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

ASKED & ANSWERED Weeding bias out of the venture capital process PAGE 11

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NOVEMBER 1, 2021

THE LIST LARGEST PRIVATELY HELD COMPANIES SPOTLIGHT

#55

Golf’s popularity surge skipped Trump Organization properties, taking swing at annual revenue BY AARON ELSTEIN

olf rocketed in popularity after pandemic lockdowns ended last year. Traffic on private courses surged by 20%, and nearly 25 million people played. But Donald Trump’s golf courses mostly missed the action. Revenue sank by more than $80 million last year at a dozen courses and resorts carrying the former president’s name. It slipped by $3 million at Trump National Bedminster in New Jersey, by $16 million at Trump Turnberry in Scotland and by $33 million at Trump National Doral in Florida. Golf was a big reason the Trump Organization’s revenue fell by approximately $150 million last year, to $450 million, according to a Crain’s review of Trump’s personal financial disclosures filed with the U.S. Office of Government Ethics. After he was elected in 2016, Crain’s determined his organization’s revenue was $700 million. That meant the organization was New York’s 55th-largest private company at the end of his term.

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WIKI

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#1 HEARST $11.3B #2 Bloomberg LP $10.5B #3 Horizon Media Inc. $8.5B

See how companies fared in a challenging year PAGE 13

MISSING THE GREEN

Trump Organization

The top companies held on tight, maintaining their spots from last year

DIGGING IN Covid gives some restaurants the opportunity to expand PAGE 3

See GOLF on page 24

LIFESTYLE

Talent-hungry tech firms test four-day workweek

BY RYAN DEFFENBAUGH

mid a tight labor market and record job turnover, some employers hope to stand out by offering employees a bit of their time back. That has meant weeklong paid vacations for the whole company, summer Fridays, paid sabbaticals

NEWSPAPER

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4.3M

AMERICANS QUIT their job in August, 3% of the workforce.

3.2%

OF WORKERS QUIT in New York state.

and extra paid time off. But what has captured the most attention is the four-day workweek.

91%

OF HR managers said in a survey that they are concerned about turnover.

A high-profile test of the policy will kick off soon in Brooklyn with the startup Kickstarter, although

some New York firms have already found ways to lessen the number of working days for employees. Kickstarter, which is based in Greenpoint and runs a platform for crowd-funding creative projects, will allow its roughly 90 employees to work 32 hours weekly next year for the same pay as part of a pilot program. CEO Aziz Hasan wrote in

an op-ed during the summer that he hopes the move allows employees “to achieve harmony across our professions, our passions and our personal lives.” The plan comes as remote work for office-based jobs has allowed companies to rethink where and See WORK on page 25

GOING FROM NEWSPAPERS TO PASTRIES ON PARK AVENUE

7 City Council members jockeying to be speaker

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RESIDENTIAL SPOTLIGHT

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REAL ESTATE

BY AARON ELSTEIN

he Empire State Building’s owner thinks the best opportunities in real estate can be found in New York apartments. Empire State Realty Trust, owner of the iconic Midtown office tower, which has struggled with vacancies during the pandemic, agreed to acquire 625 Manhattan apartments for $307 million—a bit less than $500,000 per unit. The seller and exact location of the apartments

is more attractive to us at this time,” Malkin said on a conference call last Thursday. “My reaction is, wow,” said Jonathan Miller, chief executive of appraisal firm Miller Samuel. “What a statement this makes about the trajectory of residential real estate relative to commercial. It’s a move to a better-performing asset class.”

Rock-bottom rates Empire State Realty’s vacancy rate rose to 16.5% in the third quarter, a 1.7 percentage-point increase from the previous quarter, mainly because a tenant in bankruptcy terminated its lease. The Empire State Building owner’s move into residential real estate comes after a record 4,523 apartments in Manhattan were sold in the third quarter, Miller Samuel found. That was more than triple last year’s amount and 77% higher than in 2019. The boom has been fueled by rock-bottom mortgage rates, which are expected to rise in

“WOW. WHAT A STATEMENT THIS MAKES ABOUT RESIDENTIAL REAL ESTATE” weren’t disclosed. Chief Executive Tony Malkin said apartments simply present a better business opportunity than renting office space. “With the fact that office performance is where it is, has the costs that it does, this is something which

Commercial Real Estate’s Post-Covid Outlook

CRAIN’S LIVE EVENT: COMMERCIAL REAL ESTATE’S POST-COVID OUTLOOK Join Crain’s New York Business at our first live event of the year. How has the landscape shifted for office and retail leasing and development, and what trends are emerging for 2022? Our networking event will draw guests from the city’s retail and office development world as they network and learn more about the current state of affairs in the industry. Register by 3 p.m. Nov. 3.

CASTELL ROOFTOP LOUNGE 260 W. 40th St. Times Square Time: 5 to 7 p.m. CrainsNewYork.com/ CommercialOutlook

during the pandemic, lagging the national average of 66%. Officials at Paramount Group, owner of 1633 Broadway, said last Thursday that leasing is picking up in its portfolio of mostly newer

Midtown office buildings. “Every day we are seeing more evidence of a flight to quality, and that trend is to our benefit,” Chief Executive Albert Behler said on a conference call. ■

HOSPITALITY

Holidays and international visitors could speed tourism’s recovery, experts say at Crain’s forum BY CARA EISENPRESS

NOV. 4

the months ahead. Meanwhile, rents are rising fast. Investors were puzzled by the strategic shift, and Empire State Realty’s share price fell by about 5%. “How is it synergistic with office?” Evercore ISI analyst Steve Sakwa asked in a client report. Empire State Realty’s 10 millionsquare-foot portfolio is mostly in older buildings that have been modernized in recent years. On the call, officials emphasized their office space is more affordable than much of what is nearby, but new tenants are still hard to find. Morgan Stanley said that in the second quarter Manhattan had recovered only 41% of 136,000 office-using jobs lost

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Empire State Building owner, struggling to find tenants, moves into acquiring apartments

he pieces are finally in place for the city’s long-awaited tourism comeback to take shape, leaders in the sector said at the Crain’s New York Now summit on tourism last Thursday. Soon-to-open international borders, a clear local vaccine policy and a core product—New York City—that has held onto its shine throughout a difficult time were central to their increasingly bright outlook. “This city has a broad appeal like no place else on the planet,” said Fred Dixon, CEO of NYC & Company, the city’s marketing agency. “You think people want to go to beaches and mountains. That’s not true for a huge portion of the population. They crave the interaction, the arts and culture, and Broadway.” The summer and fall did bring important reopening moments: Broadway opened 26 shows. Business conferences went off without a hitch. The U.S. Open and U.N. General Assembly filled hotels temporarily. President Joe Biden announced that visitors from abroad who had been vaccinated against

Covid-19 could come back to the U.S. on Nov. 8. Certain indicators failed to move, however. Volume at airports in the region was 38% below prepandemic levels in August, an improvement from being down 42% in July. Demand for New York City hotels held steady at 2.1 million rooms in August and closer to 2.2 million in September, well above pandemic lows of 850,000 in April 2020, but below prepandemic demand of 2.7 million to 2.8 million rooms monthly. Dixon said he was hearing from international contacts that interest in visiting New York City was high— perhaps bolstered by a $6 million advertising buy abroad. Charlotte St. Martin, president of the Broadway League, said she would know if international visitors had resumed their typically higher-than-average spend on theater tickets. For now, she said, what she had noticed was support for the city from domestic visitors. Until recently, local fears about tourists bringing or contracting Covid-19 while visiting dominated the conversation. That prevented tourism from rebounding as quickly as after the last major disaster—9/11.

