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ASKED & ANSWERED Scott Gerber on what nightlife industry needs from the city

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DRIVER SURGE Bridgeand-tunnel traffic has almost completely rebounded

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JULY 12, 2021

EXECUTIVE COMPENSATION

STUFFING THEIR POCKETS Top executives collect dividends on shares they don’t own

BY AARON ELSTEIN

L

ast year was dismal for Vornado Realty Trust, one of the city’s largest commercial property owners. After its 33 office towers and 65 retail spaces emptied almost overnight, the firm let more than a quarter of its total staff go and watched its shares drop 40%.

Signaling solidarity, Chief Executive Steven Roth INSIDE agreed to forgo half his annual salary, bringing that source of Top-Paid Chief pay down to $544,000. But Vornado’s board numbed any Executives List pain by applying an unusual twist to Roth’s bonus package: Page 12 He collected more than $1 million worth of cash dividends on shares he didn’t own—and may never own.

Roth’s pay provides a glimpse into a lucrative and some say secretive form of executive compensation uncovered by Crain’s research. Last year a number of New York CEOs, mostly in real estate and finance, pocketed dividends on shares they didn’t actually own at the time. It’s as if a landlord collected

ISTOCK

See PAY on page 41

POLITICS

Calls go out again to fix NYC election board Everyone agrees on need for reform after vote-counting flub, but so far political will has been missing

BY BRIAN PASCUS

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alls for reforming New York City’s Board of Elections are heating up among legislators and watchdogs, who say last month’s mayoral vote-counting debacle revealed longstanding problems that have gone unchecked.

“It’s no longer a debate that we need a modern, professional agen-

NEWSPAPER

VOL. 37, NO. 26

cy,” state Sen. Liz Krueger, chairwoman of the Senate finance committee, said Wednesday during a conference call. “We have to confront that it is not working for us.”

As Eric Adams prepares to enter the general election as the Democratic Party nominee—both Kathryn Garcia and Maya Wiley conceded last Wednesday—there is a fresh sense of urgency among govern-

© 2021 CRAIN COMMUNICATIONS INC.

MORE: Adams’ win is a victory for moderate Democrats Page 5 EDITORIAL: It’s time for less talk and more action on BOE reform Page 8 ment watchdogs and legislators to press for concrete changes following a 135,000-ballot counting error that Senate Majority Leader Andrea Stewart-Cousins defined as “a na-

tional embarrassment.”

John Kaehny at Reinvent Albany went so far as to call the city’s Board of Election’s dysfunction “a national political burden for Democrats” that has left New York “stuck in a cycle of failure.”

June’s vote-processing mistake was just the latest error from an agency plagued by recent controversy. The U.S. Justice Department

See ELECTIONS on page 41

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sued the board in 2017 for removing more than 117,000 Democrats from voting rolls, and it received widespread criticism last year for sending 100,000 incorrect absentee ballots to Brooklyn voters.

Failures at the board stem from the root issues of accountability, objectivity and transparency,

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LABOR

To fight burnout, some tech employers are offering companywide paid vacations

BY RYAN DEFFENBAUGH

Chellam said. “That really makes it feel like time off in a way that is fundamentally different.”

Nova Credit is part of a growing list of employers, particularly in the technology industry, declaring firmwide paid vacations in response to employee burnout. Bumble, Hootsuite, Linkedin and Mozilla all have, or plan to, shut down for an entire week this summer.

The hope is to ease the stress and exhaustion believed to be widespread in the U.S. Nearly 70% of workers questioned in the spring by jobs site Indeed said burnout has worsened because of the pandemic.

Other firms are calling off work on certain Fridays and weighing regular four-day workweeks.

Companies have long monitored turnover and surveyed staff about potential burnout. But the shared experience of the pandemic has pushed mental health and stress to

A

fter more than a year of working mostly remote to scale its business providing credit access for immigrants, Nova Credit has a plan to fight employee burnout: summer break.

The firm’, which has offices in the Flatiron District and San Francisco, is closing down for the week before Labor Day. Recognizing that many employees likely were feeling burned out, Monica Chellam, head of people for the 55-employee firm, said Nova Credit initially weighed adding a few long weekends this summer before hearing from workers that shutting down for a week would be best.

“When people take coordinated time off, they don’t have to come back to an inbox that’s full and Slack messages blowing up their phone,”

the forefront of executives’ minds.

“Right now I’m worried almost everyone on my team is feeling burned out,” said Jennifer Benz, senior vice president at human resources consulting firm Segal Benz.

The rat race What’s especially disconcerting to employers is that many burnedout workers are leaving. More than 40% of people plan to quit their job this year, according to a recent Microsoft survey.

The quits level—a measure from the U.S. Department of Labor of how many people voluntarily leave their job—reached a record 3% of the private workforce in April, representing about 3.8 million resignations.

“People are sensing the fragility of life and don’t want to go back to the rat race,” said Anna Tavis, a New York University professor of human

capital management. “A different ideology of work is forming. Employers still need that talent, so they are trying to hear what people want.”

And what people want, quite often, is more time away from work.

Shutting down the office isn’t an option in many industries, however.

Tavis said some firms are offering bonuses and mental health support programs and are promising a flexible work schedule.

At Foursquare, a location technology startup in the Flatiron District, employees started receiving Fridays off in April. CEO Gary Little said the idea was to have a common time everyone logged off.

“You don’t have the Slack channel in the background or email piling up on those days,” Little said.

“We saw productivity was strong through the month and got a lot of positive feedback.”

The firm has extended the policy to every other Friday this summer, plus extra days off around holidays.

Whether it’s just Fridays or a full week off, many companies are leaving a skeleton crew on the clock to respond to emergencies—with those employees getting floating days off later.

Kickstarter in Greepoint, Brooklyn, has said summer Fridays will soon be permanent. The crowdfunding site for creative types is adopting a four-day workweek for its 90 employees starting next year.

The company’s leadership said the move acknowledges the way work has changed during the past year.

“As we consider what work should look like beyond this pandemic,” Kickstarter CEO Aziz Hasan wrote in a Fast Company op-ed, “we need to find new ways to achieve harmony across our professions, our passions and our personal lives.” ■

WEBCAST CALLOUT

TECHNOLOGY

What businesses should know about the city’s new facial-recognition law

BY RYAN DEFFENBAUGH

ISTOCK

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city law restricting facial-recognition technology and other biometric data collection is taking effect—setting up potential legal headaches if businesses don’t act.

As of last week, retailers, restaurants and entertainment venues are required to post a clear notice if they are collecting any type of biometric information, including fingerprint scans and facial recognition. The law, approved by the City Council in December, also bans the sale of biometric information between businesses.

It is not exactly the ban on facial recognition that some privacy advocates support. City businesses that collect biometric information are in the clear so long as there is “conspicuous” signage detailing the activity and they don’t turn around and sell the data.

Lawyers who have analyzed the law said businesses should pay close attention to the consumer rights it guarantees. The measure allows individuals to sue if they believe a business has collected their biometric information without proper notice.

“Whenever you have a new type of law like this, there is the potential for complaints,” said Brian Pete, a partner in the New York office of Lewis Brisbois Bisgaard & Smith representing employers. “A similar law in Illinois has generated more than 1,000 lawsuits, so there is obvious

concern, and businesses need to be abreast of what’s changing here.”

The Illinois law—the 2008 Biometric Information Privacy Act— launched what one local lawyer called a “cottage industry” of lawsuits in the state alleging wrongful collection of biometric data. Facebook, Apple, Amazon and Google are among the hundreds of companies that have faced class-action lawsuits because of the law.

New York City’s law differs in key ways. There is a 30-day “cure period” for alleged infractions, wherein a business can resolve the issue before a plaintiff can seek financial damage in court. The measure also does not require businesses to obtain permission before collecting biometric information—only that they give notice that they are doing so.

The local law defines biometric information as retina scans, facial scans, fingerprints and voice prints—or “any other identifying

characteristic.” That expansive wording, as described by Pete, raises questions about whether some Covid-19 precautions, such as temperature scans for people entering a building, would qualify.

Businesses should play it on the safe side, Pete said, and disclose any way they collect data that could be seen as biometric information.

Wider scrutiny The law was sponsored by former Councilman Ritchie Torres, who is now representing the Bronx in the House of Representatives. Businesses could face fines of up to $500 if they fail to post a warning about collecting data and up to $5,000 for selling the data.

Government entities are exempt from the law, and financial institutions are exempt from the requirement to post a notice about data collection.

The legislation fits within wider

scrutiny of facial-recognition technology from lawmakers across the city, state and federal governments.

As the technology has been adopted by law enforcement and retailers attempting to prevent theft, facial recognition has brought privacy concerns over data storage and the potential the information could be sold. In addition, several studies have found a high likelihood of errors in facial recognition for women and people of color.

As lawmakers debate regulation for the industry, information on the overall adoption of facial-recognition technology is hard to come by.

“There has been no comprehensive audit of how often these systems are being used to track New Yorkers,” said lawyer Albert Fox Cahn, founder of the Surveillance Technology Oversight Project, a watchdog group in Manhattan.

“That is why it is powerful to have this disclosure requirement.”

Fox Cahn called the bill an important step in regulating the technology and said his advocacy group pushed for a private right of action to ensure the law had teeth beyond the ability of city enforcement.

More legislation on biometric data could be coming soon. The state Legislature this year considered a bill similar to the Illinois biometric privacy act as well as a bill banning the use of facial recognition by law enforcement. President Joe Biden, meanwhile, is coming under increased pressure to devise federal guidelines. ■

JOIN US THURSDAY CRAIN’S 2021 EXCELLENCE IN DIVERSITY & INCLUSION AWARDS Crain’s first Excellence in Diversity & Inclusion Awards, a component of Crain’s 2021 All Together commitment, will celebrate New York City individuals and businesses that are leading by example and holding themselves and others accountable for diversity and inclusion initiatives.

Attend this recognition event and join Crain’s in our commitment to celebrate diversity and cultivate a culture of belonging in New York City.

VIRTUAL EVENT July 15 3:30 to 5:00 p.m.

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WE’LL BE BACK! Crain’s New York Business publishes a print edition every other week during July and August. Our next issue will be July 26. In the meantime, you can keep up with city news every day by visiting our website, CrainsNewYork.com.

Vol. 37, No. 26, July 12, 2021—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for a combined issue on 1/4/21 and 1/11/21, 6/28/21 and 7/5/21, 7/12/21 and 7/19/21, 7/26/21 and 8/2/21, 8/9/21 and 8/16/21 and the last issue in December. 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 | July 12, 2021

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TRANSPORTATION

Carpocalypse: A surge in driving chokes city roads as transit lags Bridge-and-tunnel traffic has almost completely rebounded

BY AARON ELSTEIN

T

he price of gas has drifted up again, and a seat is almost always available on subway or commuter trains. Yet as more people travel to and around the city, they overwhelmingly prefer to get around by car.

Bridge-and-tunnel traffic has almost rebounded to prepandemic levels, data from the Metropolitan Transportation Authority shows.

But subway and bus ridership remains down by more than 50%.

The preference for cars has accelerated in the past few weeks.

As recently as late May, bridge-andtunnel traffic was 25% less than on equivaPERCENTAGE lent prepanbridge-and-tunnel demic days. But traffic was down for the week from equivalent ended Thursprepandemic day, June 24, it days in late May was down only 5%.

If that trend holds, it could PERCENTAGE portend a bleak such traffic future. Air qualwas down from ity and the prepandemic economy would days by June 24 suffer if roads regularly gridlock and revenue shortfalls force subways and commuter railroads to reduce service.

“If cars could lead New York’s recovery, they would have,” said Danny Pearlstein, policy and communications director for the Riders Alliance. “The governor and mayor need to make transit attractive and equitable.”

TAKING ITS TOLL

25%

A heavy lift Getting New Yorkers back into the public-transport habit could be a heavy lift because other cities are experiencing the same problem. In Washington, D.C., and San Francisco, car traffic is hitting fresh highs while public-transit ridership is flat, according to DataTrek Research. suburbanization/ “America’s move to remote work is shaping up to be the most important macroeconomic outcome from the pandemic,” wrote DataTrek co-founder Nick Colas in a recent report.

Tom Wright, chief executive of the Regional Plan Association, said he is not surprised that automobile traffic has recovered because some

BUCK ENNIS

5%

still fear riding in a train with others. Until congestion pricing is finally implemented, it will be tough to force cars off the road, he said, although the MTA is working on it after the Trump administration put the policy in a deep freeze.

Even though bumper-to-bumper traffic is back, New Jersey financial executive Wolfgang Tsoutsouris said convenience was a big reason he drove into Manhattan recently for a family outing. Simple economics was another: The cost of parking and tolls was about $30 cheaper than four NJ Transit tickets.

“Traffic home was a pain,” Tsoutsouris acknowledged, with the bottleneck at the Lincoln Tunnel so

bad that he headed up 10th Avenue to cross the George Washington Bridge. “It’s one reason to be bullish on Sirius XM radio. We’re all going to be spending more time in our cars.”

In an April report, Moody’s said the MTA’s financial outlook for the next two years is stable, thanks to

“THE GOVERNOR AND MAYOR NEED TO MAKE TRANSIT ATTRACTIVE” large amounts of federal support.

But unless that aid is replenished, “significant budget pressures will return due to the slow, incomplete

ridership and revenue recovery,” the investors service added.

Inducing demand Meanwhile, New York’s surge in car traffic is concerning because it materialized before a large number of workers started returning to the office. The city has tried to relieve safety concerns about the subway by deploying more police, but Pearlstein and Wright said installing additional bus lanes and improving subway frequency would be more productive.

All of that, with luck, would induce demand for public transportation, and it would make car travel so frustrating and expensive that drivers would conclude they’re

better off on a train or a bus.

Pearlstein added that improved transit would be especially helpful for essential workers, such as nurses, teachers and grocery clerks.

They rely heavily on buses and subways to get to work, a report last year by the city comptroller’s office found. “After everything essential workers have been through,” he said, “New York owes them far better transit.”

Congested roads are bad for business too.

Vincent Pacifico, chairman of Vista Food Exchange in the Bronx, said his truckers take longer to make deliveries because of heavy traffic and road construction.

“I’m having to pay a lot more overtime,” he said. “This is a mess.” ■

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IN THE MARKETS

IPO of members-only Soho House is one party investors can afford to miss Its owner has not had a profitable year in its decades-long existence

I

nature,” Soho House said of the membership figures.

Wishful thinking

SOHO HOUSE GETTY IMAGES

n May 2018 influencer Miju Bi- has never had a profitable year in jou and Pizza Giovannino, her its 26 years of existence. ManageFrench bulldog, ate dinner at ment insists it has built a viable Soho House in the Meatpack- business, though.

“The power of our model is driving District. The club had a no-pets policy. But Bijou, whose real name en by the important role we believe is Hyun Jae Jung, insisted she need- that we play in our members’ lives ed her emotional-support animal and the value we consistently proto cope with a disability. vide them for their membership “Show me what your dog does of fees,” the company said in its IPO service to you,” a club emfiling.

That would be a better ployee said, according to argument if Soho House a lawsuit. Jung was bootmembers weren’t ed out, and her memberslip-sliding away. ship was terminated— causing “loss of dignity, Global buzz mental anguish, financial loss and other tangible Soho House was injuries,” her lawsuit said. launched in London in “Plaintiff wishes to re1995 by entrepreneur turn to the club that de- AARON ELSTEIN Nick Jones. It opened its Meatpacking District lonied her access,” Jung recation in 2003, when 9/11 quested in her suit, which still hung over the city and Mayor was settled out of court.

Soho House could really use the Rudy Giuliani closed clubs everysort of loyalty Jung brought to the where. Soho House positioned ittable right now. self as an exclusive yet less-snotty Its owner, the Membership Col- place for the bold and the beautiful to mingle with movers and shakers. In 2010 hundreds of Wall Street members were purged— which cleverly tapped into the mood to deliver juslective Group, is marketing an ini- tice to financial crisis perpetrators. tial public offering that seeks a $3.2 That same year came another burst billion valuation for a company that of publicity when fashion designer

Sylvie Cachay was murdered in a hotel bathtub by her boyfriend.

The buzz turned Soho House into a global brand. Yet it has lost money year in and year out. Some of the losses can be explained as costs of growth. Perhaps membership dues, as high as $600 per month, need to be higher.

When bottle service dried up last

PERHAPS MEMBERSHIP DUES, AS HIGH AS $600 PER MONTH, NEED TO BE HIGHER

year, operating losses tripled to $154 million, and that’s before the cost of servicing its $600 million in debt. Most troubling, Soho House membership declined last year by 5%, to 114,000.

“Our 25-year track record of membership growth and loyalty leads us to believe that these impacts are likely to be short-term in

The company has 30 houses and plans to open 16 more by 2023 in Austin, Texas, Paris and elsewhere. About half of its $450 million in expected IPO proceeds will build the business, the company said, and the rest will pay down debt. Soho House streamlined operations in the past year and expects new houses to generate attractive returns twice as quickly as the older ones.

Clearly Soho House executives are betting the travel and hospitality business will revert to its prepandemic form. That is thinking that feels wishful at this moment of reawakening. Stocks of Hilton, Marriott and other hotel chains have been flat since February. ­Airbnb has lost a third of its value.

Let us wish Soho House well in its fight for its right to party again. But it is not easy to be optimistic about an outfit that cannot make money providing alcohol and a place to rest for 24-hour party people, their friends and well-wishers. ■

TECHNOLOGY

BY RYAN DEFFENBAUGH

T

here were few businesses better equipped to benefit from the pandemic lockdown than Chelsea-based fitness brand Peloton.

Homebound Americans flocked to the company’s internet-connected bikes, and Peloton’s share price ended 2020 400% higher than it was at the start of the year. The company became one of the brightest lights in the city’s technology scene, boosting its headcount to nearly 6,000 employees.

But this year has been an uphill pedal. The company’s share price is down about 16% from Jan. 1, despite a 15% gain for firms in the S&P 500.

Peloton was bruised by a May recall for its treadmill products. But it is also working to answer the questions hanging over the many technology companies boosted by Covid-19.

“Are the changes that we saw during the pandemic going to remain? Or are we going back?” asked Jorge Guzman, a professor at Columbia Business School. “The

answer is somewhere in the middle. But ‘how much?’ is really the big question and a great source of uncertainty for so many companies.”

As Peloton has struggled to keep up with demand, nearly 1 in every 5 health clubs in the U.S. were forced to shutter permanently by the end of 2020, according to the International Health, Racquet & Sportsclub Association, an industry lobbying group.

But the dynamic is shifting. Foot traffic is returning to prepandemic levels at many shops, gyms and restaurants throughout the country, helped by increasing vaccination rates that have allowed local governments to lift pandemic restrictions. As companies release quarterly earnings in the coming weeks, investors will be watching whether the resumption of in-person activity slows the pandemic-fueled growth from public New York technology companies.

This earnings period marks the first quarter in which tech companies will be comparing their sales figures against the beefed-up totals accrued during pandemic months.

BUCK ENNIS

Peloton faces uphill climb amid pandemic reopening

Peloton, for instance, reported about $607 million in revenue between April and June 2020 (its fiscal fourth quarter), almost three times more than the total for the same months in 2019.

Jill Woodworth, Peloton’s chief financial officer, was asked at a conference recently whether the lifting of stay-at-home mandates could slow its growth in the coming year.

“I think we’re fundamentally a different company than we were

prepandemic,” Woodworth said, according to a transcript.

The company expanded its bike offerings and boosted its digital content, she said.

Marketing spending is also returning after Peloton struggled to keep up with demand and cut the ad budget last summer and fall.

Analysts expect that Peloton and gyms can coexist. Customers who paid $2,000 for a Peloton bike are unlikely to abandon it entirely. The company retained 92% of digital subscribers between March 2020 and March 2021, according to its most recent filings.

“I think the bottom line is that a lot of people realized how efficient working out with a Peloton is,” said Jason Helfstein, an analyst at Oppenheimer & Co. who covers the company. “While I do think people will go back to the gym for weight lifting or other types of fitness, many people realized it makes no sense to do cardio in the gym.”

Peloton is adjusting as the world reopens too. The firm last month launched a corporate wellness program, closing deals to offer subsidized memberships at Wayfair, Samsung, Accenture and other employers.

Firms to watch Here are some other local tech companies to watch as quarterly earnings trickle in these next few weeks: ● Etsy, which saw its stock rise faster than any S&P 500 company other than Tesla last year, made a pair of acquisitions last month after acknowledging in its first-quarter earnings that e-commerce growth may have peaked. ● Blue Apron, a meal-kit delivery company, recorded its first profitable quarter in three years between April and June 2020. But customer growth has slowed in the months after the initial pandemic surge. ● Olo, which makes software for food-delivery, was pushed to profitability by last year's ordering-in craze. This will be its second earnings report since its initial public offering in March. ■

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POLITICS

Adams’ win latest victory for moderate Democrats

T

he triumph of a moderate Democrat in the mayoral primary in deep blue New York City appears to accelerate a recent trend of some of the party’s most fervent voters breaking away from its most progressive candidates.

Eric Adams, a former NYPD captain, last week became his party’s nominee to lead the city after making a centerpiece of his campaign his rejection of left-leaning activists’ calls to defund the police.

His win comes a year after President Joe Biden defeated more liberal opponents to capture his party’s nomination on his way to winning the White House.

It all raises questions as to the best candidates and approaches for Democrats trying to hold on to slim majorities in Congress next year and make inroads in Republican-dominated state legislatures.

In recent elections, liberals scored some big victories, none more seismic than Alexandria Ocasio-­Cortez’s 2018 primary defeat of Rep. Joe Crowley, a member of the House leadership. Months later it was largely center-left Democrats whose wins helped flip the House of Representatives to their

party in the general election.

The 2020 presidential primaries were perceived as a battle between liberals such as Vermont Sen. Bernie Sanders and Massachusetts Sen. Elizabeth Warren and a group of moderates from which Biden emerged after early missteps.

The battle lines drawn during that campaign continue to shadow the Democratic Party.

“We have reached a point where we’re allowing the dialogue to get in the way of moving us in the right direction,” Adams said on CNN. “And I’m hoping that what happened here in New York City, people are going to see a cross-section of everyday, working-class New Yorkers came together.”

ADAMS

tioned himself to the right of his rival Democrats. But although he offered a full-throated rejection of defunding the police, his own backstory is more nuanced.

When combined with New York City voters’ tendency to elect mayors with an emphasis on local issues and not ideological purity, it makes drawing national conclusions complicated.

Although known as one of the most liberal cities in the nation, New Yorkers voted for non-Democrats in five straight mayoral elections from 1993 to 2009, choosing Rudy Giuliani twice and Michael Bloomberg three times. They cast

Hard to categorize Typically, off-year special elections and primaries feature small turnouts. Often that is advantageous for a candidate who fires up a dedicated—and often extreme— wing of the party. But that has not been the case this year.

Although moderate Democrats have racked up recent victories, some triumphant candidates are not so ideologically clear-cut.

Adams’ win is the most high-profile notch on the pragmatists’ ledger. On a number of issues, he posi-

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ASSOCIATED PRESS

their ballots with eyes on crime, education and efforts to rebuild after 9/11.

A rise in shootings as the city started emerging from the Covid-19 pandemic helped animate the stretch run of Adams’ campaign.

He edged out fellow moderate Kathryn Garcia and liberal Maya Wiley.

Adams, 60, made a strong connection with voters in the city’s boroughs outside Manhattan, and he spoke frequently on the campaign trail of being beaten by police officers as a teenager and joining the force to reform it from within. He was a founder of 100 Blacks in Law

Enforcement Who Care, a group that fights against racial profiling and advocates for the hiring of more officers of color.

When Adams spoke to his supporters on primary night, “he said unequivocally, ‘Black lives matter,’ ” noted Christina Greer, a Fordham University political science professor.

“So obviously that’s going to touch a certain segment of the New York population. He then quickly pivots to, ‘But it can’t just be cops and Black people. We have to address Black-on-Black crime,’ ” Greer said. “Well, that’s a message that conservative whites, conservative Blacks—of which there are many— and other groups also agree with.”

Some Democrats dismiss the notion that the primary results, particularly in New York, signal a move away from progressivism and toward the center in the party’s politics. Wiley, a lawyer and activist, pointed to primary wins by progressives for city comptroller and Manhattan district attorney, and to a strong showing by women in City Council primaries.

“That’s what is moving forward in this city,” Wiley said. “Anyone who claims otherwise is simply spinning a narrative rather than focusing on pulling us all together.” ■

REAL ESTATE

Office tenants pushing for more cushy amenities

BY NATALIE SACHMECHI

BUCK ENNIS

W

hat does it take to get prospective office tenants to sign a lease these days?

At 10 Grand Central, a boutique Midtown office building, one tenant needed a written guarantee that a bar cart would come out at the end of every workday for happy hour.

Another tenant requested in the lease agreement that the Marx Realty-owned building’s signature scent—hints of leather with lemon and vanilla notes—also run through the ducts in its own office space.

“People want a compelling reason to go back to work,” said Craig Deitelzweig of Marx Realty.

In a market where office buildings are just 15% full and rents are dropping, tenants hold the upper hand in negotiations. Landlords are finding it hard to turn them down.

Common areas that attract lots of staffers—which at one point had been a liability for landlords as social distancing became the norm— could now be a great asset.

“Amenities used to be a box-­ checker, but now it’s a requirement,” said Bill Elder, a managing director at office landlord RXR Realty.

At RXR buildings, that includes large conference rooms in common areas and in-office dining options such as a café and a speakeasy.

Tenants have shown interest in flu shots and other health offerings.

At One Vanderbilt, SL Green has designed the Vandy Club—a 30,000-square-foot floor with meeting spaces, a lounge area, a café and a proper restaurant from chef Daniel Bouloud. There’s also a terrace.

A hard bargain Offices are still reporting occupancies below 20%. The amount of empty office space in Manhattan reached new heights last month and stands at a record 17.1%, according to Colliers International data.

That’s pushing down rents in Midtown, the Financial District and other key commercial districts. Potential tenants are driving a hard bargain. On average, asking rents fell to $79.69 per square foot. Farther downtown, they dropped to $60.09 per square foot, the report said.

Prospective tenants are haggling over the type of furniture and decor in common spaces, real estate lawyer Ida Phair said.

“As long as the tenant is willing to pay the rent the landlord wants, the landlords are a lot more accommo-

dating,” Phair said.

The focus on amenities is interesting, she added, given how fearful tenants and landlords were of them at the height of the pandemic.

At the time, common areas were considered danger zones. Most landlords had closed off such spaces to tenants and took extraordinary measures to make sure people weren’t too close to one another.

RXR offered tenants an app that could tell them which areas were most congested.

At Park Avenue Plaza, owner Fisher Bros. removed the seating in the atrium. As in most other buildings, the number of people who could ride an elevator was limited.

Since then the real estate firm has returned the furniture to the atrium and reopened its amenity floor at 1345 Sixth Ave. It includes a lounge, a fitness center, food and beverage options, and a coworking space. It has been a big draw for tenants, Fisher Bros. partner Ken Fisher said.

In May the firm announced a $120 million plan to improve the property with a WiFi-enabled public park, art installations and a contactless elevator. It’s preparing to open a similar common space at 605 Third Ave., Fisher said.

“Office is no longer a commodity where you just had a great location,” Nuveen Managing Director Nadir Settles said. “Office has become a lifestyle.” ■

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

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RESIDENTIAL SPOTLIGHT

Cartoonist shows off his work along with condo

BY C.J. HUGHES

CARTOONIST Lurie is featured in marketing photos of his apartment.

COURTESY OF COMPASS

R

anan Lurie, a longtime political cartoonist who has lampooned leaders such as Benjamin Netanyahu, Ronald Reagan and Hillary Clinton, is not afraid of speaking truth to power.

So perhaps it’s no surprise then that as Lurie attempts to unload a Midtown condo—his second attempt at selling the two-bedroom, two-and-a-half-bath unit since 2020—he’s breaking a major real estate rule: Keep the seller out of the sale.

Indeed, far from excluding himself from the marketing effort, Lurie is putting himself front and center.

Photos of the property accompanying the listing feature him in front of

with Compass, who’s one of the agents handling the property at 25 Columbus Circle.

Lurie, 89, has used the 63rd-floor apartment as a work studio and office since 2006, when he and his wife, Tamar, a top agent with Coldwell Banker in Greenwich, Connecticut, bought it.

The purchase price was $2.9 million, according to public records.

The cartoonist, who worked for

LURIE WOULD OFTEN INTERVIEW WORLD LEADERS IN THE APARTMENT an easel, brush in hand, crafting a portrait of his daughter, Danielle Lurie.

“This was a lean-into-it sort of thing,” said Danielle Lurie, a broker

Life, Newsweek, Time and U.S. News & World Report, would often interview world leaders in the apartment before sketching them. Both bedrooms in the apartment, which has views to the south and west, contain not beds, but desks, along with many caricatures. The apartment also features a galley kitchen with marble counters. The primary suite has two walk-in closets.

Price drop The Luries first listed the property for $4.9 million in January 2020,

$4.3M

CURRENT PRICE of condo, 13% less than the original price when it first came on the market in January 2020.

but they took a time-out when the pandemic struck. It came back on the market for $4.3 million, 13% less than the original price, last month.

The building, a two-towered office-and-residential complex by Central Park once known as the Time Warner Center, has been re-

named Deutsche Bank Center.

Three years after signing a lease, the investment firm has begun to relocate to it from 60 Wall St. Making the apartment all about Lurie, who holds a Guinness record as the most widely syndicated political cartoonist, so far has had a key upside: Potential buyers from other countries who tour the unit are tickled to see the grinning likenesses of their former presidents on the walls.

“It’s been a real pleasure to witness,” Danielle Lurie said. ■

REAL ESTATE

As techies from the West Coast relocate, Manhattan home sales heat up

T

ech buyers with deep pockets are leaving California and heading to the city, where the real estate market is scorching hot.

Manhattan’s emergence as a hub for the tech industry, which once existed almost exclusively along the Pacific Coast, is attracting a new group of residents: young, wealthy professionals who have made it big at companies like Google, Face-

At 137 Varick St., Disney is building a 1.2 million-square-foot headquarters. Google has spent $1 billion to develop a campus encompassing three properties in Hudson Square. And Facebook has signed on for about 2.2 million square feet of office space in Hudson Yards and at the Farley Building in Midtown South. The new sites will welcome thousands of employees with plenty of money to spend.

Most of these buyers are looking either downtown to be close to the tech center in Hudson Square or on the Upper East Side and Upper West Side to be close to good schools for their young children, Steinberg added.

The downtown submarket grabbed the largest share of sales, accounting for 31% of deals overall, data from Compass shows; the Upper East Side captured 20% of the deals.

Ironically, some are making the move to Manhattan for the weather, said agent Pamela D’Arc, who has had three California buyers in the past two months.

“I have clients who experienced droughts and fires on the West Coast who do not want to go through that again,” she said. “Some

“THE QUALITY OF LIFE HAS DROPPED, AND NEW YORK IS LOOKING BETTER” book and Disney, which have amassed vast footprints here.

Along with locals, they’re pushing sales and bidding wars during a buzzing quarter for real estate.

Sales have more than doubled since a year ago, according to city brokerages.

Compass agent Leonard Steinberg has been seeing a surge of sales to California buyers.

“There’s this new wealth that has entered the marketplace in the tech industry,” he said. “People used to say that all big money came from finance.”

But that’s no longer the case.

of them have nearly lost their homes too many times.”

People are also leaving San Francisco because of crime and homelessness.

“The quality of life has dropped, and New York is looking better and better,” she said.

Many of Steinberg’s clients are splitting their time between the two coasts and travel back and forth regularly.

“When you ask them, ‘Where do you live?’ they say, ‘I live in the air,’ ” he said.

Going once, going twice Shoppers eager to get their hands on well-priced properties have been met with bidding wars.

Warburg Realty agent Karen Kostiw has had clients lose out on Brooklyn properties priced up to $1.5 million. In some cases, demand pushed prices up by 25%, she said.

One client lost an apartment even after her offer was accepted when another buyer swooped in

WARBURG REALTY

BY NATALIE SACHMECHI

with a full-price bid.

Current bidding war activity is at 6.8% of the market, said Jonathan Miller of Miller Samuel. That is in the normal range for Manhattan.

Last month they accounted for 3% of the market, and though the supply of units has risen modestly, to 7,880 apartments, according to data from Douglas Elliman, it’ll take less time for them to sell at the current pace than it would have a year ago—about seven months compared to 14.

But as the supply of available apartments starts to decrease and buyers have fewer options, the bidding wars will only get worse, he said.

And, as usual, cash usually wins over deals that need financing, said Maria Daou, also a Warburg agent.

But that “frenzy” feeling could just be relative, said Miller.

“The market is normalizing fairly quickly,” he said, “but it feels so much stronger because last year was so dark.” ■

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SPONSORED CONTENT

How geospatial technologies are poised to transform urban operations

A

s they emerge from Covidinduced hibernation, cities around the globe are capitalizing on geospatial technologies to improve urban operations. That’s the consensus shared by executives from Esri, the international market leader of geographic information system (GIS) software, as well as various experts in the field who participated in a Crain’s Content Studio webcast earlier in June.

Titled “Real-Time Intelligence Now: How NYC Executives Can Improve Efficiency and Operations,” the event—which included three keynote speakers and two panel discussions— was moderated by Kristen Kurland, professor of public policy at Carnegie Mellon University.

Kicking off the webinar was Jaymie Croucher, GIS lead for network management and surface transport at Transport for London (TfL). He shared how TfL, one of the largest integrated transit authorities in the world, leveraged GIS software to maintain optimal operations in the face of two dramatic shifts in patronage: the 2012 Olympics, when more than 600,000 new riders converged on London’s transportation system; and the 2020 pandemic, when the social distancing of its ridership became a priority.

“We’ve invested in GIS as a service, which allows us to perform realtime monitoring of data such as traffic conditions, incidents, and other variables,” said Croucher.

“That all gets aggregated into a single authoritative data source, which stakeholders use to make assessments and implement datainformed strategies.” During the pandemic, decision-makers looked at criteria such as population density and proximity to shops through GIS technology to identify areas where social distancing would be most difficult and create policies accordingly.

Pandemic aside, urban centers worldwide are implementing Esri technologies to address long-standing operational challenges, as discussed by panelists Ian Koeppel, Emily Yates, and Jim Young.

Yates, Philadelphia’s smart city director, detailed location-specific data on water usage is collected to more quickly and accurately identify leaks. “Aside from improving customer service, this allows us to better manage illegal tampering,” she said. “And with the real-time data sensors on our snow plows and trash trucks, we can prevent their routes from interfering with those of city buses.”

Young, founder and principal of the geographic-data-science consultancy

smartest seaport, driven by energy transition goals and the steady autonomization of the shipping industry.

“We also wanted to move away from a set of disjointed information systems that siloed our assets,” shared Erwin Rademaker, the port’s executive program manager, in a keynote

PANEL ONE - Esri Technologies Supporting Priorities in Urban Operations

KEYNOTE SPEAKERS

MODERATOR

Kristen Kurland Carnegie Mellon University

Jaymie Croucher Transport for London

Erwin Rademaker Port of Rotterdam, the Netherlands

Brian Cross Esri

PANEL TWO - The Digital Twin Vision: What’s Next in GIS Technology for New York and Beyond

ITS International

Ian Koeppel Esri Europe

Emily Yates

City of Philadelphia

Atomic Maps, noted the value of public-private relationships. “When Waze partners with a city,” he said, “the municipality can share information on planned closures such as marathons in exchange for live data on unplanned traffic delays from Waze.”

Jim Young

Atomic Maps

Chris Andrews Esri

address. “By implementing GIS technologies, we’ve centralized our data in a single system that employees use to gain understanding of port conditions in real time.”

A key component of that solution has been a so-called digital twin, a virtual

Dr. Debra Laefer New York University

Mansour Raad Esri

digital twins are beginning to play in urban operations.

Laefer, a civil and urban engineering professor at New York University, explained how digital twins can improve conditions in cities.

“By building digital models of

“BY IMPLEMENTING GIS TECHNOLOGIES, WE’VE CENTRALIZED OUR DATA IN A SINGLE SYSTEM THAT EMPLOYEES USE TO GAIN UNDERSTANDING OF PORT CONDITIONS IN REAL TIME.” - Erwin Rademaker

Koeppel, who leads Esri’s international business development for European transportation markets, cited an innovative use of GIS in Munich. “Using sensor data, the municipality created a deep learning model to predict pavement deterioration,” he explained. “That allows them to take a proactive and ultimately cost-reductive approach to maintenance.”

Authorities in the Netherlands, too, are harnessing Esri technologies to streamline operations. The Port of Rotterdam mounted a mission in recent years to become the world’s

representation of the port that supplies a plethora of relevant data. By clicking on a specific port location, employees can see information about maintenance operations, weather conditions, planned ship movements, and more. This aggregation of disparate data points in one system simplifies operations such as route planning and environmental management.

The triumph of Rotterdam’s digital twin solution may prove a bellwether for widespread adoption of that technology. In a second panel discussion, Chris Andrews, Mansour Raad, Dr. Debra Laefer, and Dr. Gerhard Schrotter explored the role

neighborhoods based on data collected by drones and sensors, we can perform multi-criterion simulations to understand the contextual conditions affecting our cities and explore solutions to urban challenges,” she said.

An example of this was provided by Schrotter, who is Zurich’s director of geomatics and surveying. “To combat urban heat islands, we can use digital twins to understand how different elements—wind patterns, vegetation, the geometry of buildings—factor into the equation.”

Raad, Esri’s global chief technologist, credited the development of digital

Dr. Gerhard Schrotter City of Zurich

twins to several technological advancements, including the ubiquity of data-gathering sensors and the processing power of artificial intelligence. And Andrews, an Esri product manager, noted how applications of digital twin technology can be used to uplift cities broadly: “Simulations can be used to tackle climate issues and improve social and economic inclusivity,” he said.

Wrapping up the event, Esri’s director of professional services Brian Cross compared geospatial technologies to the human nervous system. “Just as our bodies intake information from our surroundings, then act on that intelligence,” he said, “our cities can collect geospatial data for higher level decision-making based on a holistic understanding of the contextual factors and patterns involved.”

Want to learn more about how location technology supports urban operational excellence?

Visit: https://go.esri.com/ urban-operational-awareness To watch the Real Time Intelligence event, visit https://go.esri.com/ real-time-intelligence-now

JULY 12, 2021 | CRAIN’S NEW YORK BUSINESS | 7

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EDITORIAL

publisher/executive editor

Senate majority leader must make Board of Elections reform a priority

editor-in-chief Cory Schouten editor Robert Hordt assistant managing editors Telisha Bryan,

Janon Fisher

ballots from the tally, initially showing 135,000 more votes than were cast.

So, yes, we know what Stewart-Cousins is saying when she points her finger at the board.

Unlike the rest of us, however, as the Senate majority leader, she can do something about it. But she hasn’t.

In November The New York Times did a deep dive into the cronyism and nepotism that many blame for the agency’s dysfunction. Problems with the board are baked into the state constitution.

The board is structured so that Democrats keep watch over Republicans and Republicans watch over Democrats. The board is feathered with friends and relatives of party bosses.

In 2019 state Sen. Liz Kreuger, who represents the Upper East Side, introduced legislation that would create more accountability at the board. Her bill would take hiring power away from party leaders. The measure, which would not need a change to the

THE SENATE MAJORITY LEADER HAS THE POWER TO MAKE THINGS HAPPEN IN NEW YORK board spokeswoman doesn’t return phone calls or answer email requests.

In the first major city election using ranked-choice voting, the board neglected to remove test

EDITORIAL

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,

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STEWART-COUSINS

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

I

t’s hard to take state Sen. Andrea Stewart-Cousins seriously when she calls the New York City Board of Elections “a national embarrassment.”

It’s easy to beat up on the board, which deserves plenty of criticism.

Few and far between are the years when something hasn’t gone wrong on Election Day. Sometimes wet ballots clogged machines, resulting in massive lines.

Active voters were purged from Brooklyn rolls in 2016 because of incompetence. Improperly marked absentee ballots were sent to outer-borough voters. Walk into the board’s office and you see idle workers who demonstrate little desire to help the public. The

Frederick P. Gabriel Jr.

state constitution, could have been passed last year if election reform was a priority. It wasn’t.

Kruger’s bill spent the most recent legislative session languishing in committee.

Apparently neither the Assembly nor the Senate has the political will to take on county political bosses.

But doing so would be in Stewart-Cousins’ self-interest.

No one should need reminding that trust in our elections is fundamental to American democracy.

The Senate majority leader has the power to make things happen in New York. She should waste no time in doing so. ■

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

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

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OP-ED

manager of conferences & events

De Blasio’s proposed curb on hotel construction would be a gut punch

BY PAUL SELVER

T

he de Blasio administration’s ill-conceived proposal to require a special permit to build hotels in the five boroughs amounts to hanging a “no vacancy” sign on the door to our city.

New York is faced with the daunting task of recovering the hundreds of thousands of jobs lost in the pandemic. There is hope that the economy is on its way back, but the service and tourist sectors remain in extreme distress.

The city’s own documentation demonstrates its potential for mischief with the economy at this sensitive juncture. Its draft environmental-impact statement projects that by 2035, the special permit will reduce the number of hotel rooms in the city by about 47,000; it will reduce employment in the hotel industry by nearly 20,000 jobs and more than $2 billion in wages; and it will cost the city in excess of $8.5 billion annually in economic activity. Significantly, neither the land-use application

nor the environmental-impact statement saw fit to mention that another city study had projected a loss of approximately $7 billion in virtually irreplaceable tax revenue.

The plan was dictated by de Blasio’s Department of City Planning rather than the result of a thoughtful study, supported by a compelling land-use rationale.

The stated “need” for the special permit is a woefully inadequate basis for replacing today’s simple, one-stop process for permitting hotels with the expensive, seemingly interminable and discretionary special-permit process.

Conflicts and hazards The city justifies its proposal by claiming that in commercial districts, new hotel development might create “conflicts with existing businesses.” And it says, “The transient nature of hotels can change the primarily residential character of some commercially zoned neighborhoods.” It argues further that, in certain commercial districts and in districts intended for residential, commer-

cial and manufacturing uses, “surrounding business activity and traffic may create hazards for guests.”

Checkout Some of those statements are internally inconsistent; others strain credulity. More importantly, the city has yet to produce any evidence that the statements are based on real-world conditions.

Indeed, the sample of hotel problems cited by the Planning Department as justifying the legislation were not related to the buildings’ hotel use but to their urban design, setbacks and pedestrian circulation, parking and curb cuts. What we’re left with is a rezoning that is unfounded in reality.

Finally, the city argues that the special permit is needed to establish a single, unified standard for the development of hotels. But the special permit’s only finding—that the hotel use “will not impair the future use or development of the surrounding area”—is so vague and subjective that it constitutes no standard at all. To the contrary,

it is a hook on which to hang whatever facts are needed to produce the result—approval or denial— sought by the city’s land-use decision-makers. And it’s an invitation to the kind of arbitrary, capricious and politicized decision-making that undermines public faith in the integrity and legitimacy of the land-use-review process.

The members of the Planning Commission recognized all of those concerns, but have not been addressed and there’s no reason to believe that they will be. We can only hope that the commissioners will apply the same critical thought to their votes and reject the legislation.

The potentially wide-ranging public impacts of the de Blasio proposal are wrong for New York, especially as we recover from the pandemic. As we would expect of any good innkeeper, New York’s doors should be open to anyone who wants to walk through them. ■ Paul Selver is co-chairman of the land use department at Kramer Levin.

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OP-ED

BY LITAL SHAFIR

N

owadays everyone seems to be seeking a pick-me-up or a panacea, and if it’s natural or plant-derived, all the better.

Among the diverse natural and nutraceutical products competing in the well-being market, cannabidiol, or CBD, stands out.

Fervent interest in its therapeutic and pain-relief properties, as well as the passage of the 2018 Farm Bill, have seen hemp-derived CBD products proliferate. New Yorkers have enthusiastically embraced it, with the state ranking third in CBD sales in the U.S. in 2019.

Amid the gold rush that is the current market, brands and product lines continue to diversify and expand. The past few years have seen the Food and Drug Administration scramble to develop a cohesive set of guidelines for the manufacture and commerce of CBD, with individual states hastily implementing their own patchworks of regulations. Unfortunately, a lack of clear directives at a federal level has left consumers vulnerable to substandard products that are inferior with respect to potency and purity.

Although sweeping legislative reform is on the horizon in New York and the U.S., consumers need independent insight into this nascent market now. Much as American cowboys moved across the Western frontier amid a climate of lawlessness, CBD has swept similarly across the U.S. (and the world at

large). Ointments, edibles, tinctures, balms and capsules are exploding onto the market, alongside CBD-infused drinks, foods, skin care, pet care and hair care products, with many making unfounded claims about well-being benefits.

The global CBD market is tipped to reach $3.5 billion this year, but as industry reports have shown, many of these products do not measure up to their promises of potency or quality. As consumers are excited by the genuine therapeutic promise of this cannabinoid, so too are unscrupulous manufacturers and retailers who see the potential to sell snake oil and cash in.

Regulatory challenges A number of factors render regulation of the CBD space challenging. For starters, it’s a category-bending compound in many ways. It’s nonintoxicating but psychoactive. The FDA views CBD as a drug or “active ingredient,” although hemp (containing 0.3% THC or less) is legal at a federal level, which means its inclusion in foods and beverages has been fraught with regulatory complications. This has been particularly evident in New York, where the city’s Department of Health moved to ban CBD-infused food and drinks from bars and restaurants in 2019.

The FDA is fine-tuning its stance toward CBD, exploring available research on its therapeutic benefits, side-effect profile, long-term use and dosage guidelines. At this stage,

the FDA has approved only a single CBD product, Epidiolex, which is used to treat seizures in certain forms of childhood epilepsy.

As it stands, consumers must navigate CBD products (and their sometimes murky claims) on their own—or make sense of a rapidly changing legal landscape. New Yorkers, for example, are subject to the extensive and rigorous regulations of Gov. Andrew Cuomo’s 2020 Cannabinoid Hemp Program—but this program will undergo revisions under the soon-to-be established Office of Cannabis Management following the enactment of the 2021 Marijuana Regulation and Taxation Act. For those unable, or uninterested, in keeping abreast of rapid legislative change, straightforward, clear information regarding the quality and potency of CBD products is invaluable.

The inconsistency between state and federal regulations for CBD have created a sloppy patchwork of rules that can have detrimental effects on consumers and the industry at large. The recent introduction of the Hemp Access and Consumer Safety Act of 2021 could be the linchpin that brings order to the chaos at a national level. If enacted, the legislation would amend the federal Food, Drug and Cosmetic Act and allow hemp-derived CBD to be classified as a food and supplement ingredient.

The FDA views hemp-derived CBD as a drug. The regulatory framework surrounding the update

BLOOMBERG

State, federal regulation of CBD will help provide consistent, trustworthy products for consumers

to the law prevents the FDA from setting clear regulatory frameworks for hemp and hemp-derived CBD when it’s used as a food and supplement ingredient. This legislation would subject foods and dietary supplements containing hemp and CBD to all the protections afforded by the FDA’s food and dietary supplement regulatory frameworks.

The measure also would prioritize consumer safety, mandating that manufacturers comply with existing federal regulations for products that contain CBD, and ensure that products are properly labeled.

It’s vital to recognize that significant legislative changes will contribute to streamlining rules surrounding CBD use. In New York, passage of the Marijuana Regulation and Taxation Act signals not only changes for adult-use cannabis, but for CBD too. As a recently released memo stated, the legisla-

tion will create an Office of Cannabis Management, governed by a Cannabis Control Board. The Office of Cannabis Management will oversee the state’s existing Cannabinoid Hemp Program, which is regulated by the Department of Health. By overhauling the program and pulling it under the jurisdiction of one dedicated office, consumers, retailers and manufacturers will, with luck, be empowered with clearer directives.

The upshot? The changes most likely will lead to more consistent and concise regulations and standardize CBD product quality. It’s a shift that can only benefit this rapidly growing industry. ■ Lital Shafir is head of product at Leafreport, an educational platform that provides medical-based, peer-reviewed content on CBD for consumers.

OP-ED

Upstate is not just for getaways; business investment opportunities abound

U

pstate New York became wildly attractive to many city dwellers during the pandemic, including those working in private equity. Throngs headed for the Catskills and the Adirondacks to wait out the crisis.

In turn, real estate prices around Albany and in the Hudson Valley have increased dramatically.

Whether new owners are looking for a permanent place to live or a new investment property, the market has become more competitive.

The pandemic has hurt businesses across the country, but the economic environment upstate is on relatively stable ground. Around one-third of CEOs in the region expect revenues to increase this year, according to data from the Siena College Research Institute. Considering how damaging Covid-19 was to the economy last year, the optimism is palpable.

For investors who may have relo-

cated upstate, the area is brimming with opportunities. Though the pickings may seem slim compared to the city’s, upstate can be bountiful for both the buy and sell sides.

The area is rife with successful small, family-owned businesses.

In addition, talent is pouring into the area’s workforce from several local colleges and universities. Siena, the State University of New York at Albany, the College of St. Rose, Rensselaer Polytechnic Institute and Cornell are pumping out talented young workers. As some venture off to the big city, others contribute to a cohort of successful small businesses upstate.

But for many of the private businesses in the region, there is a need to consider plans for succession or liquidation. Although it’s more common in cities such as New York and San Francisco to build a company with the purpose of growing it into an acquisition target, “lifestyle” businesses are instead built to service local economies and supply

owners with income. They’re not growing as fast as possible with the intention of having an initial public offering, but that doesn’t mean some of these companies can’t be prime targets for investors, especially when their owners may not have given much consideration to either retiring or moving on from their company or both.

Buy-side opportunities Upstate also could prove to be lucrative for buy-side opportunities.

Small and medium-size businesses abound in popular sectors that funds typically covet, such as health technology, health care and hospitals, and consumer goods.

Companies already have been set upon in the past several years.

Last year Insight Partners acquired a majority stake in Albany-based CommerceHub, valuing it at $1.9 billion. Similarly, Waterford-based Momentive Performance Materials was acquired for $3 billion by a partnership in 2019.

BLOOMBERG

BY MICHAEL BUCCI

Deals are already getting done.

During the first quarter of this year, 35 transactions were completed in both the Hudson Valley and the Capital Region.

For investors, the pandemic may have changed the perception about relocating upstate. Life might be slower outside of Manhattan, but that can be a good thing for professionals ready for a change.

Before the pandemic, areas such as the Capital Region and the Hudson Valley may not have made the top of many funds’ lists. But many private-equity funds have been active in the region for years, and it may be worthwhile for others to consider the upside of upstate. ■ Michael Bucci is a partner at UHY LLP, certified public accountants.

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City National Bank

New York Institute of Technology College of Engineering & Computing Sciences Associate Professor Ziqian (Cecilia) Dong, Dong Ph.D., and College of Arts & Sciences Associate Professor Jennifer Griffiths, Ph.D., have both been promoted to the rank of full professor. New Griffiths York Tech educates the next generation of doers, makers, healers, and innovators at campuses in New York City, Long Island, Jonesboro, AR, and Vancouver, Canada. With nearly 8,000 students and more than 110,000 alumni, it offers 90+ degree programs in high-growth, in-demand fields including engineering, computer and data science, biology/biotechnology, architecture, business, medicine, health care, and design. Learn more: nyit.edu.

RECOGNIZE INDUSTRY ACHIEVERS IN CRAIN’S

Abel Montañez has joined City National Bank as executive vice president and head of Private Banking. He reports to Garrett D’Alessandro, CEO of City National Rochdale and head of Wealth Management at City National Bank. Montañez is an outstanding leader with more than 20 years of experience in the wealth management industry. City National has $83.4 billion in assets and more than 70 offices, five of which opened on the East Coast in 2020 – including three in Manhattan.

ANNOUNCE

YOUR BIG NEWS IN CRAIN’S!

Listing opportunities: Debora Stein at dstein@crain.com or submit directly to CRAINSNEWYORK.COM/PEOPLEMOVES

LAW

Hodgson Russ, LLP Open Weaver Banks has joined Hodgson Russ LLP as a Partner in its State and Local Tax (SALT) practice.

Open is based in the firm’s Hackensack, NJ office, where the practice recently expanded its presence. Her extensive experience includes representation of taxpayers in administrative and court appeals in New Jersey, New York and Illinois. Previously, Open was counsel with a multistate tax practice located in New York City. She may be reached at obanks@hodgsonruss.com.

NONPROFIT

Partnership with Children Jessica Rawlins is named Chief Development Officer at Partnership with Children. She brings more than a decade of senior-level institutional advancement experience at organizations working toward equity for children and communities. Jessica served as Senior Development Director at All Our Kin, and Director of Institutional Giving at Harlem Children’s Zone. PWC is a major provider of school-based mental health and wellness for 30,000 schoolchildren across NYC.

LAW

Vinson & Elkins Private equity and M&A tax attorney Ron G. Nardini has joined Vinson & Elkins as a partner in the global Tax group and will lead the law firm’s New York Tax practice. He advises domestic and international clients in transactional matters across an array of sectors ranging from health care to real estate to restructuring to entertainment, and has broad experience in the formation and operation of investment funds.

Nardini holds law degrees from Tel Aviv University and NYU School of Law.

NONPROFIT

Public Agenda Public Agenda, a nonpartisan research and public engagement organization dedicated to strengthening democracy and expanding opportunity for all Americans, announces new president Andrew Seligsohn. President of Campus Compact, a national coalition devoted to public purposes of higher education, Seligsohn will join Public Agenda on August 23rd. The Board of Directors highlighted Seligsohn’s strategic leadership skills, and his work to span the worlds of higher education and civic engagement.

10 | CRAIN’S NEW YORK BUSINESS | JULY 12, 2021

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anywhere near where it used to be. Most of our business is from locals.

DOSSIER

I

INTERVIEW BY CARA EISENPRESS

n 2019 the city’s never-sleep nightlife industry counted 25,000 establishments, 300,000 jobs and $35 billion in economic activity, including all leisure and entertainment that happened between the hours of 6 p.m. and 6 a.m. Then everything closed down.

This past spring lounges, clubs and rooftop bars began to wake up, but they struggled to bring back customers while following rules about seating and capacity. Scott Gerber, who leads Gerber Group, which runs four city nightlife spots, said that customers are eager to be out. But the recent, ever-changing slate of Covid-19-related guidelines has made him skeptical of government regulation.

What will this summer be like at bars and clubs?

All the pent-up demand that people were predicting is there. People have been cooped up for too long, and they need to get out. But I don’t think you can put New York City in one category.

WHO Principal and CEO of Gerber Group, which operates The Crown, Mr. Purple, The Campbell and Irvington

ST

HIS

U JOIN

!

K WEE

I think in certain places they can, because we always like to create a local following at our hotel spaces, otherwise the people visiting don’t want to come.

AGE 60

How long will it take nightlife venues to recover?

We are never going to make up what we lost the last 16 months. People who survived, we’ll be fine, but there are a lot of people who got crushed. But the biggest issue we are having now is staffing.

We are having to look at the hours of operation because we can’t have someone working 10 to 12 hours a day, and we’re now open until 4 a.m. We don’t want to burn them out.

GREW UP Hewlett, Long Island RESIDES NoHo EDUCATION Bachelor’s in finance and real estate, University of Arizona, Tucson LISTENING TO THE KIDS Gerber’s three children are in their 20s and act as his compass in the younger generation’s world. “They’re there to critique our music and tell me why I should be posting more on my Instagram,” he said.

ON SPEC Many of Gerber’s bars, like the newest, Nearly Ninth, are in hotels, where he signs on before the building exists. The most gratifying part of his job is “creating something out of nothing and then seeing our guests appreciate it,” he said.

What are the different categories?

Our Lower East Side and downtown properties are seeing much more demand. The demographic skews younger. They’re really anxious to go out. There is a lot more vibrancy and life than there is in Grand Central.

We are still waiting for all Midtown businesses to bring their employees back to work. A big part of business at The Campbell in Grand Central is based on people

Can locals make up 100% of the demand you need?

commuting, and ridership is still at 20% of what it was prepandemic.

Are any tourists coming to your venues?

A few here and there, but it’s not

Could having a smaller staff lead to any permanent changes?

Ordering and paying the bill from your phone—some of that will stick around. The labor shortage leads to a corresponding cost of labor because as you increase your hourly rates, people start saying, “I’ll take the job for $15 instead of $10,” and at some point I can’t keep passing along expenses to our guests.

What should be the government’s role in the industry at this point?

They need to leave us alone and not treat us like children. When this thing first started, we had four people come into one of our bars, order a round of beers, and the staff didn’t take a food order at the same time. The inspectors said they were fining us because we didn’t take their food order when we took the drink order.

I thought that was in poor taste. We’re an important part of New York City. They didn’t know anything about our business before. Now I think they will be more understanding and more helpful. ■

BUCK ENNIS

ASKED & ANSWERED SCOTT GERBER Gerber Group

CRAIN’S WEBCAST

Thursday, July 15 | 3:30 - 5 p.m.

Crain’s first annual Excellence in Diversity and Inclusion Awards, a component of Crain’s 2021 All Together commitment, will celebrate New York City individuals and businesses that are leading by example and holding themselves and others accountable for diversity and inclusion initiatives.

Keynote Speaker

Michael J. Garner, MBA Chief Diversity & Inclusion Officer, Metropolitan Transportation Authority

REGISTER TODAY:

CrainsNewYork.com/DiversityEvent

For event questions: Ana Jimenez | crainsevents@crainsnewyork.com

JULY 12, 2021 | CRAIN’S NEW YORK BUSINESS | 11

P011_CN_20210712.indd 11

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

RANK

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48

TOTAL COMPENSATION IN 2020

SALARY IN 2020

BONUS IN 2020

NONEQUITY INCENTIVE PLAN IN 2020

OPTION AWARDS IN 2020

STOCK AWARDS IN 2020

DEFERRED COMPENSATION IN 2020

OTHER COMPENSATION IN 2020

CEO NAME

COMPANY (TICKER)

Joseph Levin

IAC/InterActiveCorp (IAC)

$202.4

$1.0

$5.0

$0.0

$11.7

$184.4

$0.0

$0.3

Leonard Schleifer

Regeneron Pharmaceuticals Inc. (REGN)

$135.4

$1.5

$0.0

$3.6

$0.0

$130.0

$0.0

$0.3

Stephen Schwarzman

Blackstone Group Inc. (BX)

$86.4

$0.4

$0.0

$0.0

$0.0

$0.0

$0.0

$86.0

Pablo Legorreta

Royalty Pharma (RPRX)

$55.7

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$55.7

Dexter Goei

Altice USA Inc. (ATUS)

$48.0

$0.8

$0.0

$3.6

$31.0

$12.7

$0.0

$0.0

George Roberts

KKR & Co. Inc. (KKR)

$42.0

$0.1

$0.0

$0.0

$0.0

$0.0

$0.0

$41.9

Henry Kravis

KKR & Co. Inc. (KKR)

$42.0

$0.1

$0.0

$0.0

$0.0

$0.0

$0.0

$41.9

Robert Bakish

ViacomCBS Inc. (VIAC)

$39.0

$3.1

$0.0

$19.7

$0.0

$16.0

$0.1

$0.0

Jamie Dimon

JPMorgan Chase & Co. (JPM)

$31.7

$1.5

$5.0

$0.0

$0.0

$25.0

$0.0

$0.1

James Gorman

Morgan Stanley (MS)

$29.6

$1.5

$7.9

$0.0

$0.0

$20.0

$0.0

$0.1

Mario Gabelli

GAMCO Investors Inc. (GBL)

$29.2

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$29.2

Lachlan Murdoch

Fox Corp. (FOXA)

$29.2

$2.5

$0.0

$8.5

$2.8

$8.9

$5.7

$0.8

Ajaypal Banga

Mastercard Inc. (MA)

$27.8

$1.3

$0.0

$3.1

$3.5

$19.7

$0.0

$0.2

Laurence Fink

BlackRock Inc. (BLK)

$27.4

$1.5

$9.5

$0.0

$0.0

$16.0

$0.0

$0.4

Stephen Squeri

American Express Co. (AXP)

$24.2

$1.5

$4.0

$2.3

$2.9

$13.0

$0.1

$0.5

Peter Zaffino

American International Group Inc. (AIG)

$24.1

$1.4

$0.0

$4.5

$2.1

$16.0

$0.0

$0.1

David Solomon

Goldman Sachs Group (GS)

$23.9

$2.0

$4.7

$0.0

$0.0

$17.0

$0.0

$0.3

Michael Corbat

Citigroup Inc. (C)

$23.0

$1.5

$5.3

$0.0

$0.0

$16.2

$0.0

$0.0

Kenneth Frazier

Merck & Co. Inc. (MRK)

$22.1

$1.7

$0.0

$2.2

$4.7

$10.8

$2.3

$0.4

Andre Calantzopoulos

Philip Morris International Inc. (PM)

$21.9

$1.7

$0.0

$3.4

$0.0

$12.0

$4.9

$0.0

David Gandler

fuboTV Inc. (FUBO)

$21.7

$0.5

$0.3

$0.0

$20.9

$0.0

$0.0

$0.0

Pierre Laubies

Coty Inc. (COTY)

$21.7

$1.2

$0.0

$0.0

$0.0

$0.0

$0.0

$20.4

Ramon Laguarta

PepsiCo Inc. (PEP)

$21.5

$1.5

$0.0

$5.3

$0.0

$9.7

$4.3

$0.7

Virginia Rometty

International Business Machines Corp. (IBM)

$21.1

$1.6

$0.0

$4.3

$0.0

$12.7

$1.6

$0.9

Albert Bourla

Pfizer Inc. (PFE)

$21.0

$1.7

$0.0

$5.5

$6.8

$4.9

$1.4

$0.8

William Berkman

Radius Global Infrastructure Inc. (RADI)

$20.3

$0.5

$0.6

$0.0

$0.0

$19.2

$0.0

$0.1

Giovanni Caforio

Bristol-Myers Squibb Co. (BMY)

$20.2

$1.7

$0.0

$4.2

$0.0

$13.5

$0.0

$0.8

Daniel Glaser

Marsh & McLennan Cos. Inc. (MMC)

$19.7

$1.5

$0.0

$5.5

$5.8

$6.2

$0.4

$0.4

James Meyer

Sirius XM Holdings Inc. (SIRI)

$19.5

$2.0

$7.2

$0.0

$0.0

$10.0

$0.0

$0.3

Hans Vestberg

Verizon Communications Inc. (VZ)

$19.1

$1.5

$0.0

$3.6

$0.0

$13.3

$0.0

$0.7

Jeffrey Solomon

Cowen Inc. (COWN)

$19.0

$1.0

$13.0

$0.0

$0.0

$3.2

$0.0

$1.8

Alan Schnitzer

Travelers Cos. Inc. (TRV)

$19.0

$1.3

$0.0

$6.2

$4.3

$6.5

$0.7

$0.0

Richard Handler

Jefferies Financial Group Inc. (JEF)

$18.9

$1.0

$2.0

$15.5

$0.0

$0.0

$0.1

$0.3

James Dolan 1

Madison Square Garden Sports Corp. (MSGS), MSG Networks Inc. (MSGN)

$18.8 2

$1.9 3

$0.0

$2.6 4

$4.8 5

$8.0 6

$0.0

$1.5 7

Brian Duperreault

American International Group Inc. (AIG)

$18.8

$1.6

$0.0

$4.5

$3.2

$9.1

$0.2

$0.2

Fabrizio Freda

Estée Lauder Cos. Inc. (EL)

$18.4

$1.8

$0.0

$2.4

$4.4

$8.8

$0.8

$0.2

Carlos Rodriguez

Automatic Data Processing Inc. (ADP)

$17.6

$1.0

$0.0

$1.2

$5.1

$7.6

$2.7

$0.2

Raymond McDaniel

Moody's Corp. (MCO)

$17.3

$1.1

$0.0

$2.4

$0.0

$10.3

$3.4

$0.0

Arvind Krishna

International Business Machines Corp. (IBM)

$17.0

$1.4

$0.0

$2.2

$0.0

$13.2

$0.0

$0.3

Michael Roth

Interpublic Group of Cos. Inc. (IPG)

$16.9

$1.6

$1.2

$6.9

$0.0

$6.8

$0.1

$0.4

Jane Fraser

Citigroup Inc. (C)

$16.7

$0.5

$6.7

$1.6

$0.0

$7.4

$0.0

$0.6

Ronald Kramer

Griffon Corp. (GFF)

$16.1

$1.1

$0.0

$7.5

$0.0

$7.2

$0.0

$0.4

Stephen Cooper

Warner Music Group Corp. (WMG)

$16.0

$1.0

$0.0

$8.2

$0.0

$0.0

$0.0

$6.7

Adena Friedman

Nasdaq Inc. (NDAQ)

$15.8

$1.2

$0.0

$4.1

$0.0

$10.4

$0.1

$0.1

John McAvoy

Consolidated Edison Inc. (ED)

$15.8

$1.4

$0.0

$1.6

$0.0

$6.3

$15.7

$0.8

$0.0

$3.5

$0.0

$11.3

$0.0

$0.1 $0.3

JaneYORK ElfersBUSINESS | July 12, 2021 Children's Place Inc. (PLCE) 12 | CRAIN’S NEW

Continued on page 14 $6.4 $0.1

Michel Khalaf

MetLife Inc. (MET)

$15.4

$1.3

$0.0

$4.3

$0.9

$7.5

$1.3

Marc Holliday

SL Green Realty Corp. (SLG)

$15.2

$1.3

$0.4

$0.9

$0.0

$12.6

$0.0

Douglas Peterson

S&P Global Inc. (SPGI)

$15.1

$1.0

$0.0

$4.6

$0.0

$9.0

$0.0

P012_CN_20210712.indd 12

$0.1

7/8/21 1:20 PM

$0.5

T:10.875" S:10.25"

If you own a small business, we see you. Now more than ever, you can rely on our local expertise and personal approach to start something big.

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CN020302.indd 1

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T:14.4"

S:14"

The best part about owning your own business is owning your own business.

34 MSG Networks Inc. (MSGN) Brian Duperreault American International Group Inc. (AIG) 35 Fabrizio Freda Estée Lauder Cos. Inc. (EL) 36 Carlos Rodriguez Automatic Data Processing Inc. (ADP) 37 Raymond McDaniel Moody's Corp. (MCO) 38 THE LIST Arvind Krishna International Business Machines Corp. (IBM) 39 Michael Roth Interpublic Group of Cos. Inc. (IPG) 40 TOP-PAID CHIEF EXECUTIVES Jane Fraser Citigroup Inc. (C) 41 Ronald Kramer Griffon Corp. (GFF) 42 Stephen Cooper Warner Music Group Corp. (WMG) 43 RANK CEO NAME COMPANYInc. (TICKER) Adena Friedman Nasdaq (NDAQ) 44 Joseph Levin IAC/InterActiveCorp John McAvoy Consolidated Edison(IAC) Inc. (ED) 145 Leonard Schleifer Regeneron Pharmaceuticals Jane Elfers Children's Place Inc. (PLCE) Inc. (REGN) 246 Stephen Schwarzman Blackstone Michel Khalaf MetLife Inc. Group (MET) Inc. (BX) 347 Pablo Legorreta Royalty Marc Holliday SL GreenPharma Realty (RPRX) Corp. (SLG) 448 Dexter Altice USA Inc. DouglasGoei Peterson S&P Global Inc.(ATUS) (SPGI) 549 George KKR & Co. Financial Inc. (KKR)Inc. (PRU) CharlesRoberts Lowrey Prudential 650 Henry Kravis KKR & Co.Holdings Inc. (KKR) Mark Pearson Equitable Inc. (EQH) 751 Robert Bakish ViacomCBS Inc. (VIAC) Noel Wallace Colgate-Palmolive Co. (CL) 852 Jamie JPMorgan Chase & Co. (JPM) Ralph Dimon Izzo Public Service Enterprise Group Inc. (PEG) 953 James Gorman Morgan Stanley (MS) Stephen Rusckowski Quest Diagnostics Inc. (DGX) 10 54 Mario Gabelli GAMCO Inc. Solutions (GBL) Brian Humphries CognizantInvestors Technology Corp. (CTSH) 11 55 Lachlan Murdoch Fox (FOXA) Rodney Martin VoyaCorp.

Financial Inc. (VOYA) 12 56 Ajaypal Banga Mastercard (MA) Robert Thomson News Corp. Inc. (NWSA) 13 57 Laurence Fink BlackRock Inc.(EVR) (BLK) John Weinberg Evercore Inc. 14 58 Stephen Squeri American Express (AXP) Ralph Lauren Ralph Lauren Corp.Co. (RL) 15 59 Peter American International GroupInc. Inc.(NLY) (AIG) David Zaffino Finkelstein Annaly Capital Management 16 60 David Solomon Goldman (GS) Lee Olesky Tradeweb Sachs MarketsGroup Inc. (TW) 17 61 Michael Citigroup Inc. (C) Douglas Corbat Cifu Virtu Financial Inc. (VIRT) 18 62 Kenneth Frazier Merck & Co. Inc. (MRK) Patrice Louis Ralph Lauren Corp.

(RL) 19 63 Andre Philip Morris International HowardCalantzopoulos Lutnick BGC Partners Inc. (BGCP) Inc. (PM) 20 64 David Gandler fuboTV Inc. (FUBO) Richard Johnson Foot Locker Inc. (FL) 21 65 Pierre Laubies Coty Inc. Inc. (COTY) Alan Colberg Assurant (AIZ) 22 66 Ramon Laguarta PepsiCo Inc. (PEP) Joshua Sapan AMC Networks Inc. (AMCX) 23 67 Virginia Rometty International Business Thomas Polen Becton, Dickinson and Machines Co. (BDX) Corp. (IBM) 24 68 Albert Bourla Pfizer Inc. (PFE) Ivan Kaufman Arbor Realty Trust Inc. (ABR) 25 69 William Berkman Radius Infrastructure Inc. (RADI) John Foley Peloton Global Interactive Inc. (PTON) 26 70 Giovanni Bristol-Myers Squibb Co. (BMY) John WrenCaforio Omnicom Group Inc. (OMC) 27 71 Daniel Glaser Marsh & McLennan John Hess Hess Corp.

(HES) Cos. Inc. (MMC) 28 72 James Sirius Jeffrey Meyer Gennette Macy'sXM Inc.Holdings (M) Inc. (SIRI) 29 73 Hans Verizon Inc. (VZ) StevenVestberg Roth VornadoCommunications Realty Trust (VNO) 30 74 Jeffrey Solomon Cowen Inc. (COWN) Jacek Olczak Philip Morris International Inc. (PM) 31 75 Alan Travelers Cos. Inc.(NLSN) (TRV) DavidSchnitzer Kenny Nielsen Holdings 32 76 Richard Jefferies Financial Anthony Handler Malkin Empire State RealtyGroup Trust Inc. Inc. (JEF) (ESRT) 33 77 1 James Dolan Madison SquareInc. Garden Sports Corp. (MSGS), Scott Salmirs ABM Industries (ABM) 78 34 MSG Networks Inc. (MSGN) Brian Harris Ladder Capital Corp. (LADR) 79 Brian Duperreault American International Group Inc. (AIG) 35 Scott Stephenson Verisk Analytics Inc. (VRSK) 80 Fabrizio Freda Estée Lauder Cos. Inc. (EL) 36 Henry Fernandez MSCI Inc. (MSCI) 81 Carlos Rodriguez Automatic Data Processing Inc. (ADP) 37 Kenneth Moelis Moelis & Co. (MC) 82 Raymond McDaniel Moody's Corp. (MCO) 38 Ellen Alemany CIT Group Inc. (CIT) 83 Arvind Krishna International Business Machines Corp. (IBM) 39 Morris Goldfarb G-III Apparel Group (GIII) 84 Michael Roth Interpublic Group of Cos. Inc. (IPG) 40 Matthew Lambiase Chimera Investment Corp. (CIM) 85 Jane Fraser Citigroup Inc. (C) 41 Thomas Gibbons Bank of New York Mellon Corp. (BK) 86 Ronald Kramer Griffon Corp. (GFF) 42 Albert Lowenthal Oppenheimer Holdings Inc. (OPY) 87 Stephen Cooper Warner Music Group Corp. (WMG) 43 Albert Behler Paramount Group Inc. (PGRE) 88 Adena Friedman Nasdaq Inc. (NDAQ) 44 Justin Schreiber LifeMD Inc. (LFMD) 89 John McAvoy Consolidated Edison Inc. (ED) 45 Dan Bodner Verint Systems Inc. (VRNT) 90 ElfersBUSINESS | July 12, 2021 Children's Place Inc. (PLCE) 14 YORK 46| CRAIN’S NEWJane Michael Miebach Mastercard Inc. (MA) 91 Michel Khalaf MetLife Inc. (MET) 47 Timothy Gokey Broadridge Financial Solutions Inc. (BR) 92 Marc Holliday SL Green Realty Corp. (SLG) 48 Olivier Pomel Datadog Inc. (DDOG) 93 Douglas Peterson S&P Global Inc. (SPGI) 49

P014_P015_CN_20210712.indd 14

$18.8

$1.6

$0.0

$4.5

$3.2

$9.1

$0.2

$0.2

$18.4

$1.8

$0.0

$2.4

$4.4

$8.8

$0.8

$0.2

$17.6

$1.0

$0.0

$1.2

$5.1

$7.6

$2.7

$0.2

$17.3

$1.1

$0.0

$2.4

$0.0

$10.3

$3.4

$0.0

$17.0

$1.4

$0.0

$2.2

$0.0

$13.2

$0.0

$0.3

$16.9

$1.6

$1.2

$6.9

$0.0

$6.8

$0.1

$0.4

$16.7

$0.5

$6.7

$1.6

$0.0

$7.4

$0.0

$0.6

$16.1

$1.1

$0.0

$7.5

$0.0

$7.2

$0.0

$0.4

$16.0 TOTAL COMPENSATION IN$15.8 2020

$1.0

$0.0

SALARY IN $1.2 2020

BONUS IN $0.0 2020

$8.2 NONEQUITY INCENTIVE PLAN IN $4.1 2020

$0.0 OPTION AWARDS IN $0.0 2020

$0.0 STOCK AWARDS IN$10.4 2020

$0.0 DEFERRED COMPENSATION IN $0.1 2020

$6.7 OTHER COMPENSATION IN $0.1 2020

$202.4 $15.8

$1.0 $1.4

$5.0 $0.0

$0.0 $1.6

$11.7 $0.0

$184.4 $6.3

$0.0 $6.4

$0.3 $0.1

$135.4 $15.7

$1.5 $0.8

$0.0

$3.6 $3.5

$0.0

$130.0 $11.3

$0.0

$0.3 $0.1

$86.4 $15.4

$0.4 $1.3

$0.0

$0.0 $4.3

$0.0 $0.9

$0.0 $7.5

$0.0 $1.3

$86.0 $0.3

$55.7 $15.2

$0.0 $1.3

$0.0 $0.4

$0.0 $0.9

$0.0

$0.0 $12.6

$0.0

$55.7 $0.1

$48.0 $15.1

$0.8 $1.0

$0.0

$3.6 $4.6

$31.0 $0.0

$12.7 $9.0

$0.0

$0.0 $0.5

$42.0 $15.0

$0.1 $1.2

$0.0

$0.0 $5.9

$0.0 $1.7

$0.0 $5.0

$0.0 $1.1

$41.9 $0.1

$42.0 $14.9

$0.1 $1.3

$0.0

$0.0 $3.0

$0.0 $2.0

$0.0 $6.0

$0.0 $2.1

$41.9 $0.4

$39.0 $14.4

$3.1 $1.3

$0.0

$19.7 $4.1

$0.0 $4.3

$16.0 $4.4

$0.1 $0.0

$0.0 $0.3

$31.7 $14.3

$1.5 $1.4

$5.0 $0.0

$0.0 $2.3

$0.0

$25.0 $9.1

$0.0 $1.3

$0.1

$29.6 $14.1

$1.5 $1.1

$7.9 $0.0

$0.0 $3.0

$0.0 $2.5

$20.0 $7.3

$0.0

$0.1 $0.2

$29.2 $13.8

$0.0 $1.0

$0.0

$0.0 $1.7

$0.0

$0.0 $10.7

$0.0

$29.2 $0.3

$29.2 $13.6

$2.5 $1.2

$0.0

$8.5 $3.0

$2.8 $0.0

$8.9 $9.1

$5.7 $0.0

$0.8 $0.2

$27.8 $13.5

$1.3 $3.0

$0.0

$3.1 $1.3

$3.5 $0.0

$19.7 $8.7

$0.0 $0.2

$0.2 $0.4

$27.4 $13.3

$1.5 $0.5

$9.5 $4.3

$0.0 $6.0

$0.0

$16.0 $2.6

$0.0

$0.4 $0.0

$24.2 $13.0

$1.5 $1.8

$4.0 $0.0

$2.3 $0.0

$2.9 $0.0

$13.0 $11.0

$0.1 $0.0

$0.5 $0.3

$24.1 $12.7

$1.4 $0.5

$0.0 $7.2

$4.5 $0.0

$2.1 $0.0

$16.0 $5.0

$0.0

$0.1 $0.0

$23.9 $12.3

$2.0 $0.8

$4.7 $0.0

$0.0 $7.5

$0.0

$17.0 $4.0

$0.0

$0.3 $0.0

$23.0 $12.3

$1.5 $1.0

$5.3 $0.5

$0.0 $2.0

$0.0

$16.2 $8.8

$0.0

$0.0

$22.1 $12.2

$1.7 $1.3

$0.0

$2.2 $3.8

$4.7 $0.0

$10.8 $7.1

$2.3 $0.0

$0.4 $0.1

$21.9 $12.0

$1.7 $1.0

$0.0

$3.4 $11.0

$0.0

$12.0 $0.0

$4.9 $0.0

$0.0

$21.7 $11.9

$0.5 $1.0

$0.3 $0.0

$0.0 $3.8

$20.9 $1.2

$0.0 $4.9

$0.0 $0.9

$0.0 $0.1

$21.7 $11.9

$1.2

$0.0

$0.0 $2.2

$0.0

$0.0 $7.3

$0.0 $0.6

$20.4 $0.6

$21.5 $11.8

$1.5 $2.0

$0.0

$5.3 $4.2

$0.0

$9.7 $5.6

$4.3 $0.0

$0.7 $0.1

$21.1 $11.7

$1.6 $1.0

$0.0

$4.3 $1.1

$0.0 $3.7

$12.7 $5.6

$1.6 $0.2

$0.9 $0.1

$21.0 $11.7

$1.7 $1.0

$0.0 $4.7

$5.5 $0.0

$6.8 $0.0

$4.9 $6.0

$1.4 $0.0

$0.8 $0.0

$20.3 $11.4

$0.5 $1.0

$0.6 $0.0

$0.0 $1.5

$0.0 $8.9

$19.2 $0.0

$0.0

$0.1 $0.0

$20.2 $11.1

$1.7 $0.5

$0.0

$4.2 $10.6

$0.0

$13.5 $0.0

$0.0

$0.8 $0.1

$19.7 $11.1

$1.5

$0.0

$5.5 $1.1

$5.8 $3.4

$6.2 $5.1

$0.4 $0.0

$0.4 $0.0

$19.5 $11.1

$2.0 $1.0

$7.2 $0.0

$0.0 $2.8

$0.0

$10.0 $7.0

$0.0 $0.3

$0.3 $0.0

$19.1 $11.0

$1.5 $0.5

$0.0 $0.8

$3.6 $0.0

$0.0

$13.3 $9.5

$0.0

$0.7 $0.2

$19.0 $11.0

$1.0 $1.3

$13.0 $0.0

$0.0 $1.8

$0.0

$3.2 $4.4

$0.0 $3.5

$1.8 $0.0

$19.0 $10.7

$1.3

$0.0 $0.9

$6.2 $0.8

$4.3 $0.0

$6.5 $7.7

$0.7 $0.0

$0.0

$18.9 $10.1

$1.0 $0.5

$2.0 $1.0

$15.5 $0.0

$0.0

$0.0 $8.5

$0.1 $0.0

$0.3 $0.1

$18.8 $10.12

$1.9 $0.93

$0.0

$2.6 $1.24

$4.8 $0.05

$8.0 $7.86

$0.0

$1.5 $0.2 7

$10.0 $18.8 $10.0 $18.4 $9.9 $17.6 $9.9 $17.3 $9.6 $17.0 $9.4 $16.9 $9.4 $16.7 $9.4 $16.1 $9.4 $16.0 $9.3 $15.8 $9.3 $15.8 $9.2 $15.7 $9.2 $15.4 $9.1 $15.2 $9.1 $15.1

$1.0 $1.6 $1.0 $1.8 $1.0 $1.0 $0.4 $1.1 $1.0 $1.4 $0.5 $1.6 $0.9 $0.5 $1.3 $1.1 $0.5 $1.0 $1.1 $1.2 $0.0 $1.4 $0.7 $0.8 $0.7 $1.3 $0.9 $1.3 $0.4 $1.0

$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $4.8 $0.0 $2.8 $0.0 $5.0 $1.2 $0.0 $6.7 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.4 $0.0 $0.0

$0.0 $4.5 $1.4 $2.4 $1.4 $1.2 $0.0 $2.4 $0.0 $2.2 $0.0 $6.9 $5.9 $1.6 $3.2 $7.5 $5.0 $8.2 $1.5 $4.1 $0.0 $1.6 $0.8 $3.5 $1.1 $4.3 $1.5 $0.9 $0.2 $4.6

$0.0 $3.2 $1.9 $4.4 $0.0 $5.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.7 $0.9 $2.7 $0.0 $0.0 $0.0

$9.0 $9.1 $5.6 $8.8 $7.5 $7.6 $4.6 $10.3 $5.8 $13.2 $3.7 $6.8 $2.6 $7.4 $4.5 $7.2 $2.0 $0.0 $6.5 $10.4 $9.0 $6.3 $7.7 $11.3 $6.6 $7.5 $2.9 $12.6 $8.5 $9.0

$0.0 $0.2 $0.1 $0.8 $0.0 $2.7 $0.0 $3.4 $0.0 $0.0 $0.0 $0.1 $0.0 $0.0 $0.3 $0.0 $1.8 $0.0 $0.0 $0.1 $0.0 $6.4 $0.0 $0.0 $0.0 $1.3 $1.2 $0.0 $0.0 $0.0

$0.0 $0.2 $0.1 $0.2 $0.0 $0.2 $0.0 $0.0 $0.0 $0.3 $0.3 $0.4 $0.0 $0.6 $0.1 $0.4 $0.0 $6.7 $0.2 $0.1 $0.2 $0.1 $0.0 $0.1 $0.1 $0.3 $0.0 $0.1 7/8/21 $0.0 $0.5

1:19 PM

79 80 81 82 83 84 85 86 87 88 RAN 89 190 291 392 493 594 695 796 897 998 10 99 11 10 12 Sou New 13 com ava 14 Mar Ran defe 15 ince Def 16 bot is fr 17 from 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49

Brian Harris Ladder Capital Corp. (LADR) $10.0 $1.0 $0.0 $0.0 $0.0 $9.0 $0.0 $0.0 79 0.2 Scott Stephenson Verisk Analytics Inc. (VRSK) $10.0 $1.0 $0.0 $1.4 $1.9 $5.6 $0.1 $0.1 80 0.2 Henry Fernandez MSCI Inc. (MSCI) $9.9 $1.0 $0.0 $1.4 $0.0 $7.5 $0.0 $0.0 81 0.2 Kenneth Moelis Moelis & Co. (MC) $9.9 $0.4 $4.8 $0.0 $0.0 $4.6 $0.0 $0.0 82 0.0 Ellen Alemany CIT Group Inc. (CIT) $9.6 $1.0 $2.8 $0.0 $0.0 $5.8 $0.0 $0.0 83 0.3 Morris Goldfarb G-III Apparel Group (GIII) $9.4 $0.5 $5.0 $0.0 $0.0 $3.7 $0.0 $0.3 84 0.4 Matthew Lambiase Chimera Investment Corp. (CIM) $9.4 $0.9 $0.0 $5.9 $0.0 $2.6 $0.0 $0.0 85 0.6 Thomas Gibbons Bank of New York Mellon Corp. (BK) $9.4 $1.3 $0.0 $3.2 $0.0 $4.5 $0.3 $0.1 86 0.4 Albert Lowenthal Oppenheimer Holdings Inc. (OPY) $9.4 $0.5 $0.0 $5.0 $0.0 $2.0 $1.8 $0.0 87 6.7 Albert Behler Paramount Group Inc. (PGRE) $9.3 $1.1 $0.0 $1.5 $0.0 $6.5 $0.0 $0.2 HER TOTAL NONEQUITY OPTION STOCK DEFERRED OTHER 88 ON COMPENSATION SALARY BONUS INCENTIVE AWARDS AWARDS COMPENSATION COMPENSATION 020 RANK CEO NAME COMPANY (TICKER) IN $9.3 2020 IN $0.0 2020 IN $0.0 2020 PLAN IN $0.0 2020 IN $0.0 2020 IN $9.0 2020 IN $0.0 2020 IN $0.2 2020 0.1 Justin Schreiber LifeMD Inc. (LFMD) 89 0.3 Joseph Levin IAC/InterActiveCorp (IAC) $202.4 $1.0 $5.0 $0.0 $11.7 $184.4 $0.0 $0.3 0.1 Dan Bodner Verint Systems Inc. (VRNT) $9.2 $0.7 $0.0 $0.8 $0.0 $7.7 $0.0 190 0.3 Leonard Schleifer Regeneron Inc. (REGN) $135.4 $1.5 $0.0 $3.6 $0.0 $130.0 $0.0 $0.3 0.1 Michael Miebach Mastercard Pharmaceuticals Inc. (MA) $9.2 $0.7 $1.1 $0.7 $6.6 $0.1 291 6.0 Stephen Schwarzman Blackstone Group Inc.Solutions (BX) $86.4 $0.4 $0.0 $0.0 $0.0 $0.0 $0.0 $86.0 0.3 Timothy Gokey Broadridge Financial Inc. (BR) $9.1 $0.9 $1.5 $2.7 $2.9 $1.2 $0.0 392 5.7 Pablo Royalty (RPRX) $55.7 $0.0 $0.0 $0.0 $0.0 $0.0 $55.7 0.1 OlivierLegorreta Pomel DatadogPharma Inc. (DDOG) $9.1 $0.4 $0.2 $0.0 $8.5 $0.0 493 0.0 Dexter Altice USA Inc. (ATUS) $48.0 $0.8 $0.0 $3.6 $31.0 $12.7 $0.0 $0.0 0.5 PhilippeGoei Krakowsky Interpublic Group of Cos. Inc. (IPG) $8.9 $1.3 $2.1 $2.9 $0.0 $2.2 $0.3 $0.2 594 1.9 George KKR Co. (XYL) Inc. (KKR) $42.0 $0.1 $0.0 $0.0 $0.0 $0.0 $0.0 $41.9 0.1 Patrick Roberts Decker Xylem& Inc. $8.8 $1.0 $1.2 $1.5 $5.0 $0.2 695 1.9 Henry Kravis KKR & Co.Group Inc. (KKR) $42.0 $0.1 $0.0 $0.0 $0.0 $41.9 0.4 Barry Gosin Newmark Inc. (NMRK) $8.7 $0.7 $7.9 $0.0 $0.0 $0.1 796 0.0 Robert Bakish ViacomCBS Inc.(MDB) (VIAC) $39.0 $3.1 $0.0 $19.7 $16.0 $0.1 $0.0 0.3 Dev Ittycheria MongoDB Inc. $8.5 $0.4 $0.0 $0.0 $8.1 $0.0 897 0.1 Jamie Dimon JPMorgan Chase & Co. (JPM) $31.7 $1.5 $5.0 $0.0 $0.0 $25.0 $0.0 $0.1 Ramy Farid Schrödinger Inc. (SDGR) $8.5 $0.5 $0.0 $0.5 $7.5 $0.0 $0.0 998 0.1 James Gorman Morgan (MS) $29.6 $1.5 $7.9 $0.0 $20.0 $0.0 $0.1 0.2 Jason Gorevic Teladoc Stanley Health Inc. (TDOC) $8.5 $0.5 $0.0 $1.1 $0.0 $6.8 $0.0 10 99 9.2 Mario GAMCO $29.2 $0.0 $0.0 $0.0 $0.0 $0.0 $29.2 0.3 Victor Gabelli Luis Tapestry Investors Inc. (TPR)Inc. (GBL) $8.1 $0.3 $0.0 $2.0 $2.9 $2.9 11 100 0.8 Lachlan Murdoch Fox Corp. (FOXA) $29.2 $2.5 $0.0 $8.5 $2.8 $8.9 $5.7 $0.8 0.2 12 Source: S&P Global Market Intelligence. Additional research by Amanda Glodowski.

0.2 Ajaypal Banga (MA) $27.8and Union counties $1.3 in New$0.0 $3.1 $0.0 0.4 New York area includes New York City and Nassau,Mastercard Suffolk andInc. Westchester counties in New York and Bergen, Essex, Hudson Jersey. This ranking is based on$3.5 Crain's most$19.7 recent list of the 150 largest publicly$0.2 held 13 companies in the New York area. Executives needed to hold the CEO title in fiscal year 2020 for their respective companies. Executives may share the CEO title and/or have additional titles. Compensation data are derived from company filings available from the SEC. Base disclosed from the Summary Compensation Table and are not annualized for executives$1.5 employed for less year. The most for companies with fiscal years ending 0.4 Laurence Finksalaries are taken as BlackRock Inc. (BLK) $27.4 $9.5than a full fiscal$0.0 $0.0recent data $16.0 $0.0 $0.4in 0.0 14 March through December are for the year ended in 2020, and the most recent data for companies with fiscal years ending in January and February are for the year ended in 2021. Compensation and financial figures are expressed in the millions.

Rankings are compiled with unrounded numbers. Some figures stated as zero have a value under $50,000. Total compensation represents the sum of base salary, bonus, nonequity incentive plans, grant date fair value of option and stock awards, 0.5 Stephenand Squeri American Express Co. (AXP) $24.2 $1.5 $4.0 $2.3 $2.9 $13.0 $0.1 $0.5 0.3 deferred other compensation. Salary may be paid for a full or partial year if the executive commenced employment during the year. Nonequity incentive plan represents cash awards earned in connection with short- and long-term 15 compensation incentive plan awards. Option awards represent the aggregate grant date fair value of service and performance-based option awards. Stock awards represent the aggregate grant date fair value of service and performance-based stock awards.

0.1 Peter Zaffino American International Group Inc. compensation (AIG) $24.1 represents $1.4 $4.5 $2.1 1--Compensation $16.0 figures include $0.0compensation$0.1 0.0 Deferred compensation represents the change in pension plan/nonqualified deferred earnings. Other compensation the value of $0.0 nonpension benefits and perquisites. from 16 both Madison Square Garden Sports Corp. and MSG Networks Inc. 2--$10,251,891 is from Madison Square Garden Sports Corp. and $8,563,936 is from MSG Networks Inc. 3--$884,615 is from Madison Square Garden Sports Corp. and $1,000,000 is from MSG Networks Inc. 4--$560,833 is from Madison Square Garden Sports Inc. 5--Figure entirely Networks Inc. 6--Figure from Madison$17.0 Square Garden Sports 0.3 David Solomon Goldman Sachs Group (GS)Corp. and $2,000,000 is from MSG Networks $23.9 $2.0 from MSG$4.7 $0.0 entirely $0.0 $0.0Corp. 7--$762,243 $0.3is 0.0 17 from Madison Square Garden Sports Corp. and $763,932 is from MSG Networks Inc. 0.0 Michael Corbat Citigroup Inc. (C) $23.0 $1.5 $5.3 $0.0 $0.0 $16.2 $0.0 $0.0 18 0.4 Kenneth Frazier Merck & Co. Inc. (MRK) $22.1 $1.7 $0.0 $2.2 $4.7 $10.8 $2.3 $0.4 0.1 19 0.0 Andre Calantzopoulos Philip Morris International Inc. (PM) $21.9 $1.7 $0.0 $3.4 $0.0 $12.0 $4.9 $0.0 20 0.0 David Gandler fuboTV Inc. (FUBO) $21.7 $0.5 $0.3 $0.0 $20.9 $0.0 $0.0 $0.0 0.1 21 AN CotyOUTSTANDING 0.4 Pierre Laubies Inc. (COTY) $21.7 $1.2 $0.0 $0.0 $0.0 $0.0 $0.0 $20.4 0.6 22 KNOW 0.7 Ramon Laguarta PepsiCo Inc. (PEP) $21.5 $1.5 $0.0 $5.3 $0.0 $9.7 $4.3 $0.7 0.1 23 LEADER IN ACCOUNTING 0.9 Virginia Rometty International Business Machines Corp. (IBM) $21.1 $1.6 $0.0 $4.3 $0.0 $12.7 $1.6 $0.9 0.1 24 0.8 AlbertCONSULTING? Bourla Pfizer Inc. (PFE) $21.0 $1.7 $0.0 $5.5 $6.8 $4.9 $1.4 $0.8 0.0 25 OR 0.1 William Berkman Radius Global Infrastructure Inc. (RADI) $20.3 $0.5 $0.6 $0.0 $0.0 $19.2 $0.0 $0.1 0.0 26 RECOGNIZE HER IN CRAIN’S. 0.8 Giovanni Caforio Bristol-Myers Squibb Co. (BMY) $20.2 $1.7 $0.0 $4.2 $0.0 $13.5 $0.0 $0.8 0.1 27 0.4 Daniel Glaser Marshopen & McLennanfor Cos. Inc. (MMC) $19.7 $1.5 $0.0 $5.5 $5.8 $6.2 $0.4 $0.4 0.0 are now Crain’s 28 Nominations 0.3 York 2021 Notable MeyerBusiness Sirius XM Holdings Inc. (SIRI) Women $19.5 $2.0 $7.2 $0.0 $0.0 $10.0 $0.0 $0.3 0.0 29 NewJames and Consulting.

0.7 Hans Vestberg Verizon Communications Inc. (VZ) $19.1 $1.5 $0.0 $3.6 $0.0 $13.3 $0.0 $0.7 0.2 30 in Accounting 1.8 Jeffrey Solomon Cowen Inc. (COWN) $19.0 $1.0 $13.0 $0.0 $0.0 $3.2 $0.0 $1.8 0.0 31 We are looking for women candidates in senior 0.0 Alan Schnitzer Travelers Cos. Inc. (TRV) $19.0 $1.3 $0.0 $6.2 $4.3 $6.5 $0.7 $0.0 32 leadership roles in accounting and consulting at 0.3 Richard Handler Jefferies Financial Inc. (JEF) $18.9 $1.0 $2.0 $15.5 $0.0 $0.0 $0.1 $0.3 0.1 accounting firms (of 25+Group employees) 33 public 7 1 middle marketMadison andSquare enterprise 1.5 James Dolan Garden Sports clients Corp. (MSGS),with $18.8 2 $1.9 3 $0.0 $2.6 4 $4.8 5 $8.0 6 $0.0 $1.5 7 0.2 34 serving MSG Networks Inc. (MSGN) more than $25 million in revenue. Honorees will be 0.0 0.2 Brian Duperreault American International Inc. (AIG) $18.8 $1.6 $0.0 $4.5 $3.2 $9.1 $0.2 $0.2 in a special feature in the Group September 20 35 profiled 0.1 of Crain’s New York.

0.2 Freda Estée Lauder Cos. Inc. (EL) $18.4 $1.8 $0.0 $2.4 $4.4 $8.8 $0.8 $0.2 36 issueFabrizio 0.0 0.2 Carlos Rodriguez Automatic Data Processing Inc. (ADP) $17.6 $1.0 $0.0 $1.2 $5.1 $7.6 $2.7 $0.2 37 0.0 0.0 Raymond McDaniel Moody's Corp. (MCO) $17.3 $1.1 $0.0 $2.4 $0.0 $10.3 $3.4 $0.0 38 CRAIN’S 202 20 NEW YORK BUSINESS 20 202 21 0.0 21 0.3 Arvind Krishna International Business Machines Corp. (IBM) $17.0 $1.4 $0.0 $2.2 $0.0 $13.2 $0.0 $0.3 39 0.3 0.4 Michael Roth Interpublic Group of Cos. Inc. (IPG) $16.9 $1.6 $1.2 $6.9 $0.0 $6.8 $0.1 $0.4 40 0.0 0.6 Jane Fraser Citigroup Inc. (C) $16.7 $0.5 $6.7 $1.6 $0.0 $7.4 $0.0 $0.6 41 Visit Crainsnewyork.com/women-accounting 0.1 WOMEN IN ACCOUNTING & CONSULTING TING 0.4 Ronald Kramer Griffon Corp. (GFF) $16.1 $1.1 $0.0 $7.5 $7.2 $0.0 $0.4 42 for more information and to$0.0 submit a nomination.

0.0 6.7 Stephen Cooper Warner Music Group Corp. (WMG) $16.0 $1.0 $0.0 $8.2 $0.0 $0.0 $0.0 $6.7 43 0.2 0.1 Adena Friedman Nasdaq Inc. (NDAQ) $15.8 $1.2 $0.0 $4.1 $0.0 $10.4 $0.1 $0.1 HESITATE: Nominations close on July 30.

44 DON’T 0.2 0.1 John McAvoy Consolidated Edison Inc. (ED) $15.8 $1.4 $0.0 $1.6 $0.0 $6.3 $6.4 $0.1 45 N0.00.1 ACCOUNTING & CONSULTING Jane Elfers Children's Place Inc. (PLCE) $15.7 $0.8 $0.0 $3.5 $0.0 12, 2021 $11.3 JULY | CRAIN’S NEW $0.0 YORK BUSINESS$0.1 | 15 46 0.1 0.3 Michel Khalaf MetLife Inc. (MET) $15.4 $1.3 $0.0 $4.3 $0.9 $7.5 $1.3 $0.3 47 0.0 0.1 Marc Holliday SL Green Realty Corp. (SLG) $15.2 $1.3 $0.4 $0.9 $0.0 $12.6 $0.0 $0.1 48 0.0 0.5 Douglas Peterson S&P Global Inc. (SPGI) $15.1 $1.0 $0.0 $4.6 $0.0 $9.0 $0.0 $0.5 49 P014_P015_CN_20210712.indd 15

7/8/21 3:56 PM

J

I P N

H h O

If ever there was a time to honor New York City’s healthcare professionals—who are indisputably the heroes of the Covid-19 pandemic—it is now.

Each and every day, for the past 17 months, doctors, nurses and hospital administrators bravely stood on the front lines of the Covid-19 crisis. During the darkest hours, they worked around the clock, increasing capacity to accommodate virus cases, mobilizing personal protective equipment, and providing telehealth services to patients. Scientists and drug companies labored tirelessly to develop and, ultimately, get approval for a vaccine, which New York City is trying to distribute equitably.

As we head into the second half of the year, with the ability to reflect on the pandemic and look confidently ahead to brighter days, we cannot understate the role of the city’s healthcare professionals in helping us emerge from the pandemic. This year’s No-

table in Healthcare edition recognizes their efforts in bringing us to this moment, as well as their numerous contributions apart from the crisis.

Included in this report are the leaders of some of the top hospitals and pharmaceutical companies in the world, right here in New York City. Among this group are the heads of insurance companies and nonprofit organizations, city officials, entrepreneurs, scientists and physicians. These honorees have distinguished themselves through their expertise and innovation. They have shown stamina and commitment.

To be sure, there is work still to be done to alleviate some of the healthcare disparities in the city. Many of the individuals in this report are trying to do just that. But with a health outlook that is better than anyone might have imagined a year ago, Crain’s honors a group of people who have devoted their lives to building a healthier future.

C s c C s e a h a h t w s f d r i d r m p

GETTY IMAGES

METHODOLOGY: The honorees did not pay to be included. Their profiles were drawn from submitted nomination materials, plus editorial nominations. This list is not comprehensive. It includes only executives for whom nominations were submitted and accepted after an editorial review, plus after Crain’s consulted with trusted sources in the health care community. To qualify for this list, honorees had to be employed within New York City or the surrounding counties, serving in a C-suite or senior level administrative or clinical role in health care. Honorees must have assumed a leadership position outside of their own organization or company including professional organizations and civic/community service initiatives.

PETER BACH, M.D.

JOHN BENNETT, M.D.

STANLEY BERGMAN

ALBERT BOURLA

GREGORY CALLISTE

Director, Center for Health Policy and Outcomes Memorial Sloan Kettering Cancer Center

President and CEO Capital District Physicians’ Health Plan Inc.

Chairman and chief executive officer Henry Schein Inc.

Chairman and chief executive officer Pfizer

Chief executive officer NYC Health + Hospitals/Woodhull

Peter Bach has devoted his career to improving drug pricing and affordability. A physician and epidemiologist, he established a “Drug Pricing Lab” at Memorial Sloan Kettering to investigate the cost of medication. His research concentrates on disparities in health care impacting minorities and women, the comparative effectiveness of cancer screenings, and the cost and value of anticancer drugs. He has advised the U.S. Senate on drug pricing. A contributor on mainstream media, Bach has addressed the high cost of the antiviral drug Remdesivir. He is a member of the National Academy of Medicine, the American Society of Clinical Investigators and the Johns Hopkins University Society of Scholars. Formerly he was an advisor on cancer policy at the Center for Medicare and Medicaid Services.

An advocate for high-quality and affordable health care, John Bennett is the president and CEO of Capital District Physicians’ Health Plan, a nonprofit, community-based health plan. Since Bennett took the helm in 2008, CDHP has been recognized as one of the top-rated plans in the nation.

The mission of its core program is to pay primary care doctors for better, not more, care. During the Covid-19 crisis, Bennett called network physicians, asked what they needed, implemented parity payments for telehealth services and provided financial support to specialists. In addition to his role at CDPHP, Bennett is chair of the New York eHealth Collaborative (NYeC,) a nonprofit that works with the New York State Department of Health to improve the health information exchange.

16 | CRAIN’S NEW YORK BUSINESS | July 12, 2021

At the height of the pandemic last spring, Stanley Bergman helped produce 28 million surgical masks, 22 million gloves, and 18 million gowns and coveralls, with an eye toward socially responsible and sustainable business. Bergman is the longtime CEO of Henry Schein Inc., which provides health care products and services to dental and medical practitioners. When the Covid-19 pandemic tested the global supply chain for personal protective equipment, Bergman mobilized Henry Schein and established a “Covid-19 Resource Center” as a central location for communications, resources, videos and education. The company topped $10 billion in sales in 2020.

Bergman is on the board of numerous local institutions, including New York University College of Dentistry and the Metropolitan Opera.

Albert Bourla is committed to changing patients’ lives. As CEO of Pfizer, he led the development of the first Covid-19 vaccine to be authorized by the U.S. Food and Drug Administration.

Bourla began his career at Pfizer in 1993 in the drug maker’s Animal Health Division in his native Greece, where he earned a Veterinary Medicine degree.

During more than 25 years at Pfizer, Bourla has held senior positions across a range of markets and disciplines. Before becoming CEO, he was chief operating officer, overseeing commercial strategy, manufacturing and global product development. Among his board roles, Bourla is on the executive committee of the Partnership for New York City and a vice president of the International Federation of Pharmaceutical Manufacturers & Associations.

An experienced hospital CEO, Greg Calliste has run five hospital and health systems in his career. Since 2016, he has been in charge of the NYC Health + Hospitals/ Woodhull in North Brooklyn.

Calliste’s priorities are excellent patient care and experience, staff and community satisfaction and fiscal viability. He was recently recognized as a health care leader by City and State, which labeled him one of the most influential people in Brooklyn in its “Brooklyn Power 50.”

Dedicated to improving health care for minorities, Calliste has worked in Brooklyn, Bronx, Harlem and Lower East Side neighborhoods. He is a member of the Board of Directors of RiseBoro Community Partnership in Bushwick, Brooklyn, which provides affordable housing, food and health care for residents.

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JOY CALLOWAY Interim CEO Planned Parenthood of Greater New York

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Having joined Planned Parenthood as its interim chief in October, Joy Calloway is now leading the organization out of the pandemic. With 27 years of health care and nonprofit leadership experience, Calloway is increasing access to sexual and reproductive health care in communities hard-hit by Covid-19. Through her leadership, Planned Parenthood has expanded health center hours and increased reproductive health services, including abortion care and transgender hormone therapy. Most recently the organization announced it will resume in-person health services at five centers that were forced to temporarily close during the health crisis. With the reopening, Planned Parenthood is expanding its capacity to deliver essential sexual and reproductive health care by more than 21,000 patient visits per year.

NEIL CALMAN, M.D.

MAXINE CARRINGTON

ANDRIA CASTELLANOS

KAUSHAL CHALLA

President, chief executive officer and co-founder, The Institute for Family Health Professor and chair, The Alfred and Gail Engelberg Department of Family Medicine and Community Health at the Icahn School of Medicine at Mount Sinai for the Mount Sinai Health System

Chief human resources officer Northwell Health

Executive vice president and chief of provider services Visiting Nurse Service of New York

Chief executive officer Charles B. Wang Community Health Center

At the Visiting Nurse Service of New York, Andria Castellanos is responsible for overseeing all initiatives related to provider services. This includes home care, hospice and palliative care, community mental health services, as well as VNSNY’s care management service line. Castellanos works to ensure the highest standards of quality, patient satisfaction and safety, operational efficiency and cost effectiveness. Before joining VNSNY in 2018, Castellanos spent more than three decades in the health care sector focused on clinical operations and strategic planning. She held senior positions at NewYorkPresbyterian Hospital, where she was group senior vice president and chief operating officer at the Columbia campus. Castellanos is on the board of the Billion Oyster Project, which is committed to restoring oyster reefs to New York Harbor through public education initiatives.

Last year, Kaushal Challa became CEO of the Charles B. Wang Community Health Center, a nonprofit health program with five locations in Manhattan and Queens. The Charles B. Wang center is focused on low-income, medically vulnerable and non-English speaking patients. It provides primary care to 60,000 New Yorkers. A believer in community-driven health care, Challa thinks it can outperform private care. During the pandemic, the center remained open and took the lead in vaccinating vulnerable communities. Founded 50 years ago to tackle inequities in health care and anti-Asian sentiment, the center is dealing with the same issues today. Increased violence against Asian Americans has had health impacts and added pressure on the health care workforce. In response, Challa has boosted the center’s community efforts.

Out of a desire to expand health care for underserved populations, Neil Calman co-founded the Institute for Family Health in 1983, developing family health centers in the Bronx and Manhattan—where he practiced for 38 years—and in the Hudson Valley. Serving 120,000 patients who make 650,000 visits each year, the institute has 34 health centers.

A federally qualified community health center network, it has five school-based facilities and eight part-time centers that care for people who are homeless. The organization has been successful in establishing health professional training in medicine, nursing, administration and mental health.

In 2012, Calman became a professor at the Icahn School of Medicine and chair of the Department of Family Medicine and Community Health at Mount Sinai.

With a focus on organizational effectiveness and maximizing performance, Maxine Carrington is in charge of human resources for Northwell Health, which has 77,000 employees.

Prior to Northwell, Carrington was a manager and attorney with the New York City Mayor’s Office of Labor Relations. She is committed to service beyond her core responsibilities. Carrington is an instructor at the Center for Learning & Innovation—Northwell’s corporate university, and serves as a co-sponsor of the organization’s business employee resource groups. She is also a trustee of the 1199 Pension Fund, serving employees for the New York Region and serves on the board of the Interfaith Nutrition Network, which provides essential services to assist people challenged by hunger, homelessness and poverty.

MONTEFIORE HAS BECOME THE FIRST HEALTH SYSTEM IN NEW YORK CITY TO EARN A BEHAVIORAL HEALTH DISTINCTION FROM THE NATIONAL COMMITTEE FOR QUALITY ASSURANCE (NCQA), ONE OF THE NATION’S HIGHEST HONORS FOR TREATING BEHAVIORAL NEEDS IN PRIMARY CARE SETTINGS. THE DESIGNATION IS AWARDED FOR EFFICIENT USE OF PROTOCOLS AND RESOURCES TO IMPROVE CARE, ACCESS, EXPERIENCE AND PATIENT OUTCOMES. —MONTEFIORE MEDICAL SYSTEM

AUGUSTINE CHOI, M.D.

DAVE CHOKSHI, M.D.

JAMES COHEN

STEVEN CORWIN, M.D.

PAUL COYNE

Dean Weill Cornell Medicine As head of one of the top-ranked medical and graduate schools in the nation, Augustine Choi oversees 7,800 faculty and staff in support of Weill Cornell Medicine’s mission to deliver exceptional patient care, conduct groundbreaking research and educate future health care leaders. Choi’s particular research is focused on chronic and acute lung diseases. Choi led Weill Cornell’s response to Covid-19: shutting down all but the most essential in-person activities last spring, implementing remote work and learning processes, and maintaining productivity in a hybrid environment. Weill Cornell increased its intensive care capacity for Covid patients. Researchers contributed to virus studies and vaccine trials. An advocate for diversity, Choi also increased efforts in the past year to strengthen Weill Cornell’s culture of inclusion.

Commissioner New York City Department of Health and Mental Hygiene The son of immigrants from Mumbai, India, Dave Chokshi became the head of the city’s Department of Health and Mental Hygiene in the midst of Covid-19 last August. Chokshi grew up in Baton Rouge, Louisiana, and received a medical degree from the University of Pennsylvania.

Afterwards, he trained in internal medicine at Brigham & Women’s Hospital and did a fellowship at Harvard Medical School. Chokshi is a Rhodes Scholar. Since 2014, Chokshi has cared for patients as a primary care physician at Bellevue Hospital. Most recently, he served as Chief Population Health Officer at NYC Health + Hospitals, concentrating on health system improvement spanning innovative care models and analytics, primary care transformation, social determinants of health, community-based care management and chronic disease and prevention.

CEO and co-founder Nevvon In under three years, James Cohen has built his latest venture, Nevvon, to become one of the largest e-health training platforms in New York state. A 20-year health care industry veteran, Cohen created Nevvon to improve quality of life and preserve dignity for vulnerable patients by delivering e-training solutions for caregivers.

Recently, Nevvon jointly won a request-for-proposal to train all unionized health care workers in New York. Its clients include two of the largest home health care agencies in the United States.

Previously, Cohen owned a retirement home and dementia-consulting business. As a volunteer, Cohen has created training partnerships with the National Minority Health Association. He was named Empire Blue Cross Blue Shield’s “2020 Empire Whole Health Hero.”

President and chief executive officer NewYork-Presbyterian For the last decade, Steven Corwin has been at the helm of one of the nation’s most comprehensive health care systems, NewYork-Presbyterian. Over the past year, he has overseen its response to Covid-19. No stranger to difficult situations, Corwin was a doctor during the AIDS crisis and chief medical officer at NewYork-Presbyterian on September 11, 2001. Under his leadership, NewYork-Presbyterian has doubled in size to more than 47,000 employees and affiliated physicians. The network has 10 hospitals, 200 primary and specialty care clinics, and two medical schools. Corwin began his internal medicine residency and cardiology training at NewYork-Presbyterian in 1979 and has worked there since then.

In May, Corwin was elected to membership in the American Academy of Arts and Sciences.

President and co-founder, Inspiren Chief Nursing Informatics Officer & AVP, Clinical Practice, Hospital for Special Surgery

Born with genetic heart disease, a stroke forced Paul Coyne to leave his job at Goldman Sachs when he was 26 years old. He transitioned to a career in health care.

Today Coyne is responsible for advanced practice nursing, clinical informatics and occupational health at Hospital for Special Surgery. During the pandemic, he ensured the safety of the hospital’s 5,000 employees. Coyne also helped HSS partner with New York City to launch vaccine clinics in underserved areas. Coyne is additionally the founder of Inspiren, which makes technology for nurses to track patient care. Recently, he deployed the company’s wall-mounted sensors in top hospitals in New York City. In his spare time, Coyne speaks about his personal experience and career path.

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

LISA DAVID

ROSE DUHAN

SHAREN DUKE

BUNNY ELLERIN

LISA ENG, M.D.

President and chief executive officer Public Health Solutions

President and chief executive officer Community Health Care Association of New York State

Executive director, CEO Alliance for Positive Change

Co-founder and chief executive officer NYC Health Business Leaders

Founder New Life Ob/Gyn Group

Lisa David is in charge of the largest nonprofit public health organization serving New York City. In that role, she helps vulnerable families by providing food assistance, health insurance enrollment, maternal and child health support, and sexual and reproductive health services. David delivers fiscal and administrative grant support for over 200 community-based organizations across the city. She aids in bridging health and human services to make a long-lasting impact on community health. Prior to joining Public Health Solutions, David held positions at Medicines360, Planned Parenthood Federation of America and the Department of Obstetrics and Gynecology at the Columbia School of Physicians and Surgeons. David serves on the Health and Mental Hygiene Advisory Council and the Mayor’s Public Health Advisory Council.

Four years ago, Rose Duhan joined CHCANYS as its CEO. In this role, she is responsible for providing strategic vision and leadership to the organization, which represents 70-plus community health centers.

Duhan works with CHCANYS to craft a mission, vision and to execute strategies in line with the priorities of the Bureau of Primary Health Care, a government agency that funds and supports health clinics. Duhan has worked on health care policy inside and outside of government at both the state and local levels. Prior to coming to CHCANYS, she was the assistant secretary for health and the assistant secretary for mental health in the Office of Governor Andrew Cuomo, where she helped develop and implement a health and behavioral health policy agenda.

For three decades, Sharen Duke has been the executive director of the Alliance for Positive Change, an organization she founded during the AIDS epidemic. In response to Covid-19, Duke enlisted all of her staff to connect with 6,000 clients through ongoing calls. They provided counseling and care in a time of fear and isolation.

Duke helped deliver personal protective equipment, pantry items, nutrition information and food gift cards to individuals facing food insecurity. Alliance for Positive Change became a Covid-19 testing site and then a vaccination hub. Throughout her tenure, Duke has supported equity in health care. Alliance serves historically marginalized communities of color. Duke has pioneered peer training, peer-delivered health-access services and workforce development for HIV prevention.

Frustrated that New York City’s health care economy was overlooked as a center of innovation and excellence, Bunny Ellerin launched NYC Health Business Leaders a decade ago to help raise its profile. An expert in digital health, Ellerin has a pulse on the companies and people defining health care’s future. Today, NYCHBL is a community of 3,500 health care executives, entrepreneurs, innovators and investors. The organization fosters collaboration, discussion and innovation through networking events, thought leadership and its New York Healthcare Innovation Report, an annual, first-of-itskind analysis of the companies, investors and trends driving health care entrepreneurship and investment in New York. She is also the director of Columbia Business School’s Healthcare Management Program—having secured its largest-ever endowed gift, and an adjunct professor.

Lisa Eng has devoted her 25 year-plus medical career to obstetrics and gynecology. After receiving a medical degree from the New York College of Osteopathic Medicine, she completed a one-year rotating internship at Lutheran Medical Center prior to finishing a four-year residency in obstetrics and gynecology at the hospital. In 1995, Eng founded New Life Ob/Gyn Group in Brooklyn and, in 2017, she opened The Birthing Center of New York. Focused on low-risk pregnancies, it is the first birthing center owned by a Chinese physician in the country. Eng has lectured extensively for national, local and regional organizations, including the Red Hot Mamas, local churches and the Department of School Health for the City of New York.

NEW YORK STATE HAS SEEN A 75% DECLINE IN COVID-RELATED HOSPITALIZATION RATES SINCE APRIL, AND THE DEPARTMENT OF HEALTH IS PROJECTING THE TREND WILL CONTINUE THIS SUMMER AND FALL. —CRAIN’S NEW YORK BUSINESS, JUNE 2021

FRITZ FRANCOIS, M.D.

KATHLEEN GALLO

ROBERT GARRETT

JAMES GASPERINO, M.D.

KENNETH GIBBS

Chief medical officer NYU Langone Health

Executive vice president and chief learning officer, Northwell Health Dean and professor, Hofstra Northwell School of Nursing and Physician Assistant Studies

Chief executive officer Hackensack Meridian Health

Chair of the Department of Medicine The Brooklyn Hospital Center

President and CEO Maimonides Medical Center

Always pushing his colleagues to reach the next level, Fritz Francois has been on the front lines of numerous initiatives at NYU Langone Health. He has worked to standardize patient care, develop patient safety risk reduction strategies, improve throughput, eliminate waste, optimize available technological tools and increase patient satisfaction. In recognition of his collaborative efforts, Francois has been honored with an Honorary Nursing Award from the NYU Langone nursing community, the Caribbean-American Legacy Award by the Tribune Press, and the NYU College of Arts and Sciences Alumni Distinguished Service Award. Francois is an advisor for the NYU Langone Institute of Excellence in Health Equity. He helped lead the effort to open the state-of-the-art NYU Langone Kimmel Pavilion and Hassenfeld Children’s Hospital.

Kathleen Gallo oversees learning and innovation for Northwell Health. An author, speaker and international clinical consultant, she is also the founding dean and professor of the Hofstra Northwell School of Nursing and Physician Assistant Studies.

Gallo has been instrumental in advancing strategic initiatives for emergency and pandemic preparedness, serving on the advisory board for the National Center for Healthcare Leadership. During Covid-19, Gallo transformed education and clinical practice at Hofstra, where she took charge of the Student Health and Wellness Center and created a campus-wide Covid-19 testing and surveillance program to meet community needs. Serving on Hofstra’s reopening taskforce, Gallo fostered an inclusive environment, addressing the concerns of students, parents, administrators, faculty and staff.

18 | CRAIN’S NEW YORK BUSINESS | July 12, 2021

A dynamic health care professional, Robert Garrett leads New Jersey’s largest and most integrated health network with 17 hospitals, 500 patient care locations, 36,000 team members and 7,000 physicians. The Hackensack Meridian network has treated more patients in the pandemic than any other in New Jersey. It created a rapid Covid-19 variant test to effectively treat patients and better track the virus. It vaccinated nearly 5,000 people daily at its peak at the former Meadowlands Racetrack, New Jersey’s largest immunization site. Under Garrett, Hackensack Meridian has made strides in medical education, opening the only private medical school in New Jersey, which graduated its first class in June. Garrett has also advanced the network’s behavioral health care, cancer care, innovation and research.

When James Gasperino arrived at The Brooklyn Hospital Center, it didn’t have a formal critical care administrative structure in place, and it had a standalone pulmonary fellowship.

Gasperino changed all of that. He outlined a plan for critical care at the hospital, which he accomplished in less than a year.

He has been leading the program for four years. Gasperino also expanded the hospital’s fellowship offerings. During the pandemic, he coordinated critical care services and supervised the front lines during vulnerable hours for patients and staff. He was in the hospital seven days a week and worked 30-hour shifts. Gasperino believes hospitals of the future will become more like intensive care units.

Maimonides Medical Center has risen to new heights under the leadership of Kenneth Gibbs, its president for more than five years. During Gibbs’ tenure, Maimonides has continued to build upon a legacy of clinical excellence and innovation, achieving renown as an Advanced Comprehensive Stroke Center and establishing Brooklyn’s only Pediatric Trauma Center and Comprehensive Spine Center. For each of the last three years, Maimonides has ranked among the top 10 health systems nationwide for clinical performance, according to comparative data published by the Centers for Medicare and Medicaid Services. Its Heart and Vascular Institute and Comprehensive Stroke Center also have been recognized among the best in the nation. Gibbs is board chair of Healthfirst, the nonprofit health insurer.

Congratulations, Scott LaRue! On his inclusion for Crain’s 2021 Notable Figures in Healthcare.

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7/6/21 5:15 PM

MICHAEL GOLDBERG Executive director Long Island Jewish Medical Center

Day-to-day operations at Long Island Jewish Medical Center fall under the purview of Michael Goldberg, the hospital’s executive director.

Working with the leadership team at LIJ, which is part of the Northwell Health system, Goldberg drives clinical and operational initiatives to guarantee appropriate, safe, efficient and innovative care to patients. At the peak of Covid-19, Goldberg ensured high-level clinical care and safety at the hospital. With 583 beds, 6,500 employees and 4,000 physicians, LIJ treated over 100,000 people during the pandemic. The hospital was also the site of the first non-trial vaccine administered in the United States. Goldberg is a fellow of the American College of Healthcare Executives, an adjunct professor at Hofstra University, and an active philanthropist.

NATHAN GOLDSTEIN, M.D. Site chair for the Department of Geriatrics and Palliative Care at Mount Sinai Downtown; Professor, Icahn School of Medicine at Mount Sinai

Nate Goldstein started his career as an attending physician at Mount Sinai School of Medicine in 1998 and is now head of the Department of Geriatrics and Palliative Care at Mount Sinai Downtown. Amid a surge in Covid-19 cases, Goldstein moved patients from in-person visits to telehealth. Because his practice serves an elderly population, he realized it was critical to protect them and the staff that serves them. He implemented a telephone support line to help frontline clinicians with pain and symptom management.

Goldstein also launched an at-home program for seriously ill patients with Covid-19, who wished to stay put. Outside his day job, he holds many leadership and research roles serving New York City and national communities.

CELINE GOUNDER, M.D.

SEAN GRANAHAN

BEA GRAUSE

Chief executive officer, president, founder Just Human Productions

President and general counsel The Floating Hospital

President Healthcare Association of New York State

The founder of Just Human Productions, a nonprofit multimedia organization, Celine Gounder hosts and produces American Diagnosis, a podcast on health and social justice, and Epidemic, a podcast about the Covid-19 pandemic. An infectious disease specialist, Gounder served on the Biden-Harris Transition Covid-19 Advisory Board from November 2020 to January 2021.

As a global health expert, she is a CNN medical analyst and has been a frequent guest on television networks. Best known for her coverage of Ebola, Zika, Covid-19, opioid overdose and gun violence, Gounder has written for several news publications. She is a clinical assistant professor of Medicine and Infectious Diseases at New York University’s Grossman School of Medicine, and she cares for patients at Bellevue Hospital Center.

A former corporate lawyer, Sean Granahan became in-house counsel 18 years ago at the Floating Hospital, a historic nonprofit clinic.

In taking the role, Granahan was compelled by the narratives of poor New York families served by the ship clinic. He has upheld the hospital’s mission of identifying the city’s hidden homeless — families in shelters, safe houses and doubled up with others — and has created clinical and health education programming that meets their needs. Granahan has brought the Floating Hospital from near bankruptcy to a $25 million federally qualified health center. During the pandemic, Granahan handled forced furloughs, provided telehealth services to patients in far-flung shelters, and procured protective personal equipment and licenses for Covid-19 testing.

New Yorkers count on Bea Grause to back their health interests. A passionate advocate for state nonprofit and public hospitals, nursing homes, home care agencies and other health care organizations, Grause represents the needs of individuals and communities at HANYS. During her five-year tenure, she has contributed her clinical, political and legal expertise to the organization’s agenda, most recently guiding its response to Covid-19. Prior to HANYS, Grause was president and CEO of the Vermont Association of Hospitals and Health Systems for 14 years, successfully leading reform initiatives, including the state’s single-payer debate. Grause previously spent 10 years in Washington, D.C., where she worked in legislative and legal positions, and as a nurse.

NEWYORK-PRESBYTERIAN HOSPITAL SYSTEM WILL REQUIRE ALL OF ITS 48,000 EMPLOYEES TO BE VACCINATED AGAINST COVID-19 UNLESS THEY HAVE A VALID EXEMPTION. —DR. STEVEN CORWIN, PRESIDENT AND CHIEF EXECUTIVE, NEWYORK-PRESBYTERIAN, JUNE 2021

JOSEPH GRECO, M.D. Chief of hospital operations NYU Langone Hospital-Long Island NYU Langone Hospital-Long Island, became the first hospital on Long Island to receive a Covid-19 case, three months into Joseph Greco’s tenure as chief of operations. It was quickly labeled one of eight “hot spots” in the state. Within six weeks, Greco discharged 750 Covid-19 patients — a major accomplishment for a hospital with 511 beds. The hospital received worldwide news coverage for its success. Under Greco, NYU Langone-Long Island received a prestigious Comprehensive Stroke Center designation and a Leapfrog Hospital Safety grade of “A,” which is based on a hospital’s prevention of medical errors, injuries and infections. Greco helped the hospital open one of the only “tuition-free” medical schools in the country, the NYU Long Island School of Medicine.

ROBERT GROSSMAN, M.D. Dean and CEO NYU Langone Health

Being the head of an academic medical center is a complex role, which Robert Grossman manages with aplomb. In his role since 2007, Grossman oversees more than 40,000 faculty and staff members across six hospital locations and over 350 ambulatory locations throughout New York and Florida. Most recently, NYU Langone completed a full-asset merger with Winthrop-University Hospital, now known as NYU Langone Hospital-Long Island, one of Long Island’s top medical centers. As dean of NYU Grossman School of Medicine, Grossman led the historic and unprecedented initiative of providing tuition-free medical education for all current and future students in its medical degree program. Grossman’s leadership was recently chronicled in World Class: A Story of Adversity, Transformation, and Success at NYU Langone Health,

by William A. Haseltine.

20 | CRAIN’S NEW YORK BUSINESS | July 12, 2021

ROBERT HAYES President and CEO Community Healthcare Network

An unwavering commitment to social justice and equity informs Robert Hayes’ stewardship of Community Healthcare Network, a group of 14 federally qualified community health centers.

Under his guidance, over 85,000 New Yorkers a year receive access to primary care, behavioral health and social services. During the pandemic, Hayes ensured that all CHN centers across the region were open and accessible. He expanded the network’s telehealth services, Covid-19 testing, tracing, treatment and vaccination. CHN focuses on the social determinants affecting health outcomes, working with housing providers, nonprofit and faith-based organizations, and other community institutions to foster individual and community well-being. Earlier in his career, Hayes was president of the Medicare Rights Center and founded the National and New York Coalitions for the Homeless.

SCOTT HAYWORTH, M.D.

CHRISTOPHER HILLYER, M.D.

President, Optum Tri-State

President and chief executive officer, New York Blood Center Professor in the Department of Medicine, Weill Cornell Medical College

An authority on practice administration, multispecialty group management and value-based care, Scott Hayworth is president of Optum Tri-state — one of the five regions in the Optum nationwide network.

Previously, Hayworth served as president and chief executive officer of CareMount Medical for over 20 years, where he oversaw a 15-fold expansion prior to it becoming part of Optum Tri-State in late 2020. Hayworth built CareMount to become one of the country’s first Accountable Care Organizations, providing coordinated high-quality care to Medicare patients. Hayworth thinks the opportunity exists to transform the way health care is delivered to all populations, by focusing on patient outcomes and improving quality of care based on specific measures, such as reducing hospital readmissions and improving preventive care.

A renowned blood expert, Christopher Hillyer runs the New York Blood Center, one of the largest community-based, nonprofit blood collection and distribution organizations in the United States. He is also a professor at Weill Cornell Medical College, and the co- founder of Transfusion & Transplantation Technologies Inc. (3Ti), HemeXcel Purchasing Alliance and HemeXcel Resources. Hillyer holds patents for devices and processes related to blood banking, transfusion medicine and cellular therapies. An authority on all blood-related topics, Hillyer is the editor of 13 textbooks in transfusion medicine. His “Pediatric Handbook of Transfusion Medicine” was highly commended by the British Medical Association and the book “Transfusion Medicine and Hemostasis: Clinical and Laboratory Aspects” has become a primary resource for physicians.

SPONSORED CONTENT

Delivering a New Healthcare Ecosystem to Keep Up with the City that Never Sleeps

By Alan J. Murray, President and CEO, Empire BlueCross BlueShield

New Yorkers deserve a healthcare system that moves as quickly and efficiently as they do, providing people with the right care at the right time. Today, increasing time, money, and resources are needed to reach decisions regarding medical care, complicating the healthcare system for patients, providers and payers alike. It’s time to address these challenges and create a new kind of healthcare ecosystem – one that keeps up with the city that never sleeps.

At Empire BlueCross BlueShield, the Whole Health Company, we are on a mission to materially and measurably improve the health of every single New Yorker. One of the ways we believe we can contribute to delivering on this mission is by simplifying healthcare. To do this, we need transparency and collaboration across the healthcare industry. In the new kind of healthcare ecosystem we’re proposing, various stakeholders elevate their work together to build proactive partnerships anticipating and delivering care for the people we collectively serve; truly centering the system around the needs of the member.

Bidirectional data integration – including real-time admission, discharge, and transfer (ADT) notifications and full access to electronic medical record (EMR) data – is the upgrade we need to make this new healthcare ecosystem possible – one where a dynamic two-way communication stream helps us to know when New Yorkers need care, intervention, or to simply know where they are in their healthcare journey.

hospital setting following a heart attack, knowing about that admission positions Empire to work closely with the provider to provide past medical and prescription information, to review care, and to support the member upon discharge. EMR access means we can better engage in Quality management activities, such as chart retrieval, risk management, and audits with less administrative impacts to the provider.

We will use ADT notifications to proactively conduct timely interventions and care coordination in order to streamline each member’s experience with the healthcare system. For example, if a member goes to the emergency room and is admitted to an inpatient

We believe this is the future of healthcare, and so, Empire is setting a goal to have 80% of our members connected to us with real-time ADT and EMR data by the end of 2022.

Everyone wins.

If you’re reading this, it’s because you care about our healthcare system. You are either a provider, a payer, a broker, an employer, or a consumer of healthcare in New York. And, what’s great is that there are benefits to what we’re proposing for everyone who cares about our healthcare system!

How would the current system change?

The traditional systems used to make healthcare decisions are limited in the depth of clinical information they contain. They have stringent processes that limit personalized care, and they eliminate the opportunities for dynamic interactions between providers, insurance plans, care managers, and the New Yorkers they all serve.

It’s time to clarify the role of health insurers and give New Yorkers the efficient system they deserve. We propose upgrades that allow us to work more closely with providers. We’re asking for the tools we need to best do our jobs – simplifying healthcare to ensure access and affordability, so that providers can spend their time doing what they love about their jobs – caring for and healing people.

Today’s systems put a significant administrative burden on providers. The new ecosystem helps to eliminate that burden and uses technology so that providers can focus on the care that’s entrusted to their hands.

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We have one mission.

Empire is here to materially and measurably improve the whole health and well-being of all New Yorkers.

Every. Single. One.

EmpireBlue.com

There is an opportunity to collectively reimagine decisionmaking in the healthcare system as a transparent and collaborative process that moves as quickly and efficiently as the New Yorkers we serve. The upgrades we are proposing will improve the decision-making process around medically necessary care, ensuring New Yorkers receive the right care at the right time.

This work is coming into focus for Empire, and we’re beginning to start conversations with our partners across the healthcare system to set goals and hold ourselves accountable for change. If you’re interested in learning more, I invite you to reach out to us and engage with our team on building the healthcare ecosystem of the future – a universe New Yorkers truly deserve.

—AJM

© 2021 Empire. Services provided by Empire HealthChoice HMO, Inc. and/or Empire HealthChoice Assurance, Inc., independent licensees of the Blue Cross and Blue Shield Association. Serving residents and businesses in the 28 eastern and southeastern counties of New York State.

7/7/21 9:26 AM

AKILI HINSON, M.D.

CHARLES HUGHJONES, M.D.

Founder and chief executive officer Juno Medical

Chief executive officer Volastra Therapeutics

A physician by training, Akili Hinson has tried to create a healthier world with a new business venture, Juno Medical. A tech-enabled medical practice, Juno delivers hospitality, modern technology and transparent prices. Prior to Juno, Hinson worked at McKinsey & Company in the consultancy’s health care practice. He focused on payment innovation, value-based care delivery and digital transformation. Recently, Juno opened its first clinical location in Harlem, with added Covid-19 services.

The business is aimed at communities that don’t have access to health care facilities. It is working on a location in Brooklyn. During his career, Hinson has advised several venture-backed health care startups. He is passionate about the intersection of health care and culture, and he hopes to improve services in overlooked communities.

Charles Hugh-Jones became CEO of Volastra Therapeutics in 2020. Since then, he has guided the early-stage biotech company in securing $44 million in seed financing and establishing two key partnerships. Volastra forged a relationship with Dewpoint Therapeutics to produce medicine to prevent cancer growth. In a second collaboration, Volastra joined with Microsoft to develop machine-learning algorithms to better detect indicators of cancer metastasis, such as chromosomal instability. Both partnerships are a testament to Hugh-Jones’ leadership. In the last year, he has helped the company double in size by recruiting top candidates from the metropolitan area. The company is expanding its laboratory footprint in West Harlem. Hugh-Jones hopes Volastra will attract biotechs to the area, which would support local business.

22 | CRAIN’S NEW YORK BUSINESS | July 12, 2021

DONNA HUGHES

KAREN IGNAGNI

Chief people officer EmblemHealth

President and chief executive officer EmblemHealth

Donna Hughes has received widespread acclaim for her work at health insurer EmblemHealth, where she has been chief people officer for two-plus years.

She was showcased in a 2019 Profile Magazine article, “How Donna Hughes Guides Teams along the ‘Curve of Change.’”

Hughes is responsible for more than 50 human resources professionals and aligns human capital strategies with EmblemHealth’s overall business plan. She has focused on driving engagement, retention, diversity, equity and inclusion, and a high-performing culture for the company. A trained attorney, Hughes has been a guest speaker for various organizations on employment-related topics, including post-merger integration, mental health in the workplace, the #MeToo and #TimesUp movements, and leadership strategies during the Covid-19 pandemic.

A transformational and compassionate leader, Karen Ignagni is in charge of one of the country’s largest nonprofit health insurers.

She oversees a diverse portfolio of health care companies that serve more than three million members. Over the past 18 months, Ignagni has grown EmblemHealth’s presence in medically underserved communities. During the pandemic, EmblemHealth became one of the first health insurers in the United States to voluntarily waive co-pays for care related to Covid-19. Ignagni partnered with various New York entities to establish testing and vaccination hubs. She commissioned research by EmblemHealth to address health issues affecting New York communities, including a study on Covid-19 and flu vaccine hesitancy. The findings led to communication breakthroughs and vaccine embracement.

PASCAL IMPERATO, M.D.

Senior vice president for Academic Affairs and Chief Academic Officer State University of New York, Downstate Health Sciences University

A leader in public health, medical education and health care administration, Pascal Imperato created The School of Public Health at Downstate Health Sciences University, which was nationally accredited in 2010. Imperato now spearheads academic affairs at Downstate Health Sciences University. Under his guidance, the School of Public Health has grown rapidly and now occupies a $100 million building on campus.

Trained in internal medicine, public health and tropical medicine, he served for six years in Mali, West Africa with the Centers for Disease Control and Prevention as a medical epidemiologist in the Smallpox Eradication/Measles Control Program.

Imperato was later appointed as the principal epidemiologist for the New York City Department of Health and subsequently became the city’s Commissioner of Health.

Healthier Futures As one of the nation’s largest nonprofit health insurers, EmblemHealth and its family of companies are committed to creating healthier futures by delivering quality, equitable, and affordable health care to the communities we serve.

Transformational Leadership Congratulations to Karen Ignagni President and Chief Executive Officer, EmblemHealth Donna Hughes Chief People Officer, EmblemHealth and all of Crain’s New York’s 2021 Notable Leaders in Health Care When the COVID-19 pandemic first reached New York, Karen Ignagni led the family of companies decisively and swiftly on behalf of its over 3 million members, patients, and customers. She partnered with unions and government to help bring testing and vaccination sites to underserved communities throughout New York City, expanded virtual care options, and increased access to local resources, like food, with a focus on social determinants of health during a time when it was most critical.

Donna Hughes facilitated initiatives to foster well-being, leadership, and belonging for EmblemHealth’s 4,500 employees. Despite the challenges and changing workplace, she ensured that team members’ needs were met so that they in turn could continue to serve our communities.

The EmblemHealth is honored to have leaders like Karen and Donna included in this year’s list. We also congratulate the following additional 2021 leadership award recipients from EmblemHealth’s family of companies: • Jennifer Truscott, Chief of Operations, EmblemHealth Crain’s New York Notable LGBTQ Leaders and Executives 2021 • Dr. Nicole Thomas-Sealey, Vice President of Clinical Education, AdvantageCare Physicians Crain’s New York Notable Black Leaders 2021 • Eveth Green, Assistant Vice President of Nursing, AdvantageCare Physicians United Hospital Fund Tribute to Excellence in Health Care 2021 • Dr. Karl Auerbach, staff physician, EmblemHealth Health@Work 2021 ACOEM Meritorious Award

emblemhealth.com/together

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PALOMA IZQUIERDOHERNANDEZ President and chief executive officer Urban Health Plan

For over three decades, Paloma Izquierdo-Hernandez has run Urban Health Plan, the health care company her father founded in 1974 as a storefront clinic in the South Bronx.

Under her stewardship, it has grown from modest beginnings into one of the nation’s leading Federally Qualified Health Centers. UHP operates 12 primary care clinics, a state-licensed mental health clinic, and 12 school-based centers across New York City’s poorest neighborhoods. It is accredited by the Joint Commission with a $144 million budget.

Its programs benefit over 90,000 mostly low-income New Yorkers.

A recipient of leadership and community service awards, Izquierdo-Hernandez also founded a South Bronx-based charter school geared toward educational equity and increasing minority representation in the health and science professions.

AMIR JAFFER, M.D.

TAYLOR JUSTICE

MITCHELL KATZ, M.D.

OLIVER KHARRAZ, M.D.

Vice president and chief medical officer NewYork-Presbyterian Queens

Co-founder and president Unite Us

President and chief executive officer New York City Health + Hospitals

Founder and chief executive officer Zocdoc

Directing the largest municipal health system in the United States is no small feat, but Mitchell Katz accomplishes it.

Katz is head of New York City Health + Hospitals, with 11 acute care hospitals, five skilled nursing facilities, a large array of community health centers, and the medical service for inmates at Rikers Island correctional facility. During Covid-19, Health + Hospitals took transfers from other hospitals, staffed a hotel program for patients needing to quarantine or isolate, and maintained a real-time clinician phone line. Health + Hospitals developed and ran the Test and Trace Initiative, with its sister department, the Department of Health and Mental Hygiene.

Katz is the deputy editor of JAMA Internal Medicine and a member of the National Academy of Sciences.

To help patients schedule visits online with in-network neighborhood doctors, Oliver Kharraz, a neuroscientist, created Zocdoc in 2007. He recognized that in other industries, transparent competition drives prices down and quality up. Since its founding, Zocdoc has been a leader in online scheduling for in-person appointments. As the pandemic increased the use of telehealth, Zocdoc created a free, HIPAA-compliant telehealth video solution. Providers can use Zocdoc Video Service at no cost to facilitate all of their virtual appointments. More than 10,000 providers have offered one million appointments across 100 specialties, making Zocdoc one of the largest telehealth platforms. In an effort to support public health efforts, Zocdoc also offered a “vaccine scheduler” for free to all vaccine providers.

Overseeing a budget of $30 million and 350 employees, Amir Jaffer plays a critical role at NewYork-Presbyterian Queens, a 535-bed, Level 1 trauma center.

A team player who prioritizes patients, Jaffer has seen a more than 50% reduction in hospital-acquired conditions over the last three years. By implementing a culture of reliability, respect and transparency, he has helped raise the hospital’s CMS star rating from one to four stars and reduce hospital stays in the last three years by 0.5 days each year. During Covid-19, the hospital increased ICU capacity, established testing platforms, managed supply chain disruption, developed clinical services and redeployed staff. Jaffer is a proponent of justice and is committed to maintaining a diverse workforce.

Taylor Justice helped launch Unite Us eight years ago to address the unmet needs of veterans and the military community upon re-entering civilian life.

After Justice’s own military career was cut short by an unexpected medical discharge, he wondered about veterans in similar situations who didn’t have strong networks of support services and coordinated health care. Justice is on a mission to establish coordinated care networks in every county of every state by 2023. He is working on the release of Unite Us Payments, which will enable community-based organizations to be reimbursed for their services. During the pandemic, Unite Us expanded its network in New York City and provided free technology and support to communities throughout the five boroughs.

Amida Care congratulates Doug Wirth, our President and CEO on being named among Crain’s Notable in Health Care

Health.

Advocacy.

Care.

As a result of Doug’s vision and leadership, Amida Care has helped thousands of New Yorkers live healthier, authentic lives. Thank you for your hard work and advocacy!

24 | CRAIN’S NEW YORK BUSINESS | JULY 12, 2021

Medicaid Health Plan 1-855-GO-AMIDA www.AmidaCareNY.org

“We’re more than an insurance company, we’re a health plan.”

Congratulations on being named to Crain’s New York Business 2021 Notable in Health Care.

John D. Bennett, MD CDPHP® President and CEO

CDPHP is honored to celebrate all of the executives, administrators, and clinicians making a difference in the New York health sector.

Capital District Physicians’ Health Plan, Inc. | Capital District Physicians’ Healthcare Network, Inc. | CDPHP Universal Benefits,® Inc.

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ERIC KINARAWALA

KAREN KNUDSEN

MICHAEL KOPELMAN

JEREMY KRELL, D.M.D

SCOTT LARUE

K

Founder and chief executive officer Capsule

Chief executive officer American Cancer Society

Chief financial officer Maven Clinic

After a miserable drugstore experience in 2015, Eric Kinarawala founded Capsule, an app-based pharmacy. With an emotionally resonant consumer experience and technology, Capsule offers customized outcomes for doctors, hospitals, insurers and manufacturers.

During the pandemic, Capsule enabled people to stay home but still have access to necessary medications. The demand helped the company raise new funding to reach a valuation of over $1 billion. It also propelled its growth outside New York City and into the lower Hudson Valley, as well as other markets.

Prior to Capsule, Kinarawala invested in global health care, technology and retail companies at Bain Capital and Perry Capital.

He has been interviewed by numerous publications and presented at ShopTalk, HLTH, NRF Big Show and TechCrunch Disrupt conferences.

Karen Knudsen is a well-respected cancer leader, researcher and advocate, who guides the American Cancer Society on its mission to “save lives, celebrate lives and lead the fight for a world without cancer.” In her previous job, Knudsen served as executive vice president of Oncology Services and enterprise director for the Sidney Kimmel Cancer Center at Jefferson Health, one of only 71 National Cancer Institute-designated cancer centers recognized for their research and impact on cancer outcomes. As a National Cancer Institute-funded researcher, Knudsen understands the role government plays in saving lives from cancer. She previously served as president for the Association of American Cancer Institutes, an important voice in advocating for cancer research and access to care and research innovations.

After honing his skills at startups and Fortune 500 companies across the health care, media, real estate and financial services industries, Michael Kopelman became CFO of Maven Clinic, a women’s and family health care company.

Maven provides end-to-end coverage for all paths to parenthood. A finance and strategy executive, Kopelman was previously vice president and Global Head of Planning at WeWork. Before that, he was at HBO. Kopelman joined Maven in August 2020, tasked with launching new services for pandemic-weary parents. He expanded the company’s women-focused offerings to include family and childcare solutions at a time when working parents were disproportionately impacted by remote work, school and childcare challenges. Under his leadership, Maven is now raising Series D financing.

Founder, Revere Partners and Barchester Group; Chief marketing officer, Simplifeye

President and chief executive officer ArchCare

A m W

A trained dentist, Jeremy Krell wears many hats in the business world. Krell is the founder of Revere Partners, the first independent venture capital fund focused on oral health. He also runs a management consulting firm, the Barchester Bay Group, which helps oral health startups get off the ground. During the pandemic, Barchester grew to over 30 companies under management.

After discovering fundraising was difficult for these businesses, Krell created a database of transactions to prove their strong return profile. Additionally, he is chief marketing officer of Simplifeye, a software technology provider for health care practices. Krell is board chair of Unspoken Smiles Foundation, an organization dedicated to increasing oral health education and access in the Bronx and Harlem.

For over a decade, Scott LaRue has advocated for elders in New York as head of ArchCare, the nonprofit health care system of the Archdiocese of New York.

Under his leadership, ArchCare has grown from a provider of institutional nursing home care into one of the nation’s largest and most dynamic Catholic health care ministries. Every day, ArchCare’s more than 4,400 staff members serve 9,000 people of all faiths, many with limited financial means, through home, community-based and residential programs. This includes six nursing and rehabilitation centers with 1,800 beds. LaRue has spearheaded more than $200 million in capital improvements and built programs for patients who require nursing-home-level care but prefer to receive it at home or in the community.

I p p

Congratulations to our own Amir Jaffer, MD, MBA We applaud you on being named to Crain’s New York Business, 2021 Notable in Health Care list.

We thank you for your dedication and contributions to NewYork-Presbyterian Queens and our patients.

26 | CRAIN’S NEW YORK BUSINESS | July 12, 2021

M t C o m c p s h d t p p p c s f i n i c e

h

h

KEITH LASCALEA, M.D. Associate professor of clinical medicine Weill Cornell Medicine

In addition to his busy clinical practice as a primary care physician, Keith LaScalea is a committed educator and administrator who engages in medical education and curriculum development at Weill Cornell Medicine. As associate director of the Clinical Skills Center at Weill Cornell Medicine, LaScalea oversees the instruction of medical students as they practice clinical skills on standardized patients and state-of-the-art simulation models. LaScalea helped conceptualize and directed a program called LEAP that exposes medical and physician assistant students to patient care. He also teaches premedical students and runs a continuing medical education series, as well as a scholarship fund. LaScalea’s clinical interests include doctor-patient communication, shared decision-making, preventive medicine, cardiovascular disease, HIV and emerging infectious diseases.

JEFFREY LE BENGER, M.D. Chief executive officer Summit Health

An innovator and visionary, Jeffrey Le Benger is the chief executive officer of Summit Health, the physician-led, patient-centric network formed by the 2019 merger between Summit Medical Group, a multispecialty physician group, and CityMD, an urgent care provider. Summit Health has played a critical role in helping communities get through the pandemic. In the face of overrun emergency rooms, millions of individuals turned to CityMD and Summit Health centers for Covid-19 testing and treatment. Le Benger is a founder and chairman of the Summit Medical Group Foundation, which provides free medical screenings and health care education for food pantry clients and others in underserved communities, scholarships and mentorship opportunities for students interested in health care careers, and comfort programs for cancer patients.

HOPE LEVY

GEORGE LIU, M.D.

TED LONG, M.D.

Executive director Premier HealthCare

President, chief executive officer and chief medical officer Chinese American Independent Practice Association Inc. (CAIPA)

Senior vice president of Ambulatory Care and Population Health, New York City Health + Hospitals Executive director, NYC Covid-19 Test & Trace Corps

Serving patients with intellectual and developmental disabilities, Hope Levy is the executive director of Premier HealthCare.

The medical affiliate of YAI (Young Adult Institute), Premier operates clinics for more than 10,000 people of all ages in five New York City locations.

Premier offers dentistry, pediatric, psychiatry, podiatry, neurology, dermatology, endocrinology and ophthalmology services. During her three-year tenure, Levy has worked to expand care for Premier patients. During the pandemic, Premier remained open for in-person and telehealth appointments, which was important for a population with a greater-than-average chronic disease burden. Before Premier, Levy was the senior director of business development and government relations at YAI. She also worked at the InterAgency Council of Developmental Disabilities Agencies for eight years.

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A New York endocrinologist, George Liu advocates for Asian-American communities in his role as CEO of the Chinese American Independent Practice Association.

With 1,100 members and affiliates serving over 500,000 Asian-American residents in the New York area, CAIPA has flourished since its founding 25 years ago. Recently, under Liu’s leadership, CAIPA established a mobile rapid-testing center early in the pandemic and provided testing for neighborhoods in Sunset Park, Lower Manhattan, Flushing and Elmhurst. CAIPA collaborated with city and state agencies to set up vaccination sites for Asian-American communities. The association also donated personal protective equipment to 55 hospitals and nursing homes, and established a food pantry in Chinatown, where 500 families receive food twice a month.

In his role at New York City Health + Hospitals, Ted Long is responsible for leading the nation’s largest Federally Qualified Health Center and transforming the health system’s portfolio of ambulatory care, with more than five million visits per year, into a high-quality, integrated network for all New Yorkers. He additionally supervises the NYC Care program, which guarantees low-cost services for all. Further, he oversees population health.

Long is also in charge of Covid-19 testing, as well as contact tracing, for New York City. He previously served as the senior medical officer for the Quality Measurement and Value-Based Incentives Group at the Centers for Medicare and Medicaid Services, where he led more than 20 federal programs.

CONGRATULATIONS

to Daniel Reingold, M.S.W., J.D., President and Chief Executive Officer, RiverSpring Living, whose vision for creating New York City’s first of his lifelong commitment to the needs and aspirations of our seniors.

riversedge.org River's Edge will be located on the Maurice R. and Corinne P. Greenberg Campus in Riverdale.

July 12, 2021 | CRAIN’S NEW YORK BUSINESS | 27

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Life Plan Community is the newest expression

SYRA MADAD, M.D.

CHRISTINE MAHONEY

HOSSAM MAKSOUD

JULIE MASCARI

EDWARD MATTHEWS

Senior director of the Systemwide Special Pathogens Program, NYC Health + Hospitals Health and safety leader of the Enhanced Investigations Unit, NYC Test and Trace Corp.

Chief nursing officer and senior vice president Mount Sinai Beth Israel and Downtown

Chief executive officer Community Care Rx (CCRX)

Regional president for the northeast region Humana

Chief executive officer ADAPT Community Network (formerly United Cerebral Palsy of New York City)

As a nationally recognized public health leader and epidemiologist, Syra Madad’s expertise in infectious disease and special pathogens was ever relevant during the Covid-19 pandemic. Her work focuses on infectious disease outbreaks with an emphasis on healthcare and public health bio-preparedness.

Madad built NYC Health + Hospitals’ special pathogens program from the ground up, maintaining readiness for all infectious disease threats. She has responded to multiple disease outbreaks as an infectious disease epidemiologist. Madad is a fellow at the Harvard Kennedy School Belfer Center for Science and International Affairs, where she writes about the latest public health guidance, epidemiological concepts and scientific literature to help the public understand various complex topics.

A passion for nursing has guided Christine Mahoney over the course of a long and varied career in the Mount Sinai Health System.

Mahoney started out as a staff nurse at Beth Israel Medical Center. After stints at NYU Langone Medical Center and NewYork-Presbyterian Hospital, Mahoney joined Mount Sinai Hospital in 2008 as the Nurse Manager for the Cardiothoracic Intensive Care Unit. A year later, she returned to Beth Israel, where she progressed to serve as both Director and Senior Director of Nursing.

Currently she is the Chief Nursing Officer and Senior Vice President of Mount Sinai Beth Israel and Mount Sinai Downtown. A mentor to other nurses and rising talent, Mahoney has also volunteered in humanitarian efforts abroad.

Hossam Maksoud brings compassion and integrity to his role at Community Care Rx, a long-term care pharmacy based in Hempstead, New York.

CCRX provides pharmacy services to nursing homes, assisted living facilities, group homes and other long-term care residences in New York and New Jersey. Its outreach includes 24/7 emergency services, medication packaging and technology, clinical support, quality assurance, specialty pharmacy and free delivery. During the pandemic, Maksoud worked around the clock to get required medicines to every facility. Not only did he take care of his own clients, but he took on facilities in distress, personally ensuring that items were delivered. In his spare time, Maksoud has established a foundation to further assist nonprofits and the individuals they support.

After two decades in demanding jobs at large health insurance companies, Julie Mascari joined Humana, a Medicare insurer, in March 2020.

Mascari is a regional president in Humana’s senior products division. In this capacity, she is responsible for the performance and strategic direction of Medicare products across New Jersey, New York and New England. Since coming on board, Mascari has led her team to significantly enhance the provider network by contracting with large hospital systems in New York City. This gives Humana members in the city more hospital choices. Under her leadership, during the pandemic, Humana worked closely with nonprofit organizations such as City Meals on Wheels and Harlem Eat Up to fight local food insecurity.

More than 30 years ago, Edward Matthews was appointed to run United Cerebral Palsy of New York City. Since then, he has devoted his career to helping people with disabilities.

Today, as the CEO of ADAPT, Matthews oversees 2,500 employees at locations throughout all five boroughs of New York City, providing services to more than 20,000 children, adults and their families. Matthews has served as chairman of the Public Education Committee of United Cerebral Palsy Associations in Washington D.C. In 2020, Matthews was honored as an Essential Change Agent by the National Historic Recognition Project: 2000-2020, which recognizes key people who have transformed the field of Intellectual and Developmental Disability within the United States over the past 20 years.

Keeping Brooklyn Healthy

The Brooklyn Hospital Center congratulates our very own

James Gasperino, MD, PhD, MPH, DABT Chair, Medicine; VP, Critical Care, Perioperative and Hospital Medicine; Associate Chief Medical Officer

George Noumi, MD, and Lisa Eng, DO Obstetrician/Gynecologist

Obstetrician/Gynecologist

for their recognition in Crain’s 2021 Notable in Health Care 121 DeKalb Avenue • Brooklyn, NY 11201 718.250.8000 • www.tbh.org 28 | CRAIN’S NEW YORK BUSINESS | July 12, 2021

Building a healthier future for New Yorkers Nearly 30 years ago, Healthfirst pioneered a value-based care model to give people from all walks of life access to healthcare.

Today, with more than 1.7 million members, we’ve grown into one of the nation’s largest not-for-profit health insurance companies.

Our long-standing commitment to provide underserved communities with access to high-quality care and to combat social determinants of health has never been more important.

Pat Wang, our president and CEO—recently honored as one of Crain’s New York’s ‘Notable in Health Care’—is leading the way for positive change in our member communities, in conjunction with our sponsor hospitals and community providers.

Together, we are keeping the care in healthcare.

Healthfirst is the brand name used for products and services provided by one or more of the Healthfirst group of affiliated companies. © 2021 HF Management Services, LLC

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ALEXANDER MCLAWHORN, M.D.

LUIS FREDDY MOLANO, M.D.

Orthopedic surgeon Hospital for Special Surgery

Vice president of infectious diseases and LGBTQ programs and services Community Healthcare Network

Alexander McLawhorn’s patients describe him as “thoughtful, encouraging, and considerate.”

In a survey of 650 respondents, he received a near-perfect rating of 4.9 out of 5 stars. A specialist in minimally invasive hip and knee replacement, McLawhorn performs more than 500 joint replacements every year. His particular expertise is in robot and computer-assisted procedures, total hip replacement, total and partial knee replacement, hip resurfacing and rapid-recovery joint replacement. McLawhorn tailors his care to his patients’ individual conditions and treatment goals. His current research is focused on helping other surgeons enhance the value of arthritis care that they provide patients. McLawhorn has earned multiple grants and research awards, including the prestigious Frank Stinchfield Award from the Hip Society.

Community Healthcare Network is a primary care, mental health and social services organization in New York City.

Luis Freddy Molano, an advocate for quality health care, was a family practitioner in South and Central America prior to joining CHN, more than 30 years ago.

Molano is a respected voice on HIV issues, presenting at conferences, including the U.S. Conference on AIDS, Office of Population Affairs, in addition to state and city forums. Molano has been instrumental in the implementation of PrEP/PEP drug programs and the Rapid Linkage to Care for individuals newly diagnosed with HIV. He has hosted the NYC Conference on Transgender Health and manages a clinic providing health access to immigrant communities in Jackson Heights and the South Bronx.

ALAN MURRAY

KRISTIN MYERS

President and chief executive officer Empire BlueCross BlueShield

Chief Information Officer and Dean of Icahn School of Medicine Mount Sinai Health System

By streamlining Empire’s insurance offerings, Alan Murray hopes to improve the health of New Yorkers.

Since joining Empire BlueCross BlueShield in 2018, Murray has simplified its selections with three commercial options, each with distinct benefits, making it easy for customers to choose based on their needs. Since launching, the program has realized growth and seen upticks in customer satisfaction. During the pandemic, Murray directed Empire and its charitable foundation to commit more than $3 million to Covid-19 relief. Employees volunteered 5,540 hours. Before joining Empire, Murray led Northwell Health’s CareConnect, the state’s first provider-owned commercial insurance plan. A native of Scotland and a former British Merchant Navy officer, he has held senior roles at United Healthcare and Anthem.

After being appointed to her current position last June, Kristin Myers pivoted to lead the Covid-19 information technology efforts at the Icahn School of Medicine. With the key objectives of enterprise agility, optimization of IT operations, and digital expansion, Myers pushed forward important initiatives. They include a digital enablement strategy, data and analytics program, cloud journey, intelligent automation, platform modernization, cybersecurity and application rationalization. An advocate for diversity and inclusion, Myers has focused on closing the gender gap in technology. Her leadership has been widely recognized: She was recently selected to the 2021 Healthcare Information and Management Systems Society (HIMSS) Future50 Community, was named one of Modern Healthcare’s Top 25 Women in Healthcare and is featured in numerous articles, panels and interviews.

BURKE REHABILITATION HOSPITAL CONGRATULATES

Dr. Mooyeon Oh-Park on being named a Crain’s 2021 Notable in Health Care Dr. Oh-Park’s leadership and medical acumen have been key to expanding Burke’s rehabilitation services and providing essential rehabilitation to post-COVID-19 patients from the New York metropolitan and Hudson Valley regions.

Inpatient Programs (914) 597-2519 Outpatient Therapy (914) 597-2200 Outpatient Physicians (914) 597-2332 785 Mamaroneck Ave. | White Plains, NY 10605 | Burke.org

30 | CRAIN’S NEW YORK BUSINESS | July 12, 2021

SRIHARI (HARI) NAIDU, M.D. Professor of medicine New York Medical College in Valhalla, New York

During the pandemic, Srihari Naidu set the standard for cardiovascular care. On behalf of the Society for Cardiovascular Angiography and Interventions (SCAI), he convened a national group to outline how to treat cardiac patients safely. The paper became a blueprint and early warning for the rest of the United States on how to treat patients as the disease spread. Later on, he helped author another publication about how healthcare systems can manage Covid-19 patients while balancing the emotional, financial and safety needs of their employees. Naidu is affiliated with Westchester Medical Center and New York Medical College, where he runs the Hypertrophic Cardiomyopathy National Center of Excellence and the Cardiac Catheterization Laboratories. Naidu has focused his philanthropy efforts on Brown University, where he attended college and medical school.

Congratulations to

David Shih, MD for being honored on

Crain’s Notable List in Healthcare!

Thank you for your professionalism and leadership!

Your team at Rendr is honored to work with you improving healthcare to the underserved patient population

www.rendrcare.com

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USHMA NEILL, M.D.

GEORGE NOUMI, M.D.

Vice president of scientific education and training Memorial Sloan Kettering Cancer Center

Medical director, New Life Obstetrics and Gynecology Senior Attending The Brooklyn Hospital Center

Over the last 15 months, Ushma Neill has been busy moving all of Memorial Sloan Kettering’s educational activities to the virtual world.

Neill oversees the academic curriculum and educational training for more than 1,500 scientific researchers who train in laboratories across MSK. These activities include courses in statistics, computational biology, rigor and transparency, and imaging, as well as professional development. Neill leads MSK’s women in science initiatives and coordinates the center’s efforts around equity, diversity and inclusion for scientific trainees. A passionate advocate for scientific communication, Neill is committed to developing platforms that allow students to enhance their communications to fellow scientists and to the public. Neill writes frequently on the topics of bioethics, women in science, vaccines and immigration.

From a young age, George Noumi knew he would follow in his father’s footsteps and pursue a career in obstetrics and gynecology. The draw to medicine brought him to Damascus University where he earned his medical degree. Today Noumi works with many patients who are uninsured, undocumented or recently immigrated to the United States. Many do not speak English and have had minimal obstetrical care. Noumi provides compassionate care, while managing high-risk conditions. When the pandemic emerged, he provided health care to underserved communities, working closely with health care authorities to ensure safety.

His efforts were instrumental in the creation and implementation of coronavirus-related guidelines for pregnancy. Noumi has received awards for teaching, as well as for his clinical and surgical skills.

MOOYEON OH-PARK, M.D. Senior vice president and chief medical officer Burke Rehabilitation Hospital

As the overseer of clinical operations at Burke Rehabilitation Hospital, Mooyeon Oh-Park plays a key role in strategic planning and programming within the Montefiore Health System. Since joining Burke in 2018, Oh-Park has developed an integrated system to deliver patient care. This includes transition to and from rehabilitation across medical providers, academic training of the next generation of rehabilitation medicine physicians through Burke’s Graduate Medical Education program, and clinical research and innovation aimed at making game-changing improvements in patient outcomes. During the pandemic, under Oh-Park’s leadership, Burke created a model to address the rehabilitation needs of Covid-19 patients. Amid the crisis, Burke became an essential partner in rehabilitation for acute care hospitals in New York City and the Hudson Valley.

PHILIP OZUAH, M.D.

JOSE PAGAN

President and chief executive officer Montefiore Medicine

Professor and chair of the Department of Public Health Policy and Management, New York University School of Global Public Health

A nationally recognized physician, executive, researcher, teacher and author, Philip Ozuah is head of Montefiore Medicine, the umbrella organization for Montefiore Health System and Albert Einstein College of Medicine. Ozuah was previously president of Montefiore Health System. A National Institutes of Health-funded researcher and award-winning educator, he served as professor and chairman of pediatrics at Albert Einstein College of Medicine. He was additionally physician-in-chief of the Children’s Hospital at Montefiore (CHAM). In these roles, Ozuah expanded access for underserved communities, recruited and cultivated talent, advanced programs of excellence, fostered innovations in medical education and improved financial and operational performance by integrating care across a rapidly growing and evolving hospital system that has over six-million patient interactions a year.

Board chairman, New York City Health+Hospitals Jose Pagan is a health economist who has led important research, implementation, and evaluation projects on the redesign of health care delivery and payment systems. Pagan is also board chairman at NYC Health + Hospitals, the largest public health care system in the United States.

Pagan is a former Robert Wood Johnson Foundation Health & Society Scholar. He is interested in population health management, health care payment and delivery system reform, as well as the social determinants of health. Over the years, his research has been funded through grants and contracts from the Department of Defense, the Agency for Healthcare Research and Quality, the National Institutes of Health, the Centers for Medicare & Medicaid Services, the European Commission and the Robert Wood Johnson Foundation, among others.

***

Congratulations to

Dr. George Liu President & CEO of CAIPA for being recognized as an outstanding leader in New York healthcare community and honored by 2021 Crain’s Notable in Health Care CAIPA (Coalition of Asian-American IPA) is the most successful independent practice association in Greater New York with over 1,100 physicians and allied health professionals, covering over 70 specialties. Our provider network currently serves over a half million patient population in the Asian community. At CAIPA, our mission is to provide the highest quality of care to our patients with compassion.

CAIPA.com 32 | CRAIN’S NEW YORK BUSINESS | July 12, 2021

We’re Changing Medicine – every day.

Creating a new frontier for lifelong health through innovation and collaboration.

This is Weill Cornell Medicine.

The Board of Fellows congratulates Dr. Augustine M.K. Choi on being named to Crain’s Notable in Health Care 2021.

His leadership is setting new standards in science and medicine, offering debt-free futures for hundreds of students; fostering a diverse and inclusive environment; and igniting bench-to-bedside research that sparks discoveries; allowing patients to live longer, healthier lives.

Dr. Augustine M.K. Choi, Stephen and Suzanne Weiss Dean, Weill Cornell Medicine Provost for Medical Affairs, Cornell University

Augustine M.K. Choi, M.D.

Stephen and Suzanne Weiss Dean and Provost for Medical Affairs

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MARG PATEL

SAMAN RAHMANIAN

ALYEAH RAMJIT

KENNETH RASKE

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Co-founder and chief executive officer Medly Pharmacy

Chief product officer and co-founder Ro

President Greater New York Hospital Association

P R

The son of a pharmacy owner, Marg Patel saw firsthand the many inefficiencies of traditional pharmacies.

He recognized that technology could drastically improve health outcomes at scale. With that in mind, in 2007 he created Medley — a primarily digital pharmacy with physical locations. As well as through its app and website, Medly offers its services at retail stores. During the pandemic, Medly’s free delivery service enabled seniors and patients with chronic health conditions to remain safe at home. As a result, the pharmacy saw its number of patients double.

Medly partnered with EmblemHealth to ensure that all New Yorkers could afford their prescriptions. For his employees, Patel offers health, vision and dental benefits, as well as paid time off.

In the wake of Covid-19, Saman Rahmanian has worked to expand telehealth startup Ro’s capabilities. Ro provides quality health care to those without insurance, as an alternative to traditional health care companies. Over the past year, Rahmanian has been focused on expanding Ro’s primary care platform to address a growing scope of patient concerns.

Rahmanian is also central to instilling Ro’s collaborative culture and has integrated medical professionals into its product development process.

Rahmanian also leads Ro’s special projects within the company. Most recently he ran Ro’s “Vaccine Drive,” an in-home vaccination program launched in collaboration with the New York State Department of Health. As a result of the initiative, thousands of elderly homebound New Yorkers received vaccines.

Associate director and chief of staff to the chief transformation officer, Mount Sinai Health System President, Mount Sinai Morningside

PRIOR TO THE COVID-19 PANDEMIC, MOUNT SINAI CONDUCTED ABOUT 25 TELEHEALTH VISITS PER DAY, OR WELL UNDER 1% OF ITS APPOINTMENTS. IT NOW PROVIDES ABOUT 3,000 TELEHEALTH VISITS ON AVERAGE PER DAY, OR ABOUT 15% OF ALL AMBULATORY CARE. —MOUNT SINAI HOSPITAL

Columbia University Irving Medical Center is proud to recognize

Olajide Williams, MD, MS Professor and Chief of Staff of Neurology Columbia University Vagelos College of Physicians and Surgeons

for being named to Crain’s 2021 Notable in Health Care, in recognition of his leadership and dedication to a future of health care built upon equity and inclusion.

34 | CRAIN’S NEW YORK BUSINESS | July 12, 2021

Ten years ago, Alyeah Ramjit began her career as an Emergency Medical Technician for the City of New York. In her current job at Mount Sinai, she supports key initiatives to transform organizational culture, including patient experience, system learning and process improvement. She also oversees efforts within operations, hospital strategy and business development. In addition to her work at Mount Sinai, Ramjit is an advisory board member and clinical assistant professor with the master’s program in health administration at Stony Brook University. She also serves on the advisory board for the School of Health Professions and Human Services and the Women in Leadership Board at Hofstra University, from which she holds a master’s degree in health administration.

An expert on health care policy and finance, Kenneth Raske represents the Greater New York Hospital Association’s members, which include more than 160 nonprofit hospitals and health systems in New York, New Jersey, Connecticut and Rhode Island. Raske coordinated the advocacy group’s role in responding to the pandemic, including expanding patient surge capacity, procuring essential supplies and equipment, securing federal funding, and acquiring legal and regulatory protections for frontline workers. Raske also helped member hospitals distribute the Covid-19 vaccine.

Under Raske’s leadership, the association developed expertise in government affairs, health finance, managed care, long-term care, emergency preparedness and numerous legal, regulatory and professional affairs, including workforce shortages and quality and patient safety. Raske frequently lectures on health care topics.

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DANIEL REINGOLD

CARLINA RIVERA

CALVIN ROBERTS, M.D.

WILLIAM ROSA

BRET RUDY, M.D.

President and CEO RiverSpring Living

Member New York City Council, District 2

President and CEO Lighthouse Guild

For nearly four decades, Daniel Reingold has devoted his career to advocating for older adults.

Since 1990 he has led RiverSpring Living, an internationally recognized nonprofit senior care organization that includes the renowned Hebrew Home at Riverdale. Under Reingold’s leadership, RiverSpring Living has evolved from a $100 million nursing home into a $1 billion health care organization that cares for 18,000 seniors. He co-founded the Weinberg Center for Elder Justice, the nation’s first shelter for older adults experiencing abuse.

Throughout the pandemic, Reingold developed innovative programs and initiatives for RiverSpring. He opened a Covid-19 recovery building, helping patients recover safely after leaving the hospital.

Reingold ensured staff and residents had personal protective equipment and showed compassion for his employees.

In the New York City Council, Carlina Rivera represents District 2, which includes the East Village, Flatiron District, Gramercy Park, Rose Hill, Kips Bay, Murray Hill and the Lower East Side. As chair of the council’s Committee on Hospitals, Rivera has fought for access to health care for all New Yorkers.

She created an Abortion Access Fund, ensuring that anyone who comes to New York can receive abortion care regardless of ability to pay, and is an advocate for ending maternal mortality and morbidity. Rivera proposed legislation for an office of the patient advocate. Recently, she pushed for greater equity in the city’s Covid-19 vaccine rollout.

Rivera has secured millions of dollars for her district for services, programs, schools and cultural institutions.

With a unique blend of academic, clinical, business and hands-on product development experience, Calvin Roberts is head of the Lighthouse Guild, the leading organization committed to vision-loss prevention.

Roberts is also a clinical professor of ophthalmology at Weill Cornell Medical College. He was formerly senior vice president and chief medical officer of eye care at Bausch Health Cos. As a practicing ophthalmologist from 1982 to 2008, he performed more than 10,000 cataract surgeries as well as 5,000 refractive and other corneal surgeries. Roberts holds patents on the wide-field specular microscope and has done extensive research on ophthalmic nonsteroidal and post-operative cystoid macular edema. He co-founded a specialty pharmaceutical company and is a frequent industry lecturer and author.

Postdoctoral research fellow Department of Psychiatry & Behavioral Sciences Memorial Sloan Kettering

Senior vice president and chief of hospital operations NYU Langone Hospital-Brooklyn

An author, researcher, speaker and nurse practitioner, William Rosa is dedicated to narrowing palliative care disparities for LGBTQ+ individuals and their families.

He is currently a psycho-oncology postdoctoral research fellow at Memorial Sloan Kettering.

Previously, Rosa spent one year with workforce capacity building initiative Human Resources for Health in Rwanda and completed MSK’s nationally recognized interprofessional palliative care clinical fellowship. He is the editor of four books and has disseminated over 100 publications in peer-reviewed journals and texts.

He was lead researcher for the World Innovation Summit for Health international policy report, Nurses for Health Equity: Guidelines for Tackling the Social Determinants of Health. Recently, Rosa was given New York University’s Young Distinguished Alumnus Award.

When the former Lutheran Medical Center was acquired by NYU Langone Health six years ago, it was a struggling, 450-bed community hospital in Sunset Park, Brooklyn, the highest Medicaid-concentrated community in the United States. NYU Langone saw an opportunity to make it a “hospital of choice,” and Bret Rudy, a leader in HIV care and research in adolescents, was up to the challenge. He had overseen improvement efforts at NYU’s Manhattan campus. At the Brooklyn hospital, Rudy has made his mark—boosting quality, expanding access to care, overhauling delivery systems, spearheading infrastructure renovations, implementing new electronic health records systems, setting up clinical and operational advancements, and improving billing. In addition, the hospital has provided over $150 million in charity care in Brooklyn.

Congratulates the distinguished inductees to the

Crain’s NY Notable in Health Care List It is with great pleasure that Team Schein celebrates the naming of

Stanley M. Bergman

CHAIRMAN OF THE BOARD AND CEO OF HENRY SCHEIN, INC. as one of the

Most Notable in Health Care Team Schein honors Crain’s New York Business for recognizing those working to fight health care disparities and other societal problems heightened by the pandemic.

July 12, 2021 | CRAIN’S NEW YORK BUSINESS | 35

MICHAEL ROSENBLUT

KATE RYDER

STELLA SAFO, M.D.

President and chief executive officer Parker Jewish Institute for Health Care and Rehabilitation

Founder and chief executive officer Maven Clinic

HIV primary care physician and assistant professor of medicine The Icahn School of Medicine at Mount Sinai

In the last year, Michael Rosenblut has spearheaded Covid-19 protocols at Parker Jewish Institute, a 527-bed, nonprofit center for adult health care and rehabilitation.

As head of the organization, Rosenblut ensured a smooth rollout of the Covid-19 vaccine to Parker’s residents, staff and, ultimately, the public.

Parker installed advanced safety measures and set up an indoor testing operation and outdoor testing site for community members. When vaccines became available, Rosenblut ensured every patient, resident and team member at Parker had access to inoculation. Rosenblut is board chair at AgeWell New York, a licensed managed long-term care plan and Medicare plan, with the mission of delivering excellent health care for all. Together Parker and AgeWell serve over 13,000 people.

After seeing firsthand how the lack of access to care affected those starting a family and returning to work as new parents, Kate Ryder founded Maven in 2014.

A women’s and family digital health company, Maven offers virtual care and services across fertility, maternity and pediatrics, and operates the largest women’s and family telehealth network globally. With Maven, employers and health plans can see improved maternal outcomes, lower costs, and attract and retain more parents in the workforce. Prior to Maven, Ryder worked in venture capital and as a journalist, writing for the Economist and the New Yorker. In 2009 she worked with former U.S. Treasury Secretary Hank Paulson, helping him write his memoir about the financial crisis.

Stella Safo is a primary care physician with experience in clinical transformation and health care redesign. She serves as an assistant professor at Mount Sinai Health System and as a strategic adviser for Premier Inc., a health care company. In addition to a commitment to population health and care model design, Safo is dedicated to equity within health care. She is a founding member of several organizations that are committed to gender and racial equity and to civic engagement in medicine, including Equity Now at Mount Sinai, VoteHealth 2020 and the Coalition to Advance Antiracism in Medicine. In 2020 Safo was named one of Modern Healthcare’s top minority clinicians to watch. Safo provides clinical care to patients in New York.

LEONARD SCHLEIFER, M.D. President and chief executive officer Regeneron

In 1988 Leonard Schleifer founded Regeneron, a pharmaceutical company that has garnered widespread attention in the past year for its Covid-19 antibody therapy.

Together with George Yancopoulos, he built the business from a tiny startup into a leading biotechnology company with a science-driven culture. Last year Regeneron had $8.5 billion in sales. Schleifer has been recognized as a 2020 Businessperson of the Year by Fortune, one of Barron’s Best CEOs, a Yale School of Management Legend in Leadership and EY’s Life Sciences Entrepreneur of the Year. Under Schleifer’s stewardship, Regeneron has been repeatedly voted a top company to work for in the biopharmaceutical industry, ranked as one of the most innovative companies and acknowledged for its commitment to corporate responsibility.

JEFFREY SCHOR, M.D. Co-founder and co-CEO PM Pediatrics

As owner of PM Pediatrics, a child-focused urgent care business, Jeffrey Schor embodies its mission to care for all kids, no matter their financial situation. A pediatrician by training, Schor works directly with insurers and managed care plans to highlight the importance of pediatric urgent care in the community and ultimately provide access to all children. In February 2020, PM Pediatrics hosted the sixth annual Pediatric Urgent Care Conference. Under his leadership, the firm launched a series of Covid-19 community webinars to help navigate the ever-changing health care landscape during a pandemic. Although the primary focus of PM Pediatrics is to treat ill and injured children, the company pivoted to enable it to provide Covid-19 testing for children as well as their family members.

The administration and staff of AgeWell New York congratulate

Michael N. Rosenblut President and Chief Executive Officer Parker Jewish Institute for Health Care and Rehabilitation and Chairman, Board of Managers AgeWell New York

For being recognized as one of

Crain’s Notables in Healthcare 2021

The Way to Age Well in New York Toll Free 866-586-8044 • TTY/TDD 800-662-1220 • agewellnewyork.com 36 | CRAIN’S NEW YORK BUSINESS | July 12, 2021

Congratulations!

On behalf of Peter Seideman, Chairman, Board of Trustees, and the Parker Jewish Institute for Health Care and Rehabilitation, we are proud to recognize

Michael N. Rosenblut

President and Chief Executive Officer

for being honored as one of Crain’s Notables in Healthcare

“In a year of unprecedented challenges brought by the pandemic, I share this honor with my team members who, on the frontlines of COVID-19, came to work each day, serving our residents and patients and the entire community.”

271-11 76th Avenue New Hyde Park, NY 110 11040 877-727-5373 | parkerinstitute.org

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ALLEGRA SCHORR

JON SENDACH

LOUIS SHAPIRO

DAVID SHIH, M.D.

ANDREW SHULMAN

President The Coalition of MedicationAssisted Treatment Providers and Advocates

Executive director North Shore University Hospital

President and chief executive officer Hospital for Special Surgery

Chief medical officer Rendr

Chief executive officer Mobile Health

The co-founder of CityMD, David Shih is now the chief medical officer of Rendr, a multispecialty group serving almost 100,000 mostly Chinese and underserved patients in Manhattan, Brooklyn and Queens. An ambulatory care network, Rendr was formed by merging 17 primary care practices to deliver a higher standard of care through a more integrated approach to medicine. Rendr includes 28 offices offering specialty services such as gastroenterology, hematology, cardiology and otorhinolaryngology. During Covid-19, Shih helped his practices transition to telehealth and be among the first ambulatory care practices to offer vaccines in New York City.

Since January Rendr has administered over 40,000 immunizations. Shih is also the founder and CEO of Master Clinicians, a continuing medical education company.

Since Andrew Shulman took over Mobile Health, an occupational health provider, in 2012, the company has grown by 300%, expanded nationally to include over 4,500 locations and become a leader in the use of technology. In response to Covid-19, Shulman worked to deliver hundreds of thousands of vaccines and tests to those most in need, while still focusing on Mobile Health’s core business as an occupational health care provider and growing its technology platform. When the pandemic hit, Shulman mobilized his employees to support essential workers and ran 24-hour respirator fit testing at multiple city hospitals. Shulman serves on the New York City board of the Young Presidents Organization and is an advocate for LGBTQIA+ causes alongside his husband.

With over 25 years of experience in substance use treatment services, Allegra Schorr heads the Coalition of Medication-Assisted Treatment Providers and Advocates.

COMPA represents New York state’s opioid treatment programs as well as providers offering office-based, medication-assisted treatment, providing services to 43,000 New Yorkers.

Schorr is an owner of West Midtown Medical Group, an OTP, outpatient substance use disorder treatment program and primary care facility. All three programs meet the national accreditation standards of the Joint Commission.

Through Schorr’s efforts, West Midtown Medical Group became the first opioid treatment program to dispense buprenorphine, an opioid medication, in an OTP setting in New York state and one of the few programs nationwide to deliver integrated, comprehensive primary care treatment in an OTP.

When he isn’t on the front lines at North Shore University Hospital, where he serves as executive director, Jon Sendach serves as a volunteer firefighter and emergency medical technician with the Roslyn Rescue Fire Company. In his day job, Sendach is responsible for the overall management of the 800-bed quaternary care hospital. His responsibilities include strategy, financial stewardship and leadership of a facility that serves as a cornerstone of Northwell Health, as well as an academic campus for the Zucker School of Medicine at Hofstra/Northwell. In his volunteer role as a firefighter, Sendach has twice held the rank of captain and has completed a term as the fire company’s president. After 25 years of service, Sendach has achieved “lifetime status” and is the Fire Department’s media relations spokesperson.

Overseeing strategic and operational aspects of Hospital for Special Surgery, Louis Shapiro has been at the helm for 15 years. Under his leadership, HSS has experienced impressive growth, expansion of facilities and recognition as the world leader in its specialty areas of orthopedics, rheumatology and their related disciplines.

HSS is nationally ranked first in orthopedics for the 11th year in a row and fourth in rheumatology by U.S. News & World Report (2020-2021). HSS has been top-ranked in orthopedics and rheumatology for 29 consecutive years. Shapiro has more than 30 years of health care experience, including senior roles at Geisinger Health System in Pennsylvania and in the health care practice at McKinsey & Co. Shapiro serves on multiple nonprofit boards.

PALOMA IZQUIERDO-HERNANDEZ

CRAIN’S 2021 NOTABLE IN HEALTH CARE

The Board of Directors, associates and patients of Urban Health Plan congratulate Paloma Hernandez on being named to the Crain’s 2021 Notable in Health Care List.

Thank you for your tenacious leadership and steadfast commitment to promote health equity for all, for helping to fight COVID 19 and food insecurity and for your relentless support of staff and the people we serve.

Urban Health Plan (UHP) is a system of federally qualified community health centers, throughout the Bronx, Corona, Queens, and Central Harlem delivering high-quality, holistic and affordable health care.

In 2020 we served more than 80,000 patients through a full range of primary, specialty, and ancillary care services and provide residents with youth development, and workforce/economic development programs.

Urban Health Plan is Joint Commission accredited.

38 | CRAIN’S NEW YORK BUSINESS | July 12, 2021

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CHARLES SIMONE II, M.D. Chief medical officer New York Proton Center

Charles Simone plays a critical role in providing specialized radiotherapy for patients with difficult-­to-treat cancers at the New York Proton Center, the only facility dedicated to proton therapy in New York.

Proton therapy is a hyper-targeted form of radiation that reduces excess radiation to surrounding tissues and organs. Since it launched in 2019, in partnership with Memorial Sloan Kettering, the center has treated more than 1,000 patients. With fewer side effects, proton therapy can better preserve quality of life.

Among the illnesses Simone treats are difficult-to-treat head and neck cancers, pediatric tumors and patients with recurrences following traditional radiotherapy. He has published nearly 400 peer-reviewed articles that in multiple cases have changed the standard of care in oncology management.

GARY SORKIN

TIFFANY SULLIVAN

RAMON TALLAJ, M.D.

Corporate director of finance and insurance NewYork-Presbyterian Hospital

Senior vice president and chief operating officer for physician services NewYork-Presbyterian Medical Groups

Founder and chairman SOMOS Community Care

The lead corporate risk manager at NewYork-Presbyterian, Gary Sorkin works closely with colleagues and partners with brokers, carriers, third-party administrators and other external parties to oversee the placement of all commercial property and casualty lines. He also handles associated claims for the hospital network. Sorkin credits his family, Brooklyn and the New York City public education system for the foundation of his success. After serving as director of insurance and risk management for North Shore LIJ Health System (now Northwell Health), Sorkin joined NewYork-Presbyterian in 2014.

Among his proudest professional accomplishments is having served the community through redeployment to the New­YorkPresbyterian mass vaccination center at the Armory in Washington Heights from January through May 2021.

Tiffany Sullivan supervises strategic growth and operations in outpatient services at NewYork-Presbyterian Medical Groups, which are in more than 140 medical practices throughout Brooklyn, Queens and Westchester County. Sullivan brings experience in ambulatory strategy and operations to NYP, having previously served as senior vice president of clinical integration and ambulatory services at the University of Maryland-Capital Region Health, where she ran business development, physician recruitment, ambulatory operations and population health management. Her leadership resulted in an increase of total ambulatory practice volumes by an average of 10% year over year by improving panel management and quality and increasing access to specialists. Sullivan has served on various community boards and is a fellow at the nonprofit Creating Healthier Communities.

An internist by training, Ramon Tallaj is the founder and chairman of SOMOS Community Care, a nonprofit, physician-led network of 2,500 health care providers serving 1 million Medicaid and Medicare beneficiaries throughout New York City.

Launched in 2015, SOMOS provides care for vulnerable populations, particularly in Latino, Asian, African American and immigrant communities in the Bronx, Brooklyn, Manhattan and Queens. SOMOS has saved New York taxpayers over $336 million by reducing ER and hospital admissions by more than 35%. During Covid-19, Tallaj’s collaborations with city and state officials and faith and community partnerships enabled SOMOS to establish 70 trilingual testing sites, feed 2 million New Yorkers, set up calling centers and provide free health education in five languages.

ASHUTOSH TEWARI, M.D. Professor and system chair Department of Urology, Icahn School of Medicine at Mount Sinai Director Center of Excellence for Prostate Cancer at the Tisch Cancer Institute

Under Ashutosh Tewari’s leadership since 2013, the Department of Urology at Mount Sinai has expanded significantly. Today it provides state-of-the-art services for the diagnosis, treatment, prevention and management of a variety of urologic conditions, including genitourinary cancers. Recognized as an expert in urologic oncology, Tewari is a pioneer in robotic surgery and has been involved in developing robotic prostatectomy from its inception. He has made an impact on the anatomical foundations as they apply to robotic platforms and has performed over 7,500 robotic prostatectomies.

Tewari has made seminal contributions to prostate cancer research and has several research grants.

Last summer he began a two-year term as president of the Society for Urologic Robotic Surgeons.

Training the leaders of tomorrow.

Building the future of medicine.

This is Weill Cornell Medicine.

Weill Cornell Medicine congratulates Keith LaScalea, MD, on being named to Crain’s Notable in Health Care 2021. Dr. LaScalea reimagined the new hands-on medical education curriculum that molds students into successful doctors. He helps to lead the Clinical Skills Center and built the LEAP program, exposing medical students to patient care from their first day of school.

Keith LaScalea, MD

Associate Director of the Margaret and Ian Smith Clinical Skills Center Weill Cornell Medicine

We’re Changing Medicine.

Keith LaScalea, MD

weill.cornell.edu

July 12, 2021 | CRAIN’S NEW YORK BUSINESS | 39

CRAIG THOMPSON, M.D. President and chief executive officer Memorial Sloan Kettering Cancer Center

With extensive research experience in cancer, immunology and translational medicine, Craig Thompson became president and chief executive officer of Memorial Sloan Kettering 11 years ago. MSK is the world’s oldest and largest private institution devoted to cancer prevention, treatment, research and education. Previously, Thompson held a number of high-ranking positions at the University of Pennsylvania and its health system. His current research focuses on the regulation of cellular metabolism during cell growth and differentiation, and the role that metabolic changes play in the origin and progression of cancer. Thompson is a member of the Institute of Medicine, the National Academy of Sciences and the American Academy of Arts and Sciences. He is also a fellow of the American Association for Cancer Research Academy.

PAT TURSI

PAT WANG

Chief executive officer Elizabeth Seton Children’s Center

President and chief executive officer Healthfirst

At Elizabeth Seton Children’s Center, Pat Tursi works to give a full and happy life to children with some of the most challenging medical conditions that exist. A licensed nursing home administrator, Tursi has over 30 years of health care experience. In 2001 she became CEO of Elizabeth Seton—a center, school and rehabilitation program serving more than 3,000 children each year and comprising a $135 million health care system. The organization receives philanthropic support from the Elizabeth Seton Children’s Foundation and is also sponsored by the Sisters of Charity Ministry Network. Tursi strives to advocate for those who do not have a voice of their own and to inspire a work culture that is committed to excellence in caregiving.

During Pat Wang’s 13-year tenure as CEO of Healthfirst, the insurer’s enrollment numbers have increased by close to 400%. Revenue grew by more than 600%, to $12 billion, in 2020, making it the largest nonprofit health plan in New York. Wang works with medical providers to achieve optimal care for Healthfirst’s members as well as with community leaders and others to address social determinants that affect their health. A child of immigrants, Wang appreciates the importance of serving Healthfirst’s diverse membership and ensuring a culture that embraces quality and equity. A trained attorney and an influential voice on health care reform, Wang serves as a commissioner on the Medicare Payment Advisory Commission, which advises Congress on Medicare payment policy.

OLAJIDE WILLIAMS, M.D. Professor and chief of staff, Department of Neurology at the Columbia University Vagelos College of Physicians and Surgeons Founder, Hip Hop Health

Olajide Williams is a trailblazer in research on health disparities, stroke and behavior change in communities of color, as well as a leading voice that recognizes race as a public health crisis. Williams’ local service in Harlem, where he treats patients and trains doctors and health care workers, has reached millions in over 3,900 cities across the world. A tenured professor at Columbia University, Williams has trained thousands of medical students, interns, residents, nurses and other community health advocates to diminish health inequalities and improve medical outcomes in Harlem and throughout the world. Williams is the founder of Hip Hop Public Health, an internationally recognized nonprofit that uses music to create multimedia health resources, including material on Covid-19 vaccine literacy.

DOUG WIRTH President and chief executive officer Amida Care

As head of Amida Care for the past 15 years, Doug Wirth has empowered thousands of New Yorkers living with HIV to take control of their health and their lives.

Amida Care is the largest Medicaid managed care Special Needs Health Plan in New York, with over $500 million in annual premiums and more than 8,500 members throughout New York City. The plan includes people living with HIV/AIDS and groups at higher risk for acquiring HIV—including transgender people, who represent over 20% of Amida’s membership, and people experiencing homelessness.

Under Wirth’s leadership, from 2006 to 2019, the percentage of members who were virally suppressed increased from 60% to 80%, resulting in millions of dollars in Medicaid cost savings.

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Tap into New York.

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40 | CRAIN’S NEW YORK BUSINESS | JULY 12, 2021

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rent on a house he didn’t own or a singer collected royalties for a song she didn’t write or perform.

Marc Holliday, CEO of SL Green Realty, the city’s largest office landlord, was paid $175,000 this way, even though the company’s shares dropped 29%. Philip Morris International CEO Andre Calantzopoulos got $695,000 in dividends on shares he didn’t own, and Gordon Smith, co-president and co-chief operating officer of JPMorgan Chase, collected $492,000 on his phantom shares. The stock price of Phillip Morris rose by 4%, and JPMorgan Chase’s declined by 6% last year.

Many, if not all, of these executives have collected dividends on unowned shares for years.

“It’s a terrible practice,” said Terry Adamson, managing director at Technical Compensation Advisors and a longtime consultant to leading corporations. “The idea of paying dividends to those who don’t own the stock when people are losing their jobs, it’s insane.”

Little disclosure Zi Jia, a finance professor at Bucknell University, said the dividend payouts mean executives are collecting a stream of income from an asset they don’t own.

“I can’t think of anything else like it,” she said.

Her research indicates that about 10% of public companies pay executives dividends on unowned shares. Specific numbers are difficult because companies typically disclose little information. Calculating the value of the payments, formally known as dividend equivalent rights, can mean digging through years’ worth of proxy statements, annual reports and corporate announcements.

ELECTIONS FROM PAGE 1

according to Jarret Berg, co-founder of Vote Early NY, a nonprofit promoting voting rights. Berg said commissioners and staff are protected from the City Council, the mayor and other city authorities due to language in the state constitution.

“There’s very little compliance and enforcement,” he said. In other states, the secretary of state is in charge of elections, “but in New York, who does the buck stop with?” he asked.

Unlike in California (which elects its secretary of state directly) and Texas (whose governor appoints the secretary of state), elections in New York are administered by an equal number of Democratic and Republican commissioners selected by county leaders at the local level. Most of New York’s 58 counties are split one-and-one, while New York City has 10 commissioners split one-and-one across its five boroughs.

That creates an objectivity issue, as partisan calculations, such as where to locate polling places, enter into decisions.

“You get plans where certain

communities are squeezed out,” Berg said. “The decisions they make are the product of political or partisan considerations.”

Transparency has fallen by the wayside during the Covid-19 pandemic, said Berg, who added that the city board hasn’t taken public testimony in more than a year. Its executive sessions are usually done behind closed doors.

STEALTH PAYMENTS A few of the local executives who earned extra pay in 2020 from dividends on shares they didn’t own Steve Roth CEO Vornado Realty Trust

$1M

Mary Callahan Erdoes CEO, asset and wealth management JPMorgan Chase

$462K

Seth Bernstein CEO AllianceBernstein

$989K

Andre Calantzopoulos CEO Philip Morris International

$695K

Joseph Ficalora1 CEO New York Community Trust Bancorp

$252K

Gordon Smith Co-president and co-chief operating officer JPMorgan Chase

$492K

Marc Holliday CEO SL Green Realty

$175K

Brian Napack CEO John Wiley & Sons

$40K

NOTE: 1 Ficalora retired in December 2020 SOURCE: Crain's analysis.

came into play.

Neither firm would comment for this article, although in 2019 an ISS official told Crain’s it considers dividends on unowned shares “particularly problematic.”

and board nominees are introduced. Under Securities and Exchange Commission disclosure rules, dividend income is excluded when tallying CEO compensation because dividends are expensed when shares are issued and don’t need to be counted twice, Adamson said. Payouts on unearned shares are taxed as ordinary income, not at the significantly lower dividend rate.

When companies announce the existence of stealth dividends, investors tend to react negatively. Jia found share prices for those companies decrease by almost 1% five days after disclosure, compared with a similar increase for companies that say they don’t allow them.

“The magnitudes are not big, but they are statistically significant,” she said.

Investors started fussing about dividends on unowned shares in 2006 after a labor group discovered General Electric paid them. GE banned the payments, and around the same time Bank of America, Citigroup, IBM and Pfizer followed suit. Pressure from Institutional Shareholder Services and Glass Lewis, firms that advise investors how to vote on boardroom matters,

Retention tool Although the pandemic has made executive compensation a contentious matter once again, and shareholders have rejected a record number of corporate pay plans this year, few investors these days pay much attention to dividends on unowned shares.

“We just target total CEO pay,” said Kevin McManus, vice president at Egan-Jones Proxy Services.

Defenders contend dividends on unowned shares aren’t especially large relative to total pay, and some companies say they fear losing their best people if they aren’t paid this way. In a filing, JPMorgan describes dividend-paying restricted shares as a “strong retention tool.”

Yet the secretive nature of the practice rankles investors, at least sometimes. In explaining why it stopped such payments last year, M&T Bank said in a filing, “We continue to look for ways to provide transparent disclosure around

KRUEGER

Suggested changes There are paths toward reform that election experts say are both realistic and meaningful and would address the three root problems.

“We have found that there’s a basic set of best practices that other jurisdictions implement that do not seem to be used at the Board of Elections,” said Joanna Zdanys, counsel at the Brennan Center for Justice, who noted that the state Senate and Assembly could hold hearings and form commissions to enact the best practices.

Simple operation changes could include public hiring instead of patronage appointments, improved technical training with new voting technology, better election planning for ranked-choice voting campaigns and allowing the public to examine how the agency operates and prepares for elections.

BUCK ENNIS, LARRY FORD, GETTY IMAGES, BLOOMBERG, JPMORGAN CHASE

FROM PAGE 1

“This isn’t something anyone wishes to talk about,” Jia said.

Indeed, none of the aforementioned companies, which were contacted by Crain’s, would comment on pay policies.

Jia’s research with Don Chance, a finance professor at Louisiana State University, shows that companies have been quietly paying executives dividends on unowned shares since at least the early 1990s, and the stealth payments provide a median 10% boost to executive salaries today. That may sound like small potatoes for executives awarded tens of millions of dollars’ worth of compensation, but much of that generous pay is deferred for years.

Meanwhile, dividend payouts have grown by 63%, or $200 billion, since 2013.

In Roth’s case, his $1 million dividend check had the effect of tripling his cash compensation last year to $1.5 million. His total compensation clocked in at $11 million, including deferred share grants.

So how exactly do executives collect dividends from stocks they don’t own?

It works like this: As part of their annual compensation packages, top executives are regularly granted restricted shares that don’t vest for several years. Sometimes the awards pay out when certain performance metrics are met; others are paid simply if the executive keeps his or her job. And some executives are pocketing dividends as if they already own the restricted shares.

“Essentially they’re saying, ‘I can’t wait; I want it now,’ ” said Adamson, who recommends companies withhold accumulated dividends on restricted shares until an executive earns the stock.

Companies that pay dividends on unowned shares typically mention that fact only in the fine print of annual proxy statements, the filings where executive pay is disclosed

NY SENATE PHOTO/FLICKR

PAY

Zdanys said those would “go a long way” toward improving functions at the board.

So far Albany has focused on voter reform, making it easier to cast a ballot in New York.

A bill aimed at greater accountability and professional hiring at the Board of Elections has been stuck in committee since 2019.

Krueger co-sponsored the bill with Assemblywoman Nily Rozic. It looks to remove as many job functions from the board’s 10 commissioners as is legally possible and

transfer those functions to nonpartisan, professional staff members selected by the mayor and the City Council. The joint legislation would make it easier to remove senior board staff and create educational requirements for workers across the entire agency.

“Every other government agency is run where someone is hired to run the agency, and if they fail, you fire and replace them,” Krueger said, adding that she is confident her legislation will move forward as early as the fall.

Senate spokesman Mike Murphy took umbrage at the notion that the Democratic majority failed to prioritize fixing the board.

“No legislative body has undertaken more voting reforms than the Senate majority,” Murphy said, “and we will continue to reform the state’s broken and outdated voting systems.”

He referenced legislation that established early voting in 2019 and expanded voter registration last year and absentee ballot use this year. None of those reforms directly affected the makeup at the Board of Elections, however.

Long lead time Another legislative option for Albany that would take longer to im-

[compensation] programs.”

Regulators overseas forbid the payouts. JPMorgan’s New York– based co-president and co-chief operating officer gets paid dividends on unowned shares, but his London-based counterpart doesn’t because of “local regulations,” according to a filing.

The payouts have become more valuable because corporate America has raised dividends by 60%, or $200 billion, since 2013, S&P Global found. Payouts exceeded half a trillion dollars in 2020 and figure to be even higher this year; JPMorgan and other banks said last month that they would raise their dividends after passing government stress tests.

Big New York office tower owners such as Vornado have mostly managed to keep their dividends intact.

Most of their tenants kept paying rent.

That good fortune may not last, said S&P analyst Howard Silverblatt, whose firm occupies two fewer floors at its 55 Water St. headquarters than before the pandemic.

“Going forward, the landlords’ dividends could be under pressure,” he explained. “Some tenants aren’t coming back.” ■ plement but undoubtedly holds the most far-reaching impact is amending the state constitution statute that requires an equal number of party participants to administer local elections.

Before it could be put before voters in a statewide referendum, any constitutional amendment must pass two consecutive legislative sessions—meaning legislators elected last year would need to pass the amendment together with legislators elected next year—making any amendment at least three years away, at the earliest.

The fact that Democrats hold a veto-proof majority means they can go forward without the Republican Party—which has the most to lose if the Board of Elections is restructured.

It remains to be seen whether Democrats have the will to amend the constitution, as many Democrats, especially at local levels, benefit from the status quo.

The bills “don’t go anywhere because the county parties don’t like them, and the county parties are controlled by people who control the state parties,” Kaehny said. “The enemies of reform have seen wave after wave of public outrage and indignation, and they say, ‘This will pass.’ ” ■

JULY 12, 2021 | CRAIN’S NEW YORK BUSINESS | 41

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PUBLIC & LEGAL NOTICES NOTICE OF FORMATION OF KOHOKUKU LLC. Articles of Organization filed with the Secretary of State of NY (SSNY) on 02/01/2021. 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: 5501 JUNCTION BLVD ELMHURST, NY 11373. The principal business address of the LLC is: 709 9TH AVE NEW YORK NY 10019. Purpose: any lawful act or activity

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PUBLIC & LEGAL NOTICES Notice of Qualification of SCALE 4TH ASTORIA LLC. Authority filed with Secy. of State of NY (SSNY) on 06/10/21. Office location: NY County.

LLC formed in Delaware (DE) on 06/07/21. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to: c/o National Registered Agents, Inc., 28 Liberty St., NY, NY 10005, also the registered agent upon whom process may be served.

Address to be maintained in DE: c/o National Registered Agents, Inc., 1209 Orange St., Wilmington, DE 19801. Arts of Org. filed with the Secy. of State, Division of Corporations, John G. Townsend Bldg., 401 Federal St., Ste. 4, Dover, DE 19901. Purpose: any lawful activities.

Notice of Qualification of AGILE TELEHEALTH SERVICES, LLC. Authority filed with Secy. of State of NY (SSNY) on 06/15/21. Office location: NY County. LLC formed in Delaware (DE) on 06/22/20. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to: C/O CORP2000 INC., 720 14th St., Sacramento, CA 95814.

Address to be maintained in DE: c/o Corp2000, 838 Walker Rd., Ste. 21-2, Dover, DE 19904. Arts of Org. filed with the Secy. of State, 401 Federal St. #4, Dover, DE 19901. Purpose: any lawful activities.

Notice of Formation of WG 115 LLC. Arts. of Org. filed with Secy. of State of NY (SSNY) on 06/16/21. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to: WG 115 LLC c/o WG & Associates Management and Development, Inc., 1140 Broadway, Ste. 904, NY, NY 10001. Purpose: any lawful activities.

FELICE HUDSON, LLC, Arts. of Org. filed with the SSNY on 05/28/2021.

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

SSNY shall mail process to: SA Hospitality Group LLC, 950 Third AvenueSuite 500, NY, NY 10022. Purpose: Any Lawful Purpose.

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Notice of Qualification of A PRIORI INVESTMENT MANAGEMENT LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 06/16/21. Office location: NY County. LLC formed in Delaware (DE) on 05/15/14. Princ. office of LLC: 363 Lafayette St., NY, NY 10012. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c/o Corporation Service Co., 80 State St., Albany, NY 12207-2543. DE addr. of LLC: 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Jeffrey W. Bullock, 401 Federal St., #4, Dover, DE 19901. Purpose: Any lawful activity.

Notice of Qualification of COFFEE DIGITAL, LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 06/ 09/21. Office location: NY County. LLC formed in Delaware (DE) on 05/ 26/21. Princ. office of LLC: 177 Mott St., NY, NY 10012. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC at the princ. office of the LLC. DE addr. of LLC: c/o Corporation Service Co., 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Secy. of State of the State of DE, 401 Federal St., Dover, DE 19907. Purpose: Any lawful activity.

NOTICE FOR FORMATION of a limited liability company (LLC). The name of the limited liability company is NTT PROPERTIES LLC. The date of filing of the articles of organization with the Department of State was March 30, 2021. The County in New York in which the office of the company is located is New York. The Secretary of State has been designated as agent of the company upon whom process may be served, and the Secretary of State shall mail a copy of any process against the company served upon him or her to The LLC, 182 2nd Avenue, Apt 2, New York, New York 10003.

The business purpose of the company is to engage in any and all business activities permitted under the laws of the State of New York.

Notice of Formation of KMH WORKS LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 05/25/21. Office location: NY County. Princ. office of LLC: 79 Laight St., #6D, NY, NY 10013. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC at the addr. of its princ. office.

Purpose: Any lawful activity.

Notice of Formation of LCT3, LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 05/21/21. Office location: NY County. Princ. office of LLC: Tyler Haydell, 9 W. 31st St., Apt. 36F, NY, NY 10001. 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.

SJD, LLC Auth. filed w/ SSNY on 5/17/21. NYS fictitious name: SJD NY LLC. Office: New York Co. LLC formed in DE on 3/26/18. SSNY designated as agent for process & shall mail to: 1407 Broadway, #3507, NY, NY 10018. DE addr. of LLC: 16192 Coastal Highway, Lewes, DE 19958. Cert. of Form. filed w/ DE Sec of State, 401 Federal St, #4, Dover, DE 19901. Purpose: any lawful.

Notice of Formation of LOKI HOSPITALITY LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 05/11/21. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served.

SSNY shall mail process to Manuel Coccaro, 1275 Valley Brook Ave., Lyndhurst, NJ 07071. Purpose: Any lawful activity.

Notice of Formation of CPG TRIBORO PORTFOLIO MANAGER LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 06/15/21. Office location: NY County. Princ. office of LLC: 419 Park Ave. South, Ste. 401, NY, NY 10016.

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: Real estate.

Notice of formation of Metosis Studios LLC. Articles of Organization filed with the Secretary of State of New York (SSNY) on 02/01/2021. Office location: Bronx County. SSNY is designated for services of process. SSNY shall mail a copy of any process served against the LLC to 2804 Gateway Oaks Dr # 100 Sacramento, CA 95833. Purpose: any lawful purpose

STREET FOOD CHAAT LLC, Arts. of Org. filed with the SSNY on 05/ 24/2021. 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, 176 Bleecker Street, NY, NY 10012. Purpose: Any Lawful Purpose.

ROADRUNNERS ENTERTAINMENT LLC. Arts. of Org. filed with the SSNY on 05/05/21. Office: New York County.

SSNY designated as agent of the LLC upon whom process against it may be served. SSNY shall mail copy of process to the LLC, c/o Entertainment, P.O. Box 910, Westbury, NY 11590.

Purpose: Any lawful purpose.

GH Venture Partners, LLC filed Arts. of Org. with the Sect’y of State of NY (SSNY) on 6/8/2021. Office: NY County. SSNY has been designated as agent of the LLC upon whom process against it may be served and shall mail process to: The LLC, 410 Park Ave, Ste 730, NY, NY 10022. Purpose: any lawful act.

Notice Of Formation Of OUR FIRST LABOR AND DELIVERY SERVICES LLC. Articles of Organization filed with the Secretary of State of NY (SSNY) on 03/22/2021. 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: 641 LEXINGTON AVE 13TH FLOOR NY, NY 10022. The principal business address of the LLC is: 641 LEXINGTON AVE 13TH FLOOR NY, NY, 10022. Purpose: any lawful act or activity.

NOTICE FOR FORMATION of a limited liability company (LLC). The name of the limited liability company is NTT PROPERTIES LLC. The date of filing of the articles of organization with the Department of State was April 14, 2021.

The County in New York in which the office of the company is located is New York. The Secretary of State has been designated as agent of the company upon whom process may be served, and the Secretary of State shall mail a copy of any process against the company served upon him or her to The LLC, 182 2nd Avenue, Apt 2, New York, New York 10003. The business purpose of the company is to engage in any and all business activities permitted under the laws of the State of New York.

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NOTICE OF FORMATION OF THREE BEARS CAPITAL, LLC. Articles of Organization filed with Secretary of State of NY (SSNY) on 05/25/2021. Office location: NEW YORK County. Principal office of LLC: 380 LENOX AVE., APT #10E, NEW YORK NY, 10027. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail a copy of any process against LLC to address of its principal office. Purpose: any lawful act or activity

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42 | CRAIN’S NEW YORK BUSINESS | JULY 12, 2021

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C

GOTHAM GIGS

BUCK ENNIS

MARIN’S architecture firm is working on 685 Fifth Ave.

WALTER MARIN BORN AND RAISED Bogota, Colombia, and Jackson Heights, Queens RESIDES Upper West Side EDUCATION Bachelor’s in architecture, City College of New York YEAR THE FIRM WAS FOUNDED 1985 FAMILY MAN Marin, 63, is married and has two adult children.

EARLY INFLUENCES Marin’s father was a carpenter. When he was around 12 years old, his parents hosted a party. Two men came over, dressed “extremely cool.” “They explained what architecture was in the simplest way, and [because of] my association with carpentry and building things with my dad, I said, ‘Oh. I can just do the same thing, but bigger.’ ” WORKING WITH HIS HANDS In his free time, Marin says, he likes to make things out of wood. “My 9-to-5 job requires me to think a lot. My 5-to-9, I want to physically do something.”

The art of a diverse portfolio

Architecture firm chief says ability to navigate hurdles wins all kinds of work

BY GABRIEL POBLETE

W

hen Walter Marin started his architecture firm at age 27, he didn’t quite know what he was getting into. He’d had a brief stint as a partner at a firm but wasn’t passionate about it, so he went out on his own.

Over time he’s learned several lessons: Don’t do work for just one client. Don’t stick to just one industry.

Construction is cyclical, he says, so his company rides the waves. Today Marin Architects’ portfolio includes everything from high-end and affordable-housing projects to retail and cultural sites.

“The firm is very diversified in the kind of work we do,” Marin, the company’s senior principal, said. “And we do it that way to keep the firm healthy.”

Based in Midtown, Marin Architects is a 30-man company averaging $7 million to $10 million a year in gross income. It has about 100 active projects. Marin touted the firm’s ability to navigate compliance and zoning issues as the reason it re-

ceives so much work.

Case in point: the Apple Store in Williamsburg. It’s essentially a new building, Marin said, that was done through an alteration, which meant it didn’t have to go through the hurdles associated with a new build.

The structure has a nearly identical facade to the one that had been on the site before, with arched windows that pay homage to the neighborhood’s character.

“That particular store was the first Apple Store in Brooklyn,” he said. “The big thing about it is if you look at it, it looks like it’s been there forever, but it’s actually a brand-new building.”

Elsewhere in Brooklyn, Marin Architects played into Red Hook’s character with 3-story condominium, The Huntington. Marin, who described it as a jewel in the firm’s portfolio, said the site looks like a renovated warehouse, but it’s a new building with 15 residences. He noted that the condos sold out in the middle of the pandemic.

The firm is also behind the renovation and vertical extension of 685 Fifth Ave., a 20-story building in Midtown, with Coach on the ground

floor. When finished, the building will have an additional nine floors of residences, and 15 existing floors of office space will have been converted into residential units.

Marin, however, says he’s proudest of the affordable-housing sites he’s worked on. The firm currently has several ongoing or finished projects that feature affordable units, including 150 Van Cortlandt Ave. and the 12-story 1041 Prospect Ave., both in the Bronx.

“I like to think that we put up buildings that anyone in any social category would like living in,” he said. “And I put a lot of attention into making that happen.”

Marin wears two hats: that of a businessman and that of an artist.

And his goal is to have his company provide the stability that allows his staff to express themselves.

“The expression is, ‘Famous artists die poor.’ And then the artwork is worth millions,” he said. “So just imagine if while the artist was alive, he took on a business partner. He could still be the artist, but the business guy will help him have a better, more comfortable life.” ■

“I LIKE TO THINK THAT WE PUT UP BUILDINGS THAT ANYONE IN ANY SOCIAL CATEGORY WOULD LIKE LIVING IN”

JULY 12, 2021 | CRAIN’S NEW YORK BUSINESS | 43

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