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

ASKED & ANSWERED Mayo on why bank regulators deserve a raise PAGE 7

CRAINSNEWYORK.COM

NOT BACKING DOWN The state’s AG hasn’t shied away from taking on corporate giants PAGE 3

FEBRUARY 15, 2021

FINANCE

SPAC ATTACK

Wall Street’s latest get-rich-quick scheme may work for sponsors but not investors BY AARON ELSTEIN

et’s get this clear from the start: a SPAC is not a disease. “I know, I know, that’s what they sound like,” said Usha Rodrigues, a SPAC expert at the University of Georgia School of Law. But SPACs are highly contagious. SPACs, or special-purpose acquisition companies, are shell companies that raise money from investors to buy a private firm and take it public. They emerged from a stock hustler’s lab three decades ago and in the past year have become the hottest offering served up by Wall Street. BLOOMBERG, NEWSCOM, GETTY IMAGES

See SPAC on page 34

(Clockwise from top left) ACKMAN, RYAN, BRANSON, “JAY-Z” CARTER, COHN, O’NEAL, RODRIGUEZ AND WILLIAMS

POLITICS

Meet the Republicans running for mayor A taxi activist, a single mom, a street vigilante and a former cop vie for the GOP nod

BY BRIAN PASCUS

inning the race for mayor has usually been a tall task for any Republican, but it may be nearly impossible this year.

NEWSPAPER

VOL. 37, NO. 6

The Democratic Party has greater control of New York City than it has had in decades. Only three Republicans sit on City Council, and a sweep across Brooklyn and Queens in November 2020 helped solidify a supermajority for Democrats in the New York Senate.

But in the city a loyal opposition remains. Four diverse candidates have announced they are running for mayor in the GOP primary.

SARA TIRSCHWELL

mayor, Sara Tirschwell highlights her experience as a former financial services executive and single mother of two children as attributes that will serve her well in leading the See MAYOR on page 6

Seeking to become New York’s first female

GOTHAM GIGS

HELPING SMALL BUSINESSES ACHIEVE BIG DREAMS PAGE 35

PAGE 13

FINANCE

Cuomo could throw cold water on race to lure stock exchange from New York BY RYAN DEFFENBAUGH

customers are already asking about our willingness to relocate.”

threat from the New York Stock Exchange that it will relocate if the state puts a tax on stock transfers has officials in other states lining up to be the new home of Wall Street. But they may be getting ahead of themselves, as Gov. Andrew Cuomo has so far been dismissive of the idea. The office of Illinois Gov. J.B. Pritzker has been in contact with NYSE officials on how to bring more of its operations to the Windy City, according to reporting last Wednesday by Crain’s Chicago Business. The state already is attempting to lure the stock exchange’s data center from New Jersey and will now expand its pitch for the rest of the operation. Meanwhile, Texas Gov. Greg Abbott is attempting to woo the NYSE and the Nasdaq stock market by proposing a ban on financial transaction taxes. Florida officials are reportedly angling for the stock exchange to head south.

GOVENORANDREWCUOMO/FLICKR

Opposition

Legislature. Democratic lawmakers are debating bills that would either reinstate or expand a 115-year-old tax on stock transfers, which the state stopped collecting in 1981. There have been many proposals since that time to reinstate the tax. But those calls have received a new urgency in response to the budget shortfall created by Covid-19. Invest

Transfer tax debate This is the latest escalation in a series of threats between the financial industry and a progressive supermajority in the New York state

in Our New York, a political group advocating for higher taxes on rich New Yorkers, says a measure led by state Sen. Julia Salazar of Brooklyn would raise $9 billion annually by taxing stock transactions. In response to the proposal, New York Stock Exchange leader Stacey Cunningham penned a Wall Street Journal op-ed threatening to rethink the first two words of the in-

stitution’s name. “While New York has remained a center of gravity for the financial industry, many employees of ‘Wall Street’ firms are migrating to Florida, Texas and other states with hospitable tax policies,” Cunningham wrote Wednesday. “If lawmakers opt to reinstate that tax, the NYSE may need to follow the lead of those relocating firms. Some of our

WEBCAST CALLOUT

Patchett to step down as president of the Economic Development Corp. BY EDDIE SMALL

PATCHETT

launch of the NYC Ferry program as well.

Next moves

BUCK ENNIS

ames Patchett, president and CEO of the New York City Economic Development Corp., will leave the de Blasio administration in early March, the city announced last Wednesday. Patchett has served in his current position since February 2017. Patchett described spending the past four years serving the city as “the honor of my lifetime” and praised the agency’s response to the ongoing pandemic in a statement. “The people of EDC have given everything they had over the last year, under the most challenging conditions, to support the city’s recovery,” he said. “From manufacturing millions of units of PPE locally, to building innovative new local testing capacity, to supporting small businesses in every borough, the EDC team has tackled Covid-19 with ingenuity and resolve.” The EDC’s work around person-

“THE EDC TEAM HAS TACKLED COVID-19 WITH INGENUITY AND RESOLVE”

al protective equipment under Patchett’s leadership resulted in the production of 8.4 million face shields and 4.2 million hospital gowns, according to the city. While

at the agency, Patchett also helped launch LifeSciNYC, a 10-year, $500 million program meant to strengthen the life sciences industry in New York. He oversaw the

Patchett will pursue opportunities in the private sector for his next career move, the city said. “James Patchett’s extraordinary work as EDC president helped make New York City’s economy the most dynamic in the country before the pandemic,” Mayor Bill de Blasio said in a statement. “When Covid-19 hit, his creativity and determination helped us respond— and positioned our city to come back stronger than ever, with a recovery for all of us.” ■

CRAIN’S BUSINESS FORUM MARCH 3 HOW THE BIG APPLE WILL REGAIN ITS SHINE, FEATURING DANIEL L. DOCTOROFF, CHAIRMAN AND CEO OF SIDEWALK LABS In the wake of 9/11, Daniel Doctoroff, then deputy mayor of economic development, contemplated the same issue we face today: Are cities still necessary? With the redevelopment of the World Trade Center, the High Line and Hudson Yards, among other projects, the answer was a resounding yes. Join Crain’s March 3, when we talk to Doctoroff, now CEO of innovation company Sidewalk Labs, about how New York can come back again.

VIRTUAL EVENT Time: 4 to 5 p.m. CrainsNewYork.com/ MarchBizForum

Vol. 37, No. 6, February 15, 2021—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 2021 by Crain Communications Inc. All rights reserved. 2 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 15, 2021

BUCK ENNIS

POLITICS

Cuomo—who rang the opening bell when the stock exchange reopened in May—has largely stayed out of the scuffle. But remarks made in a Jan. 19 news conference by state Budget Director Robert Mujica indicated Cuomo is leaning toward opposing changes to the tax. “The only nexus you have with the stock transfer tax is the idea that the transactions occur in the state because the computer servers happen to be here,” Mujica said. “Move the servers, you move the transaction, you don’t collect anything from the tax. So a lot of these ideas, people talk about them, but they haven’t been fleshed out.” Democrats in the Legislature have a veto-proof majority, so it is possible they could challenge Cuomo on the point ahead of the April 1 budget deadline. The stock transfer tax would have raised about $3 billion in 2019, according to estimates the Citizens Budget Commission released in November. The watchdog group opposed the proposal, however, arguing that “many trades would simply move to other states to avoid the tax.” ■

POLITICS

NEWSCOM

JAMES

New York versus the world: James is picking big fights

The state’s attorney general doesn’t back down on anything, from Trump to Facebook BLOOMBERG

fter two years of challenging the Trump administration, New York Attorney General Letitia James is taking on Facebook and Google in antitrust cases, suing to dissolve the National Rifle Association and running a potentially explosive investigation into Donald Trump’s real estate empire. The question is, can she deliver? And if she can, what will she do next? The first Black woman to win statewide office in New York, James, 62, has confronted powerful interests as far away as Silicon Valley and as close as her own backyard. Just last month she went after Gov. Andrew Cuomo, announcing she’d found that the state undercounted nursing home deaths from Covid-19 by as much as 50%. Her string of victories against the Trump administration

alone includes everything from worker safety to housing discrimination to the integrity of the census. Her losses include an embarrassing defeat in a first-of-its-kind climate change lawsuit against Exxon Mobil Corp. “No one like her has ever been in this position before, and she is seizing the opportunity,” said Christine Quinn, a former New York City Council speaker who worked with James for years. “She’s fearless."

said in an interview. “Trump was burning the house down, and we attorneys general were putting out the fire,” James said. “It was an administration that can best be described by chaos and confusion and outright hate.” James said she didn’t plan on a national role but is “sure as hell glad” she was there to do it. Her ongoing investigation into the Trump Organization is to determine whether it falsely reported property values to get loans or tax benefits, which the company has denied, calling the probe politically motivated. The civil inquiry has emerged as one of the greatest potential threats to Trump, who also faces an

“NO ONE LIKE HER HAS EVER BEEN IN THIS POSITION BEFORE. SHE’S FEARLESS”

‘Defending democracy’ James is proud of her work, which she frequently undertakes with other Democratic state AGs, often leading suits with her California counterpart. The two large states acted as “bookends in defending our democracy” coast to coast, she

See JAMES on page 31 FEBRUARY 15, 2021 | CRAIN’S NEW YORK BUSINESS | 3

COMMERCIAL REAL ESTATE

Amazon inks 336K-square-foot lease at Red Hook warehouse THE COMPANY’S CONTINUED ACTIVITY IN THE CITY HAS BUOYED INDUSTRIAL REAL ESTATE

BY EDDIE SMALL

Goldman Sachs declined to comment, and representatives for DH Property Holdings and Thor Equities did not respond to requests for comment.

BLOOMBERG

mazon is expanding its industrial footprint in New York once again. The e-commerce behemoth will open a 336,350-square-foot delivery station at 640 Columbia St. and a 151,000-square-foot station at 280 Richards St. in Red Hook next year, it announced last Wednesday. Its 211,000-square-foot delivery station at 2300 Linden Blvd. in East New York is now officially open for business. The Linden Boulevard station will create more than 80 full- and part-time jobs, the company said. “These new delivery stations represent Amazon’s unwavering commitment to safety, technological innovations and skilled teams that are obsessed with delivering for our customers,” Amazon spokeswoman Emily Hawkins said in a statement.

Busy making deals The logistics facility on Columbia Street is a 3-story project from Goldman Sachs and Dov Hertz’s DH Property Holdings. Goldman Sachs and Hertz partnered to purchase the site for $47.5 million in

2018. Thor Equities is behind the project at 280 Richards St. The company bought the site for about $40.5 million in 2005, according to property records.

Amazon, whose founder, Jeff Bezos, plans to step down from his position as CEO during the third quarter of the year, announced in January that it plans to open a 139,700-square-foot warehouse during the second half of this year

at 511 Barry St. in Hunts Point. The company plans to open a 190,000-square-foot delivery station later this year at 66-26 Metropolitan Ave. in Queens. The firm has been busy making deals in the past year, signing a 975,000-square-foot lease at Staten Island’s Matrix Global Logistics Park and purchasing Midtown’s famed Lord & Taylor Building on Fifth Avenue for about $1 billion. Amazon’s continued activity in the city has buoyed the industrial real estate market, which has held up fairly well amid the pandemic as New York’s residential, retail and office markets have faltered. The city saw about 870,000 square feet of industrial leasing activity during the fourth quarter of 2020, although this was down from earlier in the year as e-commerce firms face a lack of available large spots, according to CBRE. ■

RESIDENTIAL REAL ESTATE

Manhattan luxury homebuyers make Upper East Side cool again BLOOMBERG

BLOOMBERG

anhattan’s Upper East Side, known for its stodgy, old-money coops, is suddenly in vogue with luxury homebuyers again. The neighborhood—overshadowed in the past decade by the sky-piercing glass towers of Midtown and Lower Manhattan—has had the borough’s priciest contracts nearly every week since November, data from Olshan Realty show. Almost all those sales were in new towers designed to mimic the style of century-old co-ops, but without the onerous restrictions of those buildings. And they’re attracting the main source of luxury demand these days: locals looking to upgrade. “I’m not saying the glass box is over,” said Donna Olshan, president of the brokerage that bears her name. “But it might be over. It may have had its day.” Luxury sales have outperformed the broader Manhattan market even as the foreign investors who put the skyscrapers of Billionaires Row on the map have all but disappeared. New Yorkers are helping to fill the void, giving a boost to developers on the Upper East Side,

the beginning of November, the priciest or second-priciest deals in Manhattan—sometimes both— have been for homes on the Upper East Side, Olshan said. Some of those purchases were at the Benson, a condo tower under construction on Madison Avenue near East 80th Street, where eight of the 15 full-floor units have found takers since sales began there in September. A 15th-story apartment at the

LUXURY SALES HAVE OUTPERFORMED THE REST OF THE MANHATTAN MARKET whose offerings are filling a niche for buyers already living in the city. In all but three of the weeks since

4 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 15, 2021

Naftali Group project went into contract in early December at the asking price of nearly $14.2 million, the second-costliest deal in Manhattan for that week, according to Olshan. A week later the Upper East Side was home to the borough’s most expensive transaction: a contract by a buyer for two apartments in the building rising at 1228 Madison Ave., for a combined $27.9 million. Manhattan’s top pending sale the week of Jan. 4 was a penthouse listed for $32.5 million at 109 E. 79th St., a building opening next year. The buyer currently lives on the Up-

per East Side, Olshan said in her report on the sale.

Discounted deals As with luxury deals elsewhere in the city, some of the Upper East Side’s top transactions were spurred by discounts. Extell Development’s 1010 Park Ave., which had the second-biggest Manhattan contracts for two weeks in January, had lowered asking prices on both of those units, according to marketing documents. “Buyers are responding to getting something truly exceptional at a very favorable price in today’s mar-

ket,” said Gary Barnett, chairman and founder of Extell. The week of Dec. 14, a townhouse in the neighborhood, reduced 48% from its 2018 asking price, to about $9.8 million, was the second-mostexpensive contract. The new Upper East Side projects are a hit with well-heeled locals who want to stay in the area but don’t want the hassle of getting renovation plans approved by a co-op board or dealing with rules that limit construction to the warmer months, said John Usdan, CEO of Midwood Investment & Development, which is building a condo tower at East 78th Street and Lexington Avenue. “Younger people who are in the market for the first time to really buy a permanent home just don’t have the time or expertise to navigate those kind of issues,” said Usdan, an Upper East Side native. The 25-unit project at 150 E. 78th St. is Midwood’s first in New York City and more than 20 years in the making since the company bought its first parcel for it in 1997. Sales began last month, with units including a $5 million three-bedroom and a $20 million duplex. Midwood’s marketing efforts had been delayed since May. To Usdan, that might have been a good thing because Upper East Siders who fled the city to ride out the pandemic are planning their return and focused on upgrading their urban digs. “When you look historically about what’s happened in pandemics, wealthy people have been the first to leave the centers of diseases,” Usdan said. “Then they come back.” ■

Maimonides Medical Center

CN020102.indd 1

2/4/21 10:33 AM

IN THE MARKETS

Abandoned by tenants, commercial landlords pay big sums to keep investors from vacating

city through the Covid-19 crisis. “Being a single mom, it’s an obstacle course on its own,” she said. “Who better to lead us out of it?” From 1989 until 2017 Tirschwell worked as a portfolio manager on Wall Street, where she managed money, syndicated and traded loans, and worked with distressed sec u r i t i e s. TIRSCHWELL Tirschwell said her decades in finance have prepared her to confront the city’s fiscal challenges and make revenue-sharing agreements with the city's powerful unions. “It forces people to negotiate because you don’t want to leave your fate in a judge’s hands,” she recalled, speaking of her time negotiating for clients in Bankruptcy Court. “It required finding commonalities between groups, and it forces you to compromise.” Tirschwell’s personal story is compelling: While a child she lost her mother to suicide, and her first husband died of alcoholism. She said she left Wall Street after reporting her boss for sexual harassment and subsequently being fired. “I had to face those challenges and figure out ways to overcome them and figure out how to survive and thrive,” she said. “Personal challenges are obstacles to success,

FERNANDO MATEO

NEWSCOM

REDUX/NYT

FROM PAGE 1

Fernando Mateo’s biography is as varied as any candidate's in either party. Mateo has run a carpet company, managed multiple restaurants, and taught employment skills to nonviolent first-time offenders on Rikers Island. In addition, he has led organizations that advocate for city taxi drivers and MATEO bodega owners. In the 1990s he spearheaded anti-gun initiatives. “I look to defend the immigrant community, Hispanics, and I work very closely with the Black community in helping them and helping teenagers get jobs,” Mateo said. If elected, he would be New York’s first Hispanic mayor. Anger at the city’s treatment of small-business owners—stemming from personal experience— brought Mateo into the race. “Every city agency, even before the pandemic, has been abusing

6 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 15, 2021

To discourage more of that, SL Green pledged last month to buy back another $500 million worth of shares after repurchasing more than $500 million worth last year. Until workers return to their offices, landlords can take advantage

of low interest rates to borrow money for dividends or buybacks. In a real pinch, they could sell properties. But every tenant knows hocking the jewels to pay the rent is never wise. ■

their power against small businesses in the city,” he said. “We don’t get any considerations or tax breaks. All we get is punishment from every city agency.” He is critical of recent moves made by New York Democrats concerning public safety. “Defund the police? That has effects on Black and brown people like myself,” he said. “We are the ones who are endangered from the votes of council people who live in areas where crime doesn’t exist.” Mateo acknowledges that some of his solutions are unorthodox— he wants to build affordable housing in industrial parks—and his position toward the wealthy is sure to surprise some New Yorkers: Engage the 1%, don’t raise their taxes, and offer to put their names on New York City Housing Authority buildings in exchange for donations for renovations. “The city politicians don’t think outside the box,” he said. “They don’t ask to work with the rich. They only tax them.”

started the Guardian Angels 42 years ago, when there was high crime and anarchy.” The concerns about crime are not a figment of Sliwa's imagination. Compared to 2019, shootings rose 97% in the city in 2020 and murders increased by 45%, according to figures from the city Police Department. “It [crime] has paralyzed the business community,” Sliwa said. “We’re being asked to set up Guardian Angels patrols on the Upper West Side, Upper East Side, Little Italy, Chinatown—these are places where there was never a demand for us.” Sliwa wants to reestablish the Police Depart- PEPITONE ment's street crime unit and homeless outreach unit, two divisions cut when the City Council voted to shift $1 billion out of the department. The city’s economy can be fixed by reinvigorating the police and creating a safer community for individuals and companies to do business, he said. Sliwa, a longtime New Yorker, said he is inspired by how former Mayor Ed Koch handled the city’s budget crisis in the 1980s, when he used the Financial Control Board and instituted bureaucratic layoffs. “I watched how Ed Koch operated with tremendous fiscal restraint,” Sliwa recalled. “The city suffered, but we had to learn how to do more with less.” Sliwa supports universal pre-K, refers to the Metropolitan Transportation

Authority as the “Money Taking Agency” and says NYCHA residents should own their homes.

CURTIS SLIWA Curtis Sliwa’s name has been synonymous with volunteers fighting crime for decades. As one would expect from the founder of the Guardian Angels, public safety is the central theme of his announced-but-unregistered run for mayor. “Who is trying to recover public safety? It’s the number one issue we deal with,” Sliwa said. “It really seems like we’re moving in the direction of where we were when I SLIWA

NEWSCOM

just like economic ones.” To stimulate the economy, Tirschwell wants to reopen the city’s public schools, cut regulations, and end tax abatements that favor the real estate community. “It doesn’t make sense to offer tax abatements to build luxury housing and then make it so complicated on the other end of the spectrum with zoning,” she said. “And we wonder why there’s not enough affordable housing.”

sembles a ghost town. Some shareholders appear to be backing away, anyway. BlackRock reduced its stake in SL Green Realty last year to 8.9% from 10.6%, according to a recent regulatory filing earlier this month.

NEWSCOM

MAYOR

BLOOMBERG

om Petty sagely observed namesake Midtown tower. Sustainable? Nope. that the waiting is the hardThe firm said in December it est part. Waiting is getting very expensive for New would cut its dividend by 30% to conserve cash, and management York’s commercial landlords. indicated it’s in no hurry While their buildings sit to repurchase more mostly empty, they are shares. shelling out big sums in The Empire State the form of share repurBuilding’s owner suschases and dividend payouts. Think of it as the rent pended its dividend altothat these landlords must gether in the summer of pay to keep investors from 2020, which saved about vacating their stocks. $20 million through Sept. The question is for how 30. But savings were more much longer Vornado Rethan offset by $120 milAARON ELSTEIN lion worth of share repuralty Trust and Empire chases, up from zero in State Realty Trust, among others, can remain so generous. the bygone days of 2019. At Vornado, operating cash flow Paramount Group indicated last week it would hold off on buying fell in half, to $200 million, in the back stock while it grapples with last nine months ending Sept. 30. Yet the company nearly doubled its filling vacant office spaces. dividend payout to $725 million. Paying out It might seem strange that landLast year Paramount paid out lords are spending like this when about $90 million in dividends to tenants have vanished, leasing is common stockholders, about the languishing, and their shares’ pricsame as in pre-pandemic times, es have gotten thumped. But the and repurchased $23 million more fear is investors will abandon ship if shares, or $120 million worth, using they aren’t paid handsomely to proceeds from the sale of 10% of its keep the faith while Midtown re-

BILL PEPITONE Former NYPD officer Bill Pepitone decided he needed to run for mayor following the social upheaval sparked by the murder of George Floyd in Minneapolis. “I could go on social media and criticize the mayor, or I could do something,” he said of his decision to run. Pepitone is a 20-year NYPD veteran, with 14 years spent on the Citywide Mobile Response Unit. During his time on the force, he responded to the Tompkins Square Park riots of 1988, the Crown Heights riots of 1991, and the first terrorist attack on the World Trade Center in 1993. He is also a 9/11 first responder and was near the Twin Towers when they came down. He is also focusing his campaign on public safety. He’s in favor of prosecuting low-level offenses. He believes the business community will only return to New York if they feel protected. “Public safety is the building block of our economic recovery,” he said. He said there is too much public spending on personnel and social programs. More than anything, Pepitone is adamant that New York City’s economy will only recover if the city returns to focusing on industry and economic production centered around manufacturing and development. ■

ASKED & ANSWERED

INTERVIEW BY AARON ELSTEIN

ike Mayo has been asking Wall Street leaders the hard questions for 30 years. Described once as “famously pugilistic,” he was rated the top banking analyst last year in Institutional Investor’s annual poll. A disagreement with Jamie Dimon in 2013 over whether JPMorgan held sufficient capital led the irritated bank chief to snap, “That’s why I’m richer than you.” Mayo plies his trade at Wells Fargo and still refuses to pull his punches.

Banks made huge profits last year. Is this as good as it gets?

It’s amazing that banks as a group grew capital by 8% even though they took the biggest reserves in history and suffered the biggest decline in net interest margin in a century. What mitigated all the problems related to the pandemic was record capital markets volumes. It’s night and day compared to where banks were during the global financial crisis, and that in itself is quite remarkable. Regulators should get raises for the improvements they imposed on banks. Reform school worked.

The big concern is still banks’ exposure to commercial real estate, right? Vaccines are a game-changer, and bank stocks have performed well since Pfizer’s big news on Nov. 9. These are sobering times, and individuals, small businesses and large corporations are struggling. Loan losses for

WHO HE IS Managing director, Wells Fargo FROM Baltimore RESIDES Manhattan

60%, which implies excess collateral that will limit losses. Thank the regulators again, because this isn’t something the banks would have done on their own. They took the medicine regulators gave them after the 2008 crisis kicking and screaming all the way, but it was good for them. I repeat, give the regulators a raise.

EDUCATION Bachelor’s in computer science, University of Maryland; MBA, George Washington University

How will regulation change during the Biden administration?

There will certainly be more attention to consumer protection. They’ll act more quickly on enforcement and demand higher penalties. They’ll hold the banking industry to account for the Business Roundtable statement that says companies must think about all stakeholders, not just their shareholders. I think the economic theme for the new administration will be sustainable capitalism.

PREVIOUS GIGS He has worked at Credit Suisse, Deutsche Bank, Lehman Brothers, Prudential Securities and others. He started his career at the Federal Reserve. PROFESSIONAL SKEPTIC In his book, Exile on Wall Street, Mayo describes how bank executives refused to speak to him after he criticized their companies. Paul Volcker praised him as a “thorough, independent and honest analyst.” He’s also the only Wall Street analyst to ever receive the CFA Standard of Conduct award and was the first analyst to testify before the Financial Crisis Inquiry Commission. BARBER SHOP CLUES Mayo knew the 2008 crash was going to be bad when neighbors started getting fewer haircuts.

It feels strange that banks are doing so well when so many are struggling.

During the pandemic banks have been part of the solution, not the problem, like in 2008. They’ve donated money, helped employees, worked out problems for borrowers and generally taken a much more collaborative approach. That said, the industry is only one high-profile failure from being on the front pages again.

What should Jane Fraser do as Citigroup’s CEO?

banks won’t peak for another several quarters. We are in the eye of the storm.

So things could still get bad for banks? We’re far from out of the woods, but loan-to-value ratios are down to around

Do what James Gorman has done at Morgan Stanley and remix the business and geographic footprint. If you’re not strong in something, get out of it, and there should be no sacred cows. It’s time to stop the experiment with this institution that’s been a failure for more than 20 years. ■

VIRTUAL EVENT | EARLY BIRD PRICING TILL MARCH 10

NYC’s Commercial Real Estate Recovery Forecast Covid-19 has had a profound effect on the commercial real estate market in New York City and could have lasting impact even after the danger of the pandemic passes. During this webcast, Crain’s and local real estate experts will examine the changes in leasing activity, including the decreased demand for office space and the creative ways landlords are redesigning infrastructure to meet a new normal.

Thursday, March 18 | 4-5 p.m.

Speakers

Helena Rose Durst

Principal, The Durst Organization

MaryAnne Gilmartin Founder & CEO, MAG Partners LP

Don Peebles

Chairman and CEO, The Peebles Corporation

James Whelan President, REBNY

Moderator: Natalie Sachmechi, Reporter: Commercial Real Estate, Crain’s New York Business

Register today at www.crainsnewyork.com/MarchNYNSummit For event questions: Ana Jimenez | 212-210-0739 | crainsevents@crainsnewyork.com For sponsorship opportunities: Kate Van Etten | kvanetten@crain.com SPONSORED BY:

FEBRUARY 15, 2021 | CRAIN’S NEW YORK BUSINESS | 7

BUCK ENNIS

MIKE MAYO Wells Fargo

DOSSIER:

chief executive officer K.C. Crain senior executive vice president Chris Crain group publisher Jim Kirk

EDITORIAL

publisher/executive editor

For all New Yorkers to be heard, this can’t be a one-party town

EDITORIAL editor Robert Hordt assistant managing editors Telisha Bryan,

Janon Fisher audience & analytics manager

ASSUME SAME

Gabriella Iannetta associate editor Lizeth Beltran art director Carolyn McClain photographer Buck Ennis senior reporters Aaron Elstein, Eddie Small

BLOOMBERG successfully ran for mayor on the Republican ticket.

reporters Ryan Deffenbaugh, Brian Pascus,

Natalie Sachmechi, Shuan Sim executive assistant Devin Cavallo to contact the newsroom:

www.crainsnewyork.com/staff 212.210.0100 GETTY IMAGES

office isn’t necessarily about winning. It’s about helping to shape the governmental agenda. Take, for example, the vast swath of candidates who run for president. Most of them, it could be argued, are aware they’re long shots, but they run anyway because they have a platform they think the American public needs to hear. By voicing their concerns—and those of their target constituents—they end up shaping the agenda of the person who does win the presidency. In that way, even unsuccessful political campaigns leave their mark on the larger conversation. New York needs to have a larger conversation. And the way to do that isn’t for Republicans to WE SHOULDN’T WE change their affiliation THE THINGS party ALL and vote in the FROM THE CITY’S NEXT LEADER Democratic primary, which is thought to be the main determithe Democratic side. In comparinant of who eventually gets to be son, just four candidates are mayor. The group Be Counted running on the Republican ticket. NYC reportedly sent letters to The prevailing notion is that a Republicans and independents Republican doesn’t stand a recently, asking them to change chance of winning, so why even their registration to Democrat so bother running? they are eligible to vote in that Here’s the thing: Running for ew Yorkers proudly disagree about a lot of things: where to find the best pizza, which subway line is the fastest, which football team stinks the least. But for some time now, we seem to have united under one political banner. As a city, we appear to have eschewed a two-party system and decided that this is a staunchly Democratic town. According to NBC News 4, about 3.2 million of the city’s 4.7 million voters identify as Democrats. Perhaps because of this, there are currently more than 20 candidates running for mayor on

WANT

Frederick P. Gabriel Jr.

party’s primary. But that misses the mark. In politics, “if you can’t beat ’em, join ’em” shouldn’t be the goal. Crain’s will be hosting mayoral debates as the election draws nearer, and the ideal situation would be to hear from informed, serious candidates on both sides of the aisle. The best way for candidates to resonate with voters is to get out in front of them. In a city of such varied opinions, we can’t take for granted which topics will grab voters most. We shouldn’t

assume we all want the same things from the city’s next leader. And let’s not forget that before Bill de Blasio, the city electorate opted for much more conservative choices in Rudy Guiliani and Michael Bloomberg. There’s no guarantee that Democrats’ hold on the electorate will last forever. For all city residents to feel seen and heard, we need a politically diverse set of candidates to come forward and raise issues that represent all of our points of view. In that way, even losing campaigns can be a big win for New York. ■

Virtual city planning has muted community voices on zoning issues

ublic input is responsible for keeping the city a desirable place to live and work, but the mayor’s new rules have prevented many residents from expressing their concerns about zoning issues that affect the livability of the city. By holding virtual meetings to approve zoning issues in defiance of the laws surrounding the Uniform Land Use Review Process, Mayor Bill de Blasio is changing the face of the city without hearing from the residents this action affects most. Residents have a different stake than developers and politicians when it comes to city planning. They know firsthand how overcrowded schools are. They know the strain on transit and what a new warehouse, power plant or processing facility would do to their neighborhood. Community members should have an opportunity to respond to projects that would fundamentally change their day-to-day lives, but the mayor is cutting many out of the process by allowing the City

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OP-ED

BY JAN LEE

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

Planning Commission to meet and vote online. An example of this is at the core of an Article 78 lawsuit brought against the mayor and several agencies by Neighbors United Below Canal, a community advocacy group I co-founded more than two years ago. A ULURP-mandated “scoping” hearing for the site of a jail in Chinatown was replaced by small closeddoor, invite-only meetings, which have now been made even more exclusive by becoming virtual. What was mandated by law to be public and accessible to all has, like several other city-run outreach schemes, morphed into a digital-access-only meeting of city reps and vetted participants.

Lack of access About 18% of New Yorkers have no internet access at all, while nearly 40%—or 3.4 million people—lack either home or mobile connections, according to city data. Now, as the pandemic continues to ravage the same communities that also lack internet access, poorer residents, students and commu-

8 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 15, 2021

nities of color find themselves squeezed out of the digital “democracy” and unable to participate in the process. The process is also likely illegal. New York’s Open Meetings Law says residents must be “fully aware of and able to observe the performance of public officials” during policy-setting sessions. When onefifth of the city lacks the ability to watch a meeting, it’s simply not an open meeting. Proponents of advancing civic technology should consider how many end users, who may need training and new equipment, could feel left out and unable to participate. The mayor allowed the move to online through an executive order made during the pandemic. And, of course, times like these require adjustments; I get that. Essential city services must move forward, and the government ought to take steps to protect the people. Using the pandemic as a cover to force residents out of the zoning process, however, is a step too far— even for this mayor.

ULURP was put in place in 1975 to keep special interests from dictating the city’s growth over the objections of residents. New Yorkers have relied on ULURP to protect their communities from projects that would diminish their standard of living or unnecessarily drain limited resources. New technologies hold great power to improve government, but they should be used to broaden access to public discourse, not limit it. Digital democracy cannot be our goal until all citizens have stable, reliable access to the internet. When ULURP is threatened, community voices are silenced and corruption creeps into the process. Instead, the City Planning Commission should delay all decisions until life has returned to normal and neighborhood residents who lack internet access can participate. ■ Jan Lee is a co-founder of Neighbors United Below Canal, a community advocacy group that sued the city in its effort to create four borough-based jails to replace Rikers Island.

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OP-ED

BY ADRIENNE ARSHT AND FÉLIX MATOS RODRÍGUEZ

npaid internships have for years been the first step to successful careers, whether in publishing, finance, the fashion industry or other arenas. The logic behind unpaid internships is that the experience gained and contacts made are payment enough. The problem, however, is that only students with means can afford not to be paid. For students who need to earn an income to pay their tuition and other expenses, unpaid internships are simply not an option. They literally cannot afford to take this traditional first step up the career ladder. Students who work to pay for college—a group of strivers predominantly from minority com-

During the Depression, S. Samuel Arsht was a student at the University of Pennsylvania Law School. He was offered a prestigious but unpaid position on the Law Review that he could not afford to accept because he had to earn money. It was a “what-if” moment that followed him throughout his career. Today many students still ask themselves, “What if I got an internship instead of having to work at a job that doesn’t support my career path?”

Investment We have come together to urge business leaders and philanthropists to invest in the future by offering paid internships to undergraduates. Because of Samuel Arsht’s experience, the Metropolitan Museum of Art’s new Adrienne Arsht Internship Program was funded to allow its undergraduate interns to be fully paid, lowering the barrier to entry into the arts and, with luck, reducing the what-if factor. Since the program at the Met was announced in the summer 2020, many other cultural institutions have followed suit. The City University of New York is using a recent $2 million gift from the Andrew W. Mellon Foundation to expand the CUNY Cultural Corps, which provides students

DATA SHOW THAT PAID INTERNS GET JOBS AFTER GRADUATION QUICKER munities—miss out on the opportunity to make valuable professional contacts and to acquire the résumé-enhancing experience that unpaid internships provide. Not surprisingly, the communities these students come from are underrepresented across a broad range of industries.

with paid internships at the city’s many arts and cultural organizations. The Cultural Corps was created in 2016 as a pipeline to careers in arts and arts administration for students. During the summer, CUNY announced a partnership with the CEOs of 27 of the largest employers in New York. The New York Jobs CEO Council will create a pipeline to job opportunities for 100,000 traditionally underserved New Yorkers. In addition, CUNY launched a federal work-study experimental site, which allows companies and organizations to hire thousands of students for paid internships. Data shows that paid interns get jobs after graduation quicker than those with unpaid internships and at higher salaries. Many graduates embark on their next chapter without the experience and professional relationships required in the modern job market. This is especially true of graduates of public colleges and universities because they are often first-generation students from underrepresented communities and lack the social networks that can be crucial to getting and succeeding at that first job. Paid internships also provide students with real-world opportunities that match their aspirations and complement their academic work while they put money in stu-

BLOOMBERG

Paid internships can bridge the inequality gap in the arts

dents’ pockets, assisting with food, transportation and housing needs. Starting Feb. 8, the first class of Adrienne Arsht Interns began a career journey at the Met. The paid interns will work across a variety of departments, learning not only about research, restoration and presenting some of humanities’ greatest artistic works, but also arts administration and the art of networking. This new initiative makes the Met the country’s largest art institution to fully pay interns. Change is happening, but not soon enough for the striving students who’ve been hit with new challenges since the pandemic.

Together, we call on all business leaders and philanthropists to make paid internships a priority, especially in these challenging times, and not only in the arts but across industries. It’s an investment that will pay off because the rewards of having a vibrant and diverse workforce of brilliant and ambitious young people will lift not only them and our society but also the bottom line. ■ Adrienne Arsht is an impact philanthropist and the daughter of S. Samuel Arsht. Félix V. Matos Rodríguez is the chancellor of the City University of New York.

LETTERS TO THE EDITOR

Advocate for all workers, regardless of union affiliation To the editor: The New York City District Council of Carpenters’ op-ed promoting union labor (“Building New York out of pandemic means supporting union labor,” Feb. 3) is just another way of saying that overlooking hundreds of thousands of city resident workers in the open-shop world is actually helpful in a pandemic. In fact, the only idea advanced by the NYCDCC is to narrow the scope of the kind of worker we should support to a smaller portion of New York’s construction workforce— roughly 25%. Let’s be clear. When you analyze permits issued by the Department of Buildings, you’ll see that roughly 75% of the permits pulled for private construction are issued to open-shop contractors. It’s those same contractors, according to the Construction Workforce Project, where more than 90% of their workers are ethnic minorities and live in the five boroughs. It’s hard to see how such a narrow view of

“support” is helpful to our city and our industry. It’s also quite clear, according to data from the DOB, as well as from Gov. Andrew Cuomo, that construction is not a significant cause of the spread of the virus. Reports from the DOB have identified that during recent inspections, less than 1% of any potential warnings were a result of a Covid-19 policy violation. Cuomo has repeatedly shared slides during his press briefings that show construction is responsible for 0.66% of the spread of the virus. What’s the conclusion to these data points? Those contractors and their employees, regardless of labor affiliation, are actively doing their part to stop the spread of Covid-19. It is, however, easy to see how discriminatory and myopic the NYCDCC’s position is in a city of people already being disproportionately affected by this pandemic. The Journal of the American Medical Association has found that Covid-19 has infected and killed more people in poor, ethnically

diverse New York City boroughs than in affluent, predominantly white ones. This is where most of our merit and open-shop workers live. Rather than excluding them as recommended, we should be doing more to ensure construction workers move up on the vaccine list and get shots sooner rather than later. In a time when a pandemic is disproportionately affecting New York City workers of color, who are also experiencing an increased and dire housing insecurity and a demonstrated lack of access to the vaccine, it is unconscionable to advocate for special-interest groups such as the District Council of Carpenters. Supposedly, we’re all in this together. If we’re going to advocate for support for New York City and its people, let’s be sure we’re advocating for all people regardless of their labor affiliation. BRIAN SAMPSON President of the Empire chapter of the Associated Builders and Contractors

Redefining what you should expect from your accountant. grassicpas.com

Write us: Crain’s welcomes submissions to its opinion pages. Send letters to letters@CrainsNewYork.com. Send op-eds of 500 words or fewer to opinion@CrainsNewYork.com. Please include the writer’s name, company, address and telephone number. Crain’s reserves the right to edit submissions for clarity. FEBRUARY 15, 2021 | CRAIN’S NEW YORK BUSINESS | 9

P009_CN_20210215.indd 9

2/12/21 10:02 AM

THE LIST TOP MANHATTAN OFFICES LEASES Largest transactions during the second half of 2020, ranked by square footage BUILDING ADDRESS

SQUARE FEET QUARTER TENANT

TENANT REPRESENTATIVE

LANDLORD(S)/ SUBLANDLORD(S)

NEIGHBORHOOD

DEAL TYPE

1 2

390 Ninth Ave.

730,000

3rd

Facebook

Cushman & Wakefield

Vornado Realty Trust; The Related Cos. Vornado Realty Trust

Chelsea

New lease

One Park Ave.

632,628

3rd

Cushman & Wakefield

Vornado Realty Trust

Midtown South

Renewal

55 Water St.

270,400

4th

New York University Langone Medical Center Justworks

Direct deal

CBRE

Financial District

Renewal

4 5 6 7 8 9 10 11 12

787 Seventh Ave.

323,734

3rd

BNP Paribas

JLL

New Water Street Corp; Retirement Systems of Alabama CommonWealth Partners

CBRE

Midtown West

Renewal

28 Liberty St.

217,638

3rd

AIG

JLL

Fosun International

JLL

Financial District

New lease

620 Eighth Ave.

216,419

3rd

Goodwin Procter LLP

CBRE

Brookfield Asset Management

Newmark

Midtown South

Renewal

350 Fifth Ave.

212,154

4th

Centric Brands

JLL

Empire State Realty Trust

Midtown South

Renewal

250 Broadway

162,000

4th

New York City Council

CBRE

Amtrust Realty

Newmark

Tribeca

Renewal

320 Park Ave.

157,350

3rd

Raymond James

Cushman & Wakefield

Mutual of America Financial Group

JLL

Midtown East

New lease

7 Times Square

149,743

4th

Ann Taylor

CBRE

Boston Properties

Midtown South

Renewal

485 Lexington Ave.

133,479

4th

Travelers

Direct deal

SL Green Realty

Midtown East

Renewal

1345 Avenue of the Americas 1166 Avenue of the Americas 11 Penn Plaza

122,898

4th

Equitable Financial Cos.

JLL

CBRE

Midtown West

New lease

120,720

3rd

FTI Consulting

Colliers International

Fisher Brothers; JP Morgan Asset Management Edward J. Minskoff Equities

JLL; Edward J. Minskoff Equities

Midtown West

New lease

116,526

4th

Apple

JLL

Vornado Realty Trust

Vornado Realty Trust; CBRE

Chelsea

Expansion

450 W. 33rd St.

113,422

4th

Noom

Savills

Brookfield Asset Management

JLL

Chelsea

New lease

885 Second Ave.

112,830

4th

Cushman & Wakefield

Rockpoint Group

CBRE

Midtown East

17 18 19 20

767 Fifth Ave.

112,461

3rd

United Nations Joint Staff Pension Fund Perella Weinberg Partners

Direct deal

Boston Properties

Midtown East

Renewal and expansion Renewal

3 Times Square

99,853

4th

Reuters America

JLL

Rudin Management Co.

Midtown South

Renewal

111 Eighth Ave.

96,800

4th

MFS Communications Co.

Cushman & Wakefield

Google

CBRE

Chelsea

Renewal

250 Broadway

88,668

3rd

Amtrust Realty

Newmark

Tribeca

21 22 23 24 25 26

122 E. 42nd St.

88,384

3rd

New York State Legislative Task CBRE Force International Rescue Committee CBRE

Stahl Real Estate

Cushman & Wakefield

Murray Hill

Renewal and expansion Renewal

245 Park Ave.

74,320

3rd

The Rockefeller Foundation

CBRE

SL Green Realty

CBRE

Midtown East

New lease

1 Whitehall St.

70,635

3rd

The Topps Co.

Cushman & Wakefield

Chetrit Group

Cushman & Wakefield

Financial District

Renewal

520 Madison Ave.

70,233

3rd

AEA Investors

Newmark

Tishman Speyer

CBRE

Midtown East

New lease

4 World Trade Center

68,673

3rd

Remarkable Foodz

Direct deal

Silverstein Properties

CBRE

Financial District

New lease

1633 Broadway

59,812

3rd

Paramount Group

Midtown West

Renewal

27 28 29 30 31 32

77 Water St.

48,700

3rd

Industrial and Commercial Bank Direct deal of China (USA) NA Capco Newmark

Principal Real Estate Investors

Sage Realty

Financial District

Renewal

590 Madison Ave.

48,218

4th

The Corcoran Group

STRS Ohio

Savills

Midtown East

New lease

520 Madison Ave.

46,822

4th

Citadel Enterprise Americas

Newmark

Tishman Speyer

CBRE

Midtown East

New lease

200 Park Ave.

46,141

4th

Freddie Mac

Cushman & Wakefield

The Irvine Co.

Tishman Speyer

Midtown East

New lease

750 Third Ave.

44,416

4th

The Economist Group

Colliers International

SL Green Realty

Midtown East

Renewal

1370 Avenue of the Americas 111 W. 33rd St.

42,090

4th

Ardian

JLL

Principal Real Estate Investors

CBRE

Midtown West

Renewal

39,067

4th

ClearView HealthCare Partners

CBRE

Empire State Realty Trust

Newmark; Empire State Realty Trust

Midtown South

New lease

32 Old Slip

38,743

3rd

CLS Group

Savills

RXR Realty

Financial District

Renewal

245 Park Ave.

38,564

4th

Ares Management

Savills

SL Green Realty; HNA

SL Green Realty

Midtown East

New lease

245 Park Ave.

38,383

4th

Norinchukin Bank

JLL

SL Green Realty

Cushman & Wakefield

Midtown East

Renewal

888 7th Ave.

38,333

4th

Robert Half

JLL

Vornado Realty Trust

Midtown West

Renewal

136 Madison Ave.

36,728

4th

Regus

Colliers International

Williams Equities

Colliers International

Midtown South

Renewal

1 Vanderbilt Ave.

36,031

4th

CBRE

Hines

SL Green Realty; CBRE

Midtown East

New lease

1120 Avenue of the Americas 1140 Avenue of the Americas 556 W. 22nd St.

35,753

4th

Heidrick & Struggles International BBC

JLL

Edison Properties

Cushman & Wakefield

Midtown South

Renewal

35,643

3rd

City National Bank

CBRE

New York City REIT

Avison Young

Midtown South

Renewal

34,500

3rd

BASIS Independent Schools

Cushman & Wakefield

Albanese Organization

Chelsea

New lease

1095 Avenue of the Americas 5 Bryant Park

34,325

3rd

Salesforce

CBRE

Cushman & Wakefield

Midtown South

34,039

4th

HOK Group

JLL

Ivanhoe Cambridge; Callahan Capital; Real Summit Investment Co. Savanna Real Estate Fund

CBRE

Midtown South

Renewal and expansion Renewal

800 Third Ave.

33,900

4th

Cohen & Gresser LLP

Newmark

SL Green Realty; Joseph P. Day Realty

Midtown East

Renewal

244-250 W. 54th St.

33,800

3rd

SquareFoot

Zar Property NY

Midtown West

New lease

885 Third Ave.

32,364

4th

American Musical and Dramatic Academy Reitler Kailas & Rosenblatt

Newmark

SMI USA

Newmark

Midtown East

48 49 50 50

114 W. 41st St.

31,862

3rd

Spring Fertility Management

Cushman & Wakefield

Clarion Partners

Newmark

Midtown South

Renewal and expansion New lease

909 Third Ave.

31,440

3rd

TriNet

JLL

Vornado Realty Trust

Midtown East

New lease

601-635 Lexington Ave.

31,401

4th

Kirkland & Ellis

Savills

Boston Properties

JLL

Midtown East

Renewal

601-635 Lexington Ave.

31,401

4th

OrbiMed Advisors

Newmark

Boston Properties

Midtown East

Renewal

13 14 15 16

33 34 35 36 37 38 39 40 41 42 43 44 45 46

LANDLORD/SUBLANDLORD REPRESENTATIVE(S)

SOURCE: CoStar Group, with additional research by Crain’s (researcher@crainsnewyork.com) This list includes leases with terms of at least two years. For quality control purposes, CoStar only includes deals where representatives for both the tenant and landlord are known. CoStar conducts research to maintain a database of commercial real estate information. For more information, visit costar.com or call 800-204-5960.

10 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 15, 2021

NEW PERSPECTIVE:

FROM PANDEMIC TO PERFORMANCE

As a global leader in the commercial real estate (CRE) industry, Cushman & Wakefield offers clients a new perspective on COVID-19’s impact on CRE and beyond, preparing them for what’s next.

For more information, visit cushmanwakefield.com

CN020104.indd 1

2/8/21 3:39 PM

PEOPLE ON THE MOVE

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

ACCOUNTING

ENGINEERING / ARCHITECTURE

MARKETING

NONPROFIT

EisnerAmper

STV

FIRST

Genesys Works

Frank Attalla joins EisnerAmper as a Partner in the Financial Services Group, with over 20 years focused in the financial services sector. Frank provides audits and consulting services of private investment companies, public mutual funds and closed-end funds, private equity funds, fund of funds and investment management companies. Frank has expertise in funds with a wide spectrum of strategies and financial instruments, including structured credit, private loans, and private investments.

Irina Kimelfeld joins EisnerAmper as a Tax Partner and a member of the Financial Services Group. With over 20 years of experience, Irina provides tax planning and compliance services to private equity funds, hedge funds, funds of funds, investment advisors, and other financial services companies. She focuses on advising clients on tax implications of fund structuring, investment structuring, management company operations, and tax treatment of various types of securities transactions.

Frank J. Greene, FAIA OAA, joins STV as vice president and justice practice leader, responsible for growing STV’s presence in the justice sector, with a focus on courts, public safety facilities, and corrections. He will work closely with David Miles Ziskind, FAIA, NCARB, LEED AP BD+C, STV senior vice president and chief architect. With more than 40 years of experience, Greene is a proven leader and an active member of the American Institute of Architects Academy of Architecture for Justice.

National youth workforce development program Genesys Works announces Jeffrey Artis as CEO. Jeff joins the nonprofit as an accomplished business development executive, specializing in establishing partnerships that expand meaningful work experiences for youth. As CEO, Jeff will lead the organization through its next phase of growth, strengthening its position as a strategic talent pipeline for corporate America’s diverse, professional talent needs.

ACCOUNTING

LAW

EisnerAmper

Foley & Lardner

FIRST has announced the promotion of Katie Weston to Head of Solutions, a role created to oversee the reorganization of their embedded team offering. The model implants specialist talent into organizations to provide Content, Creative, Digital Technology, Management & Delivery, and Data & Insights. Weston will draw on her 10+ years with the FIRST @ Goldman Sachs account and be responsible for global operational alignment, account management, and delivery excellence for Solutions clients, many of which are bulge bracket investment banks and technology and media leaders. FIRST is a leading global brand experience agency operating out of New York, Los Angeles, London, Dublin and Singapore, with more than 400 team members across 11 countries.

Susan Dupuis joins EisnerAmper as a Principal in the Personal Wealth Advisors Group, with over 20 years of experience providing comprehensive tax consulting and compliance services to high net worth individuals, trusts and estates, private foundations and closely held businesses. Prior to joining the firm, Susan served as a Tax Partner for a national accounting firm in Boston. She will be based in Boston and take a lead role in enhancing and developing our growth in the Northeast U.S. market.

EisnerAmper has named Tax Principal Jon Zefi as its National Technology Services Sector Leader. With more than 20 years of experience serving technology companies, and a proven track record, Jon was chosen to help guide the future direction of the practice. Jon’s contributions will help grow the team and support the success of the firm’s clients. He is also a member of the Tax Advisory Services Group and is widely recognized with expertise in state, local, federal and international tax matters.

Sara Madavo has been promoted to partner in Foley & Lardner’s Business Litigation & Dispute Resolution and Labor & Employment Practices, as well as the Health Care Industry Team. She focuses her practice on complex commercial litigation and has represented large companies, small businesses and individual clients across various industries through all phases of litigation. Sara is co-chair of the firm’s Black Attorneys Affinity Group and a member of the Diversity Fellowship Committee.

PROMOTE. Why not?

CRAINSNEWYORK.COM I SEPTEMBER 28, 2020 I

Few qualities are more vital to the health of any business than financial experts in tax regulation, audit, estate administration, forensic accounting, organizational transformation, advisory services, fundraising and business equilibrium and organizational efficiency. Rarely has the value of both been more strongly felt than in recent structure. They represent an extraordinary group of professionals from months. From stress-tested balance sheets to fast-changing regulations, firms of varying size and renown. CRAINSNEWYORK.COM I SEPTEMBER 28, 2020 I To find these honorees, Crain’s consulted with trusted sources in the and reconfigured supply chains to “new normal” working arrangements, business world in general and in the accounting and consulting realms in the Covid-19 pandemic has challenged even the strongest of businesses. Standing tall within this chaotic breach are the foot soldiers of profes- particular. The nominations submitted by individuals and firms in the New Few qualities are more vital to the health of any business than financial experts in tax regulation, audit, estate administration, forensic accounting, York metropolitan area were rigorously vetted. Ultimately, each of the acsional service firms, led by accountants and management consultants. organizational transformation, advisory services, fundraising and business equilibrium and organizational efficiency. In selecting the 86 honorees for this year’s list of Notable Women in counting and consulting notables was chosen for her career achievements Rarely has the value of both been more strongly felt than in recent structure. They represent an extraordinary group of professionals from Accounting and Consulting, Crain’s sought to spotlight the accomplished and involvement in industry and community organizations—and at times and renown. months. From stress-tested balance sheets to fast-changing regulations, firms of varyingI size 28, 2020 I to help New York rebound SEPTEMBER from the coronavirus. metropolitan area professionals and problem-solvers who keep business- her effortsCRAINSNEWYORK.COM To find these honorees, Crain’s consulted with trusted sources in the and reconfigured supply chains to “new normal” working arrangements, Read their biographies and learn how the members of this remarkable es churning. The talented individuals presented here are a diverse group, business world in general and in the accounting and consulting realms in the Covid-19 pandemic has challenged even the strongest of businesses. skilled at resourceful innovation and disruptive thinking. These women are cohort keep the gears of business whirling. The nominations by individuals andadministration, firms in the New Standing tall within thisqualities chaoticare breach soldiersofofany profesexperts insubmitted tax regulation, audit, estate forensic accounting, Few moreare vitalthetofoot the health businessparticular. than financial York metropolitan organizational area were rigorously vetted. Ultimately, each of the acsional service firms, led by accountants and management transformation, advisory services, fundraising and business equilibrium and organizational efficiency.consultants. counting and consulting notables chosenan forextraordinary her career achievements In selecting the 86 honorees for this list been of Notable structure. They was represent group of professionals from Rarely has the valueyear’s of both more Women stronglyinfelt than in recent andregulations, involvement infirms industry and community organizations—and at times Accounting and Consulting, Crain’s sought to spotlight the accomplished of varying size and renown. months. From stress-tested balance sheets to fast-changing efforts to help New from theCrain’s coronavirus. metropolitan area and professionals andsupply problem-solvers businessTo York find rebound these honorees, consulted with trusted sources in the reconfigured chains to who “newkeep normal” working her arrangements, Read their biographies learn how theand members this remarkable es churning. The talented individuals presented here are aeven diverse group, of businesses. businessand world in general in the of accounting and consulting realms in the Covid-19 pandemic has challenged the strongest cohort the gears of business whirling. submitted by individuals and firms in the New skilled at resourcefulStanding innovationtalland disruptive thinking. Theseare women aresoldiers particular. The nominations within this chaotic breach the foot of keep professional service firms, led by accountants and management consultants. In selecting the 86 honorees for this year’s list of Notable Women in Accounting and Consulting, Crain’s sought to spotlight the accomplished metropolitan area professionals and problem-solvers who keep businesses churning. The talented individuals presented here are a diverse group,

LAURA PETERSONskilled at resourceful innovation and disruptive thinking. These women are

York metropolitan area were rigorously vetted. Ultimately, each of the accounting and consulting notables was chosen for her career achievements and involvement in industry and community organizations—and at times her efforts to help New York rebound from the coronavirus. Read their biographies and learn how the members of this remarkable cohort keep the gears of business whirling.

Managing Director and Communications, Media and Technology Northeast Business Leader Accenture

LAURA PETERSON

Laura Peterson’s résumé lists a whopping 10 positions she’s held at the multinational professional services company Managing Director and Communications, Media and Technology Northeast Business Leader Accenture since joining the firm in 2000. In her current role as Accenture the Northeast business lead for communications, media and technology, the enterprising ladder climber presides over a team Laura Peterson’s résumé lists a whopping 10 positions she’s of 3,000 professionals. Peterson is charged with managing a $750 held at the multinational professional services company andinCommunications, Media and Technology Northeast Business Leader million profit-and-lossManaging statementDirector for clients the Accenture since joining the firm in 2000. In her current role as aforementioned sectors as well as the high tech sector. Peterson Accenture the Northeast business lead for communications, media and works with key business leaders among more than 40 clients and technology, the enterprising ladder climber presides over a team Laura Peterson’sstructure. résumé lists a whopping within Accenture’s global management Since 2017, she 10 positions she’s of 3,000 professionals. Peterson is charged with managing a $750 held the multinational professional company has been a board adviser to at Fairygodboss, an online platformservices that million profit-and-loss statement for clients in the since joining the firm in 2000. In her current role as seeks to elevate womenAccenture in the workplace. aforementioned sectors as well as the high tech sector. Peterson the Northeast business lead for communications, media and works with key business leaders among more than 40 clients and technology, the enterprising ladder climber presides over a team Reprinted with permission from Crain’s New York Business. © 2020 Crain Communications Inc. All rights reserved. Further duplication without permission is prohibited. #NB20073 Since 2017, she within Accenture’s global management structure. of 3,000 professionals. Peterson is charged with managing a $750 has been a board adviser to Fairygodboss, an online platform that nt fo nt ffor or client cclients clliients ts iin ts n the tth he he million profit-and-loss statement seeks to elevate women in the workplace. entioned sectors as well as as the th he high gh tech sector. Peterson Peterson aforementioned aam mo mo on ng m more ree tth tha than haan ha han n 4400 cl clients cli li t aand nd nd works with key business leaderss amo among Reprinted with permission from Crain’s New York Business. © 2020 Crain Communications Inc. All rights reserved. global gem empermission ent struct cttu ure. rreee. Since Siince ince ce 2017, ce 220 201 2017 01777,, she she sh h within Accenture’s management structure. Further manag duplication without is prohibited. #NB20073 n a board adviser to Fairygodboss, Fairr yg yggod go o od dboss, an online on onl nlline inee platform platf pla latfo th t hat has been that work orkp place. seeks to elevate women in the workplace.

LAURA PETERSON

Reprinted with permission permissi ssion from f m Crain’s rain’s New York Business. Busi Bu in ness ess.. © 2020 Crain Communications Communicati Co ons Inc. All rights hts reserved. reserved. Furth her duplication without without permission with permission is prohibited. prohibited. #NB20073 # Further

CRAINSNEWYORK.COM I OCTOBER 26, 2020 I

ASKED & ANSWERED

PAT WANG Healthfirst

INTERVIEW BY JENNIFER HENDERSON

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. 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.

DOSSIER WHO SHE IS President and CEO, Healthfirst AGE 66 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? 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 gget their kids back into school. It’s of course better for all children and particularlyy 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 rece re reces ecession e cession, ssi ssion, s sion, ion, 9/11 /11 1 and an an nd d Hurr icane Sandy, I believe in the city’s ability to bounce back against the odds. But this recession, Hurricane time e is going ng test te t all all of al of us, and we should be sober about the need for everyone to contribute to the solution. What challenges es fface ace the broader insurance industry? Balancing ncing g the th th he e need ds and expectations of consumers who need and deserve good health care coverage, expandds needs ingg access s however howeve o er we er we can can and doing it within an increasingly constrained economic environment. This is especially ttrue rue with th hM edicaid, where the state’s budget situation is dire at the same time as people’s needs Medicaid, are increasin ng. Given Giv iven ven ven ve en that tth hat at Healthfirst has over 1 million Medicaid members, m member emb embers, s, the p potential impact p state s increasing. of the state’s budget is se es sp s pe p e ecial a lyy con cconcerning. oncerning. cerning For me, me our priority priority has to be enabling enabl enab bling b blin ling in ng n g as many people as possible po ble to have full possi especially access to high-quality higg gh-qua h- alitttyy ccare, h-qua are, and it’s going to be are be a challenge to figure ure e out ou ut how to do that in this this economic environment. Insur re errs also al n eed to be mindful of the hurt being experienced nced d by by so o much m Insurers need of the provider delivery system. The value of of our ourr products p prod pro ro od ducts relies on havingg strong strong doctors, hospitals als and an nd d community co commun communi om om Balancing all of resources. Balancing this in a finan ncially allyy viable al vvia iable way is going to be a challenge. h ll financially ■ Reprinted with permission ission sssiion io on ffrom on rom ro rom om Crains Crain’s rai rains aiins ains in n’s ns’s New ew w York Y Yo k Busin Bu B Business. Bus Business Busi usin in ne . © 2020 20 2020 02 02200 Crain Cra C Crra raain in n Communications Communications Inc. All rights reserved. reserveed. Further without #NB20080 Furthe rther ther th herr duplication her duplicati du d dupl uplication pl caaation attion tiion ion n withou w wit witho with ithout out permission ermission rmission missi m mission i io ission ion on is is prohibited. pro proh pr prroh

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12 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 15, 2021

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BLACK LEADERS & EXECUTIVES

For a year destined to go down in infamy, 2020 was not without glimmers of goodness. As matters of race took center stage during the summer, we witnessed a remarkable outpouring of support for the Black community, even as the nation looked inward and found itself wanting. In a movement that not even a pandemic could overshadow, Americans flooded streets from coast to coast and, in the tradition of the civil rights greats before them, demanded justice. But America’s Black community is about so much more than the centuries-long accretion of systemic inequities. It is a community characterized by mettle and dignity, by fraternity and daring and resilience. It is a community of individuals and organizations whose achievements are all the more meaningful for the impediments that many, if not most, still must face. It is with this in mind that we selected these 94 honorees for our 2021 list of Notable Black Leaders and Executives. Our aim was to spotlight Black men and women who have affected our city with their professional, communal and philanthropic achievements, particularly in matters of diversity and inclusion. Hailing from an assortment of industries, the talented individuals that made the cut do our city proud. We are delighted to present them to you. To find these honorees, we consulted with trusted sources in the Black community and in the New York City business world generally. We vetted nominations submitted by individuals and companies in the area. Ultimately, all of our honorees were chosen for their career accomplishments as well as their broader community involvement. Read on to discover how the individuals that grace this list help make our city stand up and stand out each day.

KYLE ABRAHAM

ELI AHETO

JASMIN ALLEN

MARGARET ANADU

Artistic director A.I.M by Kyle Abraham

Partner Virgo Investment Group

Senior vice president, Hennessy Moët Hennessy

Some of New York’s most renowned cultural institutions— Lincoln Center and the Brooklyn Academy of Music, for example—have had the privilege of hosting Kyle Abraham and his dance team. Abraham, a choreographer and founder of the dance company A.I.M by Kyle Abraham, is much sought-after. He has been commissioned to create dance pieces for the New York City Ballet and the Alvin Ailey American Dance Theater, among other celebrated dance companies. Abraham sees his company’s mission as creating dance that explores Black culture and history. He has received many industry accolades for his work. Abraham is a devoted supporter of the nonprofit Dancers Responding to AIDS.

Eli Aheto is prescient: While managing investments at traditional energy organizations, he was one of the first in the industry to recognize the massive potential of renewable energy sources. In the past couple of years, Aheto, a partner at Virgo Investment Group, has made good on that hunch. He has been on the board of directors of three companies in the space—offering guidance on recruitment, investments and achieving scale—and speaks to global audiences on energy-investing topics. Committed to supporting access to the sort of education and career opportunities that fueled his own success, Aheto supports Stuyvesant High School, his alma mater, and he has served on the board of advocates for Citizen Schools, which provides extended learning programs for New York City students.

As senior vice president for Hennessy in the United States, Jasmin Allen is the highest-ranking Black executive in the division. She has advanced rapidly at the spirits importer, in no small part because of her commitment to excellence and her ability to motivate her team. Allen, who is enthusiastic about helping people achieve their career ambitions, often mentors individuals within and outside her employer. She is a member of the leadership committee on the Moët Hennessy Global Diversity, Equity and Inclusion Council, as well as the marketing advisory council for Americanness, which provides medical aid and other relief during natural disasters and civil wars in poverty-stricken areas.

Head of the urban investment group Goldman Sachs

Margaret Anadu is on the board of advisers of Launch With GS, a $500 million commitment by Goldman Sachs to invest in companies with diverse leadership. But that’s hardly the extent of her diversity-related efforts at the investment banking giant. Anadu is head of the urban investment group, a multi-asset-class investing and lending business that provides equity and debt for real estate projects and social enterprises. The group powers the regeneration of underserved communities, often those populated by minorities, and has committed more than $9 billion to projects focused on community and economic development investments. Anadu is on the boards of the Center for an Urban Future, the Low Income Investment Fund and the Brooklyn Bridge Park Corporation.

OSAYAMEN ASEMOTABARTHOLOMEW Executive director and chief program officer Project Real Estate Associate Program

Commercial real estate is a historically white industry—but that will change if Osayamen Asemota-Bartholomew has her way. As the executive director and chief program officer of the Project Real Estate Associate Program, which works to advance diversity, equity and inclusion in the industry by offering real estate instruction to qualified minority candidates, Asemota-Bartholomew has expanded operations into several new markets nationwide. She has collaborated with industry giants such as CBRE, Cushman & Wakefield and Marcus & Millichap. Notably, she increased alumni donations in Project REAP’s 2020 campaign by 143%. Asemota-Bartholomew, who has forged ties with numerous industry and community organizations, is known as a vigorous champion of people of color in New York City. She has been featured in Black Enterprise, among other publications, and on Bisnow, a commercial real estate news hub.

SEAN BROOKLYN PHOTOGRAPHY

CRAIN’S 2021

FEBRUARY 15, 2021 | CRAIN’S NEW YORK BUSINESS | 13

NADINE AUGUSTA

DELIA AWUSI

DONNEL BAIRD

DAVID C. BANKS

DR. MELYNDA BARNES

Chief diversity, equity and inclusion officer Cushman & Wakefield

Director Women’s Business Center

Chief executive officer BlocPower

Delia Awusi is the mastermind behind various programs designed to help women in business, particularly women of color and those in the underserved communities of Brooklyn and the Bronx. As the director of the Women’s Business Center, which offers resources and assistance to female entrepreneurs, Awusi implemented two mentoring programs that made great strides in supporting local businesswomen. During the pandemic, she successfully transplanted the Women’s Business Center to a virtual platform. Awusi acquired two large-scale grants from the Small Business Administration intended to provide support to women entrepreneurs with limited resources. She deployed those funds to develop webinars, peer accountability groups and custom coaching for women in business—particularly those of color.

Donnel Baird, chief executive officer at BlocPower, has secured a federal contract and raised several million dollars in seed capital—a sign that he’s onto something big. BlocPower is an energy technology startup that works to bring green thinking to buildings in America’s urban centers. With Baird at its helm, the company has retrofitted close to 1,000 buildings in New York City—including more than 200 in Brownsville—with solar installations. Similar projects have been undertaken in 23 other cities. Baird is behind a proprietary software platform that significantly reduces the cost of such projects. He serves on the New York City Workforce Investment Board and Columbia University’s Entrepreneurship Advisory Council.

President and chief executive officer Eagle Academy Foundation

Senior vice president of medical affairs and research Ro

David C. Banks has spoken out repeatedly on how best to support students at risk of learning loss during the pandemic. As president and chief executive officer at the Eagle Academy Foundation, a nonprofit that empowers inner-city boys to reach their academic potential through quality learning experiences, Banks is in an excellent position to do so. Remarkably, 98% of Eagle scholars emerge from his program prepared for college and other career endeavors. Banks recently partnered with Scholastic Corporation to create a collection of fictional and biographical books featuring protagonists of color. The Muhammad Ali Center and the New York Assembly, among other institutions, have recognized him for his work.

Since joining health care technology company Ro, Dr. Melynda Barnes has been instrumental in its transformation from a telehealth platform for a single condition to a major health care platform connecting telehealth, diagnostics and pharmacy services. As senior vice president of medical affairs and research, she leads Ro’s clinical team of practitioners, quality and safety initiatives, and efforts to rectify racial disparities in health care. Barnes has been integral to Ro’s response to the coronavirus, including the development of a virtual triage solution. She is credited with helping the company bring in $250 million in annual recurring revenue. Barnes, a strong advocate for women’s health, helped launch Rory, a digital clinic for addressing female health issues. She leads efforts to implement technologies, products and services that further racial equity in health care.

Diversity and inclusion efforts are a firmwide priority at Cushman & Wakefield—and Nadine Augusta drives that imperative across the commercial real estate services giant. As its chief diversity, equity and inclusion officer, she works to cultivate an environment in which all employees are given equitable growth opportunities and diverse thought is prioritized. Augusta concentrates her efforts largely on recruiting, talent development and supplier diversity. She previously worked in diversity and inclusion roles at Goldman Sachs, the Depository Trust & Clearing Corporation and Bank of America. Augusta is a member of the board of trustees of the Brooklyn Lab Charter Schools and a recipient of the Black Achiever in Industry Award from the YMCA of Greater New York.

OF THE 50 STATES, NEW YORK IS HOME TO THE MOST BLACK-OWNED BUSINESSES. FROM 2012 TO 2017, THE NUMBER OF BLACK-OWNED FIRMS IN NEW YORK CITY INCREASED 30%— NEARLY FOUR TIMES THE GROWTH RATE OF WHITE-OWNED BUSINESSES IN THAT PERIOD. —NEW PITTSBURGH COURIER, CENTER FOR AN URBAN FUTURE

G. LAMONT BLACKSTONE

COURTNEY J. BODDIE

LAZETTA BRAXTON

DR. CAROL BROWN

KEVIN BROWN

Chairman Project Real Estate Associate Program

Vice president of education and school engagement New 42

Courtney J. Boddie is passionate about leveraging the power of the performing arts to strengthen school communities. As vice president of education and school engagement at New 42, a nonprofit that strives to make the performing arts an integral part of people’s lives from a young age, her work affects 40,000 children across 200 school sites each year. In addition to several other initiatives, Boddie is credited with creating a program in New York City summer schools that provides free arts education and exposure to the arts. She launched a diversity, equity and inclusion task force at New 42 in 2017. Boddie has been lauded for her efforts to bring the performing arts to underserved communities and for her focus on anti-racist approaches to arts education.

Senior vice president and chief health equity officer Memorial Sloan Kettering Cancer Center

Principal Ernst & Young

More than 1,300 minority professionals have received mentorship and education about career opportunities in commercial real estate under the aegis of the Project Real Estate Associate Program, a nonprofit that works to promote diversity and inclusion in the industry. G. Lamont Blackstone, the chairman of the project, has successfully attracted the support of real estate industry titans RXR Realty, Colliers International and the Real Estate Board of New York, among others. Under Blackstone’s leadership, Project REAP recently partnered with the Urban Land Institute to launch its first virtual academy. Other new endeavors under Blackstone’s governance include an internship program for Black and Latino professionals and the establishment of the Eric S. Yarbro Scholarship Fund for minority commercial real estate professionals.

Co-chief executive officer 2050 Wealth Partners Chief executive officer Lazetta & Associates

14 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 15, 2021

Lazetta Braxton’s decision to co-found virtual financial planning and wealth management firm 2050 Wealth Partners— where she is co-chief executive officer—on the eve of the Covid-19 pandemic was certainly serendipitous, as having virtual platforms for everything suddenly became important. Equally timely was her founding in July 2020 of Lazetta & Associates, a diversity and inclusion consulting firm that helps financial services organizations cultivate equitable workplaces. She is the firm’s chief executive officer. Braxton, who has received numerous industry awards, has shared her finance knowledge on several major television networks. She chairs the Association of African American Financial Advisors, which works to address the concerns of Black finance professionals.

Dr. Carol Brown is the first Black woman to serve as president of the Society of Gynecologic Oncology, and she has served on the Biden Cancer Initiative board of directors. As senior vice president and chief health equity officer at Memorial Sloan Kettering Cancer Center, she toils daily to address health care inequalities arising from racial, ethnic, cultural and socioeconomic impediments. She leads efforts to expand access to cancer care and works on equity-focused research initiatives. Brown, who plays a critical role at MSK in recruiting and educating trainees from underrepresented groups, is routinely featured in the media. She also participates in community-based cancer education events.

Massive global enterprises turn to Kevin Brown for help effectuating digital transformations involving business solutions, artificial intelligence and robotic process automation. Brown is a leader in the technology consulting practice at Ernst & Young and a principal for the digital business transformation and intelligent automation practice. He has more than two decades of consulting experience, in which he has advised clients across industries. Brown is the Americas leader for one of his firm’s major anti-racism programs, the Digital Divide, and a member of Ernst & Young’s Anti-Racism Task Force. Brown, with his significant advisory experience, has been on his firm’s Global Governance Council and its Americas Advisory Council. He has served as the presiding partner of its Americas Consulting Forum.

During these uncertain times, we’re here to guide our clients to decisions that enable them to not just survive, but thrive. At Savills, we help you protect your business so you can grow your business.

Congratulations to our very own Richard Eaddy for being recognized as one of Crain’s Notable Black Leaders and Executives.

commercial real estate

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YVETTE BUCKNER

STEPHANIE BURNS

GERRARD BUSHELL

TERRENCE CLARK

ANDREW COOKE

Managing director Tusk Strategies

Vice president Turner Construction Company

Executive chair New Terminal One at JFK

Vice president Hines

Marginalized communities and corporate giants alike are the beneficiaries of Yvette Buckner’s skill and hard work in her role at Tusk Strategies. As managing director at the firm, which develops and executes complex campaigns on a variety of issues, she focuses on technology, transportation, education and health. Buckner has worked with corporate clients to bring protective equipment, food and other resources to underserved communities hit hard by the coronavirus pandemic. She is working on legislation aimed at increasing workplace diversity and eliminating bias in hiring processes. Buckner is the vice chair of the board of directors at the YWCA in Brooklyn. As a staunch advocate for young women of color, she works to assure they have opportunities to attend college.

Stephanie Burns is an aspirational figure for women in construction everywhere. She is vice president and director of workforce development and engagement at Turner Construction Company—but Burns is also president of the Women Builders Council, the leading advocacy group in New York for women in the industry. Under her leadership, the organization doubled in size and produced a diversity council, which aims to support women of color and all gender identities working in construction. Burns herself has proved a powerful force for the increased participation of women and minorities in the industry. She has received a number of awards. Burns leads efforts at Turner to mentor young women—particularly those of color—interested in entering the science, technology, engineering and math fields.

With an impressive career encompassing politics, academia, government and business, Gerrard Bushell was uniquely qualified to become the executive chair for the multibillion-dollar revamping of Terminal One at John F. Kennedy International Airport. Bushell is charged with overseeing the creation of a bestin-class terminal building prepared to deliver on customer, commercial and community levels. In the process, he is creating thousands of jobs and other opportunities for all of New York’s communities and advancing the participation goals of the Minority- and Women-Owned Business Enterprises program. Bushell, a recipient of several construction industry awards, is a regular panelist and lecturer on topics related to his work.

President and chief executive officer New York & New Jersey Minority Supplier Development Council Terrence Clark’s career is focused on paving the way for minority business owners to excel. Clark facilitates sustainable growth for more than 1,100 certified minority businesses as president and chief executive officer of the New York & New Jersey Minority Supplier Development Council, a nonprofit that certifies minority enterprises and links them to business opportunities with corporations, government agencies and educational institutions. Under his leadership, 300 of those minority businesses were certified in 2020. Clark’s efforts have resulted in increased business opportunities, stabler families and more robust economies in minority communities. He is a member of the National Board of the Minority Supplier Distribution Council, a role that allows him to participate in national policymaking.

Hines, a real estate firm with operations in more than 100 cities and 25 countries, is fortunate to count Andrew Cooke among its senior management personnel. The vice president of property management brings to the table more than two decades’ experience in leading real estate property and facility management teams. In particular, Cooke focuses on Class A commercial office space for global financial institutions. He is a supporter of OneHines Diversity and Inclusion Leadership Committee, which cultivates an inclusive culture. Cooke is active in the firm’s supplier diversity program, which seeks to ensure business development opportunities for Minority- and Women-Owned Business Enterprise vendors. Cooke is working on a Hines program, now in the planning stage, to expose young people in the inner city to real estate career opportunities.

THE 20 AMERICAN COUNTIES WITH THE MOST BLACK-OWNED BUSINESSES INCLUDE FOUR NEW YORK CITY BOROUGHS: BROOKLYN, MANHATTAN, QUEENS AND THE BRONX. —CENTER FOR AN URBAN FUTURE

KEREL COOPER

DAVID CRICHLOW LLP

KEVIN DAVIS

Chief marketing officer LiveIntent

Partner Katten Muchin Rosenman

Senior managing director JLL

Kerel Cooper is passionate about diversity and inclusion—which is evident from his numerous endeavors in the space. Cooper is chief marketing officer at ad-tech company LiveIntent, where he also is chairman of its diversity, equity and inclusion executive committee. Cooper, who writes regularly on the state of diversity within his industry for Forbes and Business Insider, among other publications, is a board member of the nonprofit Marketing Edge, which focuses on the professional development of marketing students while working to achieve diversity in the field. In addition, Cooper advises two companies whose missions are to foster workplace diversity, and he co-hosts the “Minority Report Podcast,” which provides a platform for people of color and LGBTQ individuals to have frank conversations about their professional lives as minorities.

David Crichlow is no stranger to high-stakes transactions. Crichlow has served as lead trial attorney in various multibillion-dollar commercial, class-action and bankruptcy proceedings in his three-decade career. He is a partner and national chair of the commercial litigation group at the law firm Katten Muchin Rosenman, where he also holds an influential role on its diversity committee. Crichlow previously worked at other major law firms, representing Enron, General Motors and Lehman Brothers in bankruptcy proceedings. He serves on the board of directors of the Lawyers’ Committee for Civil Rights Under Law, and he has been involved in mentorship programs for aspiring minority attorneys. At the American Bar Association’s conferences for minority attorneys, Crichlow has lectured on professional development topics for Black lawyers.

Kevin Davis recently led the $150 million refinancing of the Fairmont San Francisco, but for him, that’s all in a day’s work. As senior managing director at real estate services company JLL, Davis leads debt capital markets for the company’s hotels and hospitality group. In the past 18 months—despite the economic challenges created by the pandemic—he and his team have closed more than $2.7 billion in hotel financings. Davis is a major supporter of Read 718, a Brooklyn nonprofit that works to secure educational access and equity. He also supports the Brooklyn Children’s Theater, which unites young people of various economic backgrounds around musical theater. He served on the board of the Center for Active Design, which advances urban planning solutions that promote sustainability and public health.

16 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 15, 2021

JEREMIAH “JERRY” DEBERRY Partner and director of diversity and inclusion Mayer Brown The law firm Mayer Brown tapped Jeremiah “Jerry” DeBerry in 2013 to supervise its efforts to hire, develop and promote a diverse cohort of lawyers. As the most senior diversity professional at the firm, DeBerry has launched several impressive initiatives. Those include unconscious bias and diversity training, a scholarship program that awards summer associates who show a commitment to fostering diversity in the legal industry and efforts to ensure that diversity goals are considered in partner promotion decisions. DeBerry presents regularly on matters pertaining to law firm diversity and has written for the New York Law Journal and The American Lawyer. He has received several industry distinctions.

CHERYL L. DUNCAN President and chief executive officer Cheryl Duncan & Company

Cheryl L. Duncan believes that #BlackStoriesMatter and has long been bringing those stories to the fore. As president and chief executive officer at public relations firm Cheryl Duncan & Company, she has shaped the public image of many cultural institutions and nonprofits in the New York area since the firm’s founding in 2005. Many of Duncan’s clients hail from the television, theater and film industries; her PR skills have secured them placements in outlets such as The New York Times and people.com. Duncan’s clients include Black Public Media and the National Black Theatre. She has done pro bono publicity work for the Broadway Advocacy Coalition, which helps minority artists address racism through storytelling, and for the African Film Festival.

The Switzer Group New York • Los Angeles

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Lou Switzer on his Inclusion in Crain’s NY 2021 List of Notable Black Leaders & Executives

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VINCENT DUNN

RICHARD EADDY

KISHA EDWARDS-GANDSY

UGO A. EZENKWELE

THE REV. BARBARA FELKER

Co-partner-in-charge Norton Rose Fulbright

Senior managing director Savills

Co-founder World Explorers Group

Vincent Dunn’s legal acumen and impeccable client service resulted in his recent selection to the global executive committee at Norton Rose Fulbright. Then again, he’s long been noted for his excellence. As co-partner-incharge at the law firm’s New York office, Dunn works with high-profile domestic and international organizations on banking, financing and leasing matters. As a member of his firm’s racial equity council, he has played a pivotal role in implementing a Black associate sponsorship program, and he has mentored a diverse collection of junior attorneys. Throughout his legal career, Dunn has worked on encouraging the retention of Black lawyers by addressing various hiring, retention and compensation issues.

Veteran real estate consultant Richard Eaddy has completed transactions totaling more than 1 million square feet since joining the real estate services giant Savills 12 years ago. His high-profile clients have included City University of New York, the New York Public Library and Union Theological Seminary. Eaddy recently had a hand in the National Urban League’s decision to relocate its headquarters to Harlem, where its new 17-story structure will house the Urban Civil Rights Museum Experience and the National Urban League Institute for Race, Equity and Justice. As a proponent of civic engagement, Eaddy has served on the New York City Planning Commission and on the U.N. Development Corporation Board. He has held board and trustee positions at various New York institutions.

Armed with little more than a business plan and a cellphone, Kisha Edwards-Gandsy, with Keyanna Murrill, formed World Explorers, a creative child care services provider, in 2003. What began with a narrow focus for a small group of families blossomed into a robust collection of programs—after-school care, summer camp and preschool, among others— focused on hands-on discovery and exposure to various cultures. Edwards-Gandsy, a teaching artist, is a staunch advocate for equality in education who has made available $500,000 of scholarships in the past decade for World Explorers’ programs. She has spoken about and facilitated workshops on diversity and inclusion issues, and she has garnered awards— and media attention—for her World Explorers’ work.

Chief of emergency medicine Mount Sinai Health System Queens’ Emergency Department

Vice president of strategic community partnerships and of diversity and inclusion Northwell Health

Being chief of emergency medicine at Mount Sinai Queens was an unenviable role in the spring of 2020, but Ugo Ezenkwele was just the man for the job. He demonstrated tireless commitment to patient and employee well-being, even as his hospital was inundated with Covid-19 patients. Then again, Ezenkwele, who is also an associate professor of emergency medicine at the Icahn School of Medicine, has always been an outstanding doctor. He works to optimize care delivery to acutely ill patients and to improve the emergency room experience. Ezenkwele is the emergency medicine system vice chair of the diversity, equity and inclusion committee at Mount Sinai. In addition, he is the founder of the Woodhull Emergency Department Clinical Aide Research and Educational Program, which provides training opportunities for students interested in health-related professions.

As a Northwell Health executive and an ordained minister, the Rev. Barbara Felker is uniquely positioned to build bridges between medical establishments and communities of faith. At Northwell, she is vice president of strategic community partnerships and vice president of diversity and inclusion. That means she’s hard at work forming relationships between the health care giant and various communities—particularly those of diverse cultural and socioeconomic statuses— with the goal of improving their health and well-being. Felker is co-lead of Gov. Andrew Cuomo’s faith-based Covid-19 testing initiative, which brings testing to local communities. In addition, she works to develop a pipeline of diverse candidates for Northwell’s talent acquisition, and she was involved in the development of a supplier diversity program. Felker has received several awards for her work.

IN 1987, WHEN CLIFTON R. WHARTON JR. WAS NAMED CEO AT THE FINANCIAL SERVICES ORGANIZATION TIAA-CREF, HE BECAME THE FIRST BLACK CEO AT A FORTUNE 500 COMPANY. —BLACK ENTREPRENEURS AND EXECUTIVES

NATHANIEL M. FIELDS

LESLIE FIELDS-CRUZ

WILLIAM S. FLOYD

VIVIAN FOX

KASSANDRA FREDERIQUE

Chief executive officer Urban Resource Institute

Executive director Black Public Media

Leslie Fields-Cruz is passionate about the development of Black media—and she’s in the right position to help. She is executive director of Black Public Media, which produces, funds and distributes content about the Black experience. In that role, Fields-Cruz was instrumental more than a decade ago in the creation of “AfroPoP: The Ultimate Cultural Exchange,” a platform for documentaries about Black life that aired on public television. She has worked on initiatives to train Black storytellers, to link directors with funders, and to teach Black media producers about new technologies. To help Black storytellers who were adversely affected by the pandemic, Fields-Cruz launched a relief fund. She is the recipient of several awards, and she speaks at many conferences and festivals.

President 1199SEIU Child Care Corporation

Executive director Drug Policy Alliance

Under Nathaniel M. Fields’ leadership, the Urban Resource Institute—which assists domestic violence survivors and homeless families, particularly those of color—has become the largest provider of domestic-violence shelter services nationwide. As chief executive officer, Fields masterminded the URI’s development into a multi-service agency by adding innovative programs to URI’s roster of services. Those include the Legal Education Advocacy Program, the Abusive Partner Intervention Program and the Relationship Abuse Prevention Program for teens. Fields has held many leadership positions, including at the Human Services Council and on the domestic violence task force, part of the New York State Council on Women and Girls, which was formed in response to the coronavirus.

Director of U.S. state and local government affairs and public policy Google

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William S. Floyd orchestrated Google’s efforts to enable Covid-19 exposure notifications in nearly 20 states, assisting state and local governments in their bid to rein in the pandemic through contact tracing. That program was particularly crucial to communities of color, which have suffered disproportionately high rates of infection and death in the pandemic. As director of U.S. state and local government affairs and public policy at Google, Floyd has helped implement other novel initiatives. In 2019, for instance, he led the launch of a multimillion-dollar program that provided computer science education to low-income young people, boosting their earning potential. In addition, Floyd has worked at the Vera Institute of Justice to address inequities in the criminal justice system.

Since her involvement in the civil rights movement in the 1960s, Vivian Fox has not ceased to champion social justice causes—from voting rights to pay equity to health initiatives and beyond. She channels that commitment as president of 1199SEIU Child Care Corporation, a nonprofit that supports members of 1199SEIU, the largest health care union nationwide. The nonprofit has established child care and educational programs, summer camps and college preparation programs. In recent months, Fox has worked on fundraising efforts to help the thousands of New York health care workers struggling in the pandemic. She previously was president of the Association of Black Agency Executives, where she mentored many nonprofit professionals. She has been active on the boards of several organizations.

As an ardent proponent of drug policy reform, Kassandra Frederique works daily to bring that vision to fruition. She is executive director of the Drug Policy Alliance, a nonprofit that strives to end the war on drugs—which too often harms Black, Latino, LGBTQ and other minority communities. To that end, she seeks alternatives grounded in science, compassion, health and human rights. Frederique leads campaigns related to policing and cannabis legalization, among other drug-related issues. She spearheaded a campaign to address New York City’s inordinate number of marijuana arrests, which contributed to administrative changes that curbed the number of low-level lockups. Frederique also works with the In Our Names Network, which seeks to stop police violence against Black women, girls and gender nonconforming people. She has been featured in The New York Times, USA Today and elsewhere.

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MICHAEL J. GARNER

DARRELL GAY

DWIGHT GEDDES

ICEMA GIBBS

VANESSA L. GIBSON

Chief diversity and inclusion officer Metropolitan Transportation Authority

Partner Arent Fox

Principal Metro Claims & Risk Mgmt

Council member New York City Council

Darrell Gay is among the smattering of Black partners at the nation’s top law firms—and he’s recognized for his legal prowess quite regularly. Among his many accolades, the partner at Arent Fox has been distinguished by New York Super Lawyers every year from 2006 to 2020. But Gay’s notable achievements extend beyond his day job: He is a fellow at the College of Labor and Employment Lawyers and the chair of its Covid task force. That group worked with local and state employment agencies on pandemic-era guidance issued by those agencies, and it conducted seminars on related legal issues to help employers, unions and employees. Gay is general counsel to the New York Real Estate Chamber, an organization made up of Black and Hispanic real estate professionals.

Dwight Geddes is intent on bringing diversity to the insurance industry. Geddes, a principal at Metro Claims & Risk Mgmt, a provider of claims and risk management services, has mentored many employees. With the National African American Insurance Association, he has conducted training seminars at colleges. In 2018 Geddes created the Northeast Insurance Conference, which highlighted the contributions of Black insurance professionals to the industry. More recently, he founded the Geddes Mgmt Group, which works with local universities to bring diverse talent to the insurance industry. In 2020 Geddes was named to Insurance Business America’s Leading the Change list.

Director of corporate social responsibility and diversity, equity and inclusion JetBlue Airways

Michael J. Garner’s lifework is centered around driving improvements for the Black and other minority business communities in New York City and beyond. As vice president and chief diversity and inclusion officer at the Metropolitan Transportation Authority, he champions diversity by empowering minority, women-owned and disadvantaged businesses across the state by improving their access to procurement opportunities. Under Garner’s leadership, the MTA was ranked highest of 97 state agencies for dollars paid to certified Minority-and Women-owned Business Enterprises. He previously served as president—and now presides as chairman of the corporate board—of the founding chapter of One Hundred Black Men, which works to foster environments that motivate Black youths to achieve.

Icema Gibbs was with JetBlue Airways before it took off: She was part of a team in 1999 that worked to get the Federal Aviation Administration to certify the company as a commercial airline. Now, as director of corporate social responsibility and diversity, equity and inclusion, Gibbs is charged with promoting the brand’s social impact and ensuring it provides an inclusive workplace. In recent years she has worked on a free book vending machine program to increase book availability in underserved communities. Gibbs is vice president of programs for the JetBlue Foundation, an aviation-focused nonprofit that strives to increase diversity in the industry. She is the recipient of several awards, and she serves on numerous boards.

Vanessa L. Gibson represents the Bronx’s 16th District on the New York City Council. The council member is working to transform a former jail into an economic development and reintegration center for the previously incarcerated. Gibson, who is running for Bronx borough president, also worked on a rezoning plan that will create approximately 4,000 affordable housing units and improve community infrastructure there. In addition, she has been involved in issues related to LGBTQ rights, pay equity, the Black maternal mortality crisis, immigration, social justice, economic development, food insecurity, health, public education and members of the senior community.

HR&A Advisors congratulates Jeff Hébert and his fellow honorees on being recognized as part of the 2021 Notable Black Leaders and Executives list.

Jeff Hébert President

hraadvisors.com @hraadvisors

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We celebrate Jeff’s work as a firm leader and an innovator in urban development helping to bring about more just, resilient, and equitable communities for all New Yorkers. HR&A Advisors is an industry-leading firm of analysts, planners, and policy experts who care deeply about the future of America’s cities. For over 40 years, we have supported the transformation of hundreds of communities by developing feasible strategies and policies that create more livable places.

The Mount Sinai Health System and the Icahn School of Medicine at Mount Sinai proudly honor Ugo A. Ezenkwele, MD, MPH, FACEP and all the professionals selected as Ugo A. Ezenkwele, MD, MPH, FACEP Chief of Emergency Medicine at Mount Sinai Queens Associate Professor of Emergency Medicine at the Icahn School of Medicine at Mount Sinai

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Crain’s New York Business Notable Black Leaders and Executives

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WILLIAM GOODLOE

JARED GREEN

AISHA GREENE

ALICIA GUEVARA

MICHELE HALL-DUNCAN

President and chief executive officer Sponsors for Educational Opportunity

Principal and vice president Langan

Director of attorney development and training Cadwalader, Wickersham & Taft

Chief executive officer Big Brothers Big Sisters of New York City

President and chief executive officer enCourage Kids Foundation

A law firm’s talent is its greatest asset, and Aisha Greene does an excellent job cultivating that asset at Cadwalader, Wickersham & Taft. As the firm’s director of attorney development and training, she oversees the professional development of its attorneys, its diversity and inclusion programs, and its pro bono projects. Greene has been central to the implementation of programs aimed at retaining Cadwalader attorneys—including women, people of color and LGBTQ individuals—and providing them with tools for long-term career success. In addition, she worked on a strategic process for attracting a more diverse cohort of attorneys. Greene is on the board of directors of the Rohan Levy Foundation, which aims to curb gun violence and invest in the potential of young men of color in Brooklyn.

Alicia Guevara has done great things since becoming the first Black and first female chief executive officer of Big Brothers Big Sisters of New York City in its 116-year history. For starters, she instituted a new set of values for the youth mentoring organization committed to advancing diversity, equity and inclusion principles. Once the coronavirus hit, Guevara led the organization through operational innovations to make mentoring possible through the pandemic. She also has had success raising funds to support the organization through this trying period. Guevara, who is passionate about nurturing the potential of youth, has held leadership roles at the Brooklyn Children’s Museum, among other New York institutions.

With its mission to humanize health care for children, the enCourage Kids Foundation has gone from having 121 hospital partners in eight states in 2016 to having more than 300 hospital partners in 50 states and Puerto Rico today. Much of the credit for that expansion goes to Michele Hall-Duncan, the organization’s president and chief executive officer. She has been vital to the development of innovative programs that allow the foundation to continue providing therapy services to children in hospitals and at home during the pandemic. Hall-Duncan, who has been cited by the New York City Council for exemplary community service, is on the diversity task force of the Association of Child Life Professionals.

Having spent his formative years in public housing in Brooklyn, William Goodloe is all too familiar with the obstacles faced by underserved youth in high school and college. As president and chief executive officer at Sponsors for Educational Opportunity, he’s doing something about it. The organization works to create a more equitable society by delivering academic and professional development programs to help young people in underrepresented, low-income communities. In 2020 Goodloe oversaw SEO’s wholesale transformation into a virtual operation so that continuity of services would be ensured for all program participants. He is a trustee of the Altman Foundation, which supports New York City nonprofits, and a member of its diversity, equity and inclusion committee.

Jared Green thinks of himself as a “grown man who relishes the chance to play in the dirt.” That’s what he does as principal and vice president at the engineering and environmental consultancy Langan, albeit at quite a sophisticated level. Developers in New York City and Philadelphia turn to Green for sustainable and cost-effective building plans, not to mention his creative problem-solving. Together with his team, he has offered clients solutions to geotechnical and environmental engineering challenges that crop up in the development process. Green, who has received several industry awards, is on the board of the Salvadori Center, which works to engage K-12 students in hands-on projects related to the fields of science, technology, engineering, art and mathematics or applied mathematics. Green is a member of Langan’s diversity and inclusion committee.

We salute Andrew Cooke and the other honorees. Hines, Intelligent Investment Management built on decades of New York Real Estate Experience. 22 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 15, 2021

Northwell Health celebrates diverse, impactful leadership— as displayed by Crain’s Notable Black Leaders and Executives A special congratulations to our own

Barbara Felker, Vice President, Strategic Community Partnerships Because of your guidance and dedication, Northwell is better able to respond to the health care needs of community members from diverse cultural and socioeconomic backgrounds—creating a brighter future for all New Yorkers. We applaud all of the honorees on their immense accomplishments.

Michael A. Epstein Chairman, Board of Trustees Michael J. Dowling President & CEO

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DALE A. HANLEY

CARLA HARRIS

JANICE HAUGHTON

JEFF HÉBERT

WENDY HILLIARD

Head of investments risk management New York Life

Vice chairman Morgan Stanley

Community affairs director Turner Construction Company

President HR&A Advisors

Carla Harris holds several prestigious roles at Morgan Stanley: vice chairman, managing director and co-head of the multicultural client strategy group. But with three decades of finance experience under her belt, that’s hardly surprising. Harris is charged with increasing client connectivity to improve revenue generation at the investment bank. She leads various initiatives to increase access to capital among diverse entrepreneurs. Harris, who hosts a podcast that addresses the marketplace realities for minority-owned businesses, previously chaired the board of the Morgan Stanley Foundation. These days she is on the board of Sponsors for Educational Opportunity. Outside of her work, Harris is a gospel singer who has performed sold-out concerts at the Apollo Theater and Carnegie Hall.

Janice Haughton is motivated by several goals in her work as community affairs director for the Turner Construction Company: positively affecting local communities, helping small businesses and, of course, improving Turner’s engagement. Under her direction, for instance, a joint Lendlease-Turner team led numerous community outreach programs, including a soup kitchen that fed nearly 1,000 people and initiatives involving clothing and toiletry donations. Haughton implemented a robust program aimed at engaging Minority- and Women-Owned Business Enterprise members. In addition, she works to foster diversity in the construction industry by joining programs such as Adopt-a-School and Youthforce. These partnerships allow diverse young people to learn about a number of career opportunities in the construction world.

In the aftermath of Hurricane Katrina, Jeff Hébert became the first deputy mayor of New Orleans and the executive director of the New Orleans Redevelopment Authority. Not surprisingly, he’s quite knowledgeable about resilience planning and community rebuilding efforts. As president of HR&A Advisors, a consulting firm that advises on real estate, economic development and program design, Hébert helps cities develop strategies to blunt potential social, economic and physical shocks. He is working on projects in Miami, Dallas, Newark, N.J., and Los Angeles, among other cities. Hébert is leading a team to develop New York City’s Climate Adaptation Roadmap, a resiliency plan that addresses multi-hazard risks that will influence budgetary decisions. He is on the board of the Urban Design Forum, among other organizations.

Founder and chief executive officer Wendy Hilliard Gymnastics Foundation

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Rhythmic gymnast Wendy Hilliard was the first Black woman to represent America in an international gymnastics competition. Eager to provide urban youth with the same opportunities she enjoyed, she founded the Wendy Hilliard Gymnastics Foundation in Harlem in 1996. The organization’s stated mission is to “empower the lives of young people from underserved communities by improving physical and emotional health through the sport of gymnastics”—and it does just that by offering free and low-cost gymnastic classes in New York City and Detroit. Hilliard, who has received a corporate social responsibility award from City & State, kept kids moving in 2020 by providing virtual programming. Her foundation supports local communities by hosting regular events to distribute food and books.

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As a leader, Dale A. Hanley has demonstrated a unique capacity for transforming collections of individuals into highly effective teams. As head of investments risk management at the life insurance giant New York Life, he leads a team with important and varied responsibilities. In the past year, Hanley has overseen elements of the organization’s Covid-19 response, including office closures and virtual working strategies. Among other duties, he formulated an operating model for the investments risk management department to address operational, financial and regulatory risks better. Hanley is on the board of directors of Project Morry, which works to achieve racial equity by empowering underserved youths.

THERE ARE CURRENTLY FOUR BLACK CEOS AMONG THE FORTUNE 500 COMPANIES. THAT NUMBER SHOULD RISE TO FIVE WHEN ROSALIND BREWER, RECENTLY NAMED CEO OF WALGREENS BOOTS ALLIANCE, BEGINS HER JOB IN MARCH. —CNN, MARKETWATCH

TANYA HOBSON-WILLIAMS

ELLEN HOLLOMAN

ROBERT HORSFORD

SHARLEE JETER

KATRINA JONES

Principal Hobson-Williams PC

Partner Cadwalader, Wickersham & Taft

President and chief operating officer Apex Building Company

President Turn 2 Foundation

Tanya Hobson-Williams’ niche is elder law and guardianship matters—but her practice is much broader than that. As a principal at her eponymous law firm, Hobson-Williams has advocated for and secured the release of mentally ill individuals who are wrongfully committed to institutions against their will. She is on the New York State Bar Association’s long-term care task force; in that role, Hobson-Williams helps provide information to the long-termcare community regarding residents’ rights in light of the pandemic’s toll on that population. In addition, she is involved in a significant amount of pro bono work; Hobson-Williams guides young LGBTQ individuals through legal issues, and she provides assistance to residents at senior-living facilities and services to disabled people facing eviction.

Ellen Holloman has many commitments—to her traditional legal practice, her impressive pro bono work and her diversity initiatives—and she balances them all with aplomb. The Cadwalader, Wickersham & Taft partner litigates corporate governance disputes and issues related to corporate elections and proxy contests. Holloman has been lead counsel in several high-profile cases. In addition, she recently represented two children and an adult in asylum and removal proceedings gratis. She is a trustee of the Center for Employment Opportunities, which helps the formerly incarcerated find employment. At her firm Holloman is on a steering committee dedicated to inclusivity goals. She is a frequent speaker on diversity topics.

Senior vice president of human resources and talent management Acacia Network

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Many firms that offer general contracting, construction and real estate development services—but not many see their mission as addressing the need for affordable housing among lower-income individuals. The Apex Building Company does. With President and Chief Operating Officer Robert Horsford at its helm, the firm tries to revitalize urban neighborhoods by developing and restoring affordable housing—2,300 units in New York and New Jersey to date. As part of the process, Horsford and team collaborate with like-minded organizations that are motivated to support the most vulnerable communities. He frequently mentors young people of color that are interested in the construction industry. Horsford serves on the Greater Harlem Real Estate Board and the New York State Association for Affordable Housing.

Sharlee Jeter is an impassioned advocate for young people and a spirited agent in helping them reach their potential. As president of the Turn 2 Foundation, whose programs encourage young people to eschew drugs and alcohol in favor of healthy lifestyles, she has raised significant funding to advance its programs and grant college scholarships. Under Jeter’s leadership, the foundation has placed many high school students in paid internships at prestigious organizations. Following George Floyd’s death in May 2020, Jeter arranged for crucial conversations to take place among Turn 2 participants about racism and positive change. At Jeter Ventures, her brother Derek’s portfolio of business operations, she is vice president of strategy and development.

Katrina Jones received Acacia Network’s 2020 Board Leadership Award—and her accomplishments this past year make it clear why the accolade was warranted. Jones is senior vice president of human resources and talent management at Acacia Network, a leading human services organization and the largest Hispanic-led nonprofit in New York state. She is charged with implementing strategies for engaging its diverse workforce of nearly 3,000 employees across seven states. During the pandemic, as many organizations were compelled to downsize their workforce, she arranged to recruit 600 employees for Acacia Network. Also in 2020, Jones led the launch of the organization’s diversity, equity and inclusion council. She is on the workforce subcommittee of the Bronx Partners for Healthy Communities, which improves residents’ wellness through community-level projects.

p A m n d t S r t a b i t fi c S t o a

MELIQUE JONES

TAMMY JONES

NATALIE KERNISANT

HOPE KNIGHT

MIQUAN LAMMY

Director of talent pipeline, diversity, equity and inclusion Skadden, Arps, Slate, Meagher & Flom

Co-founder and chief executive officer Basis Investment Group

Chief diversity and inclusion officer Morrison & Foerster

Vice president Bank of America

Tammy Jones, co-founder and chief executive officer of Basis Investment Group, leads a firm that is both prosperous and socially conscious. Under her direction, Basis invests and lends in commercial real estate debt and structured equity, interacting with top institutional investors worldwide. Jones generates a focus on diversity—in a white, male-dominated industry, no less—from the top. Case in point: 76% of the Basis team are either women or minorities or both. Jones is the founder of the Basic Impact Group Foundation, which seeks to expose underrepresented young people to the wealth-building opportunities of the commercial real estate industry. Jones is an independent director at Mack-Cali Realty Corporation and at KKR Real Estate Select Trust.

A staff of full-time diversity professionals report to Natalie Kernisant, chief diversity and inclusion officer at the law firm Morrison & Foerster. That’s a role that has her driving efforts to diversify the firm’s members, nurture an inclusive work environment and advance broader social causes through strategic partnerships. Kernisant oversees the Wetmore Fellowship, a pipeline recruiting program that attracts talented law students from underrepresented populations. In addition, she organizes forums that allow Morrison & Foerster employees to discuss issues related to diversity and the law. In 2020 Kernisant worked on various initiatives to advance racial justice. Notable among them were her efforts to file petitions to help people serving excessive sentences in Mississippi for nonviolent crimes.

President and chief executive officer Greater Jamaica Development Corporation

Melique Jones’ ardor for increasing diversity in the legal profession was sparked during her years as a first-generation student at Brooklyn Law School, where she was an active participant in the Black Law Students Association. That calling morphed into a career: Jones is now director of talent pipeline, diversity, equity and inclusion at the law firm Skadden, Arps, Slate, Meagher & Flom. In that role she works on the firm’s talent development efforts with an eye toward fostering equitable practices and promoting an inclusive atmosphere. Jones, a trusted mentor to many at the firm, was instrumental in the creation of the Skadden 1L Scholars Program, which gives talented law students an opportunity to work at the firm as summer associates.

The denizens of Jamaica, Queens, can thank Hope Knight for much of the economic growth and real estate development their patch of New York City has recently enjoyed. Knight is president and chief executive officer of the Greater Jamaica Development Corporation, a community-building organization that works on the sustainable development of the area. She is a commissioner on the New York City Planning Commission. Knight previously held executive roles at the Upper Manhattan Empowerment Zone and at Morgan Stanley. She is on several boards, including those of the Regional Plan Association, which strives to improve the quality of life in and the economic strength of the New York metropolitan area, and the Jack and Jill of America Foundation, which works to address issues that affect African American families.

Miquan Lammy is living proof that not all heroes of the pandemic era are medical professionals. Lammy, vice president and commercial associate at Bank of America, worked days, nights and weekends to process as many Paycheck Protection Program loans as he could to help struggling businesses. For his dedication, he received several awards. More typically, Lammy provides business development solutions to C-suite executives at companies with revenues ranging from $50 million to $2 billion. He is involved in Bank of America’s Black Professional Group, chairing its Black History Month Committee. Lammy sits on the board of the Wildcat Service Corp., which helps individuals with criminal convictions and other compromised backgrounds find employment.

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KARLEEN LEVEILLE

CRAIG LIVINGSTON

KENITA LLOYD

CHASTITY LORD

KIM MAGLOIRE

Chief executive officer KLeveille Entertainment and Publishing

Managing partner Exact Capital More than 3,000 New York City housing units have been developed or preserved by Craig Livingston, a managing partner at the real estate development firm Exact Capital. The core elements of the firm’s activities— structuring, negotiating and financing—fall under Livingston’s jurisdiction. He has executed more than $500 million in financing for projects ranging from luxury condominiums to low-income housing. Recently, Livingston developed the first worldclass hotel in Harlem, which overlooks the historic Victoria Theater. He is board chair of the New York Real Estate Chamber, an advocacy group for diverse developers in the state. Livingston has been a major proponent of policies and legislation that support giving minority commercial real estate developers greater access to capital.

Chief operations officer Eagle Academy Foundation

President and chief executive officer Jeremiah Program

Founder and chief executive officer SciTech Kids

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Chastity Lord has made major inroads at the Jeremiah Program since joining it as president and chief executive officer in September 2020. At the organization, which works to halt the cycle of poverty for single mothers by investing in mothers and their children at once, she has led new programs and partnerships that have improved its visibility and bolstered recruitment. Lord, who recently launched an alumni fellowship initiative to help past participants of the program, has been profiled by Thrive Global and Authority Magazine for her work. Earlier, she was chief operating officer of Color of Change, the largest online racial justice organization in America.

Biologist and epidemiologist Kim Magloire’s mission is to nurture young minds and show kids the wonders of science, technology, engineering and math. As founder and chief executive officer of SciTech Kids, which exists to do just that, Magloire develops hands-on experiences to help children ages 3 to 17 find their inner scientist. Magloire recently founded the nonprofit SciTech Kids Foundation to provide underserved New York City children with those same transformative experiences. In 2019 she partnered with the Times Square exhibit National Geographic Ocean Encounter to formulate a curriculum for their workshops. Magloire has been profiled by publications such as Newsday and Black Enterprise, and she has received numerous awards for her work.

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Karleen Leveille believes in empowering minority individuals by granting them the resources and platforms they need to be seen. Leveille is chief executive officer at KLeveille Entertainment and Publishing, a creative agency and production company. She worked with the Oprah Winfrey Network to produce Black Women OWN the Conversation, a TV series in which women of color share their struggles and experiences and for which Leveille won an Emmy as the producer. In addition, Leveille launched an online entrepreneurship center to help minorities tackle the challenges inherent to starting businesses—a service that helped several entrepreneurs salvage their enterprises amid the pandemic. Through her company’s paid apprenticeship program, she mentors underserved individuals looking to debut in the business or entertainment industry. Leveille is involved with several nonprofits, including Digital Undivided, which works to increase the number of minority women in the technology industry.

The Eagle Academy Foundation, which helps inner-city young men realize their academic potential, is lucky to have Kenita Lloyd as its chief operations officer. In that role she works to advance the organization and bolster its network of six public schools spread across New York City and Newark, New Jersey. Amid the turbulence of the past year, Lloyd ensured the stability of the foundation, which sustained no fundraising losses and even experienced board growth. She oversees a web series that engages community leaders and elected officials. Lloyd sits on the board of the Arc of Justice, which works to promote social, economic and environmental justice.

THE FIRST AFRICAN-AMERICAN WOMAN TO BECOME THE CEO OF A FORTUNE 500 COMPANY WAS URSULA BURNS, WHO SERVED IN THAT ROLE AT XEROX CORPORATION FROM 2009 TO 2016. —BRITANNICA

MEREDITH MARSHALL

RAFAEL MARTINEZ

CHERYL MCKISSACK DANIEL

PATRICK MICHEL

MELVA MILLER

Co-founder and managing partner BRP Companies With an educational background in electrical engineering, finance and international business, Meredith Marshall has a lot to offer in his post at the real estate firm BRP Companies. The co-founder and managing partner leads the organization’s investment strategy, including deal origination, acquisition, finance and development. Marshall is also responsible for BRP’s partnership initiatives, such as its longstanding relationship with the urban investment group at Goldman Sachs and with various New York City agencies. He previously served as managing director at Musa Capital Advisors, a private-equity and financial advisory firm, where he played a vital role in major cross-border transactions. Before that, Marshall worked at the investment banking firm Wasserstein Perella & Co.

Chief executive officer MBE Capital Partners

President and chief executive officer McKissack & McKissack Cheryl McKissack Daniel is carrying the torch for her family’s century-old business, the oldest minority and women-owned design and construction firm in America. As president and chief executive officer of McKissack & McKissack, she has contracted more than $50 billion in construction projects in the past decade, primarily in the infrastructure, health care and education sectors. Major projects have included Coney Island Hospital and the New Terminal One at JFK. McKissack Daniel, a civil engineer, provides expertise in various phases of the design and construction process. She is on several corporate, charitable and community boards, including those of the Women Builders Council and the New York Building Congress.

Partner Sidley Austin

Chief executive officer Association for a Better New York Melva Miller has proved a dynamic force as the first Black executive leader of the Association for a Better New York, a nonprofit committed to the growth of the city’s businesses and communities. As its chief executive officer, she collaborates with the organization’s board of directors on economic development, long-term planning, strategic partnerships and membership expansion. Miller previously led ABNY’s census initiative, which sought to ensure the most accurate count possible in New York City. Since assuming the role of CEO, she has diversified its board of directors by introducing women and people of color. Miller is as a volunteer board member for many New York organizations. In 2020 she was named to City & State New York’s Women’s Power 100 list.

In the past five years alone, Rafael Martinez has overseen more than $9.4 billion in financing that helped his clients massively increase their revenue. As chief executive officer at MBE Capital Partners, a fintech company that provides financial solutions that aid business growth, he develops strategies that allow clients to use internal assets to increase their cash flow. Martinez leverages his strong interpersonal skills to help C-suite executives more fully understand and address their businesses’ needs. He is recognized for his ability to negotiate major financial contracts. Since the pandemic, his company has become the only minority nonbank lender for the Small Business Administration, and it has been involved in more than 13,000 Paycheck Protection Program loans to help minority firms nationwide.

26 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 15, 2021

Patrick Michel, a partner at the law firm Sidley Austin, combines his flourishing legal practice with a significant amount of community work. In the former, he advises a range of investment managers on commercial and regulatory issues. Michel also is experienced with co-investment transactions, secondary transactions, private-equity investments and real estate acquisitions. Michel, an agent of social change, is the founder of Friends in Alternatives, a network for lawyers and compliance officers of color in the asset management space. He mentors underserved young people through Legal Outreach, which prepares urban students for academic success through legal and educational programs. He previously was a board member of the Metropolitan Black Bar Association, where he managed its activities and relationships with law firms.

t M a e e h s g t H t e V b W

MECCA MITCHELL

KEN MORRISON

KEYANNA MURRILL

ADEWALE OGUNLEYE

PHILIP OZUAH

Senior vice president and chief diversity officer WMCHealth Network

Principal Lemor Development Group

Co-founder World Explorers Group

Ken Morrison’s career in real estate began when he decided to leave college as a sophomore to join his family’s brokerage business. That decision wound up being the start of a prosperous journey. Morrison is now a principal of Lemor Development Group, which focuses on workforce housing, development and preservation initiatives in the tristate area and in the Southeast. To date, Morrison has participated in projects totaling nearly $750 million. He has promoted affordable housing initiatives throughout New York City and received awards from the Bronx chapter of the NAACP and the Council of Urban Real Estate. Morrison chairs the Greater Harlem Real Estate Board.

Entrepreneur and artist Keyanna Murrill makes use of her multiple talents to nurture children’s minds and empower child care professionals to do the same. She is co-founder of the World Explorers Group, a child care services provider that she established with Kisha Edwards-Gandsy. Its programs include a preschool, summer camp and after-school care, all of which focus on raising young global citizens by providing them with hands-on cultural experiences. Motivated by a belief in the equality of education, Murrill and her partner in the past decade have made available more than $500,000 in self-funded scholarships for their programs. Since the pandemic, Murrill and Edwards-Gandsy, who often speak on diversity issues, have ensured that their charges can access virtual learning experiences. Murrill has received several awards for the work of the World Explorers T:10.25" Group.

Head of sports and entertainment UBS

President and chief executive officer Montefiore Medicine

In a previous life, Adewale Ogunleye was a professional football player, a stalwart for the NFL’s Miami Dolphins, Chicago Bears and Houston Texans. After retiring and receiving an M.B.A. from George Washington University, Ogunleye pivoted to working as the head of sports and entertainment at the global financial services firm UBS. Drawing from his personal experience, he helps financial advisers understand the particular needs of athletes and entertainers—particularly minority ones. Ogunleye, whose work at UBS has been profiled by Bloomberg and The New York Times, among other outlets, founded the Goal Power Foundation. The foundation exposes urban youth to career opportunities in the sports industry and assists families with at-risk children.

Philip Ozuah became president and chief executive officer of Montefiore Medicine, with its 13 hospitals and 40,000 employees, mere months before the onset of the pandemic. When the coronavirus reared its head, he began overseeing all aspects of the system’s multifaceted response, collaborating with the Greater New York Hospital Association in the process. Ozuah worked with Gov. Andrew Cuomo’s team to eliminate barriers to Covid-19 care and joined a regional economic recovery steering committee. He is a physician who champions social change: In recent months, Ozuah has spoken out extensively about his experiences with racism in his medical career and about the health disparities that affect communities of color. He has been featured by several high-profile news outlets.

More than a dozen awards have been conferred upon Mecca Mitchell, and for good reason. Mitchell is senior vice president and chief diversity officer at WMCHealth Network, a health care system spread throughout the Hudson Valley. Motivated by her desire to advocate for others, she has excelled in the criminal justice, education, government and health care sectors. In 2020 the state Senate confirmed her gubernatorial appointment to the New York State Minority Health Council, and she leads a task force devoted to health equity for the Mid-Hudson Valley region. Mitchell is on the board of the United Way of Westchester and Putnam.

CONGRATULATIONS TO

SENIOR VICE PRESIDENT, HENNESSY AND TO ALL OF THE TALENTED HONOREES OF CRAIN’S NEW YORK BUSINESS 2021

NOTABLE BLACK LEADERS AND EXECUTIVES

FEBRUARY 15, 2021 | CRAIN’S NEW YORK BUSINESS | 27

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JASMIN ALLEN

DENNIS PARKER

R. DONAHUE PEEBLES JR.

ASAHI POMPEY

RODNEY POPE

JOCELYNNE RAINEY

Executive director National Center for Law and Economic Justice

Chairman and chief executive officer Peebles Corporation

Senior vice president of employee relations Turner Construction Company

President and chief executive officer Getting Out and Staying Out

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Dennis Parker has been involved in the pursuit of civil, racial, economic and social justice for four decades—so his day job should come as no surprise. He’s right at home pushing for financial justice for low-income families and individuals nationwide through litigation and advocacy. Parker and his team have fought various illegal and unfair practices, many of which target Indigenous people and individuals of color. He previously served as the director of the American Civil Liberty Union’s Racial Justice Program and participated in international human rights projects. Parker, who lectures at universities and governmental agencies, is a co-founder of an interchurch group that addresses racial justice issues in the Hudson Valley.

In an era where social responsibility and corporate inclusion are a big focus, R. Donahue Peebles Jr. is a major champion of both values in the real estate industry. He is chairman and chief executive officer of the Peebles Corporation, one of the leading privately held real estate and development companies in the nation. Its multibillion-dollar portfolio includes projects in New York, Los Angeles, Boston, Miami and Philadelphia, among other major markets. With Peebles at its helm, the company prioritizes empowering women and minorities in business and shrinking the wealth gap. Peebles formerly was the chairman of the board of the Congressional Black Caucus Foundation and a member of President Barack Obama’s National Finance Committee.

Global head of corporate engagement; president of the Goldman Sachs Foundation Goldman Sachs

Rodney Pope operates on the premise that safety in the construction industry extends beyond the physical to the emotional and psychological. As senior vice president of employee relations at Turner Construction Company, he leads the firm’s diversity and inclusion efforts. Pope led the formulation of Turner’s companywide protocols for responding to acts of hate and bias. He was instrumental in the launch of an employee resource group for Black employees, a body that works to secure the career advancement of its members and ensure an equitable workplace. Pope, a Harlem Academy trustee, supports youth development programs that draw talented young people into the construction industry.

Jocelynne Rainey has significant workforce development expertise gained as chief administrative officer and executive vice president at the Brooklyn Navy Yard. Rainey now applies that knowledge and skill as president and chief executive officer at Getting Out and Staying Out, a reentry program that, through education and employment opportunities, services people affected by incarceration. Rainey has expanded GOSO’s work by including efforts to transform the criminal-justice system and fight for racial justice. Under her leadership, the recidivism rate of GOSO clients is 15%, far below the national average. Since the pandemic struck, Rainey has overseen the distribution of more than 7,000 meals and secured more than 40 job placements—accomplishments that led City & State New York to name her a Manhattan Hero.

Leading Goldman Sachs’ philanthropic response to the twin crises of the pandemic and racial inequity is Asahi Pompey. She’s the global head of corporate engagement at the investment bank and the president of the Goldman Sachs Foundation. Pompey oversaw the creation of Goldman’s $30 million Covid-19 relief fund, which reached more than 300 nonprofits, and the launch of its inaugural Fund for Racial Equity. She has been instrumental in Goldman’s small-business resource center, which offers advice and tips for accessing government support, and in various other initiatives. Pompey, who was granted the Corporate Innovation Award by the Council of Urban Professionals, works to elevate the voices of small-business owners by hosting roundtables with New York policymakers.

IN 2018 THE 100 LEADING BLACK-OWNED ORGANIZATIONS GENERATED $30 BILLION. —FIT SMALL BUSINESS

ARVA RICE

PASCALE SABLAN

NICK E. SMITH

RICHARD ST. PAUL

LOU SWITZER

President and chief executive officer New York Urban League

Founder and executive director Beyond the Built Environment Associate Adjaye Associates

First deputy public advocate Office of the New York City Public Advocate

Founder St. Paul Law Firm

Chief executive officer and chairman The Switzer Group

As president and chief executive officer of the New York Urban League, which aims to strengthen underserved communities, Arva Rice is always striving to help those in need. Never have her leadership abilities been more on display than since the pandemic struck. As soon as the urgency of the situation for minority communities became apparent, she created the African American Family Relief Fund, which provided cash grants to more than 100 families. In addition, Rice led a series of virtual town halls with community leaders and medical professionals to dispel myths surrounding the virus. Recently, she joined a task force focused on ensuring the accessibility of the vaccine to Black New Yorkers. Rice has received several awards for her work.

Architect Pascale Sablan’s mission is to elevate diverse architects and designers. She’s an associate at the architecture and design firm Adjaye Associates and the founder and executive director of Beyond the Built Environment, through which she addresses the inequities and disparities in the industry. Sablan released on Juneteenth 2020 a three-action pledge to halt injustices in the architecture space. The pledge is grounded in the premise that women and designers of color must be given credit for their contributions to the built environment. Sablan, the youngest African American to receive the American Institute of Architects Whitney M. Young Jr. Award, is the president-elect of the National Organization of Minority Architects, where she will serve in 2023-24.

28 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 15, 2021

Nick E. Smith, first deputy public advocate at the Office of the New York City Public Advocate, has long been a champion of minority groups. As legislative director to then-City Council member Jumaane D. Williams, he was involved in the passage of more than 40 bills, including legislation that forbade employers from asking job candidates about their criminal histories before a conditional offer. As a member of the de Blasio administration, Smith worked on more than 200 laws governing affordable housing and public safety. In his current position, he has been involved in several important pieces of legislation, including a preemployment ban on marijuana testing and, since the pandemic, the elimination of interest on unpaid property taxes. In 2019 City & State New York named Smith to its 40 Under 40 list.

Richard St. Paul thinks of himself as a lawyer for the everyman. As founder of the St. Paul Law Firm, he has sought justice for clients throughout New York City and Westchester. Currently, for instance, he is fighting on behalf of a family that lost one of its members to a police shooting incident. In 2020, St. Paul represented a group of parents who sued a school district for its wrongful hiring of a superintendent who filed a multimillion dollar reverse discrimination lawsuit against New York City. He has provided pro bono legal services to the City of Mount Vernon, and received several awards for his work. St. Paul, who has been tapped for his legal opinion by major media outlets, currently serves as an executive board member and the legal redress of the New Rochelle chapter of the NAACP.

Lou Switzer is founder, chief executive officer and chairman of The Switzer Group, which is numbered among the most progressive interior architectural design consulting firms nationwide. The organization, consistently counted among the top 100 design firms in America, is one of the largest Black-owned companies in the industry. Switzer has landed assignments from Fortune 500 companies by dint of his business acumen and first-rate reputation. He has been inducted into Interior Design’s Hall of Fame, and his work has been profiled by prestigious trade publications. Switzer has been on the boards of the Bedford Stuyvesant Restoration Corporation and the Metro New York Make-A-Wish Foundation.

K o A ga va

a w a T m C th F in co a aw is in S th ra

KWAME TAYLOR-HAYFORD Co-founder Kin

Kwame Taylor-Hayford, the son of a diplomat, spent his youth in Africa and Europe, where he gained an appreciation for various peoples and cultures—an appreciation that fuels his current work. As co-founder of Kin, a creative company that helps brands find their purposes and address global challenges, he has worked with Netflix, Mailchimp and Arteza, among other clients. Taylor-Hayford previously was managing director of brand at Chobani. He was inducted into the American Advertising Federation’s Hall of Achievement in 2019. Taylor-Hayford is co-founder of Saturday Morning, a nonprofit that seeks to increase awareness of racial injustices. He is the executive creative director in residence at D&AD New Blood Shift, a free night school program that works to identify and nurture raw design and advertising talent.

DR. NICOLE THOMAS-SEALEY Vice president of clinical education Advantage Care Physicians of New York Unprecedented challenges call for unprecedented solutions, something that Dr. Nicole Thomas-Sealey has proved highly capable of delivering. As vice president of clinical education for Advantage Care Physicians of New York, one of the largest primary and specialty care practices in the area, Thomas-Sealey orchestrated a remarkable educational response to the pandemic. The doctor developed a curriculum focused on emergency procedures and safety protocols to be used throughout ACPNY’s more than 40 office locations. She pioneered an implicit bias awareness and education program to help clinical care teams address racism in the medical field. In addition, Thomas-Sealey launched a series of virtual Black Lives Matter events to identify and increase scholarship opportunities for minority high school seniors.

WILLIAM THOMPSON

JARRID TINGLE

VALERIE WHITE

Senior managing director and partner Siebert Williams Shank & Co.

Co-founder and managing partner Harlem Capital

Executive director Local Initiatives Support Corporation New York City

Minorities and women make up more than half the ranks of the financial services firm Siebert Williams Shank & Co., making it one of the most diverse firms on Wall Street. William Thompson, a former New York City comptroller, is its senior managing director and a partner. The firm has been involved in bond transactions that helped the Metropolitan Transportation Authority improve mass transit. Those transactions also helped the city enhance public facilities. Thompson, chair of the City University of New York board of trustees, also chaired Gov. Andrew Cuomo’s task force on Minority- and Women-Owned Business Enterprises participation in state contracts. He is a board member of the Doe Fund, which helps New York’s homeless and previously incarcerated people access career services and housing. Thompson also is on the board of the Afro Latin Jazz Alliance, which provides musical education to the city’s public school students.

Jarrid Tingle is on a mission to transform the demographics of modern entrepreneurship, one business at a time. He’s co-founder and managing partner at Harlem Capital, a venture capital fund that aims to invest in 1,000 minority- and female-founded businesses in the next two decades. In 2019 Tingle contributed to the raising of $40 million for the firm’s inaugural fund. Harlem Capital’s investors have since included Vanderbilt University, the W.K. Kellogg Foundation and the Consumer Technology Association. Tingle was instrumental to Harlem Capital’s virtual pitch competition in 2020, and he helped run its internship program, which provides opportunities for underrepresented populations to enter the venture capital and private-equity space. He was featured in Forbes’ 30 Under 30 list in 2019.

Valerie White boasts more than a quarter-century of experience in economic development, which is experience that served her in good stead as she tackled the singular challenges of 2020 head-on. She serves as executive director of Local Initiatives Support Corporation (LISC) New York City, a leading community development organization. Leveraging her network in the economic development space, White developed partnerships that led to $1.1 million being deployed to support minority-owned businesses across New York City through the financial ravages of the pandemic. She advances racial and economic equity by leading her organization in initiatives that promote affordable housing, economic development, health equity and workforce development in marginalized neighborhoods.

Siebert Williams Shank congratulates our

Senior Managing Director & Chief Administrative Officer William Thompson and all of Crain’s New York Notable Black Leaders & Executives

Managing public, corporate and equity financings nationally Siebert Williams Shank & Co., L.L.C. (SWS), a full-service investment banking and financial services company, works with a broad range of issuer clients nationally, including corporations, institutions and governments, providing comprehensive strategic advice, capital raising and risk management guidance. We provide corporate and municipal investment banking, fixed-income sales and trading, corporate share repurchase and equity execution services. Our mission is to contribute a unique, comprehensive and value-added platform for our clients’ investment banking needs. In 2020, SWS ranked as the #1 co-manager for national investment grade transactions and as the #4 co-manager for national equity transactions. On the municipal side ranked as the #1 M/WBE firm for national negotiated municipal transactions. Additionally, the firm ranked as #13 nationally for negotiated senior-managed municipal transactions and #4 nationally for negotiated co-managed municipal transactions.

100 Wall Street, 18th Floor New York, New York 10005 (646) 775-4850 www.siebertwilliams.com Source for ranking: Thomson Reuters / SDC; rankings are for senior manager of municipal negotiated new issues.

Atlanta - Austin - Chicago - Dallas - Detroit - Fort Lauderdale - Grand Rapids - Houston - Los Angeles Miami - Oakland - Philadelphia - Providence - San Antonio - St. Louis - Washington, DC - West Palm Beach - Westport FEBRUARY 15, 2021 | CRAIN’S NEW YORK BUSINESS | 29

SHARENE WOOD President and chief executive officer Harlem Haberdashery

Bolton-St. Johns congratulates all of Crain’s New York’s Notable Black Leaders and Executives, especially our friend William S. Floyd, Director of State & Local Public Policy Nationally for Google. Bolton-St. Johns is a full-service government relations firm that is ranked within the top three firms in both NYC and Albany.

With her sartorial smarts and keen business sense, Sharene Wood is the mastermind behind a fashion and lifestyle empire. Wood is president and chief executive officer of Harlem Haberdashery, an award-winning boutique that pays tribute to Harlem’s history and culture. Harlem Haberdashery is itself the “retail expression” of 5001 Flavors, a custom clothing company also directed by Wood that caters to entertainment and sports personalities. In addition, she leads the craft spirit collection HH Bespoke Spirits. In 2020 she pivoted her business operations to help create personal protective equipment for front-line health care workers across the tristate area in partnership with New York state. Wood supports the Boys & Girls Club of Harlem and the Food Bank for New York City, among other organizations.

KEITH WRIGHT Director of strategic planning Davidoff Hutcher & Citron

Visit us at www.boltonstjohns.com

Keith Wright arrived at the commercial law and government relations firm Davidoff Hutcher & Citron after spending decades empowering New Yorkers. Wright held key positions in New York City’s Human Resources Administration, the New York City Transit Authority and the Manhattan borough president’s office. Wright then served in the Assembly for more than 20 years, where he championed many significant causes. All of those experiences guide his current work as director of strategic planning at Davidoff Hutcher & Citron, where he assists clients with long-term strategic goals and helps them navigate pandemic-induced realities and restrictions. In concert with a community organization, Wright recently helped provide daily food to 300 food-insecure residents of Harlem.

FROM 2014 TO 2019, THE NUMBER OF U.S. FIRMS OWNED BY BLACK WOMEN GREW 50%. —AMERICAN EXPRESS, STATE OF WOMEN-OWNED BUSINESSES REPORT

SHEENA WRIGHT President and chief executive officer United Way of New York City

Under Sheena Wright’s leadership of the United Way of New York City, which is devoted to helping low-income New Yorkers, the organization has morphed from a “community chest” to a more dynamic, activist-type body. As its president and chief executive officer, Wright has led the creation of relief funds such as those formed in the wake of Superstorm Sandy and, most recently, the coronavirus pandemic. That latter fund topped $17 million, money used to fight food insecurity and support remote learning in New York communities. Under Wright’s leadership, UWNYC was one of 18 organizations given grants for census work by the City Council—and census participation exceeded expectations. She is on Gov. Andrew Cuomo’s New York Forward Reopening Advisory Board.

AWARD CATEGORIES: n DIVERSITY CHAMPIONS n EMERGING LEADERS n TOP D&I OFFICERS n BOARD HEROES n CIVIC DIVERSITY HEROES

CURTIS YOUNG

Crain’s first annual Excellence in Diversity and Inclusion Awards will celebrate New York City individuals and businesses that lead by example and hold themselves and others accountable for diversity-and-inclusion initiatives. Join Crain’s New York Business in our commitment to celebrate diversity and cultivate a culture of belonging when you nominate a business professional or organization today for the awards program. Finalists will be recognized June 21 in a special issue. Winners will be announced at an awards reception in July and recognized in an issue appearing the week after the event.

NOMINATE TODAY: CrainsNewYork.com/Nominations Deadline to nominate: March 12

30 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 15, 2021

Executive director Artistic Noise

Curtis Young can be found at the intersection of politics, youth empowerment and the arts. Young is executive director of Artistic Noise, which brings the power of art to incarcerated youth and those on probation. He chairs the public safety committee in his local community, which allows him to advocate for important public safety reforms. Young is involved with several advocacy groups, including the Art and Justice Coalition, which works to provide creative opportunities for New Yorkers involved in the justice system, and the New York City Department of Corrections Program Council, where he has pushed for in-person programs for inmates. USA Today has profiled Young for his work.

FROM PAGE 3

active criminal investigation by Manhattan District Attorney Cyrus Vance Jr. “My office is investigating potential civil claims,” said James. “In the event we uncover any criminal activity, it will change the posture of our case. I took a solemn oath to follow the law.” The bold to-do list doesn’t hurt James with progressive voters either, putting her political prospects in the spotlight. Her job, in which she oversees 700 lawyers and more than 1,000 additional staff, has been a steppingstone to the highest office in the state. And the remaining two years of her term coincide with whatever Trump, a useful foil, has in mind for a comeback. “I’m just keeping my head down and doing my work, and we’ll see what the future holds,” said James, who is also the first African American and the first woman elected as the state’s chief legal officer. “They say, ‘We plan, God laughs.’ Certainly he’s been laughing all along.” Among the uncertainties is the Facebook case, in which Douglas Gansler, a Democrat who served as attorney general of Maryland, said James will have a hard time showing harm to consumers. “There could be a settlement or something like that, but there’s no chance she can win the Facebook lawsuit,” said Gansler, now a partner at Cadwalader, Wickersham & Taft LLP in Washington who de-

years, said Jake Dilemani, who leads political, public and government projects at Mercury Public Affairs. Even if she loses some of the cases, Dilemani said, she’ll be “at the top of the list” of contenders to succeed Cuomo, who is running for election to a fourth term next year. “As long as she continues to take an aggressive stance on issues that matter to New Yorkers and, frankly, to Americans, she’ll be doing a good job, and her work will be viewed positively,” he said. James, who went to the City University of New York’s Lehman College and earned her law degree from Howard University, grew up as one of eight children of working-class parents in Brooklyn. Her decision to run for attorney general, one of the most powerful legal positions in the country, was influenced by a chance encounter at a coffee shop when she was still New York City’s popular public advocate, an elected role with the mayor’s ear. “A young woman who I know from the neighborhood, who happens to be an undocumented immigrant, came up to me with tears in her eyes and asked me for legal assistance because her husband was being deported,” James said. “I gave her some names of people to call and gave her a hug. That’s what did it.” Her sense of right and wrong is rooted in her faith. James frequently refers to God in conversation. When she isn’t working, or worshiping at Emmanuel Baptist Church, she likes to walk around her neighborhood, stately Clinton Hill, and talk to people. She’s never been married and says she’s too busy for the usual hobbies. “I’m married to my work, which is why I’m churning out these lawsuits,” she joked. “If you know of anyone out there. … ”

“BREAKING UP FACEBOOK IS ONE OF THE MANY REMEDIES THAT ARE ON THE TABLE”

High-profile defeat James’ most visible loss so far was a 2018 lawsuit against Exxon Mobil, a case she inherited. In it, New York accused the energy company of violating the state’s powerful securities law, the Martin Act, by misleading the public about its internal efforts to account for the future costs of climate change.

James didn’t have to prove intent, or even that any investors were deceived, yet a state judge dismissed the suit in December 2019, saying her experts were “eviscerated” on cross-examination. Still, those who know James describe her as focused, prepared and unrelenting. Chelsea Clinton, who helps run the Clinton Foundation, said she approached James at an event around 2014, when James was still public advocate, to praise her “incredible choreography” in tackling the many challenges facing the city. A few years later, Clinton supported a bill James had sponsored to ban city employers from asking job candidates about their salary history, a practice that undermines efforts to pay women the same as men for the same work. The bill ultimately became law. What impressed Clinton most was that James insisted the law apply to employers of all sizes, rather than compromise by creating an exception for smaller businesses as some labor laws do, because she knew that many women work for smaller companies. James can “work on multiple fronts but also make sure all of that work is done with great purpose and attention to detail,” Clinton said. And sometimes with a dash of drama, Quinn said. She recalled a moment in 2011 when James, then a City Council member, was grill-

ing an official at a public meeting about the city’s botched response to a snowstorm that had crippled the metropolis. Suddenly she pulled out a set of tire chains, which emergency vehicles had lacked. There was laughter. She was dead serious. She then attended meetings on the storm in each of the city’s five boroughs. “Some people are big thinkers, and some people are good with details, but Tish is both,” Quinn said. She described an episode around 2008 when the city was trying to save money by closing underused day care centers. Quinn said James researched the centers to present Mayor Michael Bloomberg’s office with data—the mayor’s specialty. City Hall was “pushing really hard, and she pushed back just as hard, if not harder,” Quinn said of her successful effort. “She wasn’t just dogged. She wasn’t just unyielding. She had the facts about utilization and the cultural competence and relevance of these centers. That’s something you know not from paper but from knowing your district.” The former mayor owns Bloomberg News parent Bloomberg LP. That James knows her turf well came in handy for Quinn, who as council speaker wanted to immerse herself in the city. James took her to four or five churches in Brooklyn on a Sunday to introduce her around.

“She knew everybody,” Quinn said, “and not just their names. She knew their mothers, their brothers, who wasn’t feeling well, who had just gone to college.”

‘Several pandemics’ All those skills are now being tested as never before. Elaborating on the Facebook case, Cadwalader’s Gansler pointed to what he considers serious flaws. “Not that big tech does everything completely kosher, but Facebook consumers don’t pay anything,” Gansler said. “And that’s before you get to the fact that the Federal Trade Commission approved Facebook buying Instagram” years ago. The states accuse the company of stifling competition by snapping up future competitors to protect an illegal monopoly on social media. “Breaking up Facebook is one of the many remedies that are on the table,” James said. Facebook has called the allegations a “revisionist history” of acquisitions approved long ago, arguing that people and businesses use Facebook because it offers the most value, not because they’re forced to. Looking back, James said she’s glad 2020 is over. It was “a year of several pandemics—Covid, racial reckoning and economic downturn,” she said. “What we need now more than ever is to heal the breach in our nation.” ■

BLOOMBERG

fends companies in legal actions brought against them by states. The law firm isn’t involved in the Facebook action. James is confident she’ll win the case, in which she is leading a bipartisan coalition of almost every U.S. state. “Facebook’s monopoly hurts consumers, it hurts the marketplace, it hurts advertisers, and Facebook users have nowhere else to go,” she said. James has been “a rising star” in the state’s Democratic Party for

JAMES AND President Joe Biden talked in New York City last September.

GETTY IMAGES

JAMES

CROSSHAIRS: Google, New York Sports Clubs and Facebook have been targets of New York’s attorney general. FEBRUARY 15, 2021 | CRAIN’S NEW YORK BUSINESS | 31

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PUBLIC & LEGAL NOTICES Notice of Qualification of PRIVATE EQUITY V GP LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 01/11/21. Office location: NY County. LLC formed in Delaware (DE) on 01/04/21. Princ. office of LLC: 9 W. 57th St., 12th Fl., NY, NY 10019. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c /o Summit Rock Advisors, LP at the princ. office of the LLC. DE addr. of LLC: c/o Corporation Service Co., 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Secy. of State, 401 Federal St. - Ste. 4, Dover, DE 19901. Purpose: Investments. Notice of Qualification of Elite Media, LLC, Fictitious Name: Elite Advertising, LLC. Authority filed with Secy. of State of NY (SSNY) on 07/31/20. Office location: NY County. LLC formed in Delaware (DE) on 05/16/13. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to: 92 Morningside Ave., Unit 1B, NY, NY 10027. Address to be maintained in DE: Worldwide Incorporators Ltd., 3411 Silverside Rd., Ste 104, Tatnall Bldg., Wilmington, DE 19810. Arts of Org. filed with the Secy. of State of the State of DE, Townsend Bldg., 401 Federal St., #4, Dover, DE 19901. Purpose: any lawful activities. Notice of Formation of DLS HR Solutions LLC. Arts of Org filed with secy . of State of NY (SSNY) on 10/6/20. Office location: BX County. SSNY designated as agent upon whom process may be served and shall mail copy of process against LLC to 1740 Mulford Ave, Apt 19H, Bronx, NY 10461. Purpose: any lawful act.

PUBLIC & LEGAL NOTICES NOTICE OF QUALIFICAITON of HVPF MANAGER II, LLC. App. For Auth. filed with Secy of State of NY (SSNY) on 01-06-21. Office location: New York County. LLC formed in Delaware (DE) on 01-15-20. SSNY is designated as agent of the LLC upon whom process against it may be served. SSNY shall mail a copy of any process to: 28 Liberty Street, New York, New York 10005. DE address of LLC: c/o 1209 Orange Street, Wilmington, DE 19801. Articles of Org. filed with DE Secy of State, 401 Federal Street, Ste 3, Dover, DE 19901. Purpose: any lawful activity. FELICE 240, LLC, Arts. of Org. filed with the SSNY on 01/07/2021. Office loc: NY County. SSNY has been designated as agent upon whom process against the LLC may be served. SSNY shall mail process to: SA Hospitality Group LLC, 950 Third Avenue, Ste 500, NY, NY 10022. Purpose: Any Lawful Purpose. Notice of Qualification of CONNECT CCC, LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 01/13/21. Office location: NY Cou nty. LLC formed in Delaware (DE) on 07/29/19. Princ. office of LLC: One Park Ave., Ste. 1412, NY, NY 10016. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c /o Corporation Service Co., 80 State St., Albany, NY 12207-2543. DE addr. of LLC: 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Secy. of State, 401 Federal St., #4, Dover, DE 19901. Purpose: Residential ISP Provider. Notice of formation of Saint Johns Peak Realty LLC. Articles of Org. filed with the Secretary of State of New York (SSNY) on 10/09/2020. Office located in New York County. SSNY has been designated for service of process. SSNY shall mail copy of any process served against the LLC to: 1603 200th St. Bayside, NY 11360. Notice of Formation of Vermland Holdings LLC. Arts. of Org. filed with Secy. of State of NY (SSNY) on 12/22/20. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to: Elias Kefalidis, c/o KLM Equities Inc., 920 Broadway, NY, NY 10010. Purpose: any lawful activities.

Notice of Formation of T Natural Creations LLC Articles of Organization filed on 10/15/2020 with the NYS Secretary of State located in Albany NY SSNY is designated as agent of LLC whom process against may be served SSNY Shall mail process to: 1829 Lexington Avenue NY NY 10029 any lawful act Notice of Qualification of TENARON CAPITAL MACRO PARTNERS GP LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 01/05/21. Office location: NY County. LLC formed in Delaware (DE) on 09/ 21/20. Princ. office of LLC: 90 Park Ave., 25th Fl., NY, NY 10016. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c /o Corporation Service Co. (CSC), 80 State St., Albany, NY 12207-2543. DE addr. of LLC: c/o CSC, 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Secy. of State, John G. Townsend Bldg., 401 Federal St., Ste. 4, Dover, DE 19901. Purpose: Any lawful activity. Notice of Formation of WOOVANI LLC. Arts. of Org. filed with Secy. of State of NY (SSNY) on 12/18/20. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to: the Company, c/o 141 East 72nd St., 4th Fl., NY, NY 10021. Purpose: any lawful activities. Notice of Qualification of STORY VENTURES MANAGEMENT, LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 01/19/21. Office location: NY County. LLC formed in Delaware (DE) on 10/24/18. Princ. office of LLC: 50 W. 17th St., 2nd Fl., NY, NY 10011. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC at the princ. office of the LLC. DE addr. of LLC: Corporation Service Co., 251 Little Falls Dr., Wilmington, DE 19808-1674. Cert. of Form. filed with DE Secy. of State, Div. of Corps., 401 Federal St., Ste. 4, Dover, DE 19901. Purpose: Any lawful activity. RS8M LLC. Articles of Org. filed with Secy. of State of NY (SSNY) on 12/ 24/20. Off. loc.: New York Co. SSNY des. as agent of LLC upon whom process may be served. SSNY shall mail process to the LLC, One Manhattan Square, 252 South St, Unit 8M, New York, NY 10002. Purpose: General.

Notice of Qualification of TITAN GLOBAL TECHNOLOGIES LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 01/04/21. Office location: NY County. LLC formed in Delaware (DE) on 12/28/20. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC, 110 Greene St., NY, NY 10012. DE addr. of LLC: c/o Corporation Service Co., 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with DE Secy. of State, John G. Townsend Bldg., 401 Federal St., Ste. #4, Dover, DE 19901. Purpose: Any lawful activity.

Notice of Qualification of ACELLA PHARMACEUTICALS, LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 12/11/20. Office location: NY County. LLC formed in Delaware (DE) on 11/06/07. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c/o Corporation Service Co. (CSC), 80 State St., Albany, NY 12207-2543. DE addr. of LLC: CSC, 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Secy. of State, 401 Federal St., #4, Dover, DE 19901. Purpose: Any lawful activity.

Notice of Qualification of REVANTAGE RISK SERVICES, LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 11/25/20. Office location: NY County. LLC formed in Delaware (DE) on 08/14/20. Princ. office of LLC: 233 S. Wacker Dr., Ste. 4700, Chicago, IL 60606. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c/o Corporation Service Co. (CSC), 80 State St., Albany, NY 12207-2543. DE addr. of LLC: c/o CSC, 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Secy. of State, Div. of Corps., John G. Townsend Bldg., 401 Federal St., Ste. 4, Dover, DE 19901. Purpose: Any lawful activity.

Glen Falls DB LLC. Arts. of Org. filed with the SSNY on 11/16/20. Office: New York County. SSNY designated as agent of the LLC upon whom process against it may be served. SSNY shall mail copy of process to the LLC, c/o Duvernay + Brooks, 2095 Broadway, Ste 404, New York, NY 10023. Purpose: Any lawful purpose.

Notice of Formation of Bluebird Capital LLC, Articles of Organization filed with Secy. of State of NY (SSYNY) on 3/19/19. Office location: NY County. SSNY designated as agent upon whom process may be served and shall mail copy of process against LLC to 1562 First Ave, #205-2089 NY, NY 10028. /A: US Corp Agents, INC 7014 13th Ave, #202, BK, NY 11228. Purpose: any lawful act.

HOCNYCO LLC has filed Articles of Organization filed with Secretary of State of New York (SSNY) on 1/18/2019. Office location: New York. SSNY is designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to: 355 South End Ave, #3B, New York NY, 10280. Purpose: any lawful act or activity.

Notice of Qualification of PEG COINVESTMENT FUND L.P. Appl. for Auth. filed with Secy. of State of NY (SSNY) on 01/11/21. Office location: NY County. LP formed in Delaware (DE) on 10/29/20. Duration of LP is Perpetual. SSNY designated as agent of LP upon whom process against it may be served. SSNY shall mail process to Corporation Service Co. (CSC), 80 State St., Albany, NY 12207. Name and addr. of each general partner are available from SSNY. DE addr. of LP: CSC, 251 Little Falls Dr., Wilmington, DE 19808. Cert. of LP filed with DE Secy. of State, Div. of Corps., Townsend Bldg., 401 Federal St., Dover, DE 19901. Purpose: Any lawful activity. Notice of formation of SEAPORT SNAK NYC, LLC. Arts of Org filed with Secy of State of NY (SSNY) on 1/8/21. Office location: NY County. SSNY designated as agent upon whom process may be served and shall mail copy of process against LLC to: 130 Barrow St., #511, NY, NY 10014 . Purpose: any lawful act.

Notice of Formation of COMMUNITYPOLICE RELATIONS FOUNDATION OF NEW YORK, LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 0 1/13/21. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c /o Corporation Service Co., 80 State St., Albany, NY 12207-2543. Purpose: Charitable entity.

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NOTICE OF QUALIFICATION of HVPG JACKSON TERRACE MANAGER, LLC. App. for Auth. filed with Secy of State of NY (SSNY) on 12/22/20. Office location: New York County. LLC formed in Delaware (DE) on 10/5/20. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to: c/o 28 Liberty Street, New York, NY 10005. DE address of LLC: c/o 1209 Orange Street, Wilmington, DE 19801. Arts. of Org. filed with DE Secy of State, Townsend Bldg, Dover, DE 19901. Purpose: any lawful activity.

Notice of Formation of The Law Office of Samer Yahyawi, PLLC. Arts. of Org. filed with Secy. of State of NY (SSNY) on 01/13/21. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to: 888 Main St., Ste. 123, NY, NY 10044. Purpose: to practice the profession of Law.

NOTICE OF FORMATION OF MID-TOWN EAST DISTRIBUTING LLC. Articles of Organization filed with Secretary of State of NY (SSNY) on 01/19/2021. Office location: New York County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail a copy of process to: The LLC, 216 East 45th St. Suite 1302, New York, NY 10017. Purpose: any lawful activity.

Notice of Formation of 120 E. 70TH STREET LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 12/16/20. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c/o David A. Stein, Esq., Withers Bergman LLP, 430 Park Ave., 10th Fl., NY, NY 10022. Purpose: Any lawful activity. ATOM CARES LLC, Arts. of Org. filed with the SSNY on 01/13/2021. Office loc: NY County. SSNY has been designated as agent upon whom process against the LLC may be served. SSNY shall mail process to: The LLC, 303 Fifth Avenue, Ste 1205, NY, NY 10016. Reg Agent: Ganga Mukkavilli, 303 Fifth Avenue, Ste 1205, NY, NY 10016. Purpose: Any Lawful Purpose.

Notice of Qualification of Fintech Meetup, LLC. Authority filed with Secy. of State of NY (SSNY) on 01/15/21. Office location: NY County. LLC formed in Delaware (DE) on 01/11/21. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to: 605 3rd Ave., 26th Fl., NY, NY 10158. Address to be maintained in DE: Registered Agent Solutions, Inc., 9 E. Loockerman St., Ste. 311, Dover, DE 19901. Arts of Org. filed with the DE Secy. of State, 401 Federal St., Ste. 4, Dover, DE 19901. Purpose: any lawful activities.

Notice of Formation of MS RESIDENCE LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 12/23/20. Office location: NY County. Princ. office of LLC: Philip J. Michaels, c/o Norton Rose Fulbright US LLP, 1301 Ave. of the Americas, NY, NY 10019. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC at the addr. of its princ. office. Purpose: Any lawful activity.

Notice of Qualification of SJV 1 Sheepshead Bay OpCo LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 12/30/20. Office location: NY County. LLC formed in Delaware (DE) on 11/24/20. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to Corporation Service Co. (CSC), 80 State St., Albany, NY 12207-2543. DE addr. of LLC: CSC, 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Secy. of State, John G. Townsend Bldg., 401 Federal St., Ste. 3, Dover, DE 19901. Purpose: Healthcare.

2496 Amsterdam LLC, Arts of Org. filed SSNY 11/05/20. Office: NY Co. SSNY design agent of LLC upon whom process may be served & mail to c/o Yeshiva University, 500 West 185th St., Belfer Hall Ste. 1001, NY, NY 10033. General Purpose.

Notice of Qualification of PREMIUM BRANDS OPCO LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 12/21/20. Office location: NY County. LLC formed in Ohio (OH) on 1 2/02/20. Princ. office of LLC: 7 Times Sq., NY, NY 10036. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c/o Corporation Service Co., 80 State St., Albany, NY 12207-2543. Cert. of Form. filed with Secy. of State, 180 E. Broad St., 1st Fl., Columbus, OH 43215. Purpose: Any lawful activity.

Notice of Formation of MONIR ARTS LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 01/12/21. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to M. Nader Ahari, 200 Park Ave. South, Ste. 1608, NY, NY 10003. Purpose: Any lawful activity.

Notice of Formation of CLOUD NINE HOLDINGS, LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 01/12/21. Office location: NY County. Princ. office of LLC: 483 Tenth Ave., NY, NY 10018. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC at the addr. of its princ. office. Purpose: Any lawful activity.

NOTICE OF FORMATION of Bardock Sales, LLC. Arts of Org filed with Secy. of State of NY (SSNY) on 9/ 23/20. Office Location: NY County. SSNY designated as agent upon whom process may be served and shall mail copy of process against LLC to 300 E 34th St, 35H, NY, NY 10016. R/A: US Corp Agents, Inc. 7014 13th Ave, #202, BK, NY 11228. Purpose: any lawful act.

Glen Falls DB Developer LLC. Arts. of Org. filed with the SSNY on 11/16/20. Office: New York County. SSNY designated as agent of the LLC upon whom process against it may be served. SSNY shall mail copy of process to the LLC, c/oDuvernay + Brooks, 2095 Broadway, Ste 404, New York, NY 10023. Purpose: Any lawful purpose.

Notice of Qualification of TOWER ENTERPRISES GROUP LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 01/11/21. Office location: NY County. LLC formed in New Jersey (NJ) on 12/30/20. Princ. office of LLC: 256 W. 36th St., 8th Fl., NY, NY 10018. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC, 61 Reservoir Ave., Apt. 2, Jersey City, NJ 07307. Cert. of Form. filed with State Treasurer, 33 W. State St., Fifth Fl., Trenton, NJ 08646. Purpose: Any lawful activity.

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FROM PAGE 1

Last year 248 SPACs raised $83 billion, according to research firm SPACInsider, accounting for 50% of all U.S. initial public offerings. This year they’ve made up 75% of IPOs and are the main reason more companies are going public than at any time since the dot-com bubble of the late 1990s. Sports-gambling site DraftKings went public by merging with a SPAC, as did Utz Snacks. Fallen coworking phenomenon WeWork is looking to go public by teaming up with a SPAC. This frenzy is being fed by a healthy dose of celebrity, with boldfaced names from the worlds of finance, entertainment and politics all launching SPACs. They are drawn by the prospect of making millions of dollars in return for almost no investment. Famous SPAC sponsors include Bill Ackman, Shawn “Jay-Z” Carter, Gary Cohn, former Cosmopolitan editor Joanna Coles, Alex Rodriguez, Paul Ryan, Sam Zell and Leon Black’s Apollo Global Management. Tennis star Serena Williams sits on the board of a SPAC launched by real estate investor Barry Sternlicht, and basketball great Shaquille O’Neal is an adviser at the “Shaq SPAC.” Alex Spiro, a Manhattan securities lawyer who has represented Elon Musk, Mick Jagger and Robert Kraft, said many high-profile clients have been approached about

way to stick it to Wall Street and its clubby IPO market, in which bankers ladle out shares in hot deals to favored clients. “SPAC investors feel like they’re getting in on something they couldn’t get otherwise,” Rodrigues said. Trouble is, SPACs have been terrible investments for most people. A study from Stanford University and New York University of 47 SPACs for 18 months ending June 30, 2020, found that, a year after a merger announcement, investors on average lost more than a third of their money. Meanwhile, SPAC sponsors quintupled theirs. “I can understand why someone would want to sell a SPAC—that’s easy,” said Michael Ohlrogge, an NYU law professor and the study’s co-author. “Why you’d buy one, that’s harder.” Even some Wall Street leaders are getting queasy about the SPAC frenzy. Last month David Solomon, Goldman Sachs’ CEO, said he was concerned about misaligned incentives and described the ecosystem as “not without flaws.” “We generally strive to be number one in the league tables,” Solomon said. “We do not strive to be number one in the SPAC league tables.” Mike Mayo, a banking analyst at Wells Fargo, said that institutions such as Goldman are worried SPACs will produce bad headlines for Wall Street, especially now that the Robinhood crowd has discovered them. “There are bad IPOs and likely to be bad SPACs,” he said. “SPACs create risk for an industry that has tried so hard to repair its reputation.” (For more from Mayo, see Asked & Answered, page 7.) But currently the floodgates remain wide open.

“TWO SEPARATE SETS OF RULES HAVE DEVELOPED IN THE IPO MARKET” creating SPACs. “I’ve invested in Opendoor,” Spiro said, referring to one of six SPACs formed by Chamath Palihapitiya, a billionaire and former Facebook executive who recently hinted that he will run for governor of California. The star power is harnessed in the hope luminaries will use their connections and expertise to transform their SPAC into an actual thriving company. By the way, a SPAC is “de-SPACed” after it completes a merger and becomes a fully realized corporate entity.

Sticking it to Wall Street The march of the SPACs has stirred up investor passions straight out of the dot-com era, when startups with vague plans for making money on the internet launched many an IPO. “The FOMO-YOLO thing is very real,” a SPAC investor said, referring to the “fear of missing out” and “you only live once” acronyms. Singer Cassius Cuvée dropped a song this month called “SPAC Dream.” “You know I gotta give a shoutout to everybody in the SPAC game [who] help me eat good these days,” Cuvée declares. “Right, it’s crazy.” SPACs are a more efficient and less expensive way for private companies to go public than a traditional IPO, aficionados say. Just like chatter about GameStop, news and rumors about SPACs animate Reddit. Some investors see SPACs as a

Blank checks SPACs are sometimes called blank-check companies, underscoring the fact that investors don’t know exactly what they’re paying for because they don’t know which enterprise will be acquired by the shell corporation. This sort of risk has been packaged to investors over time in a variety of wrappers. One example can be seen in Mel Brooks’ classic comedy The Producers, when a little old lady invests in a SPAC ancestor. “I made it just like you told me: to cash,” a little old lady says as she hands a check to impresario Max Bialystock. “That’s a funny name for a play.” Bialystock planned to run off with the cash to Rio de Janeiro, but as it turned out, he produced Springtime for Hitler, the surprise smash of the Broadway season. By the 1980s rackets such as this were known as blind pools and became a popular tool for pennystock promoters. Jordan Belfort, the original “Wolf of Wall Street,” was a fan. “The original idea for SPACs was to distance sponsors from blind pools,” Rodrigues said. “There was more money in it that way.” The godfather of SPACs is an investment banker named David Nussbaum. In 1993 he created a le-

34 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 15, 2021

DRAFTKINGS went public by merging with a SPAC.

gal structure for blind pools with new safeguards, such as putting investor money in a trust and limiting deal quests to two years while granting investors warrants to make the wait easier. Investors who wanted out before a merger could get most of their money back by redeeming shares. The structure was later tweaked to offer full premerger refunds. In 1997 Nussbaum was suspended by regulators for 30 days and fined $50,000 while his Manhattan brokerage firm, GKN Securities, paid more than $2 million in penalties and restitution for charging excessive markups to SPAC investors. Nussbaum, who remains active in the SPAC space, didn’t return requests for comment. By 2007 SPACs represented a quarter of IPOs, and the great and the good starting dabbling in them. Mario Cuomo, Hank Aaron and taxi financier Andrew Murstein joined the board of a SPAC that in 2009 tried to acquire the Chicago Cubs and the Montreal Canadiens. But most reputable companies still preferred to go public via traditional IPOs, which meant hiring brigades of investment bankers and holding “road shows” in which prospective investors sized up management before the transaction climaxed with the CEO ringing the stock exchange bell. SPACs went into hibernation during the Great Recession and remained a sideshow until 2019, when billionaire Richard Branson merged commercial spaceflight startup Virgin Galactic with a SPAC backed by Palihapitiya, the Facebook alum. “That deal put SPACs on the map,” said Kristi Marvin, a former SPAC banker who runs SPACInsider. “Chamath was on CNBC, and it gave visibility and a stamp of credibility to people who didn’t know what a SPAC was.” Newfound respectability was met with a huge supply of private companies that had put off going public, thanks to the Jumpstart Our Business Startups Act of 2012. That law boosted the maximum number of shareholders a private company could have to 2,000 from 500. The change helps explain why Uber, Airbnb and other unicorns waited so long to go public.

BLOOMBERG

SPAC

It dawned on venture capital and investing heavily in the vehicles. private-equity investors ready to “There are things about SPACs cash out that SPACs were a helpful that worry me,” he said, “starting vehicle for selling their holdings to with the fact sponsors get a 20% fee the public. A crucial legal loophole whether or not they make a good greased the skids: Securities rules deal.” don’t permit fledgling companies Ohlrogge’s research shows the to make specific projections in IPO hefty fee is SPACs’ original sin. documents; they can report only That’s because when a SPAC historic financial data and hope in- forms, the founder—called the vestors agree the growth rate is sus- sponsor—gets a 20% stake in the tainable. That restriction, however, shell company, usually at a cost of doesn’t apply to private companies less than a penny per share. Other going public by merging with a investors buying into the SPAC typiSPAC. cally pay $10 a share. After account“It means two separate sets of ing for the sponsor’s slice, investrules have developed in the IPO ment-banking fees and other costs, market, and that was not the inten- shareholders hold a vehicle with tion of regulators or Congress,” Ohl- just $6.67 a share worth of cash, rogge said. “The government needs Ohlrogge found. to act.” That dilution would be easier to To understand the SPAC craze, swallow if the SPAC sponsor ends look no further than the rosy fore- up making a great deal for sharecasts used to sell the deals to inves- holders. Yet SPACs can be unattors. tractive to a worthy merger partner Consider the example of Latch, a because so many shares have been Manhattan developer of phone-ac- handed to the sponsor, which can tivated locks, which lower the target’s owneragreed last month to ship stake in the merge with a SPAC sponpost-merger company. sored by real estate develOpaque? That just may oper Tishman Speyer. be the point. Latch forecast net reve“If this was all clear to nue to grow from last investors, the game year’s $18 million to $877 couldn’t go on so long,” NUMBER OF million by 2025, accordOhlrogge said. SPACs that went ing to a filing. That proOne of the winners in public in 2020, jected 91% compounded these deals is hedge making up 50% annual growth rate funds, which get in at the of all IPOs in the dwarfs the 40% rate proinitial offering price and U.S. duced by Google at the regularly redeem their same stage and the 59% shares before a merger to from Facebook. Tishman collect the $10 a share in valued Latch’s equity at cash. The transaction deAMOUNT OF nearly $1.6 billion—$1.1 livers a no-risk return of money raised by billion more than its venabout 12%, thanks to SPACs in the IPO ture capital investors. warrants sweetening the market last year “Does that valuation results. True believers make sense?” a CNBC rewho hold their shares afporter asked. ter the merger because “They’re a great company, and they buy the hype and wild growth our customers want it,” Tishman projections are the ones taking the CEO Rob Speyer answered, “and risks. that’s the bottom line.” The average SPAC stock sank by Days later the SPAC’s value had 36% a year after the merger, Ohlrogsoared by 70%. ge found. Yet SPAC sponsors pocket an average return of 400%. Even if Original sin they make a crummy deal, all the Clients ask about SPACs all the essentially free shares and warrants time at Round Table Wealth Man- make it a no-lose proposition. “This is the opposite of a fast, effiagement in Westfield, N.J., where chief investment officer Robert Da- cient process for taking companies vis gently dissuades the individuals public,” Ohlrogge said. “It’s a giveand families the firm advises from away.” ■

SPAC STATS

248

$83B

GOTHAM GIGS

BUCK ENNIS

QUINTERO said his firm helps immigrants build credit.

PAUL QUINTERO TITLE CEO of Ascendus BIRTHPLACE Brooklyn. He’s the son of Ecuadorian immigrants. RESIDES Eastchester in Westchester County EDUCATION Bachelor’s in accounting and business administration, University of Washington; MBA, Columbia Business School RÉSUMÉ Quintero has worked as a CPA with Deloitte. He’s also been an investment banker at JPMorgan Chase, Citibank and Barclays. FAMILY MAN He has been married for 21 years. His wife is a pediatrician, and they have two daughters, ages 12 and 14, and one son, 11. WHAT DRIVES HIM Quintero says he is fueled by a desire to constantly better himself. BEST ADVICE HE’S EVER GOTTEN “You don’t get what you deserve; you get what you negotiate.”

Giving small loans for big dreams The CEO of a lending firm helps businesses not on larger banks’ radar BY BRIAN PASCUS

aul Quintero is big on beginnings. He remembers the first loan his company made in 1991: $500 to a mother who’d lost her job at a factory in Brooklyn and wanted to start a Mexican food cart for her former co-workers. One cart became two, and two carts became a restaurant: Antojitos Mexicanos. When Quintero tracked down the owner in 2011, he learned she’d sold her restaurant, moved to Texas to start another business and put her kids through college. “What we do is realize big dreams through small loans,” Quintero said. As CEO of Ascendus—a nonprofit community development financial institution formerly known as Accion East—Quintero provides capital and advice to businesses too small to meet banks’ traditional requirements for financing. Located in the Financial District

on the same street as the Federal Reserve, Ascendus gets its capital from the reserves of larger banks, which work with CDFIs to get Community Reinvestment Act credit for investing in smaller, lower-income neighborhoods. It’s a mutually beneficial arrangement: Ascendus is much more likely than Bank of America, for instance, to have a personal relationship with a single mother running a hair salon who’s looking to expand her business for a few thousand dollars. “We build deposits,” Quintero said. “Many of these business owners have no credit. If you’re not born in the U.S., then you don’t exist. A lot of time you may have a good business, but you have no credit.” Headquartered in Manhattan, Ascendus also has teams in Miami, Orlando and Boston. In New York, Quintero’s office lends across all boroughs but mainly focuses on the low- to moderate-income areas of the South

Bronx, Upper Manhattan, Harlem and Washington Heights. Ascendus’ clients are mainly in the service sector—restaurants, barbers and shoe-shine stations— but they also include landscapers, home-based child care companies and cleaning businesses. With just over 2,100 clients in its active portfolio, Ascendus has total assets of $34 million. It manages roughly $22 million in debt, with $28 million in loans outstanding. Before the pandemic, its average loan size in New York was $12,000. His team of 45 also connects small-business owners to resources that can provide tax preparation, accounting, legal and other services. “You have to have people who care about new beginnings,” Quintero said of his employees. “Our work literally changes lives. I never get tired of hearing how a loan at a certain time made the difference between shutting down and moving forward.” ■

“I NEVER GET TIRED OF HEARING HOW A LOAN MADE THE DIFFERENCE BETWEEN SHUTTING DOWN AND MOVING FORWARD”

FEBRUARY 15, 2021 | CRAIN’S NEW YORK BUSINESS | 35

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