But with leaders putting faith in vaccinations and watching as cases and hospitalizations fell, the tide changed to welcome tourists rather than fear them. “That’s the language right now— feeling safe,” said Melba Wilson, owner of Melba’s Restaurant and president of the NYC Hospitality Alliance. The city had shown that its residents take Covid-19 rules such as masking and showing their vaccine passes seriously. “You see that people adhere to the protocols,” said Vijay Dandapani, president and CEO of the Hotel Association of New York City. As the holidays approach, the leaders said, they expect to see the numbers of visitors rise. “We expect a surge in business,” Wilson said. “It’s about the millions

of people who want to come here. When tourists come to New York, it puts money in our pockets and our staffs’ pockets.” Despite the optimism, the panelists warned that there could still be hiccups. Out of the city’s control is the worry about rising virus rates or new variants. While the city waits for its full comeback, the panelists said, policymakers should think seriously about bolstering tourism infrastructure, paying attention to the city’s cleanliness and public safety, and making sure that public transit is in good shape. That includes an efficient method to get back and forth from the airport, Dandapani said. “We need a one-seat ride to the airport,” he said. “Go to any other big city—London, Paris—they all have one-seat rides. We don’t.” ■

THANK YOU Crain’s acknowledges the presenting sponsor of the business forum, United Airlines, as well as its corporate members, Brown & Weinraub, BTEA, Cozen O’Connor, GCA, George Arzt Communications, Greenberg Traurig, Kasirer, Nicholas & Lence Communications, National Grid and Patrick B. Jenkins & Associates. Without their support, this business forum would not have been possible.

Vol. 37, No. 39, November 1, 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. $140.00 per year. (GST No. 13676-0444-RT) ©Entire contents copyright 2021 by Crain Communications Inc. All rights reserved.

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RESTAURANTS

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NAMI NORI: Limb, right, and partners Jihan Lee and Taka Sakaeda were encouraged by their early success.

OPPORTUNITY ON THE MENU

The pandemic walloped many restaurateurs, but some saw a chance to expand BY CARA EISENPRESS

xpansion was far from the minds of many New York City restaurant owners during the past year and a half. But when many saw survival as the best possible outcome, other eatery operators sensed opportunities. From inside the city’s shuttered dining rooms, several locally owned restaurants bet on New York, cooking up expansion plans even as they explored temporary new business models and learned to get by with reduced staff and customers. A restaurant build-out can absorb the better part of a year in the best of circumstances—which means the doors are just now opening on four projects begun last year.

“WE DIDN’T KNOW WHAT WOULD HAPPEN,” NAMI NORI’S LIMB SAID. “BUT WE JUST WANTED TO KEEP THINKING ABOUT THE FUTURE AND NOT WAIT IT OUT” Starting early turned out to be a boon for these four locally owned spots, which are now reaping the benefits of their faith in the city’s comeback.

A spot in the limelight, again Felipe Donnelly and Tamy Rofe, married proprietors of two Brooklyn restaurants, Colonia Verde and Disco Tacos, got a

call seven months ago from an industry contact who suggested they meet with the Freehand Hotel in the Flatiron District. The hotel was looking for a new food and beverage operator to replace Simon & the Whale, run by Gabriel Stulman, who did not see a clear path forward for the concept after the challenges of the Covid-19 pandemic. The phone call “came at a time when we were emotionally and physically recovering from having our businesses in the emergency room,” Rofe said. They were still in triage, Donnelly added. Colonia Verde, their spot in Fort Greene, Brooklyn, had built its own e-commerce store to stay solvent. Meanwhile, in Williamsburg, they were making a push to turn their Disco Tacos food truck into a physical restaurant at 80 N. See MENU on page 27 NOVEMBER 1, 2021 | CRAIN’S NEW YORK BUSINESS | 3

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RESIDENTIAL SPOTLIGHT

Sprawling East Side duplex trades hands from a newspaper family to one in the bakery business BY C. J. HUGHES

n Upper East Side co-op has swapped one family with deep New York ties for another. The apartment, a 13-room duplex at 730 Park Ave., has been sold by media mogul Donald Newhouse, whose company owns the The New Yorker magazine, to Alexander Zaro, a scion of Zaro’s Family Bakery, which sells bagels, cookies and muffins to commuters in Grand Central, Penn Station and the Port Authority Bus Terminal. With a curving staircase, a formal dining room, a spacious foyer and two fireplaces, the co-op, No. 5/6B, fetched a bit more than $9 million when it changed hands Oct. 7, public records show. Although the corner unit had a steep price and is in one of Manhattan’s most exclusive buildings, it did not linger on the market for years, as some of its peers have.

Compass agent with the listing, had no comment. Newhouse, 92, is an executive of Advance Publications, a company founded in 1922 by his father, S.I. Its holdings include Condé Nast, The New Yorker’s publisher; the Staten Island Advance, The Plain Dealer in Cleveland and other newspapers; and Fairchild Publications. The firm also owns shares of web-based bulletin board Reddit. For years, Donald Newhouse oversaw the newspaper division, while his brother, S.I. Jr., was in charge of the company’s magazines. But since S.I. Jr. died in 2017, Donald’s son Steven has been tapped to lead the private, family-run firm, according to news reports.

730 PARK AVE.

Fresh-baked sale

COMPASS

Zaro, meanwhile, is the son of Andrew Zaro, whose grandfather Joseph Zarobchik founded the family’s bakery in 1927, soon after emigrating from Eastern Europe. In 1977 THE CO-OP FETCHED A BIT Zaro’s opened its MORE THAN $9 MILLION WHEN first Grand Central location. Although baked IT CHANGED HANDS OCT. 7 goods might be AlIndeed, it was just listed in exander’s heritage, they are not his March. But its seller too might have lifeblood. He serves as president of misread the market; the property Cavalry Portfolio Services, an agenrequired a discount of 17%—it was cy that buys outstanding consumer first listed at $11 million—to find a debt. The company was founded in buyer. 2002 by his father, who is its chairChristine Miller Martin, the man today. ■

REAL ESTATE

BY NATALIE SACHMECHI

he Omni Berkshire Place, a 399-room Midtown hotel that opened in 1926—where Alfred Hitchcock was once a regular and Rodgers and Hammerstein wrote Oklahoma!—is getting a new lease on life. The owner, billionaire Robert Rowling’s TRT Holdings, which closed it ostensibly for good last year, plans to welcome guests back Nov. 1, the deadline to reopen a hotel before it’s required to start mak-

tel that had not reopened to the public by that date with at least 25% of its workforce would have to pay staff members $500 per week in severance for 30 weeks starting Nov. 1. “Our strategy was to lose less, so what do we do?” said Peter Strebel, president of Dallas-based Omni Hotels & Resorts, which is owned by TRT. “Paying the severance would have cost more than reopening.” The hotel, which shuttered in June 2020, currently costs $6 million per year to operate closed, including mortgage and property tax payments, Strebel said. No money is coming in, he said, but with tourism in the city picking up, the hotel might be able to break even. The hotel would have reopened eventually given rising occupancy rates for inns around the city, he said. A handful of other hotels that are

“PAYING THE SEVERANCE WOULD HAVE COST MORE THAN REOPENING” ing severance payments to laid-off staff under a city law passed in October. Under the legislation, which members of the hospitality industry are challenging in court, any ho-

COURTESY OF OMNI BERKSHIRE PLACE

A century-old Midtown hotel is coming back from the dead thanks to city’s new staff-pay law

currently closed, including the 1,300-room Grand Hyatt near Grand Central, are preparing to reopen by the deadline with limited staff, to avoid paying severance payments to former workers. The law provides an exception for hotels that have closed permanently and are being converted to an-

other use, such as offices or multifamily housing, but Omni did not want to go in that direction or sell the building, Strebel said. “We had many calls and offers,” he said, “but it wasn’t the time.”

For and against Advocates of the law, including

the New York Hotel Trades Council, applauded its passage for giving thousands of hotel workers their jobs back. “Immediately after the passage of the hotel workers severance legislation, we saw some of the city’s biggest hotels announce they’re reopening and recalling workers, and it’s great to see the Omni continue the trend,” union President Rich Maroko said. But industry leaders slammed the law, claiming it will do more harm to struggling hotels. “We’re disappointed that the city chose to risk future tourism and our local economy by passing this legislation, which forces hotels to pay money they do not have,” said Vijay Dandapani, president and CEO of the Hotel Association of New York City. “Ultimately, this bill may force owners to close and leave New York altogether.” The trade group sued the city in U.S. District Court in Manhattan in October to get an injunction against enforcement of the law. ■

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SPONSORED CONTENT

Key considerations for year-end tax planning and beyond A

s 2021 begins to wind down, many businesses and individuals are doing year-end tax planning and looking ahead to 2022. Areas such as federal cryptocurrency taxation and the state and local tax deduction have been evolving rapidly.

For an overview of the most significant developments, Crain’s Content Studio spoke with Robert L. Tobey, CPA, a tax partner at Grassi Advisors & Accountants. Tobey specializes in helping pass-through entities, multi-state corporations, high-net-worth individuals and investors meet their business, tax savings and wealth preservation goals. TOBEY: It remains to be seen if the legislation will pass this year, but nevertheless there are several actions taxpayers should take before year’s end. The federal estate and gift tax exemption is at an all-time high of $11.7 million. These use-it-or-lose-it types of exemptions have year-end planning implications. This is also the time to take advantage of valuation discounts for gifting interests in closely held businesses and real property interest.

ROBERT L. TOBEY

Tax partner Grassi Advisors & Accountants CRAIN’S: Since the latest IRS guidance, what are the changes in how cryptocurrency ownership and transactions are reported and taxed? TOBEY: The IRS issued its most significant guidance on cryptocurrency taxation in 2019. Since then, the agency has continued to parse out clarifications, such as disallowing Section 1031 of the Internal Revenue Code’s (IRC’s) likekind exchange treatment for cryptocurrency swaps. This applies to years prior to 2018 when assets, in addition to real estate, qualified for this taxdeferred treatment. The IRS is also stepping up efforts to regulate cryptocurrency transactions. It initiated a virtual currency compliance campaign, as well as a regulatory project to address the reporting of cryptocurrency income. The pending infrastructure bill also includes new reporting requirements to strengthen tax enforcement around crypto assets. CRAIN’S: With the proposed tax law changes to how estates, gifts and trusts are treated, what do taxpayers need to do before year-end to make sure, if passed, the new law will not affect them?

Assets to consider for 2021 gifting include appreciated marketable securities, cryptocurrency, noncash charitable contributions of low-basis, high-value assets, and business interests, including outright gifts of family businesses to shift appreciation to younger generations.

CRAIN’S: Is there a workaround to avoid the individual $10,000 state and local tax deduction limitation? TOBEY: A growing number of states offer pass-through entity owners (i.e., partnerships and S corporations) a workaround to the $10,000 federal state and local tax (SALT) deduction limitation. Best of all, the IRS says these schemes are okay. Among the states that have enacted a workaround are New York, New Jersey and Connecticut, high-tax states whose residents are especially impacted by the SALT limitation. Generally, these pass-through entity taxes (PTET) work like this:

CRAIN’S: Is there a way to defer or exempt gain on the sale of stock? TOBEY: Yes, one way is the IRC Section 1202 provision, under which individuals can exclude 50%, 75%, or 100% of the gain on the sale of stock up to $10 million, or 10 times the adjusted basis of the stock at the time it was issued. The IRC Section 1045 rollover allows taxpayers to sell stock in the same type of company that qualifies for the IRC Section 1202 exclusion and defer capital gains on the sale if they roll over the entire sale proceeds into a similar company within 60 days of the sale.

1. State income tax on the company’s earnings is calculated and paid by the company.

Qualified Opportunity Zones (QOZs) allow investors to defer paying gains on the sale of an asset that is used to make a QOZ fund investment. These investments can be made until December 31, 2026, which means 2021 is the deadline to make a QOZ fund investment and hold it five years to qualify for a 10% basis step-up and gain exclusion. Like other tax incentives, there are specific requirements and traps that taxpayers should be aware of when dealing with these provisions. Taxes are one area where you can’t be too prepared.

Advisory | Tax | Audit

“Taxpayers should consult their tax advisors to determine if their business is eligible for PTET.” CRAIN’S: Based on today’s tax law, should income be accelerated into 2021 and deductions deferred? TOBEY: One of the great tax axioms has always been to defer income. However, with the threat of individual income tax rate increases, accelerating income into 2021 may be the better choice. Individual taxpayers can convert their traditional IRA or 401(k) contributions to a Roth IRA to shelter future growth from income tax. They can also sell appreciated marketableequity securities, pay tax on the gain at lower rates, and reinvest in the same stock at a higher basis. Business owners can accelerate cash receipts into 2021 and delay paying vendors until 2022.

2. The company gets a federal income tax deduction for the state income tax. 3. Each owner’s share of the company’s federal taxable income is decreased. Accordingly, the deduction for the state income tax is not limited to $10,000.

Redefining what you should expect from your accountant. Grassi advisors and accountants provide the insights you need to make confident decisions.

4. The owner claims a taxes paid credit on their state income tax for their share of tax the company paid on their behalf, lowering the shareholder’s estimated state income tax responsibility. Each state’s PTET works differently. Some are mandatory, while others are elective. Taxpayers should consult their tax advisors to determine if their business is eligible for PTET.

grassicpas.com

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IN THE MARKETS

Shares in the city’s biggest apartment lender drop after its earnings fall short of Wall Street targets

New York Community Bancorp ‘generated solid results,’ its CEO said, but they weren’t good enough

AT 30 CENTS PER SHARE, THE BANK’S EARNINGS WERE A BIT BELOW EXPECTATIONS

GOOGLE MAPS

in Scully once summed sweet spot of working with owners up a disappointing Los of rent-regulated buildings. Loans Angeles Dodgers season hardly ever go bad, because landby saying “good isn’t good lords can always fill below-market enough when better is expected.” apartments. New York Community Bancorp can The bank last week reported a relate. Its stock price fell slight uptick in apartment 8% last week even though loans, delinquencies fell a its quarterly earnings bit, and management said jumped by 30%. the city’s economy is Trouble was, the bank’s much improved. But at 30 $204 million in pretax cents per share, earnings earnings before loss procame in two pennies below expectations. visions was below Wall Wall Street reacted Street’s target of $225 strongly because earnings million. expectations typically are “We generated solid AARON ELSTEIN set in close consultation results,” Chief Executive with a company’s manTom Cangemi insisted. agement. When executives feel tarUsually dependable gets are unrealistic, investor Investors are always a twitchy lot, relations staff members get on the but it’s been a long time since we phone to nudge the brokerage anahad any kind of earnings recession, lysts who publish forecasts to bring their numbers down. New York Community’s earnings woes were in part due to the Federal Reserve. One side effect of and New York Community is typi- the central bank’s ultralow interest cally one of the market’s most rate policy is that net interest mardependable players. It’s the city’s gin—the gap between what lenders largest apartment lender, with a pay for deposits and what they

charge for loans—has steadily shrunk. Big banks have trading desks, credit-card divisions and other revenue streams to offset the decline.

Better days ahead Another negative is that the bank’s pending merger with Flag-

star Bancorp of Michigan won’t close by the end of the year as had been hoped. Cangemi said the FDIC and New York state regulators need to sign off, then the Fed, and he expects that the $2.6 billion deal should close in the first quarter of next year. He was mum on why regulators

are taking things slow, but he said better days are ahead thanks in part to long-term rates rising, pushing borrowers to sign on the line before rates get much higher. “The fourth quarter should be the highest of the year for net loan growth,” Cangemi said, “which should help the margins as well.” ■

MUSIC

Famous Hell’s Kitchen recording studio reopens after the city chips in for $15M renovation BY CARA EISENPRESS

Hell’s Kitchen recording studio where David Bowie, Madonna and Bruce Springsteen laid down tracks has reopened after a four-year, $15 million renovation funded in part by $6 million from the city. The new Power Station, at 441 W. 53rd St., is now home both to recording studios and to BerkleeNYC, a satellite campus of the Boston-based Berklee College of Music.

Springsteen recorded The River and much of Born in the USA there, and Peter Gabriel made his album So at the studio. Jon Bon Jovi swept the studio’s floors, according to Variety. And Lady Gaga and the cast of Hamilton have laid down tracks there. In 2017 the space sold for $18 million and closed. It is now owned by Sound Dog Ventures. Berklee and one of its former trustees, Peter Muller, were the other parties in the public-private partnership. Muller is a musician and a founder of PDT Partners, a hedge fund that’s known for quantitative strategies. “The Power Station is one of the world’s most iconic recording studios,” Muller said in 2017, when the partnership was announced. “To know that we are saving a studio that has hosted so many legends is awe-inspiring.”

The studio was originally a Con Edison station that conveyed power to the elevated train that ran on the tracks that are now the High Line. In 1977 it opened as a music studio that was officially called Avatar but was known as the Power Station. It became an institution in the city.

Future plans This

fall

the

first

class

RYAN NAVA

BRUCE SPRINGSTEEN RECORDED BORN IN THE USA AT THE POWER STATION

BerkleeNYC matriculated, and a few musicians and a Broadway cast have been in to record, according to the Mayor’s Office of Media and Entertainment. The new Power Station includes

equipment for high-end video capture and virtual reality, professional lighting, and broadcast and live-streaming capabilities. BerkleeNYC’s staff manages the studios, which are open to book for

professional sessions. Public-facing programs, including artist lectures and continuing education, were part of the original plan for the building but have not yet been announced. ■

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TECHNOLOGY

BY RYAN DEFFENBAUGH

he record-breaking run of New York technology companies going public this year shows little sign of slowing down. Braze, a decade-old marketing technology company headquartered near Penn Station, filed an S-1 document Oct. 22 with the U.S. Securities and Exchange Commission for an initial public offering that will place its shares for sale on the Nasdaq sometime in November. It joins more than 20 New York companies that have gone public this year, including most recently WeWork, which began trading on the

get public valuation. Braze last raised private funding in 2018, collecting $80 million at an $850 million valuation. Here are five things to know about the startup. What it does: Companies today are receiving customer feedback and requests across dozens of social media networks, review websites and email accounts. Braze’s software helps brands organize communications for customers across dozens of online channels, pairing those interactions with customer data from previous purchases to create more personalized marketing. In one case study, Braze helped Grubhub send 30 million customers a yearly summary of their individual ordering activity—which Braze said significantly boosted online chatter about the food delivery company. Braze has about 1,000 customers that pay a monthly fee for its software, with demand growing in response to the pandemic. “As consumers around the globe were staying at home, brands across all industries had to pivot their focus to

BRAZE SIGNIFICANTLY BOOSTED ONLINE CHATTER ABOUT GRUBHUB New York Stock Exchange Oct. 20 at a $9 billion valuation. Braze declined a request for comment on the filing through a spokeswoman, citing a mandated quiet period. The company has not set the price for its shares or a tar-

delivering effective and engaging digital experiences,” William Magnuson, co-founder and chief executive, said in a letter included in the S-1 filing. By the numbers: The company generated $150 million in revenue between January 2020 and January of this year, up about 56% from the previous fiscal year. Its net loss was largely flat: $32 million in the most recent fiscal year, compared with $31.8 million in the previous year. The company warns in its filing that it is not clear when the business could reach profitability; it will keep spending to expand its technical capabilities and grow its sales and marketing staff, it said. Braze had 870 employees as of July 31. New York impact: Braze rents a 56,000-square-foot headquarters at Vornado Realty Trust’s 330 W. 34th St., leased in a 2019 deal. The company also rents office space in San Francisco, London, Singapore and Tokyo. The square footage in each location was not disclosed. The company has partially reopened its offices, but most employees are still working remotely, according to the S-1 filing. Although the filing did not say where Braze employees work, the

firm reported a local head count of 361 in the most recent version of Crain’s Best Places to Work in New York City list, where it ranked 13th overall. History: Braze was founded in 2011 under the name AppBoy. Founders Magnuson, Mark Ghermezian and Jon Hyman connected through a 2011 hackathon held by TechCrunch. The company described its original name as “fun, light and a little cheeky” and said the switch in 2017 to Braze came in recognition that tech firms had grown beyond apps for digital products. Braze has raised $175 million from venture investors in the past decade. Boston firm Battery Ventures holds the largest number of its private shares. Big money in IPOs: Braze would be the latest city startup to capitalize on a strong market for IPOs. Brooklyn-based online retailer Rent the Runway debuted two weeks ago; it

BLOOMBERG

5 things to know about Midtown’s Braze ahead of its public offering

is pursuing a $1.5 billion valuation that could net the firm about $315 million. New York City companies raised $7.7 billion through 20 public offerings through the third quarter of the year, according to data from business services firm EY. That’s up 13% from the total raised in all of last year. ■

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LEADERSHIP AWARD The 2021 NewYorkCIO of the Year® ORBIE® Awards Leadership Award recipient is Lori Beer, VP of IT & CIO of University of Alabama at Birmingham (UAB).

LORI BEER

Lori Beer is the Global Chief Information Officer (CIO) of JPMorgan Chase & Co. and a member of the company’s Operating Committee, responsible for the firm’s technology systems and infrastructure worldwide. Beer manages a budget of

more than $11 billion and over 50,000 technologists supporting JPMorgan Chase’s retail, wholesale and asset and wealth management businesses. She also serves as the co-sponsor of the firm’s Access Ability Business Resource Group. Join us on November 19 to honor Lori’s leadership impact on the Greater New York technology community.

Global CIO, JPMorgan Chase & Co.

NEWYORKCIO NEWYORKCIO

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NOVEMBER 1, 2021 | CRAIN’S NEW YORK BUSINESS | 7

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

EDITORIAL

publisher/executive editor

Back-and-forth approach to SALT cap causes confusion, hurts NY taxpayers

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OCASIO-CORTEZ is open to a partial repeal of the SALT cap, which could double it to $20,000.

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2026. Repealing the last two years of the cap, a move that would be popular in high-tax states such as New York and New Jersey, would cost roughly $180 billion. That number isn’t helpful as Democrats attempt to trim the $3.5 trillion social-spending package. Many of New York’s leading congressional representatives, such as Jerry Nadler, Carolyn Maloney and Hakeem Jeffries, have called for a full repeal of the SALT cap. Others, including Alexandria Ocasio-Cortez, who

represents parts of Queens and the Bronx, and Kathleen Rice of Long Island, are open to a partial repeal, which could double the cap to $20,000, thereby lowering an individual’s tax bill to Washington. An even higher cap could be assigned to married taxpayers. The best solution for New York is a full repeal. Second best is a higher cap that would remove what amounts to double taxation. But skip the on-again-off-again game. ■

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OP-ED

Ana Jimenez, ajimenez@crainsnewyork.com

NYC propane ban is unevenly applied, disproportionately affects restaurants BY PETER MADONIA

ISTOCK

assan and his food cart have been working West 43rd Street and Sixth Avenue in Manhattan for 10 years. His boss, the cart’s owner, started across the street 20 years ago. The coffee is hot and the bacon, egg and cheese on a roll will keep you full until midafternoon. How does he heat those coffees and cook the food? A grill fueled by a propane tank. During winter, the grill keeps that little cart warm. Up here in the Bronx, along Arthur Avenue, our restaurant owners are thinking the same thing: What will we do without propane? After an emergency order allowed restaurants to use propane heaters to keep outdoor diners warm, we’ve been told the heaters have to go, to be replaced by electric or compressed natural gas heaters. The beautifully simple method that kept our outdoor spaces usable last year will be replaced by

EDITORIAL

BLOOMBERG

individuals to deduct certain local taxes from their federal returns, including property, sales and income taxes. But in 2017, to help pay for tax cuts (and some would say to stick it to blue states), former President Donald Trump signed a bill to cap SALT deductions at $10,000. The move limited the amount of itemized deductions individuals could make while raising the standard tax deduction. (This year, that’s $12,550 for single filers and $25,100 for a married couple filing jointly.) The cap has turned into a big headache for New Yorkers, who previously were able to write off higher state income tax amounts from their federally taxable income. New Yorkers who previously made $1 million per year and paid $100,000 to REPEALING THE LAST TWO Albany in state and local taxes YEARS OF THE CAP WOULD have seen their taxable COST ROUGHLY $180 BILLION federal income jump from $900,000 to $990,000 because of the $10,000 there’s no guarantee they’ll be cap on deductions for state and successful. Lawmakers instead local taxes (including property should return to the drawing taxes). board rather than set up a Under current law, the SALT confusing seesaw approach. deduction’s limit will go away in The SALT deduction allows hareholders aren’t well served when executives play games with company balance sheets. Neither are taxpayers when politicians try to do the same. Some House Democrats eager to make the numbers work on President Joe Biden’s economic agenda are floating the idea of suspending a $10,000 cap on state and local tax deductions for two years, reinstating the limit from 2024 to 2027, then returning to a full deduction in 2028. Rather than sound public policy, the proposal amounts to a numbers game to make the president’s social-spending bill appear less expensive. Congressional advocates of the approach say they’ll go back later and repeal the cap entirely. But

Frederick P. Gabriel Jr.

methods requiring electricians, plumbers and inspections. This would be another one of those nonsensical in New York City-only rules. Propane is used extensively throughout the rest of New York, throughout the country and throughout the world.

A godsend for Little Italy Outdoor dining has undeniably been a bright spot in the Covid nightmare. Here in the Bronx’s Little Italy, where restaurants, bars and cafes line the streets, it’s been a godsend. But while thousands of ubiquitous street carts like Hassan’s are

allowed to use propane for their grills—not to mention untold millions of backyard weekend grill masters—and have done so safely for decades, the city has now blocked the use of propane heaters only by restaurants while continuing to allow them everywhere else on the crowded stre ets of the city. What is the rationale for that? Last year and into this year propane heaters warmed diners without a single injury or mishap. The fuel is remarkably safe. An estimated 60 million propane devices are in use in the United States. In 2018, for example, there were 13 “incidents” involving propane and a single death. Of course, New York City is dense, and any fire or explosion has the potential to do far more damage than it would in many others places. But Hassan is on what has got to be on one of the densest corners in the world. Why can he

use propane and not the restaurant with outdoor dining space down the block? On Nov. 8 tourists from abroad will finally be able to return to our country, giving New York City the shot of energy—and tourism dollars—that it’s been waiting for since March 2020. They are going to be hungry, and they are going to discover a new city, one with its streets animated by outdoor dining. Some of the open-air venues are simple, some are elaborate, but all add a new sense of humanity to our streets. Luckily, the city won’t start enforcing the rules until Jan. 1. But that’s confusing too. Can we use propane up until that point? And then what? If not, it’s going to a cold, cold winter, indeed. ■ Peter Madonia, a former chief of staff to Mayor Michael R. Bloomberg, is chairman of the business improvement district in Belmont, the Bronx’s Little Italy.

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8 | CRAIN’S NEW YORK BUSINESS | NOVEMBER 1, 2021

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OP-ED

The city must act to make outdoor dining easy for all–and permanent BY BON YAGI, EL KAMADA, AND MAKOTO SUZUKI

OP-ED

Want to fix traffic? Congestion pricing isn’t the answer BY LUCIUS RICCIO

ov. Kathy Hochul seems to be solidifying her leadership credentials by helping to clean up several messes she inherited both at the state and the city level. Take transportation. She now “owns” the Metropolitan Transportation Authority with all its concerns. Here’s some some advice on how to clean up the mess left by Mayor Bill de Blasio and former Gov. Andrew Cuomo. The current big issue for funding the MTA is congestion pricing. Advocates have been pushing this concept for decades. But it is really misnamed. It will do very little (if anything) for traffic congestion and probably increase parking congestion in some areas. It should be called what it is: a fundraiser for the MTA at commuting motorists’ expense, in particular the motorists who cause weekday rush-hour congestion at the portals. They may contribute to rush-

what Cuomo and de Blasio (and the state Legislature, for that matter) didn’t have the courage to do. New York City has had a congestion pricing program for more than 80 years. It is called the medallion system. The “yellows” pay for the right to operate in Manhattan, first by buying a medallion (priced as high as a million dollars 10 years ago), and fees totaling more than $15,000 per year. You have to pay to enter the system, and the medallions are limited in number. If that’s not a congestion pricing program, I don’t know what is.

BLOOMBERG

ven before the pandemic shutdown, it was already difficult to run a successful restaurant in New York City. The rules and regulations governing restaurants are always changing. Rents are high. The competition is tough. What’s more, at least in the case of Japanese restaurants, lawmakers often fail to understand cultural and culinary traditions. Since the pandemic, we have lost many important Japanese restaurants, including Izakaya Riki and Yakiniku Takashi. Those that survived the lockdowns lost business and income forever. Economic hardships continue to this day. The city’s Open Restaurants program has been a savior. Restaurants were able to accommodate guests when indoor dining was shut down, and outdoor dining continues to provide the income needed to keep restaurants open and keep workers employed. Today approximately 500 Japanese restaurants are participating in the program—a substantial increase in the number that had an outdoor dining option before the pandemic under the old, restrictive sidewalk café law. The continuation of the program will provide the opportunity to recoup at least some of the losses sustained during the pandemic.

Without outdoor dining, we likely will see further permanent restaurant closures. Outdoor dining is so popular with customers that it must survive long after this terrible virus. We understand that the City Planning Commission is scheduled for a vote on an amendment that would allow the city to develop a permanent outdoor dining program. It will be more inclusive to Japanese restaurants, many of which could not have a sidewalk café before the pandemic or were technically permitted but found it too bureaucratic and cost-prohibitive. We urge the commission to pass the amendment. A chance to clarify rules Although the Open Restaurants program has been critically important, some members of the New York Japanese Restaurant Association, which has more than 150 members in the five boroughs, told

us they didn’t always understand the rules, and that different inspectors told them there were different requirements. We understand that the program was created during an emergency and people were trying to do their best, but we hope a permanent plan will clear up confusion. When the city makes outdoor dining permanent, it must create new rules to resolve the issues outdoor dining brought for restaurants, but also for the residents and visitors in the communities. We are prepared to help create those rules and to honor them. Without permanent outdoor dining, many restaurants will find it impossible to go on. ■ Bon Yagi is president of New York Japanese Restaurant Association. El Kamada is general manager of Sushi Ann. Makoto Suzuki owns Bozu.

Charge the Ubers When Uber started, de Blasio folded, even though he had promised the taxi industry he would fulfill his charter-mandated responsibility to protect the yellows. Instead, the city allowed Uber to operate in Manhattan, steal the yellows’ business as well as MTA bus rides all over town, all for the bargain price of $275. Governor, if you want a half a trillion dollars per year for the MTA, charge the Ubers. Sell “permits” like medallions to the Ubers and charge them the $15,000 per year the city charges the yellows. All you have to do is enact a law. This, not the congestion pricing plan on the table, may actually reduce traffic. Once you’ve gotten rid of this army of occupation and have raised a ton of money for the MTA, then, and only then, should you implement congestion pricing ■.

CONGESTION CAN BE ATTRIBUTED TO THE INVASION OF 100,000 UBER DRIVERS hour congestion, but they contribute little to the congestion problem during the day. Much of that rushhour congestion and virtually all of the daytime congestion can be attributed to the invasion of 100,000 Uber drivers during the DeBlasio and Cuomo administrations, who have paid almost nothing for the privilege of destroying the traditional taxi industry and hurting MTA bus ridership. If Hochul wants to raise money for the MTA and do something about congestion, she should do

Lucius Riccio is a Columbia University lecturer and former city transportation commissioner.

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POLITICS

Meet the 7 City Council members jockeying to take over as speaker after the general election

District 28: Queens Adrienne Adams, 60, is a powerful figure in Queens. She’s a former education chair of Queens Community Board 12, and she’s served on the Queens Public Library’s board of trustees. Former Gov. Andrew Cuomo appointed her to help lead the Downtown Jamaica Revitalization Initiative. “She’s from Queens, and in the past Queens was the 400-pound gorilla in this fight,” said Jerry Skurnik, a consultant and aide to former Mayor Ed Koch. “The county leader from Queens traditionally always influenced the most votes.” But it’s unclear how much influence the current Queens County leader, Rep. Gregory Meeks, will have this year, given that many members expected to join the City Council from the borough fall under the progressive label and may not be loyal to the traditional party system. “It’s not going to be clear until after they vote if they are supported by the county organization and if they make peace with them,” Skurnik said. “It’s definitely a very fluid situation.”

District 8: The Bronx and Upper Manhattan If Diana Ayala, 48, becomes speaker, she will follow in the footsteps of the woman she learned under, former Speaker Melissa Mark-Viverito, whom Ayala succeeded in the Eighth District of the Bronx and Upper Manhattan after serving as her deputy chief of staff and constituent services director. By having her feet in two boroughs, Ayala could leverage her unique geographic standing with her background as a Hispanic woman to push herself over the 26-vote threshold. “I don’t think you can ignore the rumblings of Latinos being shut out of citywide and boroughwide leadership positions,” said Levenson. “As a consequence, I think there will be an effort to balance that a bit, if it can be accomplished.”

KEITH POWERS

District 4: Manhattan Keith Powers, 37, has made a name for himself in his first term as a council member, having gained recognition for broadening sexual harassment protections and overhauling the local criminal-justice system. Powers is hoping his Manhattan base will continue the trend of being a launching ground for the speaker’s seat. “Manhattan has continued to prove to be a good place for a speaker candidate to reside,” Levenson said. “This was true with Gifford [Miller]. It was true with Melissa [Mark-Viverito], and it was true with Christine [Quinn], and it was true with Cory [Johnson].” Others say Powers’ gender, rather than his geography, will determine the success of his candidacy. “I’d be very surprised if it’s not a woman,” Moss said. “The council will be a majority women, and if they can’t put a woman as speaker, then they have really done themselves a disservice.”

NEWSCOM

WIKI

District 43: Brooklyn Justin Brannan’s bid relies on his strong relationship with Democratic mayoral nominee Eric Adams. Brannan, 43, endorsed Adams during the primary and, like Adams, is considered a moderate among an increasingly progressive Democratic Party. Brannan’s endorsements of other City Council candidates who are expected to win their races could serve him well. “The guy is ever-present on social media. He’s ever-present supporting other candidates,” said Scott Levenson, a Democratic political consultant and founder of the Advance Group. “He’s very serious about running for speaker, and your ability to call in favors advantages you.” One hitch in Brannan’s effort is that elected officials from Brooklyn will likely hold the mayor’s office (Adams), the office of the comptroller (Brad Lander) and the office of the public advocate (Jumaane Williams), leaving council members from other boroughs looking for representation. “We’re not going to have four Brooklyn people running the city,” Moss said. “And we certainly don’t need another male from Brooklyn.”

DIANA AYALA

NEWSCOM

FRANCISCO MOYA

GALE BREWER

District 6: Manhattan No candidate for speaker has more experience than Gale Brewer, 70. Brewer served as a council member representing District 6 from 2002 to 2013. She spent the past seven years as Manhattan borough president. “She’s seasoned and experienced, and she understands how to listen, and she doesn’t need to prove anything,” Moss explained. “She may be overqualified.” One wrinkle that could hinder Brewer’s candidacy is that she would be able to serve as speaker for eight years, if elected, while fellow first-term council members may prefer a council member elected in 2017, to take advantage of term limits that open the seat in four years. “It’s going to be a one-term speaker,” Moss said. “Too many people are rookies that want the job.”

NEW YORK CITY COUNCIL/JEFF REED/FLICKR

NEW YORK CITY COUNCIL/JFLICKR

ADRIENNE ADAMS

JUSTIN BRANNAN

District 21: Queens Francisco Moya, 47, is hoping that his seven years as an assemblyman in Albany will give him an experience advantage over his competitors, who have not passed statewide legislation. Moya wrote Carlos’ Law, which created statewide protections for construction workers in 2018. Moya, like Brannan, is considered a moderate in the chamber and is advertising himself as such. “He straddles the progressive and moderate line,” said David Weiner, a political consultant at Kirtzman Strategies who is advising Moya on his run for speaker. “He’s someone that can really overlap the entire political spectrum.” Others question whether Moya’s close relationship with the Queens County Democratic Party and his lack of commitment to progressive causes will harm him when the votes are rounded up. “It’s a two-headed coin: His positives are his negatives,” Skurnik said. “The newer council members may think he’s too conservative and too close to the county organization.”

NYC.GOV

embers of the city’s top lawmaking body are twisting arms and calling in favors to determine Corey Johnson’s successor in advance of the general election. The official vote for speaker won’t happen until after members are sworn in Jan. 1, but the next leader of the City Council likely will collect commitments from the 26 members needed for victory sometime before that, former Speaker Christine Quinn said. “This is a multiyear event that amps up as we get closer to the vote,” said Quinn, who was speaker from 2006 to 2013. Thirty-two new members will join the 51-person council next session— and women are expected to be seated as a majority for the first time, with at least 26 seats. “There’s going to be a lot of room for maneuvering,” said Mitchell Moss, urban policy professor at New York University, who advised former Mayor Michael Bloomberg. “You have geography, gender and ethnicity all in play.” Here are the seven candidates who have thrown their name in the ring.

“IT’S GOING TO BE A ONE-TERM SPEAKER. TOO MANY PEOPLE ARE ROOKIES THAT WANT THE JOB”

CARLINA RIVERA

District 2: Manhattan Carlina Rivera, 37, has made an impact on the City Council since taking over the seat of her predecessor and former boss, Rosie Méndez, in 2018. Rivera fought for a busway to run across 14th Street and supported bills to make sexual harassment a recognized form of discrimination as well as for workplaces to include privacy rooms for pregnant women and new mothers. At a time when there are no Hispanic New Yorkers leading citywide office, Rivera would fill that diversity gap, Skurnik noted. “In many ways, she’s a logical candidate,” Skurnik said. “She hits a number of buttons.” Rivera’s progressive credentials may harm her in the eyes of Adams, however, if the Democratic nominee becomes mayor and decides to tilt the scales in favor of a preferred candidate, not unlike the way Mayor Bill de Blasio ushered in Mark-Viverito following his inauguration in 2014. “The left is going to want one of theirs. Eric will want a moderate,” Moss said. “Eric may realize he needs someone who can be a moderating force.”

BUCK ENNIS

BY BRIAN PASCUS

10 | CRAIN’S NEW YORK BUSINESS | NOVEMBER 1, 2021

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ASKED & ANSWERED DOSSIER

INTERVIEW BY MAYA KAUFMAN

WHO SHE IS CEO and co-founder, Spring Health

hen mental health care startup Spring Health closed a $190 million Series C round in September, it gained much more than an infusion of venture capital. The effort propelled its valuation to $2 billion, making 29-year-old CEO April Koh the youngest woman to run a unicorn, the term for a billion-dollar startup. Spring Health works by partnering with employers to offer coaching and therapy sessions, among other services, as an employee benefit. It provides care to 2 million workers globally across more than 150 firms. Startups are known for long hours and burnout. How do you deal with that while growing a business?

I believe mental health and hypergrowth are compatible. We’ve been going through a pandemic, which has led to massive burnout nationally. Our employees were struggling with that as well. We implemented calm Fridays—days where you are not supposed to take any meetings. What we were also finding is burnout is not necessarily a function of how much you work. It is oftentimes a function of lack of context. We’ve taken great care to increase the level of context that each employee has around what our strategy is and what we’re trying to do.

Statistics show companies led by women don’t get as much venture capital funding as male-led firms. What needs to be changed?

AGE 29 BORN Seoul, South Korea GREW UP Ho-Ho-Kus, New Jersey RESIDES Greenpoint, Brooklyn EDUCATION Bachelor’s in sociology and computer science, Yale University EARLY ENTREPRENEUR Koh temporarily left Yale to start her first company, online commerce platform Spylight, in 2013. Once again an undergrad, she started Spring Health in 2016 with co-founder Adam Chekroud, then a Ph.D. candidate in psychology. KICKING IT UP She is in the process of becoming a Muay Thai kickboxer. MAKING MUSIC Koh has a pre-college diploma in oboe performance from the Juilliard School.

Having gone through multiple rounds of fundraising, I’m surprised at each round at how sexism persists. We need more female VCs, but we also need VCs to understand the biases that dramatically impede women’s abilities to raise a lot of money. Also, in New York, people will go to these hypergrowth companies, they’ll maybe IPO

To do so, how do we actually walk the walk?

I can rattle off the diversity stats of our organization because we track them on a weekly basis. More CEOs need to include this as a key performance indicator they visit every week. The second thing is to talk about it more. I talk about my passion for diversity, and it absolutely trickles down. Track it and be more vocal about it and elevate it as a priority.

Companies have been rethinking their employee benefit offerings because of the pandemic. How does mental health care factor into that?

Mental health is an imperative moving forward. It’s always been an imperative, but I’m very excited about the fact that the pandemic has accelerated the trends that we were already seeing. Employers were starting to pay attention, especially to the younger generation that was being more vocal about their mental health needs. And we’re starting to see not just tech companies, who have been traditionally very generous about their benefits, adopt these rich mental health services, but we’ve been seeing companies like PepsiCo, Pfizer and Adobe embrace these services as well.

Do you think we’ve reached a saturation point or bubble with digital health?

I think it’s really exciting that there’s a lot of venture capital flowing into the space. I think we will start to see a period of pretty intense consolidation happening over the next few years. It’s already starting to happen. ■

BUCK ENNIS

APRIL KOH Spring Health

or exit with the company, and then they’ll go off and start their own things. Those startups naturally become incubators for future founders. If we want to increase diversity, we need to make sure that we’re hiring women of color so they can have visibility into what it’s like to run a hypergrowth company so they can start startups in the future.

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PEOPLE ON THE MOVE

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Riveron

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Arkay Packaging is celebrating an honor and a milestone. On October 28, Arkay company owners Howard and Mitchell Howard Kaneff were honored for their dedication to supporting critical Alzheimer’s disease research. At the Alzheimer’s Drug Discovery Foundation’s (ADDF) 12th Annual Mitchell Fall Symposium and Luncheon, Howard Kaneff, Chairman Emeritus of Arkay Packaging and Mitchell Kaneff, Chairman & CEO of Arkay, received the Charles Evans Award from the ADDF for their more than a decade of leadership and support. The event paid tribute to Cherry Kaneff, wife and mother, who passed away from Alzheimer’s. Arkay provides highly creative packaging solutions for iconic beauty brands, including the Estee Lauder Companies and will celebrate 100 years in January.

Tiffany Irving, CFP , has joined Mesirow Wealth Management as Senior Vice President, Wealth Advisor. Tiffany brings over 20 years of experience providing comprehensive wealth planning services and customized asset allocation strategies to high net worth individuals, families, and nonprofit organizations. Prior to joining Mesirow, Tiffany held roles at BMO within their Private Wealth group and US Trust.

Synergy Health Partners, a hospital services company that improves patient access to care with custom hospital physician staffing and management programs, today announced that Daniel G. Siegel, has been named Chief Executive Officer. Based in New York City, Mr. Siegel will lead the company in its focused strategy of serving the needs of hospitals for surgery, on-call, and emergency care.

Corporation for Pubic Broadcasting

Didier Siffer joins Riveron’s New York team as a managing director. Didier is responsible for leading the strategic advisory of financial institutions and corporate clients in complex in-court and out-of-court restructurings in the US, Canada, and Latin America. With over 30 years of international restructuring and risk management experience, he specializes in providing leadership to creditor constituencies and companies in complex restructuring, turnaround, and insolvency situations.

COMMERCIAL REAL ESTATE

Office Moving Alliance (OMA) Office Moving Alliance (OMA) appointed Anthony Parziale, President of The Advance Group – New York’s largest office moving, warehousing, logistics and furniture installation company – to its board of directors. “With real estate portfolios in unprecedented transitions, it’s an exciting time to have this role within OMA’s organization. It will allow me to bring strong relationships, shared and valuable perspectives to the OMA board and contribute to OMA’s global strategic planning and goals.”

CONSTRUCTION

Unispace Unispace, a global leader in workspace strategy, design, and construction, has appointed Paul Greco as their new Principal, Head of Client Development, Americas based in their New York office. Paul brings nearly 20 years of experience expanding annual revenue for industry leading companies and building highly empowered sales cultures. At Unispace, he’ll create a foundation of open communication to inspire teams to be authentic, collaborate, and create personalized strategic visions for clients.

ENGINEERING

Syska Hennessy Syska Hennessy Group has promoted Robert Ioanna, PE, LEED AP, to chief technical officer. Mr. Ioanna, who joined Syska in 2000, has held several high-profile roles at the firm, including site leader for the New York office and practice area leader for the critical facilities sector in the Eastern region. He also oversees Syska Innovations, a subsidiary that invests in seed-stage companies, pilots their software and products, and promotes innovation and technology development within Syska.

ANNOUNCE

YOUR BIG NEWS IN CRAIN’S!

The Corporation for Public Broadcasting (CPB) welcomes Stephen Wilkins as Senior Vice President of Human Resources and Diversity, Equity and Inclusion. In this new position, he will be responsible for the development and implementation of a human resources strategy that builds on CPB’s commitment to diversity and inclusion. Dr. Wilkins will report directly to Patricia Harrison, president and CEO of CPB, and will work closely with his peers in the public media community. For more, visit cpb.org

LAW

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SVB Leerink SVB Leerink, a leading investment bank specializing in healthcare and life sciences, announced that Bob Jackey has joined the firm’s Healthcare Services practice as a Managing Director. Mr. Jackey’s experience executing large transactions across healthcare services will serve to expand SVB Leerink’s expertise in life sciences and healthcare technology. He will be reporting to Global CoHead of Healthcare Investment Banking, Barry Blake, and will be based in the New York office.

FINANCIAL SERVICES

TIAA TIAA, a leading provider of secure retirements and outcome-focused investment solutions to millions of people and thousands of institutions, appointed Stephen Tisdalle to Chief Brand and Demand Generation Officer. Tisdalle joins from State Street Global Advisors where he was CMO of the $4 trillion global asset manager. At TIAA, he will lead brand and advertising strategy, creative services, paid and social media, and marketing for TIAA’s institutional, wealth advisor, and consumer channels.

Ice Miller LLP Ice Miller LLP partner Michael Millikan was elected chief managing partner of the firm. Michael leads Ice Miller’s Business Group and has focused his practice on private equity, venture capital and mergers and acquisitions. As chief managing partner, Michael’s priorities include the continued expansion of the firm’s existing offices, the exploration of new markets, and the development and implementation of a new strategic plan. LAW

Ice Miller LLP Ice Miller LLP partner Rebecca Seamands was elected deputy managing partner of the firm. Rebecca is a partner in the firm’s Construction/Infrastructure practice and has served on the firm’s Board of Directors. LAW

Ice Miller LLP Ice Miller LLP recently welcomed Brian Harvey as a partner in its Business Group. Brian focuses his practice on advising hedge funds, private equity funds, commercial finance companies, investment banks and borrowers in a wide range of domestic and crossborder financing transactions, including acquisition financings, recapitalizations, judicial and nonjudicial restructurings.

REAL ESTATE

Rockefeller Group Rockefeller Group, the U.S. property owner, operator and developer, has promoted Jennifer Stein to Assistant Vice President & Director, Leasing, for Core Holdings. She is responsible for the asset management, marketing and leasing of its Manhattan properties, and since 2013 has been involved in 4.8 million square feet (msf) of new leases and renewals. She was a key contributor in the lease up of more than 2 msf at 1271 Avenue of the Americas after a $600 million redevelopment completed in 2020.

TRANSPORTATION

Wheels Up Srikanth Satya has joined Wheels Up as Chief Technology and Development Officer. Satya comes to Wheels Up after two decades of experience leading technology innovation at Amazon, Microsoft, and Dell EMC. Satya joins the company at a pivotal time, with its ongoing digital and marketplace transformation strategy accelerating the overall growth strategy for the organization. He joins as the third noteworthy technology appointment in the past month at Wheels Up.

12 | CRAIN’S NEW YORK BUSINESS | NOVEMBER 1, 2021

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10/29/21 11:34 AM

Adams & Co. Real Estate ● AFD Contract Furniture Inc. ● Alcott HR ● Alliance Shippers Inc. ● Allied Beverage Group ● Argo Turboserve Corp. ● Atrium ● AvePoint ● Away ● Axtria Inc. ● B&H Photo Video Pro Audio ● Barr & Barr Inc. ● Bartlett Dairy Inc. ● Bayside Fuel Oil Corp. ● Better.com ● Bloomberg LP ● Bombas ● Bookazine ● Briad Group ● Brooklyn Nets ● BuzzFeed ● Central National Gottesman Inc. ● CGSContinental Grain Co. ● Crystal Window & Door Systems Ltd. ● Curry Automotive ● Curtis Instruments Inc. ● D’Artagnan Inc. ● Deep Foods Inc. ● Doherty Enterprises ● E.W. Howell Construction Group ● Eileen Fisher Inc. ● E-J Electric Installation Co. ● Empire Office Inc. ● Execu|Search Group ● Fedway Associates Inc. and Affiliates ●

NEW YORK’S LARGEST PRIVATE COMPANIES

FreshDirect ● Gellert Global Group ● Goya Foods Inc. ● GPI Greenman-Pedersen Inc. ● Hardesty & Hanover ● HDR ● Hearst ● HNTB New York Engineering and Architecture ● Horizon Media Inc. ● Hudson Meridian Construction Group ● Hunter Roberts Construction Group ● ICC Industries Inc. ● Imperial Bag & Paper Co. ● Infor ● Inserra Supermarkets Inc. ● Iovino Enterprises ● J.T. Magen & Company Inc. ● JRM Construction Management ● Kaufman Organization ● Kohn Pedersen Fox Associates ● Krasdale Foods Inc. ● Langan ● Leon D. DeMatteis Construction Corp. ● LRC Construction LLC ● Manhattan Beer Distributors ● Max Kahan Inc. ● McAllister Towing and Transportation ● Mediaocean ● Mindlance ● Mitchell Martin Inc. ● Navillus ● Nebraskaland Inc. ● New Jersey Devils ● New York Giants ● NFP ● Noom ● NPD Group Inc. ● Okonite Co. ● Packable (Pharmapacks) ● Paige Electric Co. ● Perkins Eastman ● PIM Brands Inc ● Posillico Inc. ● PrestigePEO ● Pride Global ● Procida Construction Corp. ● RC Andersen ● Red Apple Group Inc. ● Renco Group Inc. ● Russell Reynolds Associates ● Saatva ● SalSon Logistics ● Sam Ash Music Corp. ● Schimenti Construction Company ● Schweiger Dermatology Group ● Sigma Plastics Group ● Solomon Page ● Standard Industries ● Stanford Investment Group ● Stark Carpet Corp. ● STO Building Group ● STV ● SUEZ North America ● Sugar Foods Corp. ● Synechron Inc. ● TDX Construction Corp. ● Terminal Construction Corp. ● The LiRo Group ● The Rinaldi Group ● Thornton Tomasetti Inc. ● Tishman Speyer ● Toorak Capital Partners ● Torcon Inc. ● Tory Burch ● Trammo Inc. ● TransPerfect ● TripleLift ● Triton Construction Co. ● Trump Organization ● Turner & Townsend ● Turtle & Hughes Inc. ● Univision Communications Inc. ● Vericon Construction Co. ● Vice Media Inc. ● Vista Food Exchange Inc. ● Volmar Construction, Inc. ● Weeks Marine Inc. ● Wine Enthusiast Cos. ● Wm. Blanchard Co. ● Adams & Co. Real Estate ● AFD Contract Furniture Inc. ● Alcott HR ● Alliance Shippers Inc. ● Allied Beverage Group ● Argo Turboserve Corp. ● Atrium ● AvePoint ● Away ● Axtria Inc. ● B&H Photo Video Pro Audio ● Barr & Barr Inc. ● Bartlett Dairy Inc. ● Bayside Fuel Oil Corp. ● Better. com ● Bloomberg LP ● Bombas ● Bookazine ● Briad Group ● Brooklyn Nets ● BuzzFeed ● Central National Gottesman Inc. ● CGSContinental Grain Co. ● Crystal Window & Door Systems Ltd. ● Curry Automotive ● Curtis Instruments Inc. ● D’Artagnan Inc. ● Deep Foods Inc. ● Doherty Enterprises ● E.W. Howell Construction Group ● Eileen Fisher Inc. ● E-J Electric Installation Co. ● Empire Office Inc. ● Execu|Search Group ● Fedway Associates Inc. and Affiliates ● FreshDirect ● Gellert Global Group ● Goya Foods Inc. ● GPI Greenman-Pedersen Inc. ● Hardesty & