Crain's New York Business

ASKED & ANSWERED Making restaurant jobs more enticing PAGE 11

SOLITARY PURSUIT The only occupant of this hotel keeps it shipshape PAGE 3

CRAINSNEWYORK.COM

|

MAY 17, 2021

SMALL BUSINESS

New CDC mask advisory raises questions for firms

Restaurants and venues look to the governor and mayor for guidance

BY CARA EISENPRESS

C FINANCE

REVENGE OF THE RETIREES Retired workers at Verizon and other companies are challenging executive pay, management performance and pension decisions

THE LIST New York’s Largest Publicly Held Companies PAGES 13-18

BY AARON ELSTEIN

BUCK ENNIS

O

n Feb. 27, 1975, a short circuit ignited the plastic-coated cables at a New York Telephone switching center in the East Village, sparking a towering inferno over Second Avenue.

After firefighters spent 28 hours putting out the blaze, telephone worker Tommy Steed was summoned from the Bronx to restore phone service to 170,000 New Yorkers. He was part

TOMMY STEED is among an activist group of Verizon retirees.

See REVENGE on page 12

NEWSPAPER

VOL. 37, NO. 19

P001_CN_20210517.indd 1

© 2021 CRAIN COMMUNICATIONS INC.

ity businesses could soon rip up their “no mask, no service” signs if New York’s government decides to follow new federal recommendations.

The U.S. Centers for Disease Control and Prevention said last week that vaccinated Americans could resume all regular activities and in most instances no longer need to wear a mask or stay distanced from others indoors. Twenty-five states already have no mask mandate, and eight more said they would adjust their rules after the announcement.

As of last Friday afternoon, New York had not followed suit yet, leaving the city’s businesses to plan on their own.

“We have received the newly revised guidance from the CDC regarding mask wearing and social distancing for those with vaccinations and are reviewing them in consultation with Dr. [Howard] Zucker and our partners and health experts in surrounding states,” Gov. Andrew Cuomo said last Thursday.

“We are reviewing the guidance,” Mayor Bill de Blasio said, “because masks will still be important for schools, public transportation, health care and congregate settings, and more.”

Last week there were an average of 58 people hospitalized each day, with 22 daily deaths attributed to Covid-19 in New York City, down See GUIDELINES on page 22

GOTHAM GIG

WHO OWNS THE BLOCK

ARCHITECT LOOKS TO MAKE HER FIELD MORE FEMALE-FRIENDLY

A neighborhood grows in Greenwood

PAGE 23

PAGE 4

5/14/21 6:41 PM

POLITICS

Crime, real estate development take center stage at Crain’s mayoral debate of top Democrats

BY BRIAN PASCUS

F

our leading Democratic candidates for mayor came out swinging against the rise in violent crime in New York, with businessman Ray McGuire going so far as to call for a revision in the bail-reform law passed in Albany before the pandemic.

“Today you can be arrested in New York City with an illegal gun at breakfast and be out of the courtroom and home by dinner,” McGuire said. “All of the police officers in the city can’t solve that problem.

Changes need to be made by the courts, district attorney and the state Legislature.”

The calls for an immediate improvement in public safety came during a Crain’s mayoral debate last Tuesday, the first of three planned for this election season.

McGuire said that if he is elected mayor, he will push for a policy that would jail people with prior convic-

ADAMS jail with no exceptions,” he said. “I want the police to protect me and not profile me.”

Better police training Other top candidates Kathryn Garcia, who recently was endorsed

by The New York Times, and Eric Adams, a front-runner in the race who garnered the New York Post’s endorsement, gave their own arguments on how to reduce crime in central business districts.

Adams, the Brooklyn borough president, said he would reinstitute the NYPD’s plainclothes anticrime units, which were disbanded in the summer by Mayor Bill de Blasio and Police Commissioner Dermot Shea following widespread protests on the heels of George Floyd’s killing in Minneap-

“LEADERSHIP IS YOU GO OUT AND TALK TO THOSE PEOPLE WHOSE LIVES ARE IMPACTED” tions for having an illegal firearm.

“If you are arrested with a loaded gun and you are out on your own recognizance and have a felony charge, then you should be held in

DONOVAN

GARCIA

olis. Some city commentators have blamed the “defund the police” movement for the spike in crime.

“I would institute a plainclothes unit [to] focus on real tactics to deal with the proliferation of guns and gang violence,” Adams said. “You can do this without having the illegal stop-and-frisk. You have to better train officers, make sure they are using their cameras and make sure they have proper supervision.”

Garcia, a former sanitation commissioner, listed police reforms such as raising the recruitment age and instituting de-escalation training as solutions to make the streets safer for citizens and police officers.

“We need them to be over age 25 and have training in de-escalation as a priority so police are guardians rather than warriors against the community,” she said, adding that the mindset around policing needs to be changed so it is seen by offi-

ment of the Barclays Center in Brooklyn in the early 2000s gives him the gravitas to ensure future developments reach the finish line.

“The only way we will build a political coalition for growth is to make sure it’s equitable,” he said. Other candidates blamed de Blasio and Gov. Andrew Cuomo for bungling the two projects.

“What Amazon HQ2 reflected is the lack of leadership,” McGuire said. “Leadership is you go out and MCGUIRE talk to those people whose lives are cers “as a service.” impacted. I would’ve gone into the communities and said there would Community development be a new school and jobs and job Another important topic dis- training and there would be infracussed during the Crain’s debate structure that benefits you and your was real estate development, specif- communities.”

When asked if New York is beically the failure to bring Amazon’s coming an antidesecond headquarters to velopment city, AdLong Island City and to WATCH CRAIN’S NEW ams shook his head rezone and build out InYORK’S DEMOCRATIC and said the intent dustry City in Brooklyn.

MAYORAL DEBATE AT: to build is still here.

“I would’ve successcrainsnewyork.com/ Builders need to refully negotiated to bring demdebate alize, however, that tens of thousands of jobs there are other here by engaging directly with the community to build a coa- neighborhoods to develop outside lition of equitable growth,” Shaun of those in or near Manhattan, he said.

Donovan said.

“We need to tell those that have a Donovan, a former U.S. housing secretary, argued that he would’ve desire to build in this city that we built job-training programs to ben- want you to expand your footprint efit those in the Queens community in those areas that have historically where Amazon intended to place been denied,” he said. “Manhattan roots. He said his work as housing is not the only area to be develcommissioner during the develop- oped.” ■

WEBCAST CALLOUT

MAYORAL REPUBLICAN DEBATE

Mateo and Sliwa to face off at Crain’s GOP debate

BY BRIAN PASCUS

A

s next month’s Republican mayoral primary nears, a renewed focus on crime appears tailor-made for the two candidates, who’ve made public safety the pillar of their platforms.

“It’s superseding the pandemic in the minds of the voters because the crime is breaking out everywhere,” said Curtis Sliwa, the 67-year-old founder of the Guardian Angels, a volunteer organization that has patrolled the city’s streets for decades. “You can’t be all aligned with this ‘defund the police’ movement, because it’s had a crippling effect on the city.”

His opponent in the primary, 64-year-old entrepreneur Fernando Mateo, echoes Sliwa’s call to restore the Police Department’s budget in order to protect citizens in the five boroughs.

“I’d totally re-fund and add to our budget and make sure it’s spent

properly,” said Mateo, who in 1993 proposed the idea to provide a $100 toy-store gift certificate to anyone who turned in a gun to the police in Washington Heights—no questions asked. “I would make sure we have police presence on every train platform throughout the five boroughs, seven days a week, 24/7.”

The Crain’s debate on June 1 between Sliwa and Mateo will feature questions on public safety, small-business regulation, property-tax reform and the candidates’ opinions of visions presented by Democrats running for mayor.

Battle of egos Some fireworks can be expected from the pair of outspoken candidates, who are campaigning as political outsiders.

“I don’t need this to make a living,” Mateo said. “I’m doing this for love of my city and the love of the city that made me who I am.”

Mateo’s bombastic quality is matched by Sliwa’s confidence.

“One thing I’ve brought to the campaign is street cred,” said Sliwa, who used to host an afternoon radio show. “I’m in neighborhoods where the only Republicans they’ve seen or experienced is Abraham Lincoln on a $5 bill.”

Sliwa is focused on restoring the NYPD budget, which was cut by the city. Sliwa wants to add 3,000 police offers to the force. He is campaigning as a pro-police advocate who has a personal understanding of public safety from his years as a Guardian Angel.

Besides public safety, each candidate is focused on augmenting the recovery of small businesses.

Mateo has owned a Lower East Side carpet shop, a contracting company and a restaurant. He has advocated for cabdrivers and bodega owners. He calls the Bronx home, and he characterizes himself as “an urban Republican.”

“I know how to create jobs and incentivize small businesses. I know how to bring them back, and

21

MATEO

SLIWA

I know how to create more,” he said.

Mateo wants to offer tax incentives to struggling mom-and-pop shops. He would give small businesses a $3 billion payroll-tax cut that would rival what New York had offered Amazon for its HQ2 development.

“Whatever program was in place for Amazon, I would put in place for small businesses,” he said.

Sliwa has said that he wants to cut regulations for small businesses so that bureaucratic entanglements for permits, licenses and inspections are limited.

“Get these people up and running, make microloans available to them and provide mentors to them,” he said. ■ DATE: June 1, TIME: 4-5 PM, REGISTER AT Crainsnewyork.com/ June Debate

MAY 20 Crain’s Powerful Women Summit will bring together the leading women in New York City’s public and private sectors to discuss the unique challenges and opportunities facing women today.

This event has something to offer seasoned professionals and rising stars alike. Attendees will leave with valuable insights they can apply to their careers, from addressing workplace burnout to finding their voice.

VIRTUAL EVENT Time: 3 to 5 p.m.

CrainsNewYork.com/MayPWS

Vol. 37, No. 19, May 17, 2021—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for no issue on 1/4/21 and 12/27/21, and combined issues on 6/28/21, 7/12/21, 7/26/21, and 8/9/21 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 | MAY 17, 2021

P002_CN_20210517.indd 2

5/14/21 5:56 PM

HOTELS

BUCK ENNIS

MALLIA tests a showerhead as part of his duties at the Chatwal Hotel.

THE HOTEL SITTER

Robert Mallia moved into the Chatwal Hotel 14 months ago as its only occupant.

His days include mundane tasks such as flushing toilets and running showers

BY NATALIE SACHMECHI

I

t may not be a glitzy suite at the five-star Chatwal Hotel, but Robert Mallia has called Room 307 home for the past 14 months.

An architectural director for Chatwal’s owner, the Dream Hotel Group, he traded in his Long Island City apartment for the hotel digs when the company needed someone to babysit the Midtown property after it closed for the pandemic.

What was supposed to be a two-week stint turned into more than a year of living at the hotel alone. No guests, no maids, no chef—just Mallia and a rotation of security guards keeping watch over the 76-room inn.

“When weeks became months, I got used to my room,” he said, “like in Shawshank Redemption. I’m content in my cell now.”

All of the hotel’s 59-member staff is now gone, so he eats mostly takeout and cleans his own room.

“It’s nothing too glamorous, I’m afraid,” he said.

He wakes up at 5:30 every morning and does mundane

“WEAR AND TEAR ACTUALLY KEEPS THE BUILDING MAINTAINED BETTER THAN ABANDONING IT” tasks such as sorting through the mail and strolling around the property, checking for leaks, while the security guards make sure there have been no break-ins or squatters.

Mallia’s least glamorous chore, however, happens once a

week and takes about an hour and a half. Beginning on the top floor and working his way down, he goes into each room and flushes the toilet. Twice a month he turns on all the showers and sink faucets and lets them run for about 10 minutes.

“Wear and tear actually keeps the building maintained better than abandoning it,” he said.

A few times a week, he has company. The building’s chief engineer stops by to make sure the hotel is complying with building and fire codes and that the sprinklers and elevators are in working order. People also come once a month to clean the lobby, but everything else is exactly as it was when the hotel shut down in March of last year.

“Everything is stuck in a time capsule,” Mallia said.

The linens on the beds have not been touched, the terrace See HOTEL on page 22 MAY 17, 2021 | CRAIN’S NEW YORK BUSINESS | 3

P003_CN_20210517.indd 3

5/14/21 4:58 PM

WHO OWNS THE BLOCK

233 18TH ST., GREENWOOD HEIGHTS

A NEIGHBORHOOD GROWS IN GREENWOOD A Brooklyn street’s growth lends clues to a post-Covid world

BY C. J. HUGHES

A

620 FIFTH AVE.

236 17TH ST.

This vinyl-sided, 3-story building has two Covid survivors in its retail berths: Adam’s Wines and Liquors and Yardsale, a coffee shop–antiques store combination where one can buy old mugs and plates. Upstairs in the 1919 building are four apartments, one of which—a renovated one-bedroom—leased in January for $1,995 per month, according to StreetEasy, though it initially went on the market in the summer for $2,250. The building, which was assessed by the city at $686,000, is owned by the Mankins.

This 7-story, 17-unit condominium, Aaron Park Slope, opened in 2018 and sold its final apartment, a one-bedroom last listed at $715,000, a year later. Its development team included principals from nearby 233 Eighteenth; that team bought the site, a former parking lot, from the Mankin family for nearly $4.3 million in 2013.

Owners of several buildings in the area, the Mankins are perhaps best known for Aaron’s Fine Ladies Apparel, their four-decades-old shop, which shuttered in 2007. Its moniker lives on at this building across the street. “I am very much for sentiment, because I am connected here,” said Nick Malafis, a developer of the Aaron and a local resident who is bullish on Greenwood Heights. Two of his other developments are rental buildings at 433 Third Ave. and 683 Fourth Ave.

624 FIFTH AVE.

623 FIFTH AVE.

Typical of Greenwood Heights’ stock is this 4-story, red-brick apartment building, which has four units upstairs and the sidewalk-level Subs ’n’ Stuff deli, whose location is in South Slope, according to its sign. In May a two-bedroom with exposed brick walls rented for $2,350 per month, according to StreetyEasy, though the landlord covered heat, gas and the broker’s commission, according to its ad. As with many buildings in New York, No. 624’s value dipped recently. Its tentative 2022 worth is about $1.1 million, according to tax records, down from its current figure of roughly $1.2 million. In 2019, a recent peak, it was worth almost $1.3 million, records show.

This single-story, nearly-windowless hulk once housed Aaron’s Fine Ladies Apparel, a popular clothing destination that closed more than a decade ago, leaving the building empty for years.

A few years later its owners, the Mankins, listed the 41-year-old, 3,500-square-foot, cinderblock building for about $15 million. But it never traded, and in recent years the edifice was leased out as a sales office for Arbor Eighteen, a 73unit luxury condominium a block away at 185 18th St. Arbor, co-developed by CGI Strategies and Adam America Real Estate, has struggled a bit since coming to market in January 2019; only 60% of its units have sold and closed in more than two years, according to public records. Studios started at $565,000, though prices have been lowered a few times.

646 FIFTH AVE. This 3-story, nearly-block-long building houses a Hellenic Classical Charter School, which has taught kindergarten through eighth grade, including the Greek language, since 2005. A sister school on Staten Island opened in 2018. In February both schools scored a $44 million bond offered through the city’s economic development arm to fund new heating and cooling systems in the Greenwood location and a new classroom building on Staten Island. The school, which replaced a parochial school, is leased from the next-door Kimisis Theotokou Greek Orthodox Church, which opened on Fifth Avenue in 1933. Two major church expansions followed, in 1958 and 1967.

627 FIFTH AVE. The wave of redevelopment that has washed over Brooklyn nearly wiped away Freddy’s Bar. Formerly based on Dean Street, its 3-story, brick, tenement-style building was bulldozed by developer Greenland Forest City to make way for 38 Sixth Ave., a 23-story, 300-unit rental building offering below-market-rate apartments for families making about $100,000 to $200,000 per year.

Early this month 11 units were available there; the least expensive was a studio for $2,121 per month, though with a promotion of three free months of rent, that price was effectively $1,591 per month for the first year. In 2011 Freddy’s, meanwhile, put out a new welcome mat here. As with many bars and restaurants, it has battled existential forces in recent months.

233 18TH ST. This 20-unit condominium, which is expected to open in the summer, is from Eagle Development, whose avian name pays tribute to Eagle Provisions, a vanished Polish grocery store that promised “epicurean delights from around the world.” In 2015 the Zawisny family, who owned the multifloor store, sold the corner site for $7.5 million. The condominium, which promises a $27.2 million sellout, according to its offering plan, is selling its one- to three-bedroom units for $1,200 per square foot. Eagle borrowed about $10.8 million for the project, which the pandemic delayed by a year, said Nick Malafis, an Eagle principal. With 10 units in contract as of this month, Malafis said, the firm is “pleasantly surprised by the market’s response.”

BUCK ENNIS, GOOGLE MAPS

Brooklyn block that can seem like a poster child for change also might offer clues about a post-Covid recovery.

For years Fifth Avenue at 17th Street was part of South Park Slope, a middle-class enclave by Green-Wood Cemetery edged with factories and lined with low-slung row houses.

But a few decades ago, the real estate industry began promoting the area as a place in its own right, Greenwood Heights, and with the rebranding came flux. The shuttering of Aaron’s Fine Ladies Apparel, a women’s clothing store, paved the way for a sales office for Arbor Eighteen, a luxury condominium. Also arriving, for different reasons, was Freddy’s, a bar in need of a new storefront after its last one, in Prospect Heights, was demolished for the massive Pacific Park Brooklyn mixed-use development.

The latest sign of transition is 233 Eighteenth, a 6-story, 20-unit condominium that offers quartz counters and a landscaped roof deck on the site of Eagle Provisions, a longtime Polish market.

Although up-and-coming areas such as Greenwood Heights typically get battered by downturns—why buy in an emerging area if you can now afford a fancier one?—there are signs the location might be bucking the trend.

Indeed, since sales at No. 233 began in March, its apartments have sold briskly, with about half the units now in contract, said Nick Malafis, a principal at its sponsor, Eagle Development.

Although Eagle is offering deal-sweeteners such as free storage and reduced parking fees for some, Malafis said he believes Greenwood Heights is more durable than the typical morphing neighborhood.

“It kind of confirms what we thought all along: that this area presents a good value,” said Malafis, who was married and attended school at a church that faces his midrise.

No. 233’s apparent success can seem to mirror that of Brooklyn, whose real estate market has posted several strong quarters amid the Covid-19 pandemic. In the most recent one, this past winter, 2,822 Brooklyn homes were sold—a 14year high, according to Douglas Elliman. The average sale price, $1.1 million, set a record.

The recovery hasn’t always been even, however. Many high-priced apartments continue to struggle, said Hal Lehrman, owner of Brooklyn Properties. Lehrman has been marketing a three-bedroom, duplex, prewar condo around the corner, at 259 21st St., since September. First listed at $2.12 million, it’s now a little less than $2 million but still has no takers.

Nearby Park Slope, a more established neighborhood, “has probably gained to some degree at the expense of Greenwood,” Lehrman said. “But I don’t think it’s a long-term or serious thing.” ■

4 | CRAIN’S NEW YORK BUSINESS | MAY 17, 2021

P004_CN_20210517.indd 4

5/14/21 5:25 PM

TECHNOLOGY

City’s top employers are hunting for workers with these two tech skills

BY RYAN DEFFENBAUGH

N

ew York employers expect to boost their hiring for technology jobs this year, with workers who have expertise in cybersecurity and artificial intelligence in especially strong demand.

Employers expect that jobs requiring those skill sets will be the hardest to fill, according to a survey of 300 C-suite executives based in New York City. The survey was released last Tuesday by Tech:NYC and Accenture. At least half of respondents—spanning several industries—plan to increase hiring by up to 20% compared to last year.

The most in-demand positions for those employers are in cybersecurity and AI. More than 70% of respondents said they are seeking to fill cybersecurity positions. Almost 65% said they plan to fill AI jobs.

The skills answer two major needs for companies: to develop more efficient virtual systems and to keep those systems secure from hacks and other threats.

“Everybody is ramping up their

often gobble up workers skilled in cybersecurity. Nel said Ocrolus pitches prospective employees on the chance to join a more nimble operation with access to data to create new products.

“We have more than enough production of talent,” Nel said. “The issue is more, can you compete with everyone else to get that talent?”

The competition is a good thing for job seekers. New York tech

workers skilled in machine learning—a type of AI—earned $160,000 on average last year, a $15,000 bump from 2019, according to data from Hired and Vettery, affiliated job-listing sites. Cybersecurityrelated jobs paid $149,000 on average in New York last year, up from $136,000 a year earlier.

The survey found skills in cloud computing, blockchain engineering and quantum computing also

were in strong demand.

Big Apple optimism Despite the competition, about 80% of New York employers said they expect to find the talent they need in New York, rather than hiring from elsewhere, according to the Tech:NYC and Accenture report.

“For skills like AI and cybersecurity, these companies by and large are confident they can accomplish

their hiring here,” said Julie Samuels, executive director of Tech:NYC. “That really shows a sense of optimism about the New York market.”

Samuels added that the report shows that the next mayor and the City Council must focus on technical skills to prepare New Yorkers for the jobs of the future. That would include boosting early computer science education as well as collegiate programs. ■

218

WEST 40TH

“COMPANIES BY AND LARGE ARE CONFIDENT THEY CAN ACCOMPLISH THEIR HIRING HERE” cybersecurity requirements, even more so than a year ago, and the same in AI,” said Lynn McMahon, Accenture’s managing director for the New York metropolitan region.

“These are areas that demand is outstripping supply.”

About a quarter of companies expect to have difficulties finding candidates for cybersecurity jobs, and 28% predict AI candidates will be difficult to find, according to the survey.

“I can certainly vouch for that,” said Pieter Nel, chief technology officer at Ocrolus, a fintech startup in the Financial District.

Ocrolus uses AI software to rapidly process and analyze documents.

The seven-year-old company, which was not a participant in the survey, doubled its team of engineers during the past year to 80 employees, Nel says, with a special focus on machine learning and security skills.

Those skills are highly specialized, often requiring advanced degrees, and competition among employers is fierce. JPMorgan Chase, the city’s second-largest employer, is looking for hundreds of AI professionals and has built relationships with Carnegie Mellon University and other schools to recruit candidates, The Wall Street Journal recently reported.

For Ocrolus, there is big-time competition from the FANG companies—Facebook, Amazon, Netflix and Google—for the top AI talent, while financial institutions

Prime Office, Medical or Retail Opportunity High Brand Visibility, Even Higher Ceilings

$700,000 Per Annum Ground Mezzanine Lower Level Total

10,316 USF 5,192 USF 7,419 USF 22,927 USF

14,132 RSF 7,112 RSF 10,163 RSF 31,407 RSF

Central Midtown South location 16ft ceiling heights with abundant natural light Private direct entrance on 40th street Easily accessible by the 1, 2, 3, N, Q, R, W, 7, S, B, D, F, and M trains

For leasing information please contact: Brian Neugeboren 212.452.6046 bneugeboren@savittpartners.com

Nicole Goetz 212.452.6053 ngoetz@savittpartners.com

savittpartners.com

MAY 17, 2021 | CRAIN’S NEW YORK BUSINESS | 5

P005_CN_20210517.indd 5

5/14/21 5:39 PM

IN THE MARKETS

Inflation is here. Blame New York City for that Big cities are recovering from the pandemic more slowly than smaller ones across the U.S.

T

San Francisco and Orlando, Fla., aren’t far behind.

In New York, job losses are spread across nearly every industry, Denham said.

“It is very hard to determine how many of these job losses are temporary,” she said, “but many are.”

Road to recovery

BLOOMBERG

he stock market is at record rome Powell is keeping interest highs, and the cost of a rates at rock bottom.

OK, it’s not all New York’s fault. house or a car is soaring.

The price of wheat and oth- Philadelphia’s unemployment rate er agricultural commodities is up, is 10.6%; Los Angeles’ is 10.9%; Miami’s, 8.2%; and Houssame for copper, lumber ton’s, 8%, according to and other industrial metDataTrek Research. In als. each case, joblessness in “Inflation is here,” Everthe city is higher than the core ISI economist Ed Hystate’s unemployment man declared in a report rate. Clearly big cities are last Monday. recovering more slowly Textbook economics from the Covid-19 panwould dictate that the demic. Meanwhile, in Federal Reserve should Georgia, Ohio and other raise interest rates now to AARON ELSTEIN states, economies are nip inflation in the bud. running red-hot, and emYet the central bank has ployers report troubles finding refused to budge. qualified workers.

For that, blame New York City.

Financial markets got a genuine The city’s unemployment rate remains stubbornly high, at 11.7% at shock recently when the U.S. Labor Department said that only 266,000 jobs were created last month. Baseball broadcasting bard Vin Scully used to say that good isn’t the end of March. It is almost dou- good when better is expected, and ble the national jobless rate and a April’s data were depressingly fabig reason why Fed Chairman Je- miliar. Since November, employ-

AS OF MARCH 31, 600,000 FEWER NEW YORKERS HAD JOBS THAN LAST YEAR

FREE SPONSORED WEBCAST

ment has risen by only 1.5 million, meaning the April figures were a bit below the recent monthly average.

The sobering truth is that, nationwide, 8 million fewer people are working than before the pandemic. The Fed is willing to let the inflation genie creep out of the bottle in the hopes the economy runs so hot that the unemployed find opportunities to work again.

“Powell mentioned the 8-million-worker shortfall at least five

times in his last press conference,” DataTrek co-founder Nicholas Colas said in the report. “It’s clearly his favored heuristic.”

The “worker shortfall” is worse in New York than just about anywhere else, though. As of March 31, 600,000 fewer New Yorkers had jobs than last year, according to data from Barbara Denham of Oxford Economics. The 12.9% decline in the workforce is steeper than anywhere except Las Vegas—though

BioReference Laboratories Inc., with the New York Empire State Development Corporation, will describe current Covid-19 testing initiatives in place for New Yorkers to safely return to arenas, restaurants, retail and other venues. In addition, there will be a description of strategies that businesses can employ to safely bring their employees back to work, in-person.

FEATURING:

Covid-19 Screening Strategies to Get Your Business Re-opened

It will take the city at least five years to recover from the pandemic, according to the Independent Budget Office, assuming the economy recovers nicely. Roads to recovery don’t usually follow straight lines, though. Last Monday the city comptroller’s office reported that revenues at small businesses have resumed their descent.

Still, green shoots are emerging through the mire. The comptroller’s office reports that, as of April 23, job postings in the city were 13% above January 2020 levels. Leisure and hospitality job postings were 8% above prepandemic levels, indicating that restaurateurs and hoteliers anticipate commuters and tourists will return soon.

Speedily may it happen, and in our time. ■

Jon R. Cohen, M.D.

Eric Gertler

Executive Chairman President and CEO BioReference Laboratories Empire State Development

MODERATOR:

Fred P. Gabriel

Publisher and Executive Editor Crain’s New York Business

Register at CrainsNewYork.com/BioReference

Tuesday, May 18 | 4-4:45 p.m.

Sponsored by

Powered by:

6 | CRAIN’S NEW YORK BUSINESS | MAY 17, 2021

P006_CN_20210517.indd 6

5/14/21 5:46 PM

REAL ESTATE

RXR goes after Ralph Lauren for $2.6M in back rent comment on the matter.

XR Realty is suing clothier Ralph Lauren for about $2.6 million in back rent at the Starrett-Lehigh Building. The dispute centers on the storied retailer’s plans to take additional office space on the fifth floor of the famed property, at 601 W. 26th St., court papers show.

Ralph Lauren occupies almost 350,000 square feet at the Chelsea building on a lease set to expire at the end of 2029, and the company pays about $1.9 million per month in rent, the lawsuit says.

Part of an amendment RXR and Ralph Lauren made to the lease in October 2018 included the retailer agreeing to expand on the fifth floor and RXR agreeing to perform demolition work on the floor starting in the summer of 2020, according to the suit.

RXR was ready to start the demolition work Aug. 6, but a Ralph Lauren representative contacted the developer July 28 and asked it not to move forward, the suit claims.

The retailer instead asked RXR to issue it a credit equal to the cost of the work, which RXR estimated was about $440,000, according to the suit.

Ralph Lauren never responded to RXR’s estimate or to a letter RXR sent the company Sept. 3, the suit

Landlord lawsuits

R

Several landlords have sued commercial tenants over missing rent during the Covid-19 pandemic, although the state recently extended its eviction moratorium for commercial and residential tenants who have gone through hardships to the end of August.

RXR filed suit against Knotel in

December for about $1.1 million in back rent at 61 Broadway, but the flexible-workspace provider has since filed for bankruptcy protection and was acquired by Newmark. Company CEO Scott Rechler has been an outspoken advocate of the need for companies to bring workers back to the office.

RXR purchased the StarrettLehigh building for $920 million in 2011, property records show. ■

WIKIPEDIA

BY EDDIE SMALL

STARRETT-LEHIGH BUILDING

Close to Talent. Close to Perfect.

THE CLOTHING COMPANY CLAIMS IT IS NO LONGER OBLIGATED TO EXPAND AT THE FAMED BUILDING claims. Its sole reply came Oct. 19, when the clothing company said it was no longer obligated to expand on the fifth floor, citing “the doctrines of ‘impossibility’ and ‘frustration of purpose,’ ” the suit says.

RXR has disputed the claim and argued that Ralph Lauren has owed it rent for the fifth-floor space since mid-September, totaling approximately $2.6 million so far. RXR now plans to start its demolition work May 13 and finish it June 22, according to the suit.

The developer is asking the court to rule that Ralph Lauren’s lease for the fifth floor space started Sept. 14 and that the company now owes it about $2.6 million.

“Despite numerous attempts to resolve this matter constructively, Ralph Lauren, a public company with a valuation of over $9 billion—a $1 billion increase since 2019—and reported sales of $4.4 billion in 2020, has not paid rent on a portion of their space at the Starrett-Lehigh building,” RXR spokesman David Garten said.

Representatives for Ralph Lauren did not respond to a request for

a breath of fresh air

Up to 366,000 RSF (divisible to 30,000 RSF), trophy, Class-A plug & play. Take a Tour: westparkny.com

William V. Cuddy, Jr. (203) 325-5380 william.cuddy@cbre.com

Jacqueline L. Novotny (203) 352-8919 jacqueline.novotny@cbre.com

1111 & 1129 Westchester Avenue, White Plains, NY

West Park Crain’s NY Business ad_8.125 x 10_1.indd 1

P007_CN_20210517.indd 7

Touchless everything and upgraded HVAC: This plug & play Smart Campus is almost too good to be true! Close to talent. Close to opportunity. See this gem for yourself.

5/12/21 10:58 AM

MAY 17, 2021 | CRAIN’S NEW YORK BUSINESS | 7

5/14/21 6:06 PM

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

EDITORIAL

group publisher Jim Kirk publisher/executive editor

Safety should be the No. 1 priority in bringing people back to the city economic damage brought on by the pandemic.

With workers returning to offices and visitors coming back to the attractions that fuel the city’s economy, New York must make public safety its No. 1 priority. And the effort needs to be the main focus of the next mayor.

That means making sure the police have the financial resources to do their job. It means keeping police headcount and crime-prevention programs intact. But it also means instituting reforms and training that ensure city residents don’t feel overpoliced and, in some cases, racially profiled, ultimately leading to more support for officers as they walk their beats.

At the end of 2019, New York state abolished cash bail for nonviolent offenses and misdemeanors. The move was meant to curtail long stays on Rikers Island for those accused of low-level crimes who couldn’t afford to pay their way out of jail as they mount their defense.

California, Illinois, New Jersey and other states have restricted the use of bail, but New York is one of the few to eliminate it for crimes without also giving judges the discretion to consider whether a

THE INCREASE IN GUN VIOLENCE CASTS THE CITY IN A NEGATIVE LIGHT 17.4% in the past two years, according to the NYPD. These numbers aren’t a statistical blip. Even if other crime categories remain low, the increase in gun violence represents a disturbing trend—one that casts the city in a negative light as it looks to bounce back from the

EDITORIAL editor Robert Hordt assistant managing editors Telisha Bryan,

Janon Fisher deputy digital editor, audience & analytics

Jennifer Samuels associate editor Lizeth Beltran art director Carolyn McClain photographer Buck Ennis data editor Amanda Glodowski senior reporters Cara Eisenpress,

Aaron Elstein, Eddie Small reporters Ryan Deffenbaugh, Maya Kaufman,

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

www.crainsnewyork.com/staff 212.210.0100 GETTYIMAGES

G

unshot by gunshot, the city is slipping back to the “bad old days” of the late 1980s and early 1990s.

A shooting near Seventh Avenue and West 45th Street on May 8 left three bystanders wounded, including a 4-year-old Brooklyn girl who was shopping with family.

Citywide, murders are up nearly 17% from a year ago, and shooting victims and incidents are up 79% and 83%, respectively. In a two-year period, murders are up 32%, and shooting victims and incidents are both up 93%, according to figures released by the New York Police Department.

Not to mention that hate crimes are up 67% in the past year and

Frederick P. Gabriel Jr.

person poses a threat to public safety in deciding whether to hold them. Although the effort had good intentions, state officials should review the past year and tweak the legislation to keep those most likely to reoffend off the streets.

In June, following the murder of George Floyd by a Minneapolis police officer, the New York City Council voted to transfer $1 billion out of the NYPD in the fiscal 2021 budget. The department’s total budget had been $6 billion, and some of the money was earmarked to transfer certain work to other

departments, such as making school safety agents the purview of the Department of Education and not police. As a result, however, the NYPD made cuts to its street-crime and homeless-outreach units. In light of recent events, though, those units must be prioritized.

As the city slowly emerges from the grip of the pandemic, it’s time to focus on making our streets safe again. That can be done by reinstating the important work the police do while also working toward reforms that build trust for officers in all neighborhoods. ■

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

www.crainsnewyork.com/advertise account executives Kelly Maier,

Courtney McCombs, Christine Rozmanich, Laura Warren people on the move manager Debora Stein,

dstein@crain.com CUSTOM CONTENT senior manager, custom content

Sophia Juarez, sophia.juarez@crainsnewyork.com EVENTS

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

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

OP-ED

New York is not ready for post-Indian Point power demand

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

Simone Pryce media services manager Nicole Spell SUBSCRIPTION CUSTOMER SERVICE

www.crainsnewyork.com/subscribe

BY RICHARD ELLENBOGEN AND JOHN RAVITZ

S

ixty years after first opening, the end has come for Indian Point—the final operating unit shut down April 30. The moment is being celebrated as a major victory by longtime opponents of nuclear energy, who virtually from the start of the plant’s operation campaigned to have it closed. However, this leaves us a serious unanswered question. Will we have enough power to supply our densely populated region?

In 2012, the Business Council of Westchester commissioned a study that envisioned serious consequences from shutting down the source of 25% of the New York City area’s power. Con Edison added to our concerns in announcing that due to a lack of pipeline capacity it was no longer going to hook up new natural gas customers in southern Westchester.

We conducted an in-depth,

open-minded analysis of the regional energy needs and the governor’s oft-stated goal of eliminating power from fossil fuels by 2040.

Our conclusion is that regardless of how laudable the goal, it is not attainable in that short of a time frame.

We have met with the leaders of the state Public Service Commission, the state Energy Research and Development Authority and the Senate and Assembly energy and environmental conservation committees to present the dire situation that lies ahead. No one disagreed, yet there was no willingness to challenge the mantra that green-energy sources can and will be able to replace fossil-fuel sources in less than 20 years.

Power vacuum In the short term, it appears that we are close to replacing the power generated at the 2,000-megawatt Indian Point. Recently opened gas-fired plants can produce about

90% of the energy that Indian Point provided.

In the longer term, however, the blind push to abandon all power generation from fossil fuels threatens to create a self-induced energy shortage. This blind-faith syndrome compromises the ability to maintain New York’s power grid, meet increasing demand from vehicle and thermal electrification, and withstand increasingly severe weather events.

Ironically, renewable energy initiatives will, in fact, impose extra demands on an overburdened system. If we had a renewable-energy production boom on the horizon, recent proposals such as bans on fracked gas would not be so disconcerting.

Renewable-energy production facilities are also NIMBY victims, however. A majority of the New York counties bordering Lakes Ontario and Erie have passed resolutions opposing wind turbines on the lakes. On Long Island, resi-

dents near the South Fork Wind Farm have for the past five years vigorously opposed both turbines and the transmission line to deliver their output to the power grid.

Our state’s leaders must ensure the reliability of New York’s power grid by slowing the deactivation of fossil-fuel plants.

New York cannot afford to mindlessly shutter fossil fuel–powered generating plants in a gamble that solar and wind will make up the difference any time soon. Recognizing the realities of the overall electric generation and supply situation is essential to assuring we have reliable and ample power while we work toward a fossil-free future. ■ Richard Ellenbogen is president of Allied Converters in New Rochelle, an energy-independent manufacturer. John Ravitz is executive vice president and chief operating officer of the Business Council of Westchester.

customerservice@crainsnewyork.com 877.824.9379 (in the U.S. and Canada). $3.00 a copy for the print edition; or $129.00 one year, for print subscriptions with digital access.

Entire contents ©copyright 2021 Crain Communications Inc. All rights reserved. ©CityBusiness is a registered trademark of MCP Inc., used under license agreement.

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

8 | CRAIN’S NEW YORK BUSINESS | MAY 17, 2021

P008_CN_20210517.indd 8

5/14/21 6:15 PM

OP-ED

MWBEs need more than city certification to survive

BY KENNETH THOMAS

Mayor and speaker must increase housing vouchers

BY JAMES WHELAN AND CHRISTINE QUINN

I

n New York City, property owners and housing advocates are known to disagree. With more than 2 million units for rent across the five boroughs, there are countless issues large and small being negotiated that can separate owners and potential tenants. That’s why the areas where we agree are especially important.

Here is one that’s simple: New York’s homeless families need rent vouchers that will allow them to leave a city shelter for a home. Mayor Bill de Blasio and City Council Speaker Corey Johnson must finally step up and approve the legislation that would make it happen.

More than 9,000 families will sleep in a city homeless shelter tonight. Many homeless families are led by single mothers who are working and cannot afford the cost of housing in New York.

At the same time, many homeless families have access to a CityFHEPS voucher, which is intended to help them move into an apartment.

But there’s a clear problem for families and for landlords: at $1,580 for a two-bedroom, there wasn’t a single neighborhood last year where the voucher met the median asking rent. To say that the voucher amounts are low would be an understatement.

Family home Win (Women in Need), the largest provider of shelter and supportive housing for homeless families, helps hundreds of families move out of city shelters each year. In 2019, 550 homeless families at Win had access to a voucher as they exited a shelter, but only 28% used it.

The numbers across the entire city shelter system are even more alarming.

Property owners, brokers and building managers agree with housing and homeless advocates and families that we need to fix the problem. Why are we united? When families can actually use rent vouchers, they work. More than 98% of families exiting the shelter system with a voucher do not return after one year. When families leave the shelter without a subsidy,

they are almost 20 times more likely to return to a shelter within a year.

That’s why it’s frustrating that de Blasio and Johnson are sitting on their hands. For years, there has been strong support in the City Council for a bill to increase CityFHEPS vouchers and tie them to the federal Section 8 voucher level, ensuring the amount is adjusted each year to keep pace with the market.

Making the change today would increase the voucher for a two-bedroom apartment to $2,217 per month. That means homeless families would be able to access vacant apartments in dozens more neighborhoods across the city—and the yearly price changes would ensure that families could stay.

Importantly, this is a bill that would save city taxpayers’ money by spending on solutions, not temporary fixes. The price to rent a hotel room to shelter a family with children is $272 per day. Yet it would cost just $73 per day to give that family a CityFHEPS voucher.

GETTY IMAGES/ISTOCKPHOTO

BLOOMBERG

I

t is no secret that regardless of what industries they are in, minority- and women-owned firms generally contend with similar structural impediments and operational deficiencies.

The fallout from the Covid-19 pandemic has elevated these existential hurdles.

According to a published report by the city comptroller’s office in July 2020, the data illustrates a stark reality from which many MWBE companies may never recover.

Some of the most salient numbers in the study show that an incredible 85% of minority- and women-owned business enterprises anticipate going out of business within six months. Thirty percent expected to close up shop within 30 days of the report, thus might already have been decommissioned.

Perhaps the most pertinent data point is that only 10 MWBEs (of a reported 62) received a Covid-related contract from the city. Couple that with the assertion by Lindsay Greene, chief strategy officer of the New York City Economic Development Corp., that “speed is often at odds with our MWBE and equity goals,” and a narrative begins that says insufficient capacity is still the foundational impediment for sustainability.

What are the value of contracts if

the mechanisms are not in place to execute the contracts? This cartbefore-the-horse mentality does a disservice to the MWBE community. Too often these at-risk companies aren’t sufficiently capitalized or staffed to professionalize their operations.

Cynical and jaded It’s easy to prop up the sheer volume of “certified” MWBEs, but what does that truly mean when it doesn’t entail a company being equipped to contend with the rigors of a highly competitive marketplace? And the challenges are only exacerbated within a capital-intensive, heavily regulated construction industry.

Nearly all the numerous MWBE contractors I have conversed with have a cynical and jaded take on

their certification and its extrinsic value. What they need is something more than a piece of paper--they need a holistic and comprehensive framework that will allow them to develop without constantly being on the edge of financial and structural oblivion.

There are numerous stakeholders in this arena that mean well and have a sincere desire to see MWBEs succeed, but navigating the gaps in the silos and the bureaucratic red tape can be daunting for all but the most adept, capitalized, connected and operationally sophisticated minority- and women-owned firms.

The city comptroller’s office laid out a bare and uncomfortable truth: MWBEs are a community in distress.

If a concerted effort isn’t made to salve the gaping wounds magnified by a once-in-a-century pandemic, then the other side of this calamity will result in empty husks, certified but not able to bid successfully on projects, whether it's because of a lack of “speed” or any of the other myriad structural or capital deficiencies that most battle through— to their credit—as a matter of course. ■ Kenneth Thomas is co-managing director of the Minority & Women Contractors & Developers Association Inc.

IDEAL LAST MILE DELIVERY SITE

FOR LEASE

Vouchsafe Helping a family leave a shelter for an apartment just one month earlier would save more than $6,000 per month in shelter costs. And, with a better voucher, families could move out faster and would be less likely to return, resulting in net savings of about $102 million in the family shelter system during the next five years. More fundamentally, the reform would make it possible for many families to afford an apartment of their own, providing the security and stability that we all need to thrive.

We must prioritize helping our most vulnerable neighbors find stable housing for themselves and their children. New York City can take this step right now.

Mayor de Blasio and Speaker Johnson, it’s time to do what’s right.

Let’s get this done today and help families find homes. ■ James Whelan is president of the Real Estate Board of New York.

Christine Quinn is president of Win, New York City’s largest provider of shelter, social services and supportive housing for homeless families. Quinn served as City Council speaker from 2005 to 2013.

23-85 87 th Street - East Elmhurst, NY COMMENTS: • • • •

8.3 acres Close to LaGuardia Airport, Grand Central Parkway and RFK Bridge Ideal Last Mile Delivery, Warehousing, Parking Owner will Build-to-Suit

FOR INFORMATION CONTACT:

MICHAEL LEVENSTEIN

401 broad hollow road • suite L1 • melville, new york 11747

main - 516.935.8300x15 • direct - 516.441.7330 • mobile - 516.413.9830

MAY 17, 2021 | CRAIN’S NEW YORK BUSINESS | 9

P009_CN_20210517.indd 9

5/13/21 4:34 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

ARCHITECTURE

FINANCIAL SERVICES

LAW

Rockwell Group

SVB Leerink

Phillips Lytle LLP

Rockwell Group has announced Andrew Lazarow as a Director of the LAB, the firm’s experience design and technology studio specializing in immersive environments, branded experiences, exhibitions, and pop-ups. An award-winning interactive designer, Lazarow will join the LAB on a diverse array of projects, including Climate Pledge Arena in Seattle and Illuminarium Experiences.

Lazarow previously created designs ranging from arena events and installations for high-end retailers to Broadway musicals.

Thad Davis has joined SVB Leerink, a leading investment bank specializing in healthcare and life sciences, as a Senior Managing Director. Mr. Davis will be part of the team leading SVB Leerink’s Leveraged Finance franchise, while contributing expertise that deepens the firm’s strategic, M&A, and equity franchises. He joins recent hires Barry Blake, Global Co-Head of Investment Banking, and Robert Minear, Senior Managing Director, Financial Sponsors.

Phillips Lytle LLP has named Joseph T. Kelley its Chief Operating Officer.

Mr. Kelley brings over 30 years of legal industry experience, working previously as COO at Kaufman, Borgeest & Ryan LLP, CFO at Jackson Lewis P.C., and Director of Financial Systems & Controller at Blank Rome LLP. Based in New York City, Mr. Kelley is responsible for oversight of the firm’s administrative functions across its locations. He holds an MBA from Temple University and a B.S. in Accounting from LaSalle College.

EDUCATION

FINANCIAL SERVICES

PROFESSIONAL SERVICES

Baruch College, The City University of New York

SVB Leerink

Crowe LLP

Jack Bannister and Andrew Fineberg have joined SVB Leerink, a leading investment bank specializing in Bannister healthcare and life sciences. Jack Bannister joined SVB Leerink’s Equity Capital Markets franchise as a Managing Director.

Fineberg He will partner with healthcare and life sciences companies to raise capital and position them for success in the public markets. Mr. Bannister will report to Rahul Chaudhary, Senior Managing Director and Head of Equity Capital Markets.

Andrew Fineberg was hired as a Managing Director to lead the firm’s Structured Finance practice. Mr. Fineberg will report to Dan Dubin, Vice Chairman and Global Co-Head of Investment Banking. SVB Leerink will continue to build out its investment banking team throughout 2021.

Charlie Hollingworth, CPA, was recently promoted to partner in audit services at Crowe LLP, a public accounting, consulting and technology firm in the U.S. He is based out of the New York office and has been with the firm for over 16 years. Hollingworth will focus on benefit plan services overseeing audit, consultations, and compliance services. He earned his bachelor’s and master’s degrees in accounting from Northern Illinois University, and is a member of the AICPA and the NYSSCPA.

Linda Essig, MFA, PhD, was named Provost and Senior Vice President for Academic Affairs at Baruch College, effective July 1.

Dr. Essig will be part of Baruch’s senior leadership team to carry out the College’s strategic vision as a national model of academic excellence, access, and social mobility for students from every socioeconomic background.

She will be responsible for all academic, research, and creative work of the College, which educates more than 19,500 students.

INSURANCE

HUB International Northeast In this newly formed role, Arthur (Art) J. Howard will be responsible for overseeing the day-to-day sales operations of the Employee Benefits division of Hub International’s Northeast region, working as part of the regional Executive Management Team and with the local Employee Benefits leadership team to drive new business opportunities through organic growth and cross-sell initiatives. Art holds over 30 years of experience and will be based out of Hub’s Summit, NJ office.

INDUSTRY ACHIEVERS ADVANCING THEIR CAREERS Recognize them in Crain’s

For listing opportunities, contact Debora Stein at dstein@crain.com or submit directly to

CRAINSNEWYORK.COM/PEOPLEMOVES

ANNOUNCE

YOUR BIG NEWS IN CRAIN’S!

10 | CRAIN’S NEW YORK BUSINESS | MAY 17, 2021

P010_CN_20210517.indd 10

5/13/21 4:27 PM

ASKED & ANSWERED Brownsville Community Culinary Center INTERVIEW BY CARA EISENPRESS

A

WHO SHE IS Executive director of the Brownsville Community Culinary Center AGE 36

s restaurants look toward a full reopening, their operators are unsure whether enough workers will be back to fill all the prepandemic jobs that were lost.

Nationally, lackluster April jobs numbers stoked a conversation about whether enhanced unemployment benefits have kept workers from returning, a point countered by the idea that restaurants ought to make themselves more enticing workplaces. Into that debate comes Rae Gomes, the new executive director of the Brownsville Community Culinary Center in Brooklyn. Her organization, which offers a 40-week paid culinary training program that will accept a new cohort in the fall, prepares participants to enter a changed restaurant world, where being entrepreneurial might prove as important as knife skills.

Why train people to work as cooks right now?

The big elephant in the room is: Why are you doing a culinary training program when restaurant jobs are in recovery? The answer is that a culinary education can be leveraged to more than just restaurant jobs. You can leverage it to mass food production, ready-to-eat options in health settings, delivery services or at hospitals. We also envision BCCC as a vehicle for entrepreneurship.

What does the community need?

Brownsville is a chronically under-resourced community, and it’s a poster child for how a community can support itself with very little. My focus is to provide resources and to build in a way that the community is self-sustaining.

GREW UP Trinidad RESIDES Bedford-Stuyvesant EDUCATION Bachelor’s in English, Manhattanville College; master of fine arts in creative nonfiction, Goucher College

How did your space function last year?

WORKING LUNCH When Gomes was working for the city Department of Health, she discovered BCCC. She loved the food prepared by the trainees so much that she would schedule her days around having meetings at its restaurant.

When Covid hit, the whole organization reoriented to supporting community food distribution. Our participants lost their jobs, but we were able to hire a lot of the alumni to join in the effort. We were able to stay open and pay rent through grants, so our partners could use the kitchen and space to do large-scale meal production and distribution.

STEPPING ASIDE Gomes says the community should own the BCCC space and hopes to one day pass leadership of the organization back to Brownsville.

What’s your bigger-picture outlook for restaurant employment in the city?

What do cooks need to know in the current landscape that is different from the past?

Most culinary education, you start with a French-infused training. That means you are learning someone else’s culinary food ways.

But it is important for participants to see themselves in what they are learning—not only see your own tradition as beautiful and important, but also to see how you can build

I have heard that people aren’t returning to jobs because they are getting more money from stimulus or unemployment benefits. The idea that people don’t want to work—that’s not the case. They don’t want to work and receive low wages for the kinds of jobs around the food system that are grueling, labor-intensive work and low-paid. All these people were being told they were essential, receiving applause, put alongside health care workers, but we’re still not doing more to support them. It really excites me to look at ways to support food service workers with incomes that are sustainable. ■

BUCK ENNIS

RAE GOMES

on it and create a career around it. It really imbues people with pride to see yourself within the food you are creating. That is a change in the thinking of what the community needs and what types of jobs can be sustainable.

DOSSIER

CRAIN WEBCAST

2021

MAYORAL DEBATES Tuesday, June 1 | 4 – 5 p.m.

REPUBLICAN DEBATE TUESDAY, JUNE 1 FEATURING:

Crain’s New York Business will host a series of Mayoral Debates where candidates will have the opportunity to speak on key issues impacting the region.

The second event in the series will feature top contenders from the Republican primary as they address the economy, health and safety, their vision for NYC, quality of life concerns and a variety of other pertinent topics.

REGISTER TODAY: CrainsNewYork.com/JuneDebate INDIVIDUAL TICKET PRICE: $25 Early Bird till May 25 • SERIES TICKET PRICE: $40*

Fernando Mateo

Curtis Sliwa

REPUBLICAN: JUNE 1 GENERAL ELECTION: OCTOBER 12

Event Questions: crainsevents@crainsnewyork.com | Sponsorship Opportunities: Kate Van Etten • kvanetten@crain.com *Crain’s will host two remaining debates in 2021, examining the Republican primary and general election. Purchase a series ticket to attend both and save $10.

MAY 17, 2021 | CRAIN’S NEW YORK BUSINESS | 11

P011_CN_20210517.indd 11

5/13/21 5:42 PM

FROM PAGE 1

of a crew of eight that worked 12hour shifts 25 feet underground for 42 consecutive days.

“We felt duty-bound to restore service as quickly as possible,” Steed said.

Powerful bond

130K

$39M

Taking note Retired corporate America has taken note of the accomplishments of the Association of BellTell Retirees.

TARGETING MANAGEMENT Unions are among the groups pushing back on executive pay. Retirees and shareholders are also increasingly mounting campaigns that challenge big pay packages.

Ted Mazzella, an 82-year-old former telecommunications employee in Manhattan, said he’s trying to build up the Telco Retirees Association, a group of about 900 alumni from the Baby Bells created after

billion.

“Senior management is failing shareholders and retirees,” Mazzella said. “We’re thinking of a 2022 shareholder proposal now.”

Lawyer Edward Stone, a retiree advocate, is advising former employees at DuPont and General Electric who are concerned their benefits will be cut. He has launched a nonprofit, Retirees for Justice, whose mission is pension rights. Specifically, he’s battling companies that offload their pension obligations by transferring them to insurance companies. After such transfers occur, the pensions are transformed into annuities; although the monthly payouts might be the same, annuitants don’t enjoy the same investor protections under federal law as pension recipients.

“Retirees mostly have no idea what’s going on,” Stone said. “We’re looking to get legislation at the state and federal level to protect them.”

The BellTel retiree group got started in 1995, when seven retirees kicked in $350 each and started inviting former telephone company workers to lunch. Verizon denied the group access to any retiree list.

The original members were from the management side; today the group is 50% unionized rank and file.

Both sides are interested in Verizon honoring its pension commitments.

“The combination of managerial talent and organizing experience makes BellTel unique,” said Con Hitchcock, a lawyer who drafts shareholder resolutions for the group.

“THE BOARD SHOULD APPLY THE SAME RULES ...

REQUIRED FOR EMPLOYEES TO THEMSELVES” the 1984 breakup of AT&T. AT&T’s stock price has fallen by about 20% since the start of last year, after the company wrote down the value of DirecTV and other assets by $15.5

BUCK ENNIS

Today, the 72-year-old Steed raises bees and sells honey at the Beacon, N.Y., green market. But he retains a powerful bond with his employer of 32 years, now called Verizon Communications. It is the city’s second-largest public company. Steed sits on the board of one of the most successful groups of activist investors in the country, the Association of BellTel Retirees.

For more than 20 years, the network of 130,000 former employees and current shareholders has been nudging Verizon in directions management didn’t want to go, including trimming their golden parachutes and gaining a say in who serves on the board of directors.

The retirees did it by winning support for their proposals from a majority of Verizon’s institutional investors.

The 70-somethings’ rocking-chair reconnaissance continued at this year’s annual meeting, held May 13, when Steed introduced an unsuccessful resolution calling on Verizon to claw back pay from executives found to have engaged in misconduct. Under the current rules, pay is yanked only if “willful misconduct” is discovered.

“We know what’s good for the company,” Steed said, “because we built it.”

Steed’s resolution was described as a “reasonable request” and won the support of Institutional Shareholder Services, a powerful consulting firm that recommends how investors should vote in corporate elections.

ISS also endorsed a proposal introduced by the chairman of the

OLD-TIME ACTIVISM

retiree group: Jack Cohen, 77, a former office manager. The proposal, which was defeated, NUMBER of former Verizon sought to limworkers in the it the size of Association of golden paraBellTell Retirees. chutes, or exit packages, to 2.99 times the d e p a r t e d ’s base salary AMOUNT and bonus.

Verizon’s CEO The measure Hans Vestberg would have could collect curtailed the if terminated $39 million without cause. that Chief Executive Hans Vestberg stands to collect if terminated without cause—which would equate to seven times his salary and short-term bonus.

Steed’s resolution received 37% of Verizon’s shares and Cohen’s 38%.

The BellTel retirees vowed to fight another day.

“Although we were not victorious this year, rest assured that we will be back to continue dedicating our efforts to holding Verizon executives accountable,” the BellTell group said in a statement.

Verizon didn’t much care for its former workers’ ideas.

If Steed’s motion would have been approved, the company warned, it “could discourage senior executives from exercising the business judgment necessary to deliver shareholder value.” Cohen’s could have had “an adverse effect on Verizon’s ability to recruit and retain” executives, the company said. Verizon also accused ISS of “flawed analyses and an incomplete review of the pertinent facts.”

BUCK ENNIS

REVENGE

HIGHLY ORGANIZED The Association of BellTell Retirees is made up of both unionized and management workers.

In 2003 the retirees won their first fight, one that required investors’ approval for large golden parachutes. In 2007 the group secured the right to hold an annual vote on Verizon executives’ pay, a vote Congress later required for all public companies. The group’s 2013 proposal for shareholders to nominate board members, instead of just management, carried the day.

The retirees’ focus on executive compensation seems especially resonant when more shareholders than ever are rejecting outsize pay packages. This month a majority of shareholders at AT&T and General Electric rejected those companies’ pay plans. They’ve also voted down pay at IBM, Starbucks and the Walgreens Boots Alliance.

Rosanna Weaver, program manager at shareholder advocacy group As You Sow, said pension funds and other institutional investors are taking a harder look at pay in light of the inequalities exposed by the Covid-19 pandemic.

American dream Steed credits his knowledge of investor activism and corporate governance to Verizon, which paid for his master’s degree in public administration.

“The corporation gave us everything,” he said. “I could afford a single-family home and got a free education. Talk about the American dream.”

He added that inspiration for his shareholder resolution about clawing back undeserved pay was drawn from a book all telephone company workers had to read: The Codes We Work By. In the presence of their supervisors, workers would sign and date a document declaring they had read the book. It stated any misconduct would result in dismissal.

“The board should apply the same rules and regulations required for employees to themselves,” Steed said. “They should be held accountable for their actions.” ■

12 | CRAIN’S NEW YORK BUSINESS | MAY 17, 2021

P012_CN_20210517.indd 12

5/13/21 5:41 PM

THE LIST NEW YORK’S LARGEST PUBLICLY HELD COMPANIES Ranked by 2020 revenue 2020 NET INCOME (IN MILLIONS)

RANK

COMPANY (TICKER SYMBOL)/ ADDRESS

PHONE/ WEBSITE

1

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

212-270-6000 jpmorganchase.com

$129,503.0

-8.93%

$29,131.0 Investment banking and financial services

2

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

212-395-1000 verizon.com

$128,292.0

-2.71%

$17,801.0 Telecommunications

3

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

212-559-1000 citigroup.com

$88,839.0

-14.12%

4

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

914-499-1900 ibm.com

$73,620.0

-4.57%

$5,590.0 Technology

5

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

914-253-2000 pepsico.com

$70,372.0

+4.78%

$7,120.0 Food and beverage products

6

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

212-578-9500 metlife.com

$67,842.0

-2.55%

$5,407.0 Insurance

7

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

973-802-6000 prudential.com

$57,033.0

-12%

-$374.0 Insurance

8

StoneX Group Inc. (SNEX) 155 E. 44th St., New York, NY 10017

212-485-3500 stonex.com

$54,139.6

+64.57%

9

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

212-902-1000 goldmansachs.com

$53,498.0

-0.79%

$9,459.0 Investment banking and financial services

10

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

212-761-4000 morganstanley.com

$52,047.0

-3.3%

$10,996.0 Investment banking and financial services

11

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

908-740-4000 merck.com

$47,994.0

+2.46%

$7,067.0 Pharmaceuticals

12

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

212-770-7000 aig.com

$43,736.0

-12.08%

-$5,944.0 Insurance

13

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

212-546-4000 bms.com

$42,518.0

+62.62%

-$9,015.0 Pharmaceuticals

14

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

212-733-2323 pfizer.com

$41,908.0

+1.79%

$9,616.0 Pharmaceuticals

15

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

212-640-2000 americanexpress.com

$38,185.0

-18.79%

$3,135.0 Financial services

16

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

917-778-6000 travelers.com

$31,981.0

+1.27%

$2,697.0 Insurance

17

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

917-663-2000 pmi.com

$28,694.0

-3.73%

$8,056.0 Tobacco, food and beverage products

18

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

212-258-6000 viacomcbs.com

$25,285.0

-6.34%

$2,422.0 Entertainment and media

19

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

212-494-1602 macysinc.com

$18,097.0

-28.56%

-$3,944.0 Department stores

20

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

212-345-5000 mmc.com

$17,224.0

+3.44%

$2,016.0 Professional services

21

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

201-847-6800 bd.com

$17,117.0

-1%

22

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

212-495-1784 bnymellon.com

$16,856.0

-18.83%

23

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

201-801-0233 cognizant.com

$16,652.0

-0.78%

$1,392.0 Information technology

24

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

212-310-2000 colgatepalmolive.com

$16,471.0

+4.96%

$2,695.0 Health and beauty aids

25

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

212-810-5300 blackrock.com

$16,205.0

+11.46%

26

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

914-249-2000 mastercard.com

$15,301.0

-9.37%

$6,411.0 Payment solutions

27

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

973-974-5000 adp.com

$14,589.8

+3.4%

$2,466.5 Human resources software

28

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

212-572-4200 elcompanies.com

$14,294.0

-3.83%

$684.0 Health and beauty aids

29

Omnicom Group Inc. (OMC) 437 Madison Ave., New York, NY 10017

212-415-3600 omnicomgroup.com

$13,171.1

-11.92%

$945.4 Media, marketing and communications

30

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

212-521-2000 loews.com

$12,583.0

-15.73%

-$931.0 Diversified holdings

31

Equitable Holdings Inc. (EQH) 1290 Sixth Ave., New York, NY 10104

212-554-1234 equitableholdings.com

$12,415.0

+29.07%

-$648.0 Retirement and insurance products

32

Fox Corp. (FOXA) 1211 Sixth Ave., New York, NY 10036

212-852-7000 foxcorporation.com

$12,303.0

+8.03%

33

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

212-460-4600 conedison.com

$12,246.0

-2.61%

$1,101.0 Electric and gas utility

631-843-5500 henryschein.com

$10,119.1

+1.33%

$403.8 Medical and hospital equipment

P013_P015_CN_20210517.indd 13

34

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

INDUSTRY

$11,047.0 Investment banking and financial services

$169.6 Financial services

BUCK ENNIS

ONE-YEAR REVENUE PERCENTAGE CHANGE

No. 14 Pfizer Inc. Until it developed the Covid19 vaccine, Pfizer, the first company to mass-produce penicillin, hadn’t come up with a true blockbuster since introducing the nation to the joys of Viagra. The company had grown so large that investors doubted it could invent anything that would meaningfully lift revenue, and management spent most of the past decade selling or spinning off divisions. Nobody worries about stuff like that anymore. Whatever economic benefit the company derives from the vaccine developed with BioNTech, Pfizer has earned something that can’t be measured in a financial statement: gratitude.

— Aaron Elstein

346K FULL TIME EMPLOYEES who work at IBM (No. 4), the most on our list

$874.0 Medical equipment and supplies $3,617.0 Banking

$4,932.0 Investment management

BUCK ENNIS

2020 REVENUE (IN MILLIONS)

REFFKIN CEO, Compass No. 64 Compass Inc Amid a flurry of initial public offerings for New York technology companies, the real estate firm Compass’ $3.7 billion in 2020 revenue places it at the head of the class. Compass’ debut on Crain’s publicly held list at 64, is well ahead of other companies that recently went public such as used-car website Vroom and UIPath, the software automation company. Compass used venture capital dollars, most notably from SoftBank, to rapidly scale up its real estate services platform, buying up new tech and brokerages.

Despite its revenue, the company lost $270 million last year. Its share price has hovered below the $20 per share mark it launched at in April.

— Ryan Deffenbaugh

$999.0 Broadcasting MAY 17, 2021 | CRAIN’S NEW YORK BUSINESS | 13

5/13/21 4:51 PM

55

24

300 Park Ave., New York, NY 10022

colgatepalmolive.com

25

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

212-810-5300 blackrock.com

$16,205.0

+11.46%

26

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

914-249-2000 mastercard.com

$15,301.0

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

973-974-5000 adp.com

28

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

212-572-4200 elcompanies.com

29

437 Madison Ave., New York, NY 10017

omnicomgroup.com

30

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

212-521-2000 loews.com

56

-9.37%

$6,411.0 Payment solutions

57

$14,589.8

+3.4%

$2,466.5 Human resources software

58

$14,294.0

-3.83%

$12,583.0

-15.73%

2020 $12,415.0 REVENUE (IN MILLIONS)

ONE-YEAR REVENUE +29.07% PERCENTAGE CHANGE

59

$945.4 Media, marketing and communications

60

-$931.0 Diversified holdings

61

2020 NET-$648.0 INCOME (IN MILLIONS)

31

Equitable Holdings Inc. (EQH) COMPANY (TICKER SYMBOL)/ ADDRESS 1290 Sixth Ave., New York, NY 10104

212-554-1234 PHONE/ WEBSITE equitableholdings.com

132 33 2

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

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

$12,303.0 $129,503.0

+8.03% -8.93%

$999.0 Investment Broadcasting $29,131.0 banking and financial services

Consolidated Edison Inc. Inc. (ED)(VZ) Verizon Communications 4 IrvingSixth Place, New York, NYNY 10003 1095 Ave., New York, 10036

212-460-4600 212-395-1000 conedison.com verizon.com

$12,246.0 $128,292.0

-2.61% -2.71%

$1,101.0 Telecommunications Electric and gas utility $17,801.0

334 35 4

Henry Schein Citigroup Inc. Inc. (C) (HSIC) 135 Greenwich Duryea Road, NYNY 11747 388 St.,Melville, New York, 10013

631-843-5500 212-559-1000 henryschein.com citigroup.com

$10,119.1 $88,839.0

+1.33% -14.12%

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

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

$10,094.8 $73,620.0

+0.08% -4.57%

$441.8 Technology Insurance $5,590.0

536 37 6

Altice USA (ATUS) PepsiCo Inc.Inc. (PEP) 1 Court SquareHill West, Long Island City, 11101 700 Anderson Road, Purchase, NY NY 10577

516-803-2300 914-253-2000 alticeusa.com pepsico.com

$9,894.6 $70,372.0

+1.37% +4.78%

$436.2 Cable television $7,120.0 Food and beverage products

KKR & Co. (KKR) MetLife Inc.Inc. (MET) 30 Hudson Yards, York, 10001 200 Park Ave., NewNew York, NY NY 10166

212-750-8300 212-578-9500 kkr.com metlife.com

$9,629.7 $67,842.0

+5.59% -2.55%

$2,002.5 Insurance Investments $5,407.0

738 39 8

Public Service Enterprise Group Inc. (PEG) Prudential Financial Inc. (PRU) 80 Park Plaza, 751 Broad St., Newark, Newark, NJ NJ 07102 07102

973-430-7000 973-802-6000 pseg.com prudential.com

$9,603.0 $57,033.0

-4.69% -12%

$1,905.0 Electric and gas utility -$374.0 Insurance

Quest Inc. (DGX) StoneXDiagnostics Group Inc. (SNEX) 500 E. Plaza Drive, Secaucus, NJ10017 07094 155 44th St., New York, NY

973-520-2700 212-485-3500 questdiagnostics.com stonex.com

$9,437.0 $54,139.6

+22.15% +64.57%

$1,431.0 $169.6 Medical Financiallaboratories services

940 41 10

Bed Bath Sachs & Beyond Inc.(GS) (BBBY) Goldman Group 650 Ave., NJ 07083 200 Liberty West St., NewUnion, York, NY 10282

908-688-0888 212-902-1000 bedbathandbeyond.com goldmansachs.com

$9,233.0 $53,498.0

-17.26% -0.79%

-$150.8 Investment Domestic goods andand $9,459.0 banking home furnishings financial services

Interpublic Group(MS) of Cos. Inc. (IPG) Morgan Stanley 909 Third Ave., New 1585 Broadway, NewYork, York,NY NY10022 10036

212-704-1200 212-761-4000 interpublic.com morganstanley.com

$9,061.0 $52,047.0

-11.35% -3.3%

$351.1 Investment Advertising banking and $10,996.0 financial services

42 11 43 12

News Corp.

Merck & Co.(NWSA) Inc. (MRK) 1211 Galloping Sixth Ave.,Hill NewRoad, York,Kenilworth, NY 10036 NJ 07033 2000

212-416-3400 908-740-4000 newscorp.com merck.com

$9,008.0 $47,994.0

-10.58% +2.46%

-$1,269.0 media and $7,067.0 Mass Pharmaceuticals publishing

Alleghany International Corp. (Y) American Group Inc. (AIG) 1411Water Broadway, NewYork, York,NYNY10038 10018 175 St., New

212-752-1356 212-770-7000 alleghany.com aig.com

$8,896.7 $43,736.0

-1.59% -12.08%

$101.8 Insurance holdings -$5,944.0

44 13 45 14

Regeneron Pharmaceuticals Inc. (REGN) Bristol-Myers Squibb Co. (BMY) 777 SawSt., MillNew RiverYork, Road, 430 Old E. 29th NY Tarrytown, 10016 NY 10591

914-847-7000 212-546-4000 regeneron.com bms.com

$8,497.1 $42,518.0

+29.58% +62.62%

$3,513.2 Pharmaceuticals Biotechnology -$9,015.0

Sirius Inc. XM Holdings Pfizer (PFE) Inc. (SIRI) 1221E.Sixth 235 42ndAve., St., New York, NY 10020 10017

212-584-5100 212-733-2323 siriusxm.com pfizer.com

$8,040.0 $41,908.0

+3.16% +1.79%

$131.0 Pharmaceuticals Satellite radio $9,616.0

46 15 47 16

Voya Financial Inc.Co. (VOYA) American Express (AXP) 230 Vesey Park Ave., 10169 200 St., New York, NY 10285

212-309-8200 212-640-2000 voya.com americanexpress.com

$7,649.0 $38,185.0

+2.29% -18.79%

-$206.0 Diversified financial $3,135.0 Financial services services

Foot Locker Inc. (FL) Travelers Cos. Inc. (TRV) 330 Lexington W. 34th St., NewNew York, NY NY 10001 485 Ave., York, 10017

212-720-3700 917-778-6000 footlocker-inc.com travelers.com

$7,548.0 $31,981.0

-5.71% +1.27%

$323.0 Insurance Shoe retail $2,697.0

48 17 49 18

S&P Global (SPGI) Philip MorrisInc. International Inc. (PM) 55 120Water Park St., Ave.,New NewYork, York,NYNY10041 10017

212-438-1000 917-663-2000 spglobal.com pmi.com

$7,442.0 $28,694.0

+11.09% -3.73%

$2,339.0 Tobacco, Financial food information $8,056.0 and and analytics beverage products

PVH Corp. (PVH) ViacomCBS Inc. (VIAC) 200 Madison Ave., New York, 10016 1515 Broadway, New York, NY NY 10036

212-381-3500 212-258-6000 pvh.com viacomcbs.com

$7,132.6 $25,285.0

-28.02% -6.34%

-$1,136.1 $2,422.0 Apparel Entertainment and media

50 19 51 20

Jefferies Financial Macy's Inc. (M) Group Inc. (JEF) 520 W. Madison Ave., New York, 10022 151 34th St., New York, NYNY 10001

212-460-1900 212-494-1602 jefferies.com macysinc.com

$6,955.9 $18,097.0

+29.81% -28.56%

Nielsen&Holdings (NLSN) Marsh McLennan Cos. Inc. (MMC) 85 Broad NewNew York, NY NY 10004 1166 SixthSt., Ave., York, 10036

646-654-5000 212-345-5000 nielsen.com mmc.com

$6,290.0 $17,224.0

-3.2% +3.44%

52 21 53 22

Ralph Lauren Corp.and (RL)Co. (BDX) Becton, Dickinson 650 Madison New Lakes, York, NYNJ10022 1 Becton Drive,Ave., Franklin 07417

212-318-7000 201-847-6800 ralphlauren.com bd.com

$6,159.8 $17,117.0

Blackstone Inc. (BX) Bank of NewGroup York Mellon Corp.++ (BK) 345 Greenwich Park Ave., New York,York, NY 10154 240 St., New NY 10286

212-583-5000 212-495-1784 blackstone.com bnymellon.com

$6,101.9 $16,856.0

-16.85% -18.83%

54 23 55 24

ABM Industries Inc. (ABM) Cognizant Technology Solutions Corp. (CTSH) 1 Liberty NewBlvd., York,Teaneck, NY 10006 500 FrankPlaza, W. Burr NJ 07666

212-297-0200 201-801-0233 abm.com cognizant.com

$5,987.6 $16,652.0

-7.86% -0.78%

$0.3 Information Facility management $1,392.0 technology

Nasdaq Inc. (NDAQ)Co. (CL) Colgate-Palmolive 151 Park W. 42nd New York, 10036 300 Ave.,St., New York, NYNY 10022

212-401-8700 212-310-2000 nasdaq.com colgatepalmolive.com

$5,627.0 $16,471.0

+32.03% +4.96%

$933.0 Health Electronic market $2,695.0 andstock beauty aids

56 25 57 26

Moody's Corp.

BlackRock Inc.(MCO) (BLK) 7 Trade New NY York, NY 10007 55World E. 52nd St.,Center, New York, 10055

212-553-0300 212-810-5300 moodys.com blackrock.com

$5,371.0 $16,205.0

+11.22% +11.46%

$1,778.0 Credit ratings $4,932.0 Investment management

InternationalInc. Flavors Mastercard (MA)& Fragrances Inc. (IFF) 521 W.Purchase 57th St.,St., New York, NY NY 10019 2000 Purchase, 10577

212-765-5500 914-249-2000 iff.com mastercard.com

$5,084.2 $15,301.0

-1.09% -9.37%

58 27 59 28

Tapestry Inc. (TPR) Automatic Data Processing Inc. (ADP) 10ADP Hudson New York, NY 10001 1 Blvd.,Yards, Roseland, NJ 07068

212-594-1850 973-974-5000 tapestry.com adp.com

$4,961.4 $14,589.8

-17.68% +3.4%

Xylem Lauder Inc. (XYL) Estée Cos. Inc. (EL) 1 International Rye NY Brook, NY 10573 767 Fifth Ave., Drive, New York, 10153

914-323-5700 212-572-4200 xylem.com elcompanies.com

$4,876.0 $14,294.0

-7.11% -3.83%

$254.0 Health Water technology $684.0 and beauty aids

60 29 61 30

Coty Inc. (COTY) Omnicom Group Inc. (OMC) 350 Madison Fifth Ave.,Ave., NewNew York,York, NY 10118 437 NY 10017

212-389-7300 212-415-3600 coty.com omnicomgroup.com

$4,717.8 $13,171.1

-24.97% -11.92%

-$1,006.7 beautyand aids $945.4 Health Media, and marketing communications

Hess Corp.

Loews Corp.(HES) (L) 1185Madison Sixth Ave., New York, NYNY 10036 667 Ave., New York, 10065

212-997-8500 212-521-2000 hess.com loews.com

$4,667.0 $12,583.0

-28.14% -15.73%

-$3,093.0 Petroleum holdings -$931.0 Diversified

62 31 63 32

Broadridge Financial Solutions Equitable Holdings Inc. (EQH) Inc. (BR) 5 Dakota NY 11042 1290 SixthDrive, Ave.,Lake NewSuccess, York, NY 10104

516-472-5400 212-554-1234 broadridge.com equitableholdings.com

$4,529.0 $12,415.0

+3.82% +29.07%

$462.5 Corporate -$648.0 Retirementservices and insurance products

Warner Music Group Corp. (WMG) Fox Corp.

(FOXA)

212-275-2000 212-852-7000 wmg.com foxcorporation.com

$4,463.0 $12,303.0

-0.27% +8.03%

64 33 65 34

Compass Inc. Edison (COMP)Inc. (ED) Consolidated 90Irving Fifth Place, Ave., New 4 NewYork, York,NY NY10011 10003

212-913-9058 212-460-4600 compass.com conedison.com

$3,720.8 $12,246.0

+55.94% -2.61%

-$270.2 Electric Technology-driven real $1,101.0 and gas utility estate platform

212-696-0100 631-843-5500 annaly.com henryschein.com

$3,700.8 $10,119.1

+15.83% +1.33%

-$891.2 Real estate $403.8 Medical andinvestment hospital trust equipment

RANK

1633 Broadway, New NY Ave., New York, York,| MAY NY 10019 10036 14 | CRAIN’S1211 NEW Sixth YORK BUSINESS 17, 2021

P013_P015_CN_20210517.indd 14 Annaly Capital

Management Inc. (NLY) Henry Schein Inc. (HSIC) 1211Duryea Sixth Ave., York, NY 135 Road,New Melville, NY 10036 11747

Retirement and INDUSTRY products insurance

$403.8 Medical andbanking hospitaland $11,047.0 Investment equipment financial services

BUCK ENNIS

NEWOmnicom YORK’S LARGEST PUBLICLY HELD COMPANIES Group Inc. (OMC) 212-415-3600 $13,171.1 -11.92%

$684.0 Health and beauty aids

No. 66 Virtu Financial Inc. The pandemic proved very, very good for Wall Street, thanks to the government’s extraordinary steps to stabilize the markets. Virtu Financial, which specializes in trading stocks, bonds and other products, saw revenue double last year, to $3.2 billion, while pretax earnings from market-making soared 12-fold to $1.2 billion. It will be tough to top that performance, but never say never: The Federal Reserve has pledged to maintain ultralow interest rates for a long time, providing additional fuel for markets. Virtu should perform well even if investors get scared and sell.

— A. E.

-$6.0 Professional Data and measurement $2,016.0 services $384.3 Medical Apparel equipment and $874.0 supplies $1,045.4 Banking Investments $3,617.0

$363.2 Payment Artificial flavors and $6,411.0 solutions aromas -$652.1 Human Luxury fashion $2,466.5 resources software

63 1

66 4

67 5

68 6

69 7

70 8

71 9

72 10

73 11

STEEP DROPOFFS

74 12

JetBlue Airways Corp. suffered the biggest hit to revenue in 2020 as travelers’ trips were canceled, grounding planes all over the world.

75 13

76 14

% Change in Revenue JetBlue Airways Corp. (No. 72)

77 15

-63.47

78 16

Chimera Investment Corp. (No. 120 )

79 17

G-III Apparel Group (No. 81) -34.98

80 18

Steve Madden (No. 114)

81 19

-32.76 Outfront Media Inc. (No. 111)

82 20

-30.63

-2.43% -1%

RAN

65 3

-39.34

$775.2 Department Financial services -$3,944.0 stores

62

64 2

83 21

SOURCES: S&P Global Market

Intelligence, Crain’s research

No. 72 JetBlue Airways Corp.

JetBlue has marketed itself as New York’s hometown airline since launching from Queens. But relocation may be in the cards, as the company considers moving jobs to Florida. The airline was the beneficiary of about $30 million in tax breaks, investments and marketing programs in 2012, when it moved to Long Island City from Forest Hills. Will the threat to move jobs pressure city and state officials to throw more incentives its way? In any case, it’s expected to take years before travel fully recovers. — A.E.

84 22

85 23

86 24 BUCK ENNIS

27 THE LIST

$4,932.0 Investment management

-$475.0 Music company $999.0 Broadcasting

5/13/21 4:52 PM

87 25

88 26

89 27

90 28

91 29

92 30

31 93 32 94 33 95 34

.

, d e

e .

151 W. 42nd St., New York, NY 10036

nasdaq.com

56

Moody's Corp. (MCO) 7 World Trade Center, New York, NY 10007

212-553-0300 moodys.com

$5,371.0

+11.22%

57

International Flavors & Fragrances Inc. (IFF) 521 W. 57th St., New York, NY 10019

212-765-5500 iff.com

$5,084.2

-1.09%

58

Tapestry Inc. (TPR) 10 Hudson Yards, New York, NY 10001

212-594-1850 tapestry.com

$4,961.4

-17.68%

59

Xylem Inc. (XYL) 1 International Drive, Rye Brook, NY 10573

914-323-5700 xylem.com

$4,876.0

-7.11%

60

Coty Inc. (COTY) 350 Fifth Ave., New York, NY 10118

212-389-7300 coty.com

$4,717.8

-24.97%

-$1,006.7 Health and beauty aids

61

Hess Corp. (HES) 1185 Sixth Ave., New York, NY 10036

212-997-8500 hess.com

$4,667.0

-28.14%

-$3,093.0 Petroleum

62

RANK

Broadridge Financial Solutions Inc. (BR) COMPANY (TICKER SYMBOL)/ 5ADDRESS Dakota Drive, Lake Success, NY 11042

516-472-5400 PHONE/ WEBSITE broadridge.com

$4,529.0 REVENUE

(IN MILLIONS)

ONE-YEAR REVENUE +3.82% PERCENTAGE CHANGE

63 1

Warner Music Group Corp.

(WMG) JPMorgan Chase & Co. (JPM) 1633 Broadway, New York, NY NY 10019 383 Madison Ave., New York, 10179

212-275-2000 212-270-6000 wmg.com jpmorganchase.com

$4,463.0 $129,503.0

-0.27% -8.93%

64 2

Compass Inc. (COMP) Inc. (VZ) Verizon Communications 90 Fifth Ave., NewNew York,York, NY 10011 1095 Sixth Ave., NY 10036

212-913-9058 212-395-1000 compass.com verizon.com

$3,720.8 $128,292.0

+55.94% -2.71%

-$270.2 Technology-driven real $17,801.0 Telecommunications estate platform

65 3

Annaly Capital Management Inc. (NLY) Citigroup Inc. (C) 1211 Sixth Ave.,St., New York, NY NY 10036 388 Greenwich New York, 10013

212-696-0100 212-559-1000 annaly.com citigroup.com

$3,700.8 $88,839.0

+15.83% -14.12%

-$891.2 Real estate banking investment $11,047.0 Investment and trust financial services

66 4

Virtu FinancialBusiness Inc. (VIRT) International Machines Corp. (IBM) 1 Liberty Plaza, Road, New York, NY 10006 New Orchard Armonk, NY 10504

212-418-0100 914-499-1900 virtu.com ibm.com

$3,239.3 $73,620.0

+113.47% -4.57%

$649.2 Financial services $5,590.0 Technology

67 5

Atlas Air Inc. Worldwide PepsiCo (PEP) Holdings Inc. (AAWW) 2000 Westchester Ave., Purchase, 700 Anderson Hill Road, Purchase,NY NY10577 10577

914-701-8000 914-253-2000 atlasairworldwide.com pepsico.com

$3,211.1 $70,372.0

+17.23% +4.78%

$360.3 Airline $7,120.0 Food and beverage products

68 6

MSC Industrial Direct Co. Inc. (MSM) MetLife Inc. (MET) 75 Road, Melville, NY10166 11747 200Maxess Park Ave., New York, NY

516-812-2000 212-578-9500 mscdirect.com metlife.com

$3,192.4 $67,842.0

-5.1% -2.55%

$251.1 Industrial $5,407.0 Insuranceproducts

69 7

CIT Group Inc. (CIT) Inc. (PRU) Prudential Financial 11 42ndSt., St.,Newark, New York, 10036 751W.Broad NJ NY 07102

212-461-5200 973-802-6000 cit.com prudential.com

$3,150.4 $57,033.0

-4.23% -12%

-$615.3 -$374.0 Commercial Insurance and consumer finance

70 8

Take-Two Interactive Software Inc. (TTWO) StoneX Group Inc. (SNEX) 110 44th St., St., New New York, York, NY NY 10017 10036 155 W. E. 44th

646-536-2842 212-485-3500 take2games.com stonex.com

$3,089.0 $54,139.6

+15.76% +64.57%

$404.5 games $169.6 Video Financial services

71 9

IAC/InterActiveCorp (IAC) Goldman Sachs Group (GS) 555 18th York, 10011 200 W. West St.,St., NewNew York, NY NY 10282

212-314-7300 212-902-1000 iac.com goldmansachs.com

$3,047.7 $53,498.0

+12.64% -0.79%

$269.7 Media and internet $9,459.0 Investment banking and brands financial services

72 10

JetBlue Morgan Airways Stanley Corp.

(MS) (JBLU) 27-01 Queens Plaza Long Island City, NY 11101 1585 Broadway, NewNorth, York, NY 10036

718-286-7900 212-761-4000 jetblue.com morganstanley.com

$2,957.0 $52,047.0

-63.47% -3.3%

-$1,354.0 Airline $10,996.0 Investment banking and financial services

73 11

AMC Inc.(MRK) (AMCX) MerckNetworks & Co. Inc. 11 Penn Plaza, New York, NY 10001 NJ 07033 2000 Galloping Hill Road, Kenilworth,

212-324-8500 908-740-4000 amcnetworks.com merck.com

$2,815.0 $47,994.0

-8.02% +2.46%

$240.0 Television broadcasting $7,067.0 Pharmaceuticals

74 12

Verisk Analytics Inc. (VRSK) American International Group Inc. (AIG) 545 Blvd., Jersey City, NJ 07310 175 Washington Water St., New York, NY 10038

201-469-3000 212-770-7000 verisk.com aig.com

$2,784.6 $43,736.0

+6.81% -12.08%

$712.7 Data analytics -$5,944.0 Insurance

75 13

ITT Inc. (ITT) Squibb Co. (BMY) Bristol-Myers 1133 Ave., White Plains, NY 10604 430 E.Westchester 29th St., New York, NY 10016

914-641-2000 212-546-4000 itt.com bms.com

$2,477.8 $42,518.0

-12.95% +62.62%

$72.5 Components -$9,015.0 Pharmaceuticals manufacturing

76 14

Griffon Corp.

(GFF) Pfizer Inc. (PFE) 712 Ave.,St., New York, NYNY 10019 235 Fifth E. 42nd New York, 10017

77 15

Apollo Global Management American Express Co. (AXP)Inc. (APO) 9200 W. Vesey 57th St., St.,New NewYork, York,NY NY10019 10285

78 16

2020

DISCUSSIONS

82 20 83 21 84 22 85 23 BUCK ENNIS

86 24 87 25 88 26 89 27 90 28 91 29 92 30 31 93 32 94 33 95 34

$363.2 Artificial flavors and aromas -$652.1 Luxury fashion $254.0 Water technology

2020 NET $462.5 INCOME (IN MILLIONS)

Corporate services INDUSTRY

-$475.0 Music company $29,131.0 Investment banking and financial services

212-957-5000 212-733-2323 griffon.com pfizer.com

$2,407.5 $41,908.0

+8.97% +1.79%

$53.4 Conglomerate $9,616.0 Pharmaceuticals

212-515-3200 212-640-2000 apollo.com americanexpress.com

$2,354.0 $38,185.0

0% -18.79%

$156.6 Private equity $3,135.0 Financial services

Evercore Travelers Inc. Cos.(EVR) Inc. (TRV) 55 52nd St.,Ave., New New York,York, NY 10055 485E.Lexington NY 10017

212-857-3100 917-778-6000 evercore.com travelers.com

$2,285.3 $31,981.0

+12.64% +1.27%

$350.6 Investment $2,697.0 Insurance banking advisory

Royalty Pharma (RPRX) Philip Morris International Inc. (PM) 110 NY 10022 120 East Park 59th Ave., St., NewNew York,York, NY 10017

212-883-0200 917-663-2000 royaltypharma.com pmi.com

$2,122.4 $28,694.0

+16.98% -3.73%

$975.0 Pharmaceuticals $8,056.0 Tobacco, food and beverage products

BGC PartnersInc. Inc.(VIAC) (BGCP) ViacomCBS 499 Ave., New 1515Park Broadway, NewYork, York,NYNY10022 10036

212-610-2200 212-258-6000 bgcpartners.com viacomcbs.com

$2,056.7 $25,285.0

-2.26% -6.34%

Show prospective clients why. Be part of a Crain’s Content Studio roundtable and join other thought leaders Hain GroupCos. Inc. Inc. (HAIN) 516-587-5000 $2,053.9 MarshCelestial & McLennan (MMC) 212-345-5000 $17,224.0 in 1111 a discussion on issues business community.

Marcus Ave., Lake Success, NY 11042 affecting the hain.com 1166 Sixth Ave., New York, NY 10036 mmc.com

-34.98% -28.56%

So you think 79 17 80 18 you’re an expert?

81 19

$1,778.0 Credit ratings

G-III Apparel Group (GIII) Macy's Inc. (M) 512 Ave.,New NewYork, York,NYNY10001 10018 151 Seventh W. 34th St.,

212-403-0500 212-494-1602 giii.com macysinc.com

Signature Bank (SBNY) Becton, Dickinson and Co. (BDX) 565 Fifth Drive, Ave., New York,Lakes, NY 10017 1 Becton Franklin NJ 07417

Newmark Group (NMRK) Bank of New YorkInc. Mellon Corp.++ (BK) & Corporate Relocation 125 Ave., New York, York, NY 10017 240 Park Greenwich St., New NY 10286

Labor & Employment

-2.41% +3.44%

646-822-1500 201-847-6800 signatureny.com bd.com

$2,006.9 $17,117.0

+1.7% -1%

212-495-1784 Office Tenants212-372-2000

$1,905.0 $16,856.0

-14.12% -18.83%

Roundtable topics include: n n n n n n n n n n n

$2,055.1 $18,097.0

ngkf.com bnymellon.com

Grassi Consulting:

$23.5 Apparel -$3,944.0 Department stores

-$80.4 Food and beverage $2,016.0 Professional services products

Because running your business is never a straight path.

$528.4 $874.0 Banking Medical equipment and supplies $80.1 Real estate advisory $3,617.0 Banking

212-527-4000 201-801-0233 revlon.com cognizant.com

$1,904.3 $16,652.0

-21.3% -0.78%

-$619.0 Health and beauty $1,392.0 Information technology products

Party City (PRTY) Co. (CL) Colgate-Palmolive Commercial Real Estate 80 Elmsford, NY 10523 300Grasslands Park Ave., Road, New York, NY 10022

914-345-2020 212-310-2000 partycity.com colgatepalmolive.com

$1,850.7 $16,471.0

-21.21% +4.96%

-$528.2 Party $2,695.0 Healthfavors and beauty aids

John Wiley & Sons Inc. (JW.A) BlackRock Inc. (BLK) The Future of Telehealth 111 07030 55 E.River 52ndSt., St.,Hoboken, New York,NJNY 10055

201-748-6000 212-810-5300 wiley.com blackrock.com

$1,831.5 $16,205.0

+1.74% +11.46%

-$74.3 Publishing $4,932.0 Investment management

Peloton Interactive Inc. (PTON) Mastercard Inc. (MA) Workplace Safety Best 125 25th St.,St., NewPurchase, York, NY NY 10001 2000W.Purchase 10577

866-679-9129 914-249-2000 onepeloton.com mastercard.com

$1,825.9 $15,301.0

+99.55% -9.37%

-$71.6 Exercise $6,411.0 Payment equipment solutions and media

973-467-2200 973-974-5000 myvillagesupermarket.com adp.com

$1,804.6 $14,589.8

+9.8% +3.4%

212-556-1234 212-572-4200 nytco.com elcompanies.com

$1,783.6 $14,294.0

-1.58% -3.83%

$100.1 $684.0 Newspaper Health and publishing beauty aids

Reserve your spot and share your insights on a hot industry topic.

New York Community Bancorp Inc. (NYCB) 516-683-4100 $1,769.1 Omnicom Group Inc. (OMC) 212-415-3600 $13,171.1 Contact Sophia Juarez at sophia.juarez@crainsnewyork.com.

615 mynycb.com 437 Merrick MadisonAve., Ave.,Westbury, New York,NYNY11590 10017 omnicomgroup.com

-6.37% -11.92%

$511.1 $945.4 Banking Media, marketing and communications -$111.5 services -$931.0 Information Diversified holdings

Litigation

Private Equity

Practices

Middle Market Village Super Market Inc. (VLGE.A) Automatic Data Processing Inc. (ADP) Cannabis 733 Mountain Ave.,Legalization Springfield, NJ 07081in NYS 1 ADP Blvd., Roseland, NJ 07068 New Times Co.Inc. (NYT) EstéeYork Lauder Cos. (EL) 620 Ave.,New NewYork, York,NYNY10153 10018 767 Eighth Fifth Ave.,

Dun & Corp.

Bradstreet Loews (L) Holdings Inc. (DNB) 101 Pkwy.,Ave., ShortNew Hills, NJ NY 07078 667 JFK Madison York, 10065

CrainsNewYork.com Etsy Inc. (ETSY) Equitable Holdings Inc. (EQH) 117 St., Brooklyn, 1290Adams Sixth Ave., New York,NYNY11201 10104

Fox Corp. (FOXA) MSCI 1211 Inc. Sixth(MSCI) Ave., New York, NY 10036 7 World Trade Center, New York, NY 10007 Consolidated Edison Inc. (ED) Cowen (COWN) 4 IrvingInc. Place, New York, NY 10003 599 Lexington Ave., New York, NY 10022 P013_P015_CN_20210517.indd 15 Inc. (HSIC) Henry Schein Minerals Technologies Inc. NY (MTX) 135 Duryea Road, Melville, 11747

973-921-5500 212-521-2000 dnb.com loews.com

$1,738.1 $12,583.0

+22.93% -15.73%

718-880-3660 212-554-1234 etsy.com equitableholdings.com

$1,725.6 $12,415.0

+110.85% +29.07%

212-852-7000 212-804-3900 foxcorporation.com msci.com 212-460-4600 212-845-7900 conedison.com cowen.com 631-843-5500 212-878-1800 henryschein.com

$12,303.0 $1,695.4

+8.03% +8.83%

$12,246.0 $1,623.3

-2.61% +54.68%

$10,119.1 $1,594.8

+1.33% -10.95%

No. 88 Peloton Interactive Inc. Good luck finding a company with a better lockdown product than Peloton. The Manhattan firm’s pricey bikes and treadmills sold faster than the company could make them as gyms closed their doors. Between June and December 2020, the company reported $1.8 billion in revenue, double from the same period in 2019.

Peloton also added 3,000 employees to reach about 6,000 total. But Peloton was badly bruised earlier this month by a treadmill recall, and will have to prove it can keep customers exercising at home as gyms reopen.

— R.D.

$48.9 Electronic securities $2,422.0 Entertainment and trading media

Revlon Inc.Technology (REV) Cognizant Solutions Corp. (CTSH) Cybersecurity 1500 NewFrank York W. Plaza, York, NY 10004 BurrNew Blvd., Teaneck, NJ 07666

The Future of Real Estate

BUCK ENNIS

BUCK ENNIS

d s

55

grassicpas.com/consulting

$24.9 Grocery stores $2,466.5 Human resources software

$349.2 E-commerce for -$648.0 Retirement and handmade and vintage insurance products items $999.0 Broadcasting $601.8 Financial services MAY 17, 2021 | CRAIN’S NEW YORK BUSINESS | 15 $1,101.0 Electric and gas utility $216.4 Investment banking and brokerage $403.8 Medical and hospital $112.4 Mineral products equipment

5/13/21 4:47 PM

67

2000 Westchester Ave., Purchase, NY 10577

atlasairworldwide.com

68

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

516-812-2000 mscdirect.com

$3,192.4

-5.1%

69

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

212-461-5200 cit.com

$3,150.4

-4.23%

Take-Two Interactive Software Inc. (TTWO) 110 W. 44th St., New York, NY 10036

646-536-2842 take2games.com

$3,089.0

71

IAC/InterActiveCorp (IAC) 555 W. 18th St., New York, NY 10011

212-314-7300 iac.com

$3,047.7

72

27-01 Queens Plaza North, Long Island City, NY 11101

jetblue.com

73

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

212-324-8500 amcnetworks.com

$251.1 Industrial products

98

-$615.3 Commercial and consumer finance

99

+15.76%

$404.5 Video games

10

+12.64%

$269.7 Media and internet brands

10

$2,815.0

-8.02%

2020 $2,784.6 REVENUE (IN MILLIONS)

ONE-YEAR REVENUE +6.81% PERCENTAGE CHANGE

-$1,354.0 Airline $240.0 Television broadcasting 2020 NET $712.7 INCOME (IN MILLIONS)

74

Verisk Analytics (VRSK) COMPANY (TICKER Inc. SYMBOL)/ 545 Washington Blvd., Jersey City, NJ 07310 ADDRESS

201-469-3000 PHONE/ verisk.com WEBSITE

175 76 2

ITT Inc. (ITT) JPMorgan Chase & Co. (JPM) 1133 Westchester Plains, NY 10604 383 Madison Ave.,Ave., New White York, NY 10179

914-641-2000 212-270-6000 itt.com jpmorganchase.com

$2,477.8 $129,503.0

-12.95% -8.93%

$72.5 Investment Componentsbanking and $29,131.0 manufacturing financial services

Griffon Corp.

(GFF) Verizon Communications Inc. (VZ) 712 Fifth 1095 SixthAve., Ave.,New NewYork, York,NYNY10019 10036

212-957-5000 212-395-1000 griffon.com verizon.com

$2,407.5 $128,292.0

+8.97% -2.71%

$53.4 Telecommunications Conglomerate $17,801.0

77 3 78 4

Apollo Global Inc. (APO) Citigroup Inc. Management (C) 9 W. Greenwich 57th St., New 10019 388 St., York, New NY York, NY 10013

212-515-3200 212-559-1000 apollo.com citigroup.com

$2,354.0 $88,839.0

0% -14.12%

$156.6 Private equity $11,047.0 Investment banking and financial services

Evercore Inc. (EVR) International Business Machines Corp. (IBM) 55 E. 52nd St.,Road, New York, NY 10055 1 New Orchard Armonk, NY 10504

212-857-3100 914-499-1900 evercore.com ibm.com

$2,285.3 $73,620.0

+12.64% -4.57%

$350.6 Technology Investment banking $5,590.0 advisory

579 80 6

Royalty Pharma (RPRX) PepsiCo Inc. (PEP) 110 59th Hill St., Road, New York, NY 10022 700 East Anderson Purchase, NY 10577

212-883-0200 914-253-2000 royaltypharma.com pepsico.com

$2,122.4 $70,372.0

+16.98% +4.78%

$975.0 Food Pharmaceuticals $7,120.0 and beverage products

BGC Partners Inc. (BGCP) MetLife Inc. (MET) 499 Park Park Ave., Ave., New New York, York, NY NY 10166 10022 200

212-610-2200 212-578-9500 bgcpartners.com metlife.com

$2,056.7 $67,842.0

-2.26% -2.55%

81 7 82 8

G-III Apparel Group (GIII) Prudential Financial Inc. (PRU) 512 Broad SeventhSt., Ave., New York, NY 10018 751 Newark, NJ 07102

212-403-0500 973-802-6000 giii.com prudential.com

$2,055.1 $57,033.0

-34.98% -12%

$23.5 Apparel -$374.0 Insurance

Hain Celestial Group Inc. (HAIN) StoneX Group Inc. (SNEX) 1111 Ave., Lake Success, NY 11042 155 E.Marcus 44th St., New York, NY 10017

516-587-5000 212-485-3500 hain.com stonex.com

$2,053.9 $54,139.6

-2.41% +64.57%

-$80.4 Financial Food and services beverage $169.6 products

983 84 10

SignatureSachs Bank (SBNY) Goldman Group (GS) 565 NewYork, York,NY NY10282 10017 200 Fifth West Ave., St., New

646-822-1500 212-902-1000 signatureny.com goldmansachs.com

$2,006.9 $53,498.0

+1.7% -0.79%

$528.4 Investment Banking banking and $9,459.0 financial services

Newmark Group (MS) Inc. (NMRK) Morgan Stanley 125 Park Ave., New 1585 Broadway, NewYork, York,NYNY10017 10036

212-372-2000 212-761-4000 ngkf.com morganstanley.com

$1,905.0 $52,047.0

-14.12% -3.3%

$80.1 Investment Real estate banking advisoryand $10,996.0 financial services

85 11 86 12

Revlon Inc. Merck & Co.(REV) Inc. (MRK) 1 NewGalloping York Plaza,HillNew York,Kenilworth, NY 10004NJ 07033 2000 Road,

212-527-4000 908-740-4000 revlon.com merck.com

$1,904.3 $47,994.0

-21.3% +2.46%

-$619.0 Health and beauty $7,067.0 Pharmaceuticals products

Party City International (PRTY) American Group Inc. (AIG) 80 Elmsford, NY 10523 175Grasslands Water St., Road, New York, NY 10038

914-345-2020 212-770-7000 partycity.com aig.com

$1,850.7 $43,736.0

-21.21% -12.08%

-$528.2 Insurance Party favors -$5,944.0

87 13 88 14

John Wiley & Sons Inc.Co. (JW.A) Bristol-Myers Squibb (BMY) 111 St.,St., Hoboken, NJ NY 07030 430 River E. 29th New York, 10016

201-748-6000 212-546-4000 wiley.com bms.com

$1,831.5 $42,518.0

+1.74% +62.62%

-$74.3 Pharmaceuticals Publishing -$9,015.0

Peloton Interactive Pfizer Inc. (PFE) Inc. (PTON) 125 E. W. 42nd 25th St., 235 St., New New York, York, NY NY 10001 10017

866-679-9129 212-733-2323 onepeloton.com pfizer.com

$1,825.9 $41,908.0

+99.55% +1.79%

-$71.6 Pharmaceuticals Exercise equipment and $9,616.0 media

89 15 90 16

Village Super Market (VLGE.A) American Express Co.Inc. (AXP) 733 Vesey Mountain Springfield, NJ 07081 200 St., Ave., New York, NY 10285

973-467-2200 212-640-2000 myvillagesupermarket.com americanexpress.com

$1,804.6 $38,185.0

+9.8% -18.79%

$24.9 Grocery $3,135.0 Financialstores services

New York Cos. TimesInc. Co.(TRV) (NYT) Travelers 620 Ave., NewNew York, NY NY 10018 485 Eighth Lexington Ave., York, 10017

212-556-1234 917-778-6000 nytco.com travelers.com

$1,783.6 $31,981.0

-1.58% +1.27%

$100.1 Insurance Newspaper publishing $2,697.0

91 17 92 18

New York Community Bancorp (NYCB) Philip Morris International Inc.Inc. (PM) 615 Ave., 11590 120 Merrick Park Ave., NewWestbury, York, NY NY 10017

516-683-4100 917-663-2000 mynycb.com pmi.com

$1,769.1 $28,694.0

-6.37% -3.73%

$511.1 Tobacco, Banking food and $8,056.0 beverage products

Dun & Bradstreet Holdings Inc. (DNB) ViacomCBS Inc. (VIAC) 101 JFK Pkwy., Short 1515 Broadway, New Hills, York, NJ NY 07078 10036

973-921-5500 212-258-6000 dnb.com viacomcbs.com

$1,738.1 $25,285.0

+22.93% -6.34%

19 93 20 94

Etsy Inc.Inc. (ETSY) Macy's (M) 117 W. Adams 151 34thSt., St.,Brooklyn, New York,NY NY11201 10001

718-880-3660 212-494-1602 etsy.com macysinc.com

$1,725.6 $18,097.0

+110.85% -28.56%

RANK

23 97 24 98

25 99 26 100 27 101 28 102 29 103 30 104 31 105 32 106 33

P016_P018_CN_20210517.indd 16 IDT Corp. (IDT)

107 34

Henry Schein Inc. (HSIC) 520 Duryea Broad St., Newark, NJ 07102 135 Road, Melville, NY 11747

973-438-1000 631-843-5500 idt.net henryschein.com

$1,345.8 $10,119.1

-4.5% +1.33%

10

Data analytics

10

INDUSTRY

$48.9 Insurance Electronic securities $5,407.0 trading

-$111.5 Entertainment Information services $2,422.0 and media $349.2 Department E-commercestores for -$3,944.0 handmade and vintage items $2,016.0 Professional services $601.8 Financial services

Marsh & McLennan Cos. Inc. (MMC) 212-345-5000 $17,224.0 +3.44% MSCI Inc. (MSCI) 212-804-3900 $1,695.4 +8.83% 1166 Sixth Ave., New York, NY 10036 mmc.com 7 World Trade Center, New York, NY 10007 msci.com Becton, Dickinson and Co. (BDX) 201-847-6800 $17,117.0 -1% $874.0 Cowen Inc. (COWN) 212-845-7900 $1,623.3 +54.68% $216.4 1 Becton Drive, Franklin Lakes, NJ 07417 bd.com 599 Lexington Ave., New York, NY 10022 cowen.com Bank of New York Mellon Corp.++ (BK) 212-495-1784 $16,856.0 -18.83% $3,617.0 Minerals Technologies 212-878-1800 $1,594.8 -10.95% $112.4 240 Greenwich St., NewInc. York,(MTX) NY 10286 bnymellon.com 622 Third Ave., New York, NY 10017 mineralstech.com Cognizant Technology Solutions Corp. (CTSH) 201-801-0233 $16,652.0 -0.78% $1,392.0 ValleyFrank National Bancorp (VLY) NJ 07666 973-305-8800 $1,566.8 +2.03% $390.6 500 W. Burr Blvd., Teaneck, cognizant.com 1 Penn Plaza, New York, NY 10119 valley.com Colgate-Palmolive Co. (CL) 212-310-2000 $16,471.0 +4.96% $2,695.0 Brookfield Property REIT NY Inc.10022 (BPYU) 212-417-7000 $1,529.5 -2.2% -$711.5 300 Park Ave., New York, colgatepalmolive.com 250 Vesey St., New York, NY 10281 bpy.brookfield.com BlackRock Inc. (BLK) 212-810-5300 $16,205.0 +11.46% $4,932.0 Vornado Realty TrustYork, (VNO) 212-894-7000 $1,528.0 -20.61% -$297.0 55 E. 52nd St., New NY 10055 blackrock.com 888 Seventh Ave., New York, NY 10019 vno.com Mastercard Inc. (MA) 914-249-2000 $15,301.0 -9.37% $6,411.0 Children's PlaceSt., Inc. (PLCE) NY 10577 201-558-2400 $1,522.6 -18.61% -$140.4 2000 Purchase Purchase, mastercard.com 500 Plaza Drive, Secaucus, NJ 07094 childrensplace.com Automatic Data Processing Inc. (ADP) 973-974-5000 $14,589.8 +3.4% $2,466.5 1-800-Flowers.com Inc.NJ(FLWS) 516-237-6000 $1,489.6 +19.3% $59.0 1 ADP Blvd., Roseland, 07068 adp.com 1 Old Country Road, Carle Place, NY 11514 1800flowers.com Estée Lauder Cos. Inc. (EL) 212-572-4200 $14,294.0 -3.83% $684.0 Scholastic Corp.

(SCHL) 212-343-6100 $1,487.1 -10.09% -$43.8 767 Fifth Ave., New York, NY 10153 elcompanies.com 557 Broadway, New York, NY 10012 scholastic.com Omnicom Group Inc. (OMC) 212-415-3600 $13,171.1 -11.92% $945.4 Brookfield Infrastructure Corp.

212-417-7000 $1,430.0 -11.67% -$552.0 437 Madison Ave., New York, NY (BIPC) 10017 omnicomgroup.com 250 Vesey St., New York, NY 10281 bip.brookfield.com/bipc Loews Corp. (L) 212-521-2000 $12,583.0 -15.73% -$931.0 WW International 212-589-2700 $1,378.1 -2.49% $75.1 667 Madison Ave.,Inc. New(WW) York, NY 10065 loews.com 675 Sixth Ave., New York, NY 10010 corporate.ww.com Equitable Holdings Inc. (EQH) 212-554-1234 $12,415.0 +29.07% -$648.0 Focus Financial (FOCS) 646-519-2456 $1,361.3 +11.74% $28.0 1290 Sixth Ave., Partners New WANT York,Inc. NY 10104 equitableholdings.com MORE OF CRAIN’S EXCLUSIVE DATA? VISIT CRAINSNEWYORK.COM/LISTS. 875 Third Ave., New York, NY 10022 focusfinancialpartners.com Fox Corp. (FOXA) 212-852-7000 $12,303.0 +8.03% $999.0 Inc. Ave., (VRM) 855-524-1300 $1,357.7 +13.92% -$202.8 1211 New York,| MAY NY 10036 foxcorporation.com 16 | CRAIN’SVroom NEW Sixth YORK BUSINESS 17, 2021 1375 Broadway, New York, NY 10018 vroom.com Consolidated Edison Inc. (ED) 212-460-4600 $12,246.0 -2.61% $1,101.0 4 Irving Place, New York, NY 10003 conedison.com

21 95 22 96

10

Medical equipment and Investment supplies banking and brokerage Banking Mineral products Information technology Regional bank holdings Health and beauty aids Real estate investment trust Investment Real estate investment management trust Payment solutions Apparel retail Human resources Flowers softwareand gifts Health and beauty aids Publishing and education Media, marketing and Infrastructure and communications utilities Diversified holdings Weight-loss services Retirement and Wealth management insurance products

RAN

BLOOMBERG

NEWJetBlue YORK’S LARGEST PUBLICLY HELD COMPANIES Airways Corp. (JBLU) 718-286-7900 $2,957.0 -63.47%

No. 93 Etsy Inc. As Covid-19 gripped the nation in April 2020, Etsy CEO Josh Silverman sent off an urgent message to the company’s millions of sellers: Start making masks.

In the next six months, the Brooklyn-based marketplace sold more than $600 million in homemade face coverings. Mask sales paired with strong demand for home goods and handcrafted products propelled Etsy to $1.7 billion in revenue for 2020, doubling its 2019 total. For the year Etsy’s stock climbed faster than any S&P 500 company outside of Tesla.

The pandemic marked the final step in a turnaround effort for a company that, as recently as 2017, was fighting off calls from investors to sell.

— Ryan Deffenbaugh

111% INCREASE in revenue for Etsy (No. 93)

GOREVIC BUCK ENNIS

70 THE LIST

97

No. 119 Teladoc Health Inc. Customers sought virtual medical help through Teladoc more than 10 million times in 2020, a pandemic surge that doubled the total of any year prior. The company, based in Westchester County, had spent years preparing for the telehealth surge, racking up close to a billion dollars in acquisitions from 2017 to 2020. An $18 billion merger with its rival Livongo closed in August 2020. The firm still is not profitable and could take a hit once the pandemic eases. But CEO Jason Gorevic is feeling good enough that he shrugged off an investor’s question last month about a new, superpowered rival in Amazon Care. “There’s really nobody in the market who comes close,” he said of Teladoc.

— R. D.

Broadcasting E-commerce marketplace for car buying, and selling Electric gasand utility financing

$21.4 Telecommunications $403.8 Medical and hospital equipment

110

210 3 10 4 10 5 10 6 11 7 11 8 11 9 11 10 11 11 11 12 11 13 11 14 11 15 11 16 12 17 12 18 12 19 12 20 12 21 12 22 12 23 12 24 12 25

26 12

27 13

28 13

29 13

30 13

31 13

32 13

33 13 5/13/21 5:26 PM

34 13

d

s

.

BUCK ENNIS

h

1 Penn Plaza, New York, NY 10119

valley.com

98

Brookfield Property REIT Inc. (BPYU) 250 Vesey St., New York, NY 10281

212-417-7000 bpy.brookfield.com

$1,529.5

-2.2%

-$711.5 Real estate investment trust

99

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

212-894-7000 vno.com

$1,528.0

-20.61%

-$297.0 Real estate investment trust

100

Children's Place Inc. (PLCE) 500 Plaza Drive, Secaucus, NJ 07094

201-558-2400 childrensplace.com

$1,522.6

-18.61%

-$140.4 Apparel retail

101

1-800-Flowers.com Inc. (FLWS) 1 Old Country Road, Carle Place, NY 11514

516-237-6000 1800flowers.com

$1,489.6

+19.3%

$59.0 Flowers and gifts

102

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

212-343-6100 scholastic.com

$1,487.1

-10.09%

-$43.8 Publishing and education

103

Brookfield Infrastructure Corp. (BIPC) 250 Vesey St., New York, NY 10281

212-417-7000 bip.brookfield.com/bipc

$1,430.0

-11.67%

-$552.0 Infrastructure and utilities

104 RANK

WW International Inc. (WW) COMPANY (TICKER SYMBOL)/ ADDRESS 675 Sixth Ave., New York, NY 10010

212-589-2700 PHONE/ WEBSITE corporate.ww.com

$1,378.1 REVENUE

(IN MILLIONS)

ONE-YEAR REVENUE -2.49% PERCENTAGE CHANGE

1105

Focus Financial Inc. (FOCS) JPMorgan ChasePartners & Co. (JPM) 875 Madison Third Ave.,Ave., NewNew York,York, NY 10022 383 NY 10179

646-519-2456 212-270-6000 focusfinancialpartners.com jpmorganchase.com

$1,361.3 $129,503.0

+11.74% -8.93%

$28.0 Investment Wealth management $29,131.0 banking and financial services

2106 3 107 4 108 5 109 6 110 7 111 8 112 9 113 10 114 11 115 12 116 13 117 14 118 15 119 16 120 17 121 18 122 19 123 20 124 21 125 22 126 23 127 24 128 25

Vroom Inc. (VRM) Verizon Communications Inc. (VZ) 1375 Sixth Broadway, 1095 Ave., New New York, York, NY NY 10018 10036

855-524-1300 212-395-1000 vroom.com verizon.com

$1,357.7 $128,292.0

+13.92% -2.71%

Citigroup Inc. (C) 388 Greenwich St., New York, NY 10013 IDT Corp. (IDT) International Machines 520 Broad St.,Business Newark, NJ 07102 Corp. (IBM) 1 New Orchard Road, Armonk, NY 10504 Steel Partners Holdings (SPLP) PepsiCo Inc. (PEP) 590 Madison Ave., New York, NY 10022 700 Anderson Hill Road, Purchase, NY 10577 Ubiquiti Inc. (UI) MetLife (MET) 685 ThirdInc. Ave., New York, NY 10017 200 Park Ave., New York, NY 10166 Verint Systems Inc. (VRNT) Prudential Financial Inc. (PRU) NY 11747 175 Broadhollow Road, Melville, 751 Broad St., Newark, NJ 07102 Outfront Media Inc. (OUT) StoneX Group Ave., Inc. (SNEX) 405 Lexington New York, NY 10174 155 E. 44th St., New York, NY 10017 VICI Properties Inc. (VICI) Goldman SachsNew Group 430 Park Ave., York,(GS) NY 10022 200 West St., New York, NY 10282 W.P. Carey Inc. (WPC) Morgan (MS) 395 9th Stanley Ave., New York, NY 10001 1585 Broadway, New York, NY 10036 Steve Madden (SHOO) Merck & Co. Inc. (MRK) 52-16 Barnett Ave., Long Island City, NY 11104 2000 Galloping Hill Road, Kenilworth, NJ 07033 MDC Partners Inc. (MDCA) American Group Inc.NY(AIG) One World International Trade Center, New York, 10007 175 Water St., New York, NY 10038 Oppenheimer Holdings Inc. (OPY) Bristol-Myers Squibb 85 Broad St., New York,Co. NY(BMY) 10004 430 E. 29th St., New York, NY 10016 Kimco Realty Corp. (KIM) Pfizer (PFE) Jericho, NY 11753 500 N.Inc. Broadway, 235 E. 42nd St., New York, NY 10017 Standard Motor Products Inc. (SMP) American Express Co. Long (AXP)Island City, NY 11101 37-18 Northern Blvd., 200 Vesey St., New York, NY 10285 Teladoc Health Inc. (TDOC) Travelers Cos. Inc. (TRV)Purchase, NY 10577 2 Manhattanville Road, 485 Lexington Ave., New York, NY 10017 Chimera Investment Corp. (CIM) Philip Morris Ave., International 520 Madison New York,Inc. NY (PM) 10022 120 Park Ave., New York, NY 10017 Investors Bancorp Inc. (ISBC) ViacomCBS Inc. (VIAC) 101 JFK Parkway, Short Hills, NJ 07078 1515 Broadway, New York, NY 10036 Brixmor Property Group Inc. (BRX) Macy's Inc. (M)Ave., New York, NY 10017 450 Lexington 151 W. 34th St., New York, NY 10001 SL Green Realty Corp. (SLG) Marsh & McLennan Cos.York, Inc. NY (MMC) One Vanderbilt Ave., New 10170 1166 Sixth Ave., New York, NY 10036 PJT Partners Inc. (PJT) Becton, 280 ParkDickinson Ave., New and York,Co. NY (BDX) 10017 1 Becton Drive, Franklin Lakes, NJ 07417 Systemax Inc. (SYX) Bank of New Mellon Corp.++ (BK)NY 11050 11 Harbor ParkYork Drive, Port Washington, 240 Greenwich St., New York, NY 10286 HC2 Holdings Inc. (HCHC) Cognizant Technology Solutions Corp. (CTSH) 450 Park Ave., New York, NY 10022 500 Frank W. Burr Blvd., Teaneck, NJ 07666 Prestige Consumer Healthcare Inc. (PBH) Colgate-Palmolive Co. (CL) 660 White Plains Road, Tarrytown, NY 10591 300 Park Ave., New York, NY 10022 ExlService Holdings Inc. (EXLS) BlackRock Inc.New (BLK) 320 Park Ave., York, NY 10022 55 E. 52nd St., New York, NY 10055

212-559-1000 citigroup.com 973-438-1000 914-499-1900 idt.net ibm.com 212-520-2300 914-253-2000 steelpartners.com pepsico.com 646-780-7958 212-578-9500 ui.com metlife.com 631-962-9600 973-802-6000 verint.com prudential.com 212-297-6400 212-485-3500 outfrontmedia.com stonex.com 646-949-4631 212-902-1000 viciproperties.com goldmansachs.com 212-492-8920 212-761-4000 wpcarey.com morganstanley.com 718-446-1800 908-740-4000 stevemadden.com merck.com 646-429-1800 212-770-7000 mdc-partners.com aig.com 212-668-8000 212-546-4000 oppenheimer.com bms.com 516-869-7235 212-733-2323 kimcorealty.com pfizer.com 718-392-0200 212-640-2000 smpcorp.com americanexpress.com 203-635-2002 917-778-6000 teladochealth.com travelers.com 212-626-2300 917-663-2000 chimerareit.com pmi.com 973-924-5100 212-258-6000 myinvestorsbank.com viacomcbs.com 212-869-3000 212-494-1602 brixmor.com macysinc.com 212-594-2700 212-345-5000 slgreen.com mmc.com 212-364-7800 201-847-6800 pjtpartners.com bd.com 516-608-7000 212-495-1784 systemax.com bnymellon.com 212-235-2690 201-801-0233 hc2.com cognizant.com 914-524-6800 212-310-2000 prestigebrands.com colgatepalmolive.com 212-277-7100 212-810-5300 exlservice.com blackrock.com

$88,839.0

-14.12%

$1,345.8 $73,620.0

-4.5% -4.57%

-$202.8 Telecommunications E-commerce $17,801.0 marketplace for car buying, selling and $11,047.0 Investment financing banking and financial services $21.4 Telecommunications $5,590.0 Technology

$1,310.6 $70,372.0

-9.92% +4.78%

$1,284.5 $67,842.0

+10.57% -2.55%

$72.7 Multisector holdings $7,120.0 Food and beverage products $380.3 Information technology $5,407.0 Insurance

$1,273.7 $57,033.0

-2.29% -12%

-$7.3 Customer engagement -$374.0 Insurance and cyber intelligence

$1,236.3 $54,139.6

-30.63% +64.57%

$1,225.6 $53,498.0

+36.97% -0.79%

$1,209.3 $52,047.0

-1.9% -3.3%

$1,201.8 $47,994.0

-32.76% +2.46%

$891.7 Real estate investment $9,459.0 Investment banking and trust financial services $455.4 Commercial and real $10,996.0 Investment banking and estate investments financial services -$18.4 Footwear $7,067.0 Pharmaceuticals

$1,199.0 $43,736.0

-15.31% -12.08%

-$229.0 Advertising and -$5,944.0 Insurance marketing holdings

$1,198.7 $42,518.0

+15.99% +62.62%

$123.0 Investment banking and -$9,015.0 Pharmaceuticals brokerage

$1,133.9 $41,908.0

-9.8% +1.79%

$1,000.8 Real estate investment $9,616.0 Pharmaceuticals trust

$1,128.6 $38,185.0

-0.82% -18.79%

$57.4 Motor-vehicle parts $3,135.0 Financial services

$1,094.0 $31,981.0

+97.72% +1.27%

-$485.1 Health care services $2,697.0 Insurance

$1,086.5 $28,694.0

-39.34% -3.73%

$1,071.4 $25,285.0

-2.03% -6.34%

$1,053.7 $18,097.0

-9.86% -28.56%

$88.9 Real estate investment $8,056.0 Tobacco, food and trust beverage products $221.6 Banking $2,422.0 Entertainment and media $121.2 Real estate investment -$3,944.0 Department stores trust

$1,052.7 $17,224.0

-15.03% +3.44%

$371.1 Real estate investment $2,016.0 Professional services trust

$1,052.3 $17,117.0

+46.63% -1%

$1,029.0 $16,856.0

+8.67% -18.83%

$117.5 Investment banking $874.0 Medical equipment and supplies $65.4 Industrial products $3,617.0 Banking

$1,005.8 $16,652.0

-6.61% -0.78%

-$92.0 Diversified holdings $1,392.0 Information technology

$963.0 $16,471.0

-1.31% +4.96%

$142.3 Health care products $2,695.0 Health and beauty aids

$958.4 $16,205.0

-3.32% +11.46%

$89.5 Operations $4,932.0 Investment management and management analytics

26 129

Mastercard (MA) Moelis & Co.Inc. (MC) 2000 Purchase St., Purchase, NY 10577 399 Park Ave., New York, NY 10022

914-249-2000 212-883-3800 mastercard.com moelis.com

$15,301.0 $943.3

-9.37% +26.36%

$6,411.0 solutions $178.8 Payment Investment banking and brokerage

27 130

Automatic Data Processing Inc. (ADP) MultiPlan Corp.

(MPLN) 1 ADP Blvd., Roseland, 115 Fifth Ave., New York,NJNY07068 10003

973-974-5000 212-780-2000 adp.com multiplan.us

$14,589.8 $937.8

+3.4% -4.59%

$2,466.5 resources -$520.6 Human Health care technology software

28 131

Estée Lauder Cos.Management Inc. (EL) Inc. (SCU) Sculptor Capital 767 NewYork, York,NY NY10019 10153 9 W. Fifth 57thAve., St., New

212-572-4200 212-790-0000 elcompanies.com sculptor.com

$14,294.0 $897.0

-3.83% +50.18%

$684.0 and beauty aids $177.6 Health Asset management

29 132

Omnicom Group Inc. (OMC) Tradeweb Markets Inc. (TW) 437 Ave., New York, 10017 1177Madison Sixth Ave., New York, NYNY 10036

212-415-3600 646-430-6000 omnicomgroup.com tradeweb.com

$13,171.1 $892.7

-11.92% +15.09%

$945.4 marketing and $166.3 Media, Electronic securities communications trading

30 133

Loews Corp.

(L) Inc. (HAYW) Hayward Holdings 667 Ave., Berkeley New York,Heights, NY 10065 400 Madison Connell Drive, NJ 07922

212-521-2000 908-351-5400 loews.com investor.hayward.com

$12,583.0 $875.4

-15.73% +19.36%

-$931.0 holdings $43.3 Diversified Leisure products

31 134

Equitable Inc. (EQH) MacquarieHoldings Infrastructure Corp. (MIC) 1290 125 W.Sixth 55thAve., St., New York, NY 10104 10019

212-554-1234 212-231-1000 equitableholdings.com macquarie.com

$12,415.0 $847.0

+29.07% -30.12%

-$648.0 and -$928.0 Retirement Infrastructure insurance products

32 135

Fox Corp.

(FOXA) Tiptree Inc. (TIPT) 1211 SixthAve., Ave.,New NewYork, York,NYNY10171 10036 299 Park

212-852-7000 212-446-1400 foxcorporation.com tiptreeinc.com

$12,303.0 $814.7

+8.03% +6.48%

$999.0 -$29.2 Broadcasting Insurance holdings

33 136

Consolidated (ED) Phibro AnimalEdison HealthInc. Corp.

(PAHC) 4 Irving Place, NewBlvd., York, Teaneck, NY 10003NJ 07666 300 Frank W. Burr

212-460-4600 201-329-7300 conedison.com pahc.com

$12,246.0 $800.4

-2.61% -3.33%

$1,101.0 and gas utility $33.6 Electric Animal nutrition

631-843-5500 516-683-6000 henryschein.com lifetimebrands.com

$10,119.1 $769.2

+1.33% +4.67%

$403.8 and hospital -$3.0 Medical Houseware equipment

P016_P018_CN_20210517.indd 17

34 137

Henry Schein Inc.Inc. (HSIC) Lifetime Brands (LCUT) 135 NY 11747 1000Duryea StewartRoad, Ave.,Melville, Garden City, NY 11530

2020 $75.1 NET INCOME (IN MILLIONS)

Weight-loss services INDUSTRY

-$61.0 Advertising $169.6 Financial services

BLOOMBERG

2020

No. 138 Madison Square Garden Entertainment Corp.

2020 was a lost year for Madison Square Garden.

The world’s most famous arena went silent for months and only now are crowds creeping back. Pro tip: There’s nothing better than watching hockey in person, and the Rangers’ Artemi Panarin is worth the hefty price of admission. Against all odds, the Knicks are fun again. And it surely won’t be long before Billy Joel re-establishes his Garden residency and sings us a song about a piano man, because isn’t everyone in the mood for a melody?

— Aaron Elstein

BURGEONING GROWTH These companies capitalized on an erratic year by meeting new demands in finance, entrepreneurship and health. % Change in Revenue Virtu Financial Inc. (No. 66) 113.5 Etsy Inc. (No. 93) 110.9 Peloton Interactive Inc. (No. 88) 99.6 Teladoc Health Inc. (No. 119) 97.7 UiPath Inc. (No. 145) 80.7

BLOOMBERG

BLOOMBERG

.

97

No. 86 Party City In a year where gatherings were restricted and there wasn’t much to celebrate, Party City’s profits tanked by $528M. The party goods retailer is the largest supplier of decorations in North America, and the tumultuous times caused the company to fall six slots on our list since last year. With revenue down by 20%, the streamer shop has a lot riding on the resurgence of the Roaring ’20s.

— Amanda Glodowski

MAY 17, 2021 | CRAIN’S NEW YORK BUSINESS | 17

5/13/21 5:23 PM

212-277-7100 exlservice.com

$958.4

-3.32%

129

Moelis & Co. (MC) 399 Park Ave., New York, NY 10022

212-883-3800 moelis.com

$943.3

+26.36%

130

MultiPlan Corp. (MPLN) 115 Fifth Ave., New York, NY 10003

212-780-2000 multiplan.us

$937.8

-4.59%

131

Sculptor Capital Management Inc. (SCU) 9 W. 57th St., New York, NY 10019

212-790-0000 sculptor.com

$897.0

+50.18%

128

THE LIST

Markets Inc. (TW) 646-430-6000 HELD COMPANIES $892.7 +15.09% NEW YORK’S LARGEST PUBLICLY 132 Tradeweb 1177 Sixth Ave., New York, NY 10036 tradeweb.com

$89.5 Operations management and analytics $178.8 Investment banking and brokerage -$520.6 Health care technology $177.6 Asset management $166.3 Electronic securities trading

133

Hayward Holdings Inc. (HAYW) 400 Connell Drive, Berkeley Heights, NJ 07922

908-351-5400 investor.hayward.com

$875.4

134

Macquarie Infrastructure COMPANY (TICKER SYMBOL)/ Corp. (MIC) ADDRESS 125 W. 55th St., New York, NY 10019

212-231-1000 PHONE/ WEBSITE macquarie.com

$847.0 REVENUE

(IN MILLIONS)

ONE-YEAR REVENUE -30.12% PERCENTAGE CHANGE

1135 136 2

Tiptree Inc.Chase (TIPT)& Co. (JPM) JPMorgan 299 Ave.,Ave., NewNew York,York, NY 10171 383 Park Madison NY 10179

212-446-1400 212-270-6000 tiptreeinc.com jpmorganchase.com

$814.7 $129,503.0

+6.48% -8.93%

-$29.2 Investment Insurance holdings $29,131.0 banking and financial services

Phibro Animal Health Corp.

Verizon Communications Inc.(PAHC) (VZ) 300 Frank BurrNew Blvd., Teaneck, NJ 07666 1095 SixthW. Ave., York, NY 10036

201-329-7300 212-395-1000 pahc.com verizon.com

$800.4 $128,292.0

-3.33% -2.71%

$33.6 Telecommunications Animal nutrition $17,801.0

137 3 138 4

Lifetime CitigroupBrands Inc. (C)Inc. (LCUT) 1000Greenwich Stewart Ave., City, 11530 388 St., Garden New York, NYNY 10013

516-683-6000 212-559-1000 lifetimebrands.com citigroup.com

$769.2 $88,839.0

+4.67% -14.12%

-$3.0 Investment Houseware banking and $11,047.0 financial services

Madison Square GardenMachines Entertainment Corp. (MSGE) International Business Corp. (IBM) 2 New Pennsylvania Plaza, Armonk, New York,NYNY10504 10121 1 Orchard Road,

212-465-6000 914-499-1900 msgentertainment.com ibm.com

$762.9 $73,620.0

-27.27% -4.57%

$17.2 Technology Entertainment venues $5,590.0

5139 140 6

Paramount PepsiCo Inc.Group (PEP)Inc. (PGRE) 1633 Broadway,HillNew York,Purchase, NY 10019 700 Anderson Road, NY 10577

212-237-3100 914-253-2000 paramount-group.com pepsico.com

$695.9 $70,372.0

-5.8% +4.78%

-$24.7 Real investment $7,120.0 Food estate and beverage trust products

MarketAxess Holdings Inc. (MKTX) MetLife Inc. (MET) 55 Hudson Yards, York, 10001 200 Park Ave., NewNew York, NY NY 10166

212-813-6000 212-578-9500 marketaxess.com metlife.com

$691.6 $67,842.0

+33.14% -2.55%

141 7 142 8

MSG Networks Inc. (MSGN) Prudential Financial Inc. (PRU) 11 Pennsylvania Plaza, New York, NY 10001 751 Broad St., Newark, NJ 07102

212-465-6400 973-802-6000 msgnetworks.com prudential.com

$685.8 $57,033.0

-4.86% -12%

Shutterstock StoneX GroupInc. Inc.(SSTK) (SNEX) 350 E. Fifth Ave., 155 44th St.,New NewYork, York,NYNY10118 10017

646-710-3417 212-485-3500 shutterstock.com stonex.com

$666.7 $54,139.6

+2.49% +64.57%

9143 144 10

Comtech Telecommunications Goldman Sachs Group (GS) Corp. (CMTL) 68 Service Melville, NY 11747 200S.West St., Road, New York, NY 10282

631-962-7000 212-902-1000 comtechtel.com goldmansachs.com

$616.7 $53,498.0

-8.2% -0.79%

$7.0 Investment Communications $9,459.0 banking and equipment financial services

Empire State Realty Morgan Stanley (MS)Trust Inc. (ESRT) 111 W.Broadway, 33rd St., New New York, York, NY NY 10036 10120 1585

212-687-8700 212-761-4000 empirestaterealtytrust.com morganstanley.com

$611.9 $52,047.0

-17.61% -3.3%

-$16.7 Investment Real estate banking investment $10,996.0 and trust financial services

11 145 12 146

UiPath Merck &Inc. Co.(PATH) Inc. (MRK) 90 Park Ave., New NYKenilworth, 10016 NJ 07033 2000 Galloping HillYork, Road,

844-432-0455 908-740-4000 uipath.com merck.com

$607.6 $47,994.0

+80.73% +2.46%

American International Group Inc. (AIG) Datadog 175 WaterInc. St.,(DDOG) New York, NY 10038 620 8th Ave., New York, NY 10018 Bristol-Myers Squibb Co. (BMY) Madison Square Garden Corp. (MSGS) 430 E. 29th St., New York,Sports NY 10016 2 Pennsylvania Plaza, New York, NY 10121 Pfizer Inc. (PFE) MongoDB Inc.St., (MDB) 235 E. 42nd New York, NY 10017 1633 Broadway, New York, NY 10019 American Express Co. (AXP) iStarVesey Inc. (STAR) 200 St., New York, NY 10285 1114 Sixth Ave., New York, NY 10036 Travelers Cos. Inc. (TRV) Inter Parfums Inc. 485 Lexington Ave.,(IPAR) New York, NY 10017 551 Fifth Ave., New York, NY 10176 Philip Morris International Inc. (PM) 120 Park Ave., New York, NY 10017

212-770-7000 866-329-4466 aig.com datadoghq.com 212-546-4000 212-465-6741 bms.com msgsports.com 212-733-2323 646-727-4092 pfizer.com mongodb.com 212-640-2000 212-930-9400 americanexpress.com istar.com 917-778-6000 212-983-2640 travelers.com interparfumsinc.com 917-663-2000 pmi.com

$43,736.0 $603.5

-12.08% +66.35%

-$92.4 Pharmaceuticals Vendor of robotic $7,067.0 process automation services -$5,944.0 Insurance -$24.5 Application software

$42,518.0 $603.3

+62.62% -17.29%

-$9,015.0 Pharmaceuticals -$182.4 Professional sports

$41,908.0 $590.4

+1.79% +40%

$38,185.0 $573.1

-18.79% +9.92%

$31,981.0 $539.0

+1.27% -24.46%

$28,694.0

-3.73%

RANK

13 147 14 148 15 149 16 150 17

2020

+19.36%

$43.3 Leisure products 2020 NET-$928.0 INCOME (IN MILLIONS)

Infrastructure INDUSTRY

$299.4 Insurance Securities $5,407.0 $185.2 Television -$374.0 Insurance broadcasting $71.8 Stock photography, $169.6 Financial services footage and music

$9,616.0 Pharmaceuticals -$266.9 Internet services and infrastructure $3,135.0 Financial services -$42.4 Real estate investment trust $2,697.0 Insurance $38.2 Fragrances and beauty aids $8,056.0 Tobacco, food and beverage products

BUCK ENNIS

ExlService Holdings Inc. (EXLS) 320 Park Ave., New York, NY 10022

OLIVIER POMEL AND ALEXIS LÊ-QUÔC Co-Founders of Datatdog No. 146 Datadog Inc. Datadog, a newcomer to the Crain’s list, has been making waves in the cloud-monitoring space. The analytics platform, which went public in September 2019, monitors servers, databases, tools and services for apps. The firm saw a 66% spike in revenue in 2020, and it’s not done yet: Datadog’s recently released earnings suggest that its growth strategy is sustainable, and enthusiasm for the company is swelling.

While investors are cautious that Peloton (No. 88) and Etsy’s (No. 93) pandemic-fueled success could be bottoming out, Datadog may set itself apart as a tech company whose momentum could outlast Covid-19.

— Amanda Glodowski

Source: S&P Global Market Intelligence. Additional research by Amanda Glodowski and Chuck Soder.

ViacomCBS Inc.York (VIAC) Entertainment and New York area includes New City and Nassau, Suffolk and Westchester counties212-258-6000 in New York, and Bergen, Essex, Hudson$25,285.0 and Union counties-6.34% in New Jersey. All$2,422.0 companies listed were headquartered 1515 Broadway, Newtraded York, NY in the New York area and publicly as 10036 of April 20, 2021, and they had releasedviacomcbs.com their most recent annual earnings data by that day. All financial figures are from the mostmedia recent 10-Ks or newswire data available as of April 20. The most recent data for companies with a fiscal year ending in a month from March through December are for 2020, and the most recent data for companies with a fiscal year ending in January or February are for 2021. Rankings and percentage changes 212-494-1602 are based on unrounded numbers.

Macy's Inc. (M) $18,097.0 -28.56% -$3,944.0 Department stores

18 19

151 W. 34th St., New York, NY 10001

macysinc.com

20

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

212-345-5000 RANK COMPANY mmc.com

COMPANY

ALPHABETICAL LISTING $17,224.0

+3.44% $2,016.0 Professional services RANK COMPANY RANK

1-800-Flowers.com Inc. 149 -1%New York Community iStar Inc. ------------------------------------------------------------- 143 --------- 91 Becton, Dickinson and Co.101 (BDX) Comtech Telecommunications Corp.

201-847-6800 $17,117.0 $874.0 Bancorp MedicalInc. equipment and 54 33 75 90 ABM Industries Inc. Consolidated Edison Inc. ITT Inc. New York Times Co. ----------------------------------------------------------------------------------------------------------------1 Becton Drive, Franklin Lakes, NJ 07417 bd.com supplies Alleghany Corp. -------------------------------- 43 Coty Inc. ---------------------------------------- 60 Jefferies Financial Group Inc. --------------- 50 Newmark Group Inc. -------------------------- 84 of New York Mellon Corp.++ (BK) 212-495-1784 $16,856.0 -18.83% Banking 36 95 72 42 Altice USA Inc.Bank Cowen Inc. ------------------------------------JetBlue Airways Corp. ------------------------News Corp.$3,617.0 --------------------------------------------------------------------St., New York,73 NY 10286 bnymellon.com 146 AMC Networks240 Inc.Greenwich Datadog Inc. --------------------------------John Wiley & Sons Inc. ----------------------- 87 Nielsen Holdings ------------------------------ 51 ---------------------------American Express Co. ------------------------ 15 Dun & Bradstreet Holdings Inc. ------------- 92 JPMorgan Chase & Co. ------------------------- 1 Omnicom Group Inc. ------------------------- 29 Cognizant Technology Solutions Corp. (CTSH) 201-801-0233 $16,652.0 -0.78% $1,392.0 Information technology American International Group Inc. --------- 12 Empire State Realty Trust Inc. ------------- 144 Kimco Realty Corp. ------------------------- 117 Oppenheimer Holdings Inc.---------------- 116 500 Frank W. Burr Blvd., Teaneck, NJ 07666 cognizant.com Annaly Capital Management Inc. ----------- 65 Equitable Holdings Inc. ---------------------- 31 KKR & Co. Inc. --------------------------------- 37 Outfront Media Inc. ------------------------- 111 28 137 Apollo Global Colgate-Palmolive Management Inc. -----------Estée Lauder Cos. Inc.-----------------------Lifetime Brands Inc. -----------------------Group Inc. ---------------------Co. (CL) 77 212-310-2000 $16,471.0 +4.96%Paramount$2,695.0 Health and beauty139 aids 93 Assurant Inc. ----------------------------------Loews Corp. ------------------------------------ 30 Party City --------------------------------------- 86 300 Park Ave., New York, NY 35 10022 Etsy Inc. ---------------------------------------colgatepalmolive.com Atlas Air Worldwide Holdings Inc. ----------- 67 Evercore Inc. ----------------------------------- 78 Macquarie Infrastructure Corp. ----------- 134 Peloton Interactive Inc. ----------------------- 88 BlackRock Inc. 212-810-5300 $16,205.0 +11.46% $4,932.0 Investment 128 19 5 Automatic Data Processing Inc.(BLK) ExlService Holdings Inc.-------------------Macy’s Inc. ------------------------------------PepsiCo Inc. ------------- 27 -------------------------------------55 E.Mellon 52nd Corp.

St., New York, NY22 10055Focus Financial Partners Inc. blackrock.com management 105 138 Bank of New York Madison Square Garden Entertainment.

Pfizer Inc. ---------------------------------------------------------------- 14 Becton, Dickinson and Co. ------------------ 21 Foot Locker Inc. ------------------------------- 47 Madison Square Garden Sports Corp. --- 147 Phibro Animal Health Corp. ---------------- 136 Mastercard Inc. (MA) 914-249-2000 $15,301.0 -9.37% $6,411.0 Payment solutions 32 Bed Bath & Beyond Inc. --------------------Fox Corp. --------------------------------------MarketAxess Holdings Inc. ----------------- 140 Philip Morris International Inc. -------------- 17 2000 Purchase St., Purchase,40NY 10577 mastercard.com BGC Partners Inc. ----------------------------- 80 G-III Apparel Group --------------------------- 81 Marsh & McLennan Cos. Inc.---------------- 20 PJT Partners Inc. ----------------------------- 124 9 26 BlackRock Inc.Automatic Goldman Sachs Group ------------------------Mastercard Inc. -------------------------------Inc. ------- 127 Data Processing 25 Inc. (ADP) 973-974-5000 $14,589.8 +3.4%Prestige Consumer $2,466.5Healthcare Human resources --------------------------------53 Blackstone Group Inc. Griffon Corp. ----------------------------------MDC Partners Inc. --------------------------- 115 Prudential Financial Inc. 1 ADP Blvd., Roseland, NJ 07068 adp.com 76 software ---------------------------------------------- 7 Bristol-Myers Squibb Co.--------------------- 13 Hain Celestial Group Inc. -------------------- 82 Merck & Co. Inc. ------------------------------ 11 Public Service Enterprise Group Inc. ------- 38 Estée Lauder Inc. (EL) 212-572-4200 $14,294.0 -3.83% $684.0 Health and beauty aids 133 6 49 Brixmor Property Group Inc. Cos. Hayward Holdings Inc.---------------------MetLife Inc. -------------------------------------PVH Corp. ---------------------------------------------------- 122 767 Fifth Ave., New York, NY 10153 elcompanies.com Broadridge Financial Solutions Inc. -------- 62 HC2 Holdings Inc. --------------------------- 126 Minerals Technologies Inc. ------------------- 96 Quest Diagnostics Inc. ----------------------- 39 34 129 52 Brookfield Infrastructure Corp. -----------Henry Schein Inc. ----------------------------Moelis & Co. --------------------------------Corp. --------------------------Omnicom Group Inc. (OMC)103 212-415-3600 $13,171.1 -11.92%Ralph Lauren$945.4 Media, marketing and 61 Brookfield Property REIT Inc.Ave., Hess Corp. ------------------------------------MongoDB Inc. ------------------------------- 148 Regeneron Pharmaceuticals Inc. ----------- 44 ---------------437 Madison New York,98 NY 10017 omnicomgroup.com communications Children’s Place Inc. ------------------------ 100 IAC/InterActiveCorp --------------------------- 71 Moody’s Corp. --------------------------------- 56 Revlon Inc. ------------------------------------- 85 Loews Corp.

Corp. ----------------(L) 212-521-2000 $12,583.0 -15.73% -$931.0 Diversified holdings 79 120 107 10 Chimera Investment IDT Corp. ------------------------------------Morgan Stanley -------------------------------Royalty Pharma -------------------------------Madison Ave., New York,69 NY 10065 loews.com 150 CIT Group Inc.667 Inter Parfums Inc. --------------------------MSC Industrial Direct Co. Inc. --------------- 68 S&P Global Inc. ------------------------------- 48 --------------------------------Citigroup Inc.------------------------------------- 3 International Business Machines Corp. ------ 4 MSCI Inc. --------------------------------------- 94 Scholastic Corp. ----------------------------- 102 Equitable HoldingsCorp.

Inc. (EQH) $12,415.0 +29.07% -$648.0 Retirement 23 141 Cognizant Technology Solutions International Flavors & Fragrances212-554-1234 Inc. ---- 57 MSG Networks Inc.-------------------------Sculptor Capital Management Inc.and ----------- 131 1290 Sixth Ave., New York, NY 10104 equitableholdings.com insurance products Colgate-Palmolive Co. ------------------------ 24 Interpublic Group of Cos. Inc. --------------- 41 MultiPlan Corp. ------------------------------ 130 Shutterstock Inc. ---------------------------- 142 64 121 55 83 Compass Inc.Fox Investors Bancorp Inc.---------------------Nasdaq Inc. -----------------------------------Signature Bank ----------------------------------------------------------------Corp. (FOXA) 212-852-7000 $12,303.0 +8.03% $999.0 Broadcasting 1211 Sixth Ave., New York, NY 10036 foxcorporation.com

21 22 23 24 25 26 27 28 29 30 31 32

18 | CRAIN’S NEW YORK BUSINESS | MAY 17, 2021

33

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

212-460-4600 conedison.com

$12,246.0

-2.61%

$1,101.0 Electric and gas utility

34

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

631-843-5500 henryschein.com

$10,119.1

+1.33%

$403.8 Medical and hospital equipment

P016_P018_CN_20210517.indd 18

COMPANY

RANK

Sirius XM Holdings Inc. ----------------------- 45 SL Green Realty Corp. ---------------------- 123 Standard Motor Products Inc. ------------- 118 Steel Partners Holdings -------------------- 108 Steve Madden ------------------------------- 114 StoneX Group Inc.------------------------------- 8 Systemax Inc. -------------------------------- 125 Take-Two Interactive Software Inc. ---------- 70 Tapestry Inc. ----------------------------------- 58 Teladoc Health Inc. ------------------------- 119 Tiptree Inc. ----------------------------------- 135 Tradeweb Markets Inc. ---------------------- 132 Travelers Cos. Inc. ----------------------------- 16 Ubiquiti Inc. ---------------------------------- 109 UiPath Inc. ----------------------------------- 145 Valley National Bancorp---------------------- 97 Verint Systems Inc.-------------------------- 110 Verisk Analytics Inc. --------------------------- 74 Verizon Communications Inc.------------------ 2 ViacomCBS Inc. ------------------------------- 18 VICI Properties Inc. ------------------------- 112 Village Super Market Inc. -------------------- 89 Virtu Financial Inc. ---------------------------- 66 Vornado Realty Trust -------------------------- 99 Voya Financial Inc. ---------------------------- 46 Vroom Inc.------------------------------------ 106 W.P. Carey Inc. ------------------------------- 113 Warner Music Group Corp.------------------- 63 WW International Inc. ---------------------- 104 Xylem Inc. -------------------------------------- 59

5/14/21 4:51 PM

POLITICS

City Department of Education scores a failing grade in minority contracting

BY AMANDA GLODOWSKI

W

BLOOMBERG

hen Tonya Lewis Taylor started her youth development organization, she had two major challenges: launching a citywide business and understanding the Department of Education’s procurement process.

It took Lewis Taylor, the chief executive of I Will Graduate, nearly five years and the help of an external consultant to navigate the system.

“It was like having a second job,” she said.

Although a failure to sign contracts with minority- and woman-owned enterprises persists throughout the city’s agencies, the Department of Education had a particularly poor showing. The agency has immense purchasing power. It spent $4.3 billion in fiscal 2020—a figure comparable to Delaware’s entire state budget. Less than 6% of that money went to MWBEs.

A long road The department’s procurement process is excruciatingly long and confusing for MWBEs, said Lucy West, CEO of Metamorphosis, a coaching service for educators.

“It takes months to write your proposal,” West said, “because you’re just trying to decipher what the heck they’re asking you for.”

The Education Department's spending with MWBEs has nearly doubled in the past four years, but the share of spending is minuscule when you consider the agency’s total procurement budget.

“The Department of Education is doing important work to ensure our vendors reflect the diversity of New York City, and we were recently authorized to amend our procurement policies so that we can build on these efforts and increase our partnerships with minority- [and] woman-owned business enterprises,” said Katie O’Hanlon, a department representative.

In fact, the high-stakes game can last for months.

Trial-and-error negotiations run out a clock that many MWBEs can’t afford to sustain. Without a contract, a vendor can do up to only $25,000 worth of business with a school. Further, MWBEs are unlikely to get selected, since working with contractors outside the system poses additional barriers for school administrations.

“That was always the elephant in the room: I must get my contract,” Lewis Taylor said. “Because without the contract, I cannot advance the company to the level it needs to be and do the work that we want to do with the youth of New York City.”

“YOU’RE JUST TRYING TO DECIPHER WHAT THE HECK THEY’RE ASKING FOR” Another hurdle is navigating the department’s opaque pricing structure. The agency offers little to no guidance on the budget constraints it is operating under or what comparable businesses’ rates are, companies say.

“It’s a guessing game,” West said.

A MEAGER SLICE OF THE PIE

A failing grade The Education Department spent more than 30% of its Covid-related expenses with MWBEs. The depart-

ment is not subject to Local Law 1, which establishes MWBE participation goals.

The city has increasingly contracted with MWBEs, but they still remain grossly underrepresented across agencies.

Scoring a contract with a city agency is an arduous process, and the stakes are high when working with the Education Department. There are 1.1 million students in the city’s school system, representing a gargantuan opportunity for education services.

“Minority- and womenowned businesses are

BLACK AND HISPANIC CONTRACTS NEARLY INVISIBLE

Department of Education Spending (Contracts) for FY20

$4.3B

AMOUNT SPENT by the Department of Education last year

1.1M

STUDENTS in New York City’s public school system. It is the largest school district in the country.

essential to our economy, generate strong local community wealth and are at the core of New York City’s cultural identity, yet they continue to face structural barriers to opportunities,” Comptroller Scott Stringer said.

If an MWBE can successfully navigate the procurement process, however, rewards await.

“It has advanced my life. That second job I had for all those years, trying to get the contract, is off my plate,” Lewis Taylor said. “It allows me to get in the door wherever I go.” ■

SLUGGISH PROGRESS

DOE Spending Breakdown with MWBEs, FY20

DOE spending on MWBEs over time MWBE share of budget

NON-MWBE MWBEs

100%

$4B ASIAN AMERICAN

5.4%

HIGH STAKES

80%

$101M WOMEN

60%

$92M 40%

BLACK AMERICAN $26M

94.6%

20%

HISPANIC AMERICAN Non-MWBEs

5.4%

$13M 0

$1B

$2B

$3B

$4B

$5B

0

FY17

FY18

FY19

FY20

SOURCES: NYC comptroller’s report, Checkbook NYC

MAY 17, 2021 | CRAIN’S NEW YORK BUSINESS | 19

P019_CN_20210517.indd 19

5/14/21 4:46 PM

Advertising Section

CLASSIFIEDS

To place a classified ad, Call 212-210-0189 or Email: classifieds@crainsnewyork.com PUBLIC & LEGAL NOTICES

POSITION AVAILABLE Compass, Inc. has a position in New York, NY. *Engineering Manager [COMPNY21-TURE] –Design, develop & maintain web applications, scalable services, system architecture & API design, code reviews, testing deployment tools; & develop software using the agile methodology. Mail to: M. Quinn, 90 Fifth Ave Fl 3, New York NY 10011 & note Job ID#

NOTICE OF FORMATION of Dilone Consulting Services LLC. Arts of Org filed with Secy. of State of NY (SSNY) on 9 /23/20. Office location: NY County.

SSNY designated agent upon whom process may be served and shall mail copy of process against LLC to 19 Cumming Street, Apt 5L, New York, NY 10034. Purpose: any lawful act.

PUBLIC & LEGAL NOTICES

Notice of Qualification of SPRING VALLEY PRESERVATION LIMITED PARTNERSHIP Certificate of Limited Partnership was filed with the Secretary of State of New York (SSNY) on 0330-2021. Office located in NEW YORK COUNTY. SSNY has been designated as agent of LP upon whom process against it may be served. SSNY shall mail process to 200 Vessy Street, 24th Floor, New York, NY 10281. The name of general partner is HVPG Spring Valley Preservation, LLC, 1209 Orange St, Wilmington, DE 19801.

Purpose: any lawful purpose.

Notice of Formation of SRJ Beauty, LLC. Arts of Org filed with Secy. Of State of NY (SSNY) on 3/11/21. Office location: NY County. SSNY designated as agent upon whom process may be served and shall mail copy of process against LLC to 1 River Place, Apt # 1121, New York , NY 10036.

Purpose: any lawful act.

Notice of Formation of Krieger Capital, LLC. Arts. of Org. filed with Secy. of State of NY (SSNY) on 02/24/21. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served.

SSNY shall mail process to: Robert Krieger, 228 East 45th St., 5th Fl., NY, NY 10017. Purpose: any lawful activities.

NOTICE OF FORMATION of Kinzey Growth Partners, LLC. Arts of Org filed with Sec. of State of NY (SSNY) on 1 2/14/20. Office location: NY County, SSNY designated as agent upon whom process may be served and shall mail a copy of process against LLC to 369 Lexington Ave., 3rd Fl, New York, NY 10017. Purpose: any lawful act.

Notice of Formation of GRCC 107th Street LLC. Arts. of Org. filed with Secy. of State of NY (SSNY) on 04/02/21. 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 Goddard Riverside Community Center, 593 Columbus Ave., NY, NY 10024. Purpose: any lawful activities.

Sela Group 12 LLC Arts. of Org. filed with the SSNY on 3/23/2021. 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 276 Fifth Avenue, Suite 404, New York, NY 10001. Purpose: Any lawful purpose.

NOTICE OF FORMATION OF Walking Stick Studios LLC. Articles of Organization filed with the Secretary of State of NY (SSNY) on 10/2020. Office location: NEW YORK County.

SSNY has been designated as agent upon whom process against it may be served. The Post Office address to which the SSNY shall mail a copy of any process against the LLC served upon him/her is: 7014 13th ave Suite 202 Brooklyn NY 11228. The principal business address of the LLC is: 468 W 58th St New York, NY.

NOTICE OF QUALIFICATION of Steady Rent, LLC. Authority filed with Secy. of State of NY (SSNY) on 2/11/21. Office loc: NY County. LLC formed in DE on 1/12/21. SSNY designated agent upon whom process may be served & mailed to: 379 W. Broadway, FL 2, NY NY 10012. DE address of LLC: c/ o Corp Service Co, 251 Little Falls Dr, Wilmington, DE 19808. Cert. of LLC filed with Secy. of State of DE loc: John G. Townsend Bldg, 401 Federal St, #4, Dover DE 19901. Purpose: Any lawful activity.

Notice of Formation of RAG MEDICAL, PLLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 03/29/21. Office location: NY County. SSNY designated as agent of PLLC upon whom process against it may be served.

SSNY shall mail process to Corporation Service Co., 80 State St., Albany, NY 12207-2543. Purpose: Medical.

REXUAN Properties New York LLC filed w/ SSNY on 4/23/21. Office: New York Co. SSNY designated as agent for process & shall mail to: 40 W 116th St., #A712, NY, NY 10026. Purpose: any lawful.

Notice of Qualification of B9 HUNTERS POINT OWNER LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 04/07/21. Office location: NY County. LLC formed in Delaware (DE) on 04/05/21. 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.

Notice of Qualification of SUP SKYLINE LLCAppl. for Auth. filed with Secy. of State of NY (SSNY) on 03/ 26/21. Office location: NY County.

LLC formed in Delaware (DE) on 03/ 23/21. Princ. office of LLC: 500 Stanton Christiana Rd., NCC2, Fl. 02, Newark, DE 19713. 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 Formation of ROSS VALLEY VENTURES, LLC. Arts. of Org. filed with Secy. of State of NY (SSNY) on 03/16/21. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to: Philip R. Rupprecht, Frazer Ryan Goldberg & Arnold, 1850 N. Central Ave., #1800, Phoenix, AZ 85004-4561.

Purpose: any lawful activities.

Notice of Qual. of 28 W. 36th Street Sole Member LLC, filed with the SSNY on 3/1/2021. Office: NY County. LLC formed in DE on 2/22/2021.

SSNY is designated as agent upon whom process against the LLC may be served and shall mail process to: 28 W 36 St, Ste 301, NY, NY 10018.

Address required to be maintained in DE: 850 New Burton Rd, Ste 201, Dover, DE 19904. Cert of Formation filed with DE Sect’y of State, 401 Federal St, PO Box 898, Dover, DE 19901. Purpose: any lawful act.

Notice of Qualification of VALENTINA KOVA HQ, LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 04/02/21. Office location: NY County. LLC formed in Delaware (DE) on 03/30/21. 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 DE Secy. of State, Div. of Corps., John G. Townsend Bldg., 401 Federal St. - Ste. 4, Dover, DE 19901. Purpose: Any lawful activity.

NOTICE OF FORMATION of Str8StackinBulliesKennel, LLC. Articles of Organization filed with the Secretary of State of New York (SSNY) on 03/11/2021. Office Location: BRONX County. SSNY designated as agent upon whom process against it may be served. The Post Office address to which the SSNY shall mail a copy of any process against the LLC served upon him/her is: 1036 Manor Ave apt 2C. The principal address of the business shall be located: Online.

Purpose: Any lawful act or activity.

SUBMIT YOUR BUSINESS CLASSIFIEDS TODAY Get your message in front of New York’s influential business community with Crain’s New York Business - Classified Ads Advertising Section

To place a classified ad, Call 212-210-0189 place classifieds@crainsnewyork.com a classified ad, Call 212-210-0189 orToEmail:

or Email: jbarbieri@crainsnewyork.com

20 | CRAIN’S NEW YORK BUSINESS | MAY 17, 2021

P020_P021_CN_20210517.indd 20

5/13/21 11:12 AM

C

d

Advertising Section

CLASSIFIEDS

To place a classified ad, Call 212-210-0189 or Email: classifieds@crainsnewyork.com PUBLIC & LEGAL NOTICES

Folium Ware LLC. Articles Of Organization filed with Secretary of State of New York (SSNY) on 03/12/21. Office: New York County. SSNY has been designated as agent of LLC upon whom process may be served.

SSNY shall mail a copy of process to the LLC, 118W 123rd St Apt 31, New York, NY 10027. Purpose: Any lawful purpose.

BACK FIFTY LLC, Arts. of Org. filed with the SSNY on 03/15/2021. 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, 145 Nassau Street, Apt 5D, NY, NY 10038. Reg Agent: U.S. Corp.

Agents, Inc. 7014 13th Ave., Ste 202, Brooklyn, NY 11228. Purpose: Any Lawful Purpose.

Notice of Formation of RTW GoCo LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 03/26/21. Office location: NY County. Princ. office of LLC: 40 10th Ave., Fl. 7, NY, NY 10014. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to Corporation Service Co., 80 State St., Albany, NY 12207-2543.

Purpose: Any lawful activity.

Notice of formation of Synceed LLC. Arts of Org filed with Secy. of State of NY (SSNY) on 3/12/21. Office location: NY County. SSNY designated as agent upon whom process may be served and shall mail copy of process against LLC to R/A: Inc Authority RA, 42 Broadway, fl.12-200, New York, NY10004. Purpose: any lawful act.

FORIGRIS LLC, Arts. of Org. filed with the SSNY on 03/01/2021. 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, 1 Columbus Place, Apt N40D, NY, NY 10019. Reg Agent: U.S. Corp.

Agents, Inc. 7014 13th Ave., Ste 202, Brooklyn, NY 11228. Purpose: Any Lawful Purpose.

Notice of Formation of ETKIN GOLD LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 02/03/21. Office location: NY County. Princ. office of LLC: Michael L. Martell, Esq., Morrison Cohen LLP, 909 3rd Ave., 27th Fl., NY, NY 10022. 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.

l

S H A R E

Y O U R

Notice of Formation of CHERRY GARDEN DEVELOPER, LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 04/08/21. Office location: NY County. Princ. office of LLC: 30 Hudson Yards, 72nd Fl., NY, NY 10001.

SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to Corporation Service Co., 80 State St., Albany, NY 12207. Purpose: Any lawful activity.

Notice of Formation of KAMSKY CAPITAL PARTNERS, LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 04/13/21. Office location: NY County. Princ. office of LLC: 563 Park Ave., NY, NY 10065. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to Michael Kamsky at the princ. office of the LLC. Purpose: Securities brokerage and related services.

NOTICE OF FORMATION of Essential Absolutely LLC. Arts of Org filed with SSNY on 1/05/21. Office location: NY County. SSNY designated as agent upon whom process may be served and mail copy of process against the LLC to 1200 East 53rd Street, #6F, Brooklyn, NY 11234. Purpose: any lawful act.

Notice of Formation of Kohzi Suites LLC. filed with Secy. of State of NY (SSNY) on 12/29/20. Office location: Bronx County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC, 519 Tinton Avenue, Bronx, NY 10455 . Purpose: any lawful activity.

NOTICE OF FORMATION OF Belock Design Studio LLC. Articles of Organization filed with the Secretary of State of NY (SSNY) on 1/28/2021. Office location: NEW YORK County. SSNY has been designated as agent upon whom process against it may be served. The Post Office address to which the SSNY shall mail a copy of any process against the LLC served upon him/her is: 215 W 84th St #207 New York, NY 10024.

The principal business address of the LLC is: 215 W 84th St #207 New York, NY 10024. Purpose: any lawful act or activity.

LTN1 LAFAYETTE LLC, Arts. of Org. filed with the SSNY on 02/17/2021.

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

SSNY shall mail process to: Eric D. Sherman, Esq. C/O Pryor Cashman LLP, 7 Times Square, NY, NY 10036.

Purpose: Any Lawful Purpose.

C O M P A N Y ’ S

Notice of Qualification of MAROON PEAK ENERGY RESOURCES, LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 04/26/21. Office location: NY County. LLC formed in Delaware (DE) on 04/20/21. 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. DE addr. of LLC: CSC, 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with DE Secy. of State, 401 Federal St., Dover, DE 19901.

Purpose: Any lawful activity.

Notice of Formation of JAMES 555 LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 04/28/21. Office location: NY County. Princ. office of LLC: 555 W. 23rd St., Apt. S-3E, 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 addr. of its princ. office. Purpose: Any lawful activity.

DFI Services LLC, Arts of Org. filed SSNY 03/12/21. Office: NY Co. SSNY designated agent of LLC upon whom process may be served & mail to National Registered Agents, Inc., 28 Liberty St., NY, NY 10005, also the registered agent upon whom process may be served. General Purpose.

J O U R N E Y

Feature your latest milestones, launches, partnerships, awards and more in Crain’s

Y

For more information, contact Debora Stein at dstein@crain.com or submit directly to

CRAINSNEWYORK.COM/COTM

MAY 17, 2021 | CRAIN’S NEW YORK BUSINESS | 21

P020_P021_CN_20210517.indd 21

5/13/21 11:12 AM

FROM PAGE 3

furniture has not been sat in, and the toilet paper folds are just as they were when housekeeping folded them for the last time.

Chaperone needed As soon as properties in the city began closing down, the Fire Department mandated that at least one person had to remain on site in case of trouble.

Dream Hotel Group asked several others if they wanted the job before coming to Mallia. Most of them were either too scared or had families to take care of, Mallia said.

As a 36-year-old bachelor with no children, he volunteered, even though it was below his pay grade.

Mallia’s primary role at the hospitality firm over the past decade has been as its architectural director. Before that he was actually the

“It was perfectly silent.”

Living almost completely alone in a big, empty hotel during a global pandemic could be the premise of a horror film, and Mallia had his share of scary moments.

While walking around the building one night, he heard some noises coming from one of the rooms.

Naturally, he was terrified that someone had broken in. The possibility of supernatural forces at work also entered his mind.

He thought about calling the police but knocked on the door instead. When it opened, he was relieved to see that it was a colleague who had gotten permission to stay there for a few nights but never told him.

In April disaster struck in the hotel’s wine cellar when Mallia realized that one of the refrigerators had stopped working. With the city’s spring temperatures threatening to warm up the basement, it wouldn’t be long before about $250,000 worth of the hotel’s wine inventory would go bad.

But New York was already under lockdown orders, and Mallia knew it would take days to find someone who could come and repair the refrigerator. He had two options: order dry ice, which would take at least four days to arrive, or manually transfer the nearly 700 bottles of wine to another refrigerator in the building.

He chose the latter, ignoring the food and beverage department’s careful cataloging of the extensive

BUCK ENNIS

HOTEL

collection and then pinched a bottle for himself for his labors.

Trouble in paradise More than 300,000 people had fled New York City during the pandemic, but Mallia has been there to watch the tumultuous events of the past year and how they transformed the city all from his perch at the Chatwal.

He was there during the Black Lives Matter protests last summer, when riots and looting resulted in curfews and increased police activity around the hotel.

It made it difficult for him to get into and out of the property, and also made it harder for him to get to his home in Long Island City, where he would go for a few hours each day to do some laundry, get a

“EVEN NOW PEOPLE HANG AROUND THE HOTEL AND USE IT AS A LATRINE”

GUIDELINES FROM PAGE 1

from a seven-day average of 190 daily hospitalizations and 48 deaths one month ago. Last year, on May 14, the city counted 110 coronavirus deaths in a day.

More than a third of New Yorkers have been fully vaccinated, and scientists say the vaccines are almost completely effective at preventing symptomatic illness.

Children younger than 12 are not yet eligible for vaccination. There have been 287 pediatric deaths involving Covid-19 since early 2020, compared with an estimated 600 during the 2017–2018 flu season, which was severe.

The lower level of risk has led many diners to feel comfortable taking off their mask to eat and drink inside restaurants and bars— an industry that is embracing the

cook working over a 700-degree fryer can take the mask off, that would be huge.” She added that she hoped the lure of going mask-free would persuade everyone in the industry to be vaccinated.

Unmasked Not worrying about masks inside would eliminate the need for waitstaff to regulate mask wearing when guests get up from their table. It also could make it easier for servers to be heard and would reduce the peculiar imbalance between maskfree diners and their masked servers.

“I’m looking at my bar now, and it’s busy,” said Sean Hayden, owner of four Midtown and Hell’s Kitchen bars, including Alfie’s Bar and Kitchen on Ninth Avenue. “All the individuals aren’t wearing masks, but the bartenders are. What’s the point of that?”

All movements toward normalcy are welcome, he added: “People coming in for cocktails and to have something to eat, they want to wind down, and anything that reminds them of the pandemic—we don’t want to do that.”

Checking whether a guest is vaccinated and thus allowed to have no mask would be beyond the purview of his staff, said Scott Gerber, chief executive of the Gerber Group, which runs bars and clubs around the city. He said he would not expect to require a vaccine

“WE ARE A NO-MASK, NO SERVICE ESTABLISHMENT UNTIL HERD IMMUNITY” state’s possible update in the rules.

The news was welcome for many restaurant employees, said Roslyn Stone, chief executive of Zero Hour Health, which advises hospitality businesses on keeping workplaces safe.

“We are very concerned about another summer in hot kitchens with masks,” Stone said. “If a fry

ISTOCK

architectural planner for the construction of the hotel before it became the Chatwal.

“Having the chance to live in a building that you worked on is cool,” he said.

But moving to the hotel, even though it was designed for optimal comfort, was an adjustment for him.

“At first it was strange,” he said.

change of clothes and take care of personal matters.

He was also on-site when new neighbors moved in a few doors down. The Hotel Mela, a luxury Times Square inn, received a contract from the city to temporarily house homeless New Yorkers—a way to make money while the hotel was empty.

By August more than 60 hotels around the city had done the same after the city moved residents out of shelters to reduce congestion and the risk of spreading Covid-19.

The measure sparked outrage among residents in neighborhoods where hotels became temporary shelters, with complaints of noise, loitering and drug use.

At his new home, Mallia had similar concerns.

passport to enter his venues, though he said he hoped that everyone was getting vaccinated.

“People who feel comfortable going out would go out and enjoy themselves,” Gerber said. “People who don’t, shouldn’t.”

At The Crown, his rooftop bar at 50 Bowery, he said, guests felt fine maskless.

Should the state follow the CDC’s lead and remove many of its indoor mask requirements, employers will be allowed under federal law to ask their workers about vaccination status, according to Mark Goldstein, an employment lawyer at Reed Smith in Midtown. So far, Goldstein said, he hasn’t heard a lot of interest in vaccine passports for handling that process. Instead, he said, companies are merely asking to see a copy of a vaccination card.

“Employers are cautiously optimistic about this, so long as they are sticking to the guidelines,” he said.

“Anything that can help return normal business is welcomed.”

Close quarters The real estate industry is hoping that a willingness to return to business as usual will extend to working indoors—which would fill up empty offices and rev up business in commercial areas.

“Many companies have already begun advancing their return-to-office plans,” said James Whelan, president of the Real Estate Board of New York. “The CDC’s new guidance will send a strong message to all businesses and their employees that a full return to the office and other indoor settings will be achieved safely and effectively.”

“Within days the entire space around the hotel changed,” he said.

He began to find syringes outside the building and noticed that the planters around the hotel were being used to hide contraband.

“Even now people hang around the hotel and use it as a latrine,” he said.

Many luxury hotels, including the Chatwal and others in the Dream portfolio, opted not to offer rooms to the homeless population for fear it could hurt their business down the road and also delay their reopening.

With the city recovering and more people getting vaccinated, the end of Mallia’s gig is near. It will probably be just a couple more months before the Chatwal opens, he said, but it could be risky to reopen before the Hotel Mela’s new residents leave for good. According to its website, that won’t be until at least January 2022. In the meantime, the Dream Hotel Group’s other nearby hotel, the Dream Midtown, reopened May 14, and the Dream Downtown will reopen May 26.

The Chatwal’s eventual reopening will be good news for the company, but moving out of the building he called home for the last year will be bittersweet for Mallia.

“My apartment is quite modest compared to a five-star luxury hotel,” he said, “but I miss being at home.” ■ But for others, masks will remain the rule, even if Cuomo decides to follow the national guidelines.

Avenues, a private school in Chelsea, said masks are still required for all students and staff, though the school stopped weekly testing of vaccinated staff and was in the middle of planning its protocols for next year based on the CDC’s latest guidance.

Northwell Health, the state’s largest private employer, has not changed any policies for its nonclinical office workers, according to spokesman Jason Molinet. Neither has New York City for its workers, according to a de Blasio spokesperson.

Museums including the Metropolitan Museum of Art have made no updates as they await the local policy.

Corey Ross, producer of the Immersive Van Gogh interactive exhibit opening in June, said he would welcome any initiative that “will help more people enjoy art in a way that is comfortable and safe.” He said he has not made a decision about the mask-wearing policy for patrons.

At Sugar Hill Creamery in Harlem, co-owner Petrushka Bazin Larsen said she would keep masks around to respect her staff members’ wishes. At least one emailed her to be sure the ice cream shops would still be enforcing their current Covid-19 policies.

“We are a no-mask, no-service establishment until there is herd immunity and we can ensure a safe space for all,” Bazin Larsen said. ■

22 | CRAIN’S NEW YORK BUSINESS | MAY 17, 2021

P022_CN_20210517.indd 22

5/14/21 5:10 PM

GOTHAM GIGS

BUCK ENNIS

RUDDY spends 90% of her time working on the ins and outs of projects.

NANCY RUDDY GREW UP Montclair, N.J. RESIDES Park Slope EDUCATION Bachelor’s in architectural history, New York University; bachelor’s in architecture, the Bernard and Anne Spitzer School of Architecture, City College FAMILY TIME Ruddy and her husband have one daughter, a human rights lawyer.

TRAVEL BUG Ruddy enjoys traveling around the world. One city she loves is Florence, Italy, where she would like to own an apartment one day.

MOM’S INFLUENCE Ruddy credits her tenacity in going after what she wants in part to her mother.

BIG FAN Her favorite architect is Frank Lloyd Wright. She said she admires his work because of the simplicity, intimacy and interconnectivity with nature that can be seen in the residences he has created.

Building out her own path

Architecture vet Ruddy looks to make her field more female-friendly

BY MATTHEW EUZARRAGA

W

hile painting alone in a studio at Bard College, Nancy Ruddy suddenly realized that a career as a painter probably wasn’t for her. She switched majors to architectural history and moved to the city, where she studied at New York University.

A child of the suburbs, Ruddy suddenly was exposed to huge skyscrapers. Her admiration of the skyline set her on yet another path.

“I was on my way to attend Harvard,” said Ruddy, who was originally planning to obtain a master’s degree from the Ivy League institution. “The August before I was to attend, a light bulb went off in my head, and I said, ‘I can combine painting, my artistic nature, my love for beauty and problem-solving and become an architect.’ ” She enrolled instead at City College. The move paid off. Ruddy went

on to become a founding partner, architect and interior designer at Manhattan’s CetraRuddy.

Established in 1987 by her and her husband, John Cetra, CetraRuddy has a roster of commercial clients that includes JPMorgan Chase and Hilton Hotels.

The firm, which has about 85 employees, has designed One Madison; the Aro, a luxury condominium tower; and 443 Greenwich St., a building that some celebrities call home.

Ruddy is now principal and partner at the firm, which has 22 upcoming projects, ranging in stages from design to construction.

But she recalls when things weren’t so easy. She got her start in architecture at a time when the field was heavily dominated by men.

“I remember going to meetings of 20 people and being the only woman at the table,” she said. “I remember working on my first highrise where I was in charge, and the

elevators didn’t work, so I had to use the stairs. I would see some lurid cartoons about women [drawn in the stairwell], but I had to persist.”

Now CetraRuddy’s staff is 52% women, and Ruddy mentors young women entering the field.

The company’s projects have appeared in Architectural Digest, but CetraRuddy also works on affordable housing. Guided by the belief that the home is the foundation of life, the firm seeks to address how architects can create a community.

With a few buildings set to open up later this year, Ruddy said, she spends 90% of her time strictly working on projects such as Rose Hill, the Rockefeller Group’s first residential work, and 200 E. 59th St., which has 67 residences.

“When you create, every line you draw, every building you build and every color you select has to have meaning,” she said. “That’s what keeps us alive and passionate about what we do.” ■

“WHEN YOU CREATE, EVERY LINE YOU DRAW, EVERY BUILDING YOU BUILD AND EVERY COLOR YOU SELECT HAS TO HAVE MEANING”

MAY 17, 2021 | CRAIN’S NEW YORK BUSINESS | 23

P023_CN_20210517.indd 23

5/14/21 5:05 PM

VIRTUAL EVENT 21

This summit will bring together the leading women in New York City’s public and private sectors to discuss the unique challenges and opportunities facing them today.

CRAIN’S NEW YORK BUSINESS MAY 20 3 – 5 P.M.

Attendees will leave the summit with valuable insights they can apply to their careers. From addressing workplace burnout to finding your voice, this event has something to offer for seasoned professionals and rising stars alike.

OPENING KEYNOTE

21 an Impostor?: How to Know Your Worth and Are You Negotiate for Yourself

Carlina Rivera

Carlina Rivera, Council Member, New York City District 2 When it comes to impostor syndrome—a feeling of inadequacy despite obvious success—women are often hit harder than men. This session will examine why women feel this way and provide tactics on how to break the cycle.

PANEL DISCUSSION

CRAIN’S NEW YORK BUSINESS Kelly Grier

Suri Kasirer

Taking Yourself to the Next Level: Why Self-care is Non-negotiable for Career Development Panelists: Kelly Grier, US Chair and Managing Partner and Americas Managing Partner, EY Suri Kasirer, President, Kasirer Melva M. Miller, Chief Executive Officer, Association for a Better New York Moderator: Julie Samuels, Executive Director, Tech:NYC

Melva M. Miller

It’s no secret that, between their careers and personal lives, women are often stretched too thin. This can result in mental and physical fatigue that can impede success. This session of the Powerful Women Summit will focus on why, despite the stigmas, self-care is actually a selfless act.

Julie Samuels

CLOSING KEYNOTE Excuse Me, I’m Speaking: How to Stand Your Ground in a Male-dominated World

Liz Rodbell

Liz Rodbell, Group President, Steve Madden Every woman has dealt with the jarring situation of having an idea “hepeated” to her. This session will examine tactics for focusing on what you can control and provide tips for how to stop apologizing in communications and let the men know you are speaking.

RESERVE YOUR SPACE TODAY: CrainsNewYork.com/MayPWS EVENT QUESTIONS: crainsevents@crainsnewyork.com SPONSORSHIP OPPORTUNITIES: Kate Van Etten • kvanetten@crain.com

CN020232.indd 1

5/13/21 5:27 PM