rent since March, except for one partial payment of $135,000 this month. Its landlord said it expects the gym to continue to default.

Town Sports International, the parent company of New York Sports

Club, filed for bankruptcy last month, and the Greenpoint location in Brooklyn permanently closed recently.

The company recently made headlines when state Attorney General Letitia James sued it for continuing to collect membership fees and refusing to cancel memberships despite its being closed for months. ■

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18 | CRAIN’S NEW YORK BUSINESS | October 26, 2020

P018_CN_20201026.indd 18

10/23/20 12:16 PM

FROM PAGE 3

roughly 100 small businesses there have been reeling since the night of June 1, when looters ripped one of the Amalgamated ATMs out of the wall, ransacked 31 stores and stole narcotics from 13 pharmacies.

“We’ve gone through a lot,” said Angel Caballero, executive director of the BJT Bronx Merchants Association. “We need a bank. We need a bank.”

But bank branches are disappearing in New York at their fastest rate in more than 20 years.

This year banks have closed or filed to close nearly 100 branches across the five boroughs, according to data from the Office of the Comptroller of the Currency and the state Department of Financial Services.

“This exacerbates existing inequalities,” said Jaime Weisberg, senior campaign analyst at the Association for Neighborhood and Housing Development, a research and advocacy nonprofit.

Bank branches might be obsolete to many people, but they’re vital in places such as along Burnside Avenue, which as of the 2010 census was located in the nation’s poorest congressional district. In such ar-

sions have to be made, it is critical that all New Yorkers have access to affordable, high-quality financial resources and tools, particularly in the Bronx, which has the highest percentage of underbanked and unbanked households in the city,” said Lorelei Salas, commissioner of the Department of Consumer and Worker Protection. “Without a bank account to easily receive unemployment or stimulus payments, many New Yorkers will struggle.”

Pedro Ventura, owner of Ventbike Tech, a motorcycle repair shop on Jerome Avenue, said a visit to Chase is still necessary once each week to collect rolls of coins and to deposit cash, which 35% of his customers use to pay him.

It used to take a few minutes to visit a branch when one was half a mile up the street. Now the errand takes an hour because the Chase location his shop uses is more than 4 miles away.

A nearby branch also can be useful when digital banking tools fail.

Isabel Gunther, owner of Little Green Gourmets on East 115th Street in Harlem, which prepares meals for children who attend private schools, said her lender, Flushing Bank, provides a device so she can deposit business checks remotely. Unfortunately, it experiences frequent glitches, and that means a subway ride to the closest Flushing branch: at East 18th Street and Park Avenue South.

“It takes two hours out of my day,” Gunther said.

Not long ago banks were branching out all over the city. Their number grew by 50% between 2000 and 2015, according to FDIC data. Even the financial crisis didn’t stop the proliferation, because banks understood branches were the best way to attract the deposits needed to make loans.

Fed up with banks squeezing out other businesses, in 2012 the City Council approved by a 49-2 margin a bill that limited Upper West Side street-level storefronts to 40 feet on avenues and to 25 feet on Broadway. Mayor Michael Bloomberg endorsed the measure.

“We cannot be successful as a neighborhood if it’s all banks, and that’s what it’s becoming,” the bill’s sponsor, Gale Brewer, who is now Manhattan borough president, said at the time.

The branch-expansion boom also was halted by forces far more powerful than the council: technology and the pandemic.

As online banking increased in popularity, a bank’s street presence became less important. From a peak of 1,781 in 2015, the city’s branch population edged down to 1,714 by mid-2019. Covid-19 sped up the decline. Banks closed 67 branches in the city in the year ended June 30, the FDIC said. Dozens more will disappear in the months ahead, assuming banks follow through on plans filed with regulators.

HSBC has shrunk its New York footprint by a third after closing more than 30 branches. A spokeswoman said the bank “will offer a competitively distinct value proposition … with a leaner, modernized branch footprint.”

“COVID WAS GOD’S GIFT TO THE FINANCIAL INDUSTRY” eas, branches are visited regularly by small-business owners depositing cash, senior citizens making withdrawals and newcomers to the banking system seeking accounts.

When the federal Paycheck Protection Program money was handed out, businesses with good banking relationships got it first.

Branches also provide entry-level financial jobs. They’re signposts of a neighborhood’s economic health and tangible evidence that banks headquartered in faraway Midtown office towers value places such as Burnside Avenue. That is one reason the loss of the bank branches hurts so much, Caballero said.

“They just packed up and abandoned us,” he said of Amalgamated.

Amalgamated denies abandoning Burnside Avenue. When the branch closed, staff members contacted almost every customer to explain how to find no-fee ATMs and personal financial counseling. Representatives are meeting twice a week at a community center to help people open a mobile account and learn how to bank online.

That’s a challenging task because 44% of the neighborhood’s residents lack broadband access, according to a report last year by the city comptroller’s office.

In a statement, Amalgamated said: “We are committed to remaining a strong presence in the West Bronx community, even without a brick-and-mortar branch, and are committed to serving our clients and the greater community as well, if not better, than we have in the years our branch was open.”

Wave of closures City Hall is alarmed by the wave of closings.

“While we understand hard deci-

CABALLERO said merchants feel abandoned by the closing of Amalgamated Bank’s Burnside Avenue branch.

BUCK ENNIS

BANKS

Chase has closed or filed to close 21 of its 350 local branches this year.

(It also has filed to open one, in Long Island City.) Sometimes the bank closes locations when traffic is low or another is nearby, it said.

“Our customers are rapidly adopting new technologies and innovations, such as mobile, online and in-branch technologies that allow them to bank how, where and when they want,” a spokeswoman said.

Closing branches hasn’t hurt banks’ ability to gather deposits. In fact, deposits in Chase’s New York locations soared by $150 billion in the past year, a 30% increase, says the FDIC. Credit for that goes to the government sending stimulus checks to every household and the Federal Reserve flooding financial markets with cash, much of which went straight into bank vaults because struggling firms and fearful consumers are reluctant to spend.

“Covid was God’s gift to the financial industry,” said Dick Bove, a banking analyst at Odeon Capital.

Not everyone is sounding the retreat. City National Bank has opened three branches in Manhattan this year: one on Park Avenue, one on Fifth Avenue and one near Hudson Yards. The Los Angeles– based lender, which calls itself “bank to the stars” and is owned by the Royal Bank of Canada, reckons clients will one day appreciate the personal touch again.

“We are investing for beyond the pandemic, for sure,” City National President Rich Raffetto said.

“Branches are a billboard for us.”

Reduced services Back in the Bronx, when Amalgamated opened its Burnside Avenue branch in 2008, it was a welcome addition for a neighborhood whose median household income is half the city average. The branch fit well with the union-owned lender’s mission to be “America’s socially responsible bank.”

The branch served 1,500 customers, including 80 business accounts, when it closed, but it never turned a

profit, and foot traffic declined by 20% in recent years. The bank shut when the city locked down in March. June 25, about four weeks after looters ripped out the ATM, Amalgamated notified state regulators that the branch would close for good.

“We continue to maintain our expense discipline and closed six of our branches—which will ultimately result in approximately $1 million in quarterly expense saved in 2021,” Amalgamated Chief Executive Keith Mestrich told Wall Street analysts during a July conference call. Mestrich resigned Oct. 14 to pursue other interests.

Regulators agree the loss of Amalgamated is a problem for Burnside Avenue.

In an Oct. 9 filing, the state Department of Financial Services said the branch closing “will result in a significant reduction of financial services in the community.

“DFS has worked with Amalgamated to ensure outreach to the community and that alternatives are provided for the community,” an official said in a written statement.

Until a subsequent banking institution arrives, Caballero and other neighborhood leaders are pressing elected officials for help.

There are signs the business district is starting to recover. A discount store has a “grand reopening” sign in its window, and the Jimmy Jazz clothing store looks brand-new. But given the dire economic challenges faced by most small businesses, it could be a while before a bank returns to the neighborhood.

“If this was another area, we would have been taken care of immediately,” Caballero said. “This is the Bronx, not Manhattan or Queens.” ■

Welcomes

Kevin Rabbitt Chief Executive Officer

Kristina Heney EVP, Chief Marketing Officer

To the Hornblower Cruises & Events Team Cristyne L. Nicholas CEO

George Lence President

www.nicholaslence.com OCTOBER 26, 2020 | CRAIN’S NEW YORK BUSINESS | 19

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FROM PAGE 1

that tourism is in tatters and hotels sit empty and in danger of default, the chief executive of Marx Realty is looking at a new strategy: buy up cheap hotels and turn them into offices.

As a result of the pandemic, not all of the city’s 700 hotels will make it, and some 25% are expected to close by 2023, experts say.

“Anybody who is in the market today is looking for ways to make sense of it,” said Woody Heller a cohead of the capital markets division at Savills. In some cases, he said, conversions make the most sense.

Rooms for rent At the low point earlier this year, hotels could fill only 15% of the city’s roughly 128,000 rooms, according to analytics firm STR. The number of rentable rooms has dropped by a third since then to 85,000 now that more than 100 hotels have shuttered temporarily.

The Roosevelt, the Marriott East Side, the AKA Wall Street and a consortium of Times Square hotels are among those that have closed permanently.

More than 60 others have offered their space for alternative use on a temporary basis, including the Upper West Side’s Lucerne Hotel,

original purpose: office space.

“A lot of hotels in their past lives were offices, so they have the bones to be converted back,” said Deitelzweig. Although hotel floor plates tend to be too small for traditional offices, they’re ideal for boutique offices like his, he said, adding that a full conversion would take only 18 months.

Hungry investors are watching for properties that are in distress. “A lot of people are preparing themselves for the bargain basement,” said Sabena Arora-Akarte, founder of Acadia Lodging Brokers & Advisors. “They’re putting out word that they’re ready to jump.”

Deitelzweig said he is exclusively looking at properties that have been taken back by their lenders, so he can buy them from the banks at a good price. He might not have to wait long. Currently 10 hotels in the city are at least 90 days past due on their mortgage payment, according to data analytics firm Trepp. They collectively owe more than $800 million to their lenders.

One of those hotels—The Standard, High Line, in the Meatpacking District—owes $103 million.

Even at the Financial District’s Holiday Inn, where rooms are half the price they are at The Standard, $87 million in loans are in arrears.

Occupancy rates have crept back up to 38% since cratering in March, according to STR, but the market won’t make any kind of meaningful rebound that will put hoteliers at ease until at least 2025, according to Vijay Dandapani, chief executive of the Hotel Association of New York City.

It’s a dynamic situation, he said, but conversions are hardly a revolutionary concept in New York. The city’s structures are often built on the presumption that they’ll have many lives before they’re eventually torn down, if ever. In times like these, he said, all a property needs is some new packaging.

At least 73 of the city’s many thousand residential buildings were once factories, schools or hospitals, though hotels were most commonly reborn as apartments,

DIRE STRAITS

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FROM PAGE 1

state of New York to prepare for that day. And we have a lot to do.”

The mayor pointed out that the release date for a vaccine is unknown. The public should not expect one until “at least a few months into 2021,” he said.

The city’s efforts to prepare early for fair and broad-based distribution of a vaccine are a boon for city businesses, said Kathryn Wylde, president and CEO of the Partnership for New York City, a nonprofit promoting economic development in the city.

“This is what will bring people back to the office and accelerate the revival of our struggling economy,” she said.

On Oct. 18 Gov. Andrew Cuomo also announced an initiative to distribute a vaccine throughout the state. His announcement noted that the state’s framework is flexible because there are still so many un-

knowns, especially when it comes to a federal strategy.

“We are coming up with a plan on many presumptions,” Cuomo said in the announcement.

“We don’t know how many doses we’re going to get," he said. "We don’t know what vaccine we’re going to get. We don’t know when we’re going to get it. The state will have a statewide vaccination plan.

We will do it in concert with the federal government. The federal government is in charge of producing the actual vaccine and distributing the vaccines.”

But the fact that the mayor and the governor are laying out plans for the vaccine ahead of one being available provides structure for businesses to plan out their needs and timing, said Jessica Walker, president and CEO of the Manhattan Chamber of Commerce.

However, a vaccine isn’t an on– off switch that will instantly resolve economic woes, Walker said. The limited initial distribution could mean many residents might not get

Local Law 50 Hotel-to-apartment conversions were so hot in the city by 2015 that the controversial Local Law 50 was passed, barring Manhattan hotels with at least 150 rooms from converting more than 20% of them to other uses during a two-year period. The law expired last year.

At Breaking Ground calls came early on in the pandemic from hotel owners looking to reposition their properties, said Brenda Rosen, the group’s chief executive. She has fielded calls from RFR Realty about its Paramount Hotel and from the Chetrit Group for the Hotel Carter, both in the Times Square area.

The organization is converting 90 Sands St. in downtown Brooklyn, a former hotel it bought from RFR, into 500 units of affordable and supportive housing, Rosen said.

And developer Fairstead is leading the $60 million renovation of the former Park 79 Hotel to 77 affordable units for senior citizens.

Still, repurposing hotels is not always easy.

“The devil is in the details,” JLL Senior Managing Director Jeffrey Davis said, referring to stringent zoning laws that outline what types of properties may exist in various pockets of the city and the unique implementation plan are better than none, Walker said.

“A vaccine is the only way to reassure New Yorkers that they are fully protected in a social, urban environment,”W ylde said.

Trust issues

ISTOCK

VACCINE

THE FORMER Prince George Hotel became a welfare hotel before it was rehabbed into a residence for the homeless.

according to apartment search and analytics firm RentCafe.

The 116-year-old Prince George in Madison Square was a glamorous hotel until the 1980s, when it became a welfare hotel. After sitting barren for seven years, it was purchased by Breaking Ground, an affordable housing developer, which rehabbed it into a residence for the homeless.

“From the street level, it’s hard to absorb all the changes,” former Deputy Mayor Daniel Doctoroff wrote in "Greater Than Ever: New York’s Big Comeback," his account of rebuilding the city after 9/11.

“A LOT OF HOTELS IN THEIR PAST LIVES WERE OFFICES” which is housing homeless people and is at the center of a hot debate between neighborhood residents and the city over how long the people should stay. The W Hotel in Union Square, now owned by Marriott, is housing New York University students for the fall semester.

A handful of developers are making moves to repurpose hotels permanently, including the owners of the Bryant Park Hotel, who are in talks to convert the landmarked, century-old building back to its

requirements for each type.

“You put that all in the blender and think of what can be,” Davis said, PERCENTAGE of New York’s “[and] you get a 700 hotels lot thinner expected to close about the actual by 2023 properties that can make these changes.”

Apartment buildings reNUMBER quire a 30-footof city hotels that long yard, for are at least 90 days past due on example, while their mortgage hotels need only payments 20 feet. To qualify for multifamily housing, apartments must be a certain size and include at least a kitchenette— which isn’t common in hotel rooms, noted James Power, a landuse lawyer at Kramer Levin.

Zoning laws restrict certain building types to designated parts of the city. Apartments may not be built in most manufacturing zones, for example.

Building supportive housing is one of the easiest ways to convert hotels into useful properties, said Jessica Katz, executive director of the Citizens Housing and Planning Council. The smaller units are better for studio apartments that can be used by single, homeless adults, she said. But, she said, there are still too many rules.

“We need to take away some of the obstacles to rebalance the market,” Katz said. “If we get zoning regulations out of the way so the market can do its job, then we may find a much faster recovery.”

The flexibility to adapt existing, empty buildings would help the city leverage its strengths, said James Whelan, president of the Real Estate Board of New York. But not every property will get the green light for conversion.

And that presents a problem, Davis said. “What do you do with these hotels that can’t be used for anything else?” he said. “You have hotels that just don’t work as hotels anymore.” ■

25%

BUCK ENNIS

HOTEL

the vaccine until the summer, and businesses would still have to deal with grim economic conditions until then, she said.

The city government would need to continue providing financial support until and even after a vaccine becomes widely available, Walker said.

But overall, any steps toward an

De Blasio noted that the vaccine will be available regardless of New Yorkers’ ability to pay.

He said many Americans might be resistant to taking the first vaccine that becomes available, but he predicted that New Yorkers will be more willing to take it.

However, an NYU study of transit workers recently found that although 24% of respondents had

contracted Covid-19—a higher positivity rate than that of the city in general, which is 20%—only 30% of respondents said they intended to be vaccinated when possible.

Thirty-two percent of respondents said they would not be vaccinated, and 38% said they were not sure.

The main reason cited for not wanting to get a dose was a lack of trust in its safety.

“Trust is an essential ingredient for turning a vaccine into a vaccination,” said Dr. Dave Chokshi, the city’s new health commissioner.

What the governor will make of the mayor’s proposal remains to be seen.

A state Department of Health spokeswoman referred back to Cuomo’s plan when reached for comment.

“To ensure coordinated and efficient statewide distribution and administration, all localities and entities in New York state will be required to follow the state’s guidance and protocols for Covid-19 vaccination,” she said. ■

20 | CRAIN’S NEW YORK BUSINESS | OCTOBER 26, 2020

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PEOPLE ON THE MOVE

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ARCHITECTURE

ENGINEERING / ARCHITECTURE

INSURANCE

NONPROFIT

Ennead Architects

STV

HUB International Northeast

The Workers Circle

Chris Stoddard AIA has joined Ennead Architects in New York as an Associate Principal.

He is charged with managing several of the firm’s projects, including a major master plan and residential development in Jersey City. He was previously the Studio Director of Allied Works’ New York office and Managing Principal of ZGF’s New York office. His 30 years of experience in delivering complex projects spans commercial office, life science, institutional, interiors, cultural and masterplan typologies: University City Science Center in Philadelphia, 11 Madison Park Restaurant, the NY headquarters of Uniqlo parent company Fast Retailing, Pratt Institute’s School of Art building, 505 Fifth Avenue and the New Songdo City masterplan in South Korea.

Greg Kelly, P.E. has been named president and CEO of STV, effective Oct. 26, 2020. In this role, Kelly will guide the firm toward achieving its short- and long-term strategic goals with an emphasis on performance, business development, technology, and human capital. “I am very excited about the opportunity to lead a company that throughout its history has established an enviable reputation for innovation and client service,” said Kelly. A registered Professional Engineer in multiple states, Kelly received his B.S. degree from Temple University and master’s degree in civil engineering from NJ Institute of Technology. STV is a leading engineering, architectural, planning, environmental, and program and construction management services firm.

As President of Commercial Lines, James Hutchinson will lead all aspects of HUB Northeast’s commercial property and casualty client service and marketing initiatives. He will be responsible for overseeing the company’s Strategic Account Executives; Account Managers and client servicing teams; Marketing/Placement; and Specialties including Real Estate, Construction, Not for Profit, Healthcare, Elevator Program.

James previously served as Executive Vice President, Commercial Lines for HUB Northeast.

Melissa Karachalios has been named Deputy Executive Director and Development Director of the Workers Circle. Since joining as its Director of Development and External Affairs in June 2018, she has led its 120th-anniversary and rebranding campaign, grown its donor base, and created a Legacy Society. She previously served as Division Director, Member & Unit Services at Hadassah, WZOA, Inc., and as Director, Membership and Communications, at National Council of Jewish Women, Inc. (NCJW, Inc.).

INSURANCE

HUB International Northeast

ARCHITECTURE

FINANCIAL SERVICES

Ennead Architects

J.P. Morgan Private Bank

Winslow Kosior AIA has joined Ennead Architects in New York as an Associate Principal.

A nationally recognized expert in the design of high-performance building enclosures, he has designed façade systems for some of the most world’s recognizable buildings over his 40+ year career. He was at Pei Cobb Freed & Partners, Gordon H. Smith Corp, and RMJM. Projects include: 1 Dalton, Boston; Rock & Roll Hall of Fame, Cleveland; Lakhta Center, St. Petersburg; US Bank Tower, LA; Fountain Place, Dallas.

J.P. Morgan Private Bank has appointed Tiffany Lewis to lead Private Investments’ Diverse Manager Strategy. In this role she will lead an effort to bring more diverse funds and managers on to the Private Bank investments platform.

As an Executive Director and senior member of the Private Bank’s Private Investment team, Lewis manages sourcing, underwriting, and monitoring private equity, private credit and real assets funds, as well as real asset investments within the infrastructure, transportation, agriculture, energy and natural resource sectors. Prior to joining the Private Bank, Lewis was an Investment Principal and Portfolio Manager on J.P. Morgan Asset Management’s Infrastructure Investments team.

Preserve your career change for years to come.

22 | CRAIN’S NEW YORK BUSINESS | October 26, 2020

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In this newly created role, Ken Schreiber will dedicate his time and attention to building and leading a more robust sales infrastructure and client experience platform. He will be responsible for focusing on the HUB Client Experience and how to best connect current and prospective clients to HUB resources to effectively and efficiently meet their full suite of insurance needs across all retail lines of business (Commercial P&C, Personal Lines, Employee Benefits, and Retirement & Private Wealth).

Lauren Melesio Director, Reprints & Licensing lmelesio@crain.com (212) 210-0707

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OUT OF OFFICE VESTRY LOCATION 246 Spring St. HOURS 5:30 to 10:30 p.m. Tuesday through Thursday; 5:30 to 11 p.m. Friday and Saturday WEBSITE vestrynyc.com SIGNATURE DISHES Big-eye tuna with potato crisps, black olives and tarragon ($12) California carrots with Dijon mustard and watermelon radish ($18) Sushi rice with market fish and cured egg yolk ($22) Atlantic salmon with koji and caramelized onion rice ($34)

ADRIAN GAUT

Wagyu beef with potato puree and miso mustard ($38)

VESTRY

Fish dishes worth celebrating New SoHo spot Vestry serves up a fresh catch grilled simply

T

he menu and overall approach to food at ­SoHo’s Vestry, which had been slated to open in the spring, are much the same as chef Shaun Hergatt had planned before Covid-19 led to restaurants being shut down.

But the chef is making and serving the food with a renewed sense of purpose.

“It’s about time people celebrate and look for something positive,” he said. “I want to have an outlet where you can go away from the craziness and get back to some normality for a while.”

Hergatt buys very fresh fish and prepares it simply, an approach he traces to his childhood in Australia. He and his grandparents would

spend days fishing, then come home to grill their catch. At Vestry, he grills over binchotan charcoal, which imparts a smoky flavor.

Along with the main dishes— which include a chicken and beef entrée in addition to the fish offerings, such as salmon and sea bream—come sides that are filling and tasty. Hergatt loves the cara-

melized onion rice served with the salmon and thinks customers will begin craving it.

“It’s so delicious,” he said, “and so simple.”

The menu includes small bites— easy snacking for those who don’t want a full dinner—as well as a number of cocktails.

Hergatt recruited an enthusiastic staff that has worked alongside him at previous restaurants.

“You have to really push,” said Hergatt of the waitstaff’s approach to having fewer patrons, “[and] make sure you’re a little sharper. I believe in the future and investing in the restaurant business in New York, so we are putting a lot of effort into it.”

Both the indoor and outdoor setup meet safety restrictions, with 20 seats inside and 40 outside. Up next for the restaurant: lunch service.

— Cara Eisenpress

RESTAURANT NEWS AND NOTES

CITY DUMPLING Upper West Side: 4 to 11 p.m. daily; SoHo: 11 a.m. to 11 p.m. daily Handmade dumplings are the specialty of this delivery-only shop run by the co-founders of the platform Kitch, which lets cooks rent others’ extra restaurant space to launch products or eatery concepts more easily. For City Dumpling, Kitch has partnered with Dumpling Galaxy, a Flushing spot, to create dumplings with

LAZY SUNDAES Clinton Street and Waverly Place: 1 to 7 p.m. daily; Canal Street: noon to 6 p.m. daily Three locations of this bubble tea and bingsoo (Korean shaved ice) sundae café are opening downtown at once.

The owners, friends from college, have focused on the process of preparing the cassava root

MINU HAN

fillings including pork and chive, lamb and cilantro, chicken and broccoli, and vegetable. There are plans to expand in Manhattan soon.

502 Amsterdam Ave., 25 Cleveland Place and 115 E. 23rd St., but sites are delivery only within Upper West Side, SoHo and Flatiron District

COURTESY OF CITY DUMPLINGS

CAFÉ CITY DUMPLING SALMAGUNDI Dinner: 5 to 11 p.m.

Wednesday through Sunday; brunch: 11 a.m. to 3 p.m. Friday through Sunday Taking inspiration from the city as a whole and the area around Gramercy Park in particular, Salmagundi’s menu is intended to mimic the city’s cultural diversity. Menu items include small dishes such as ­double-fried chicken wings; shared dishes such as short ribs with cipollini, shiitake ­mushrooms, carrots and potato-parsnip mash; and Salmagundi duck confit. There is seating both indoors and out, all following capacity restrictions.

51 Irving Place, Gramercy Park

“bubbles” in the tea. Inspiration for the flavors come from their respective Taiwanese and Korean childhoods. There’s black milk, jasmine milk, lychee and blackberry sage.

The bingsoo sundaes are made with oat milk and ingredients such as red bean preserve, mocha and condensed milk.

23 Clinton St., 11 Waverly Place and 265 Canal St.

ROSELLA Dinner: 5 to 10 p.m. Monday through Saturday; lunch: noon to 3 p.m. Saturday and Sunday Alumni of Austin, Texas, sushi spot Uchiko have come to New York with a sushi tasting menu (15 to 18 courses for $150) and a mission to focus on sustainability and reducing food waste. Local farmers LAZY SUNDAES and fishmongers supply

ingredients such as miso, herbs, wine and, of course, fish from nearby states. Outside of the tasting menu, dishes include amberjack ceviche with melon, fried shallots and chili-citrus fish sauce; chirashi with seasonal sashimi and roe; and a lobster sushi roll with spicy mayo and avocado.

137 Ave. A, Alphabet City SULLIVAN STREET EAST VILLAGE Noon to 7 p.m. Wednesday through Sunday Jim Lahey, owner of Sullivan Street Bakery, which has two locations in Manhattan, has opened a third, in the East Village. The pop-up will be around at least through the holidays and has a menu that is a shorter list of the breads and sandwiches Lahey is known for.

There’s also hot chocolate.

437 Ninth St., East Village — C.E.

October 26, 2020 | CRAIN’S NEW YORK BUSINESS | 23

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Keynote speaker: Pat Wang President and Chief Executive Officer, Healthfirst

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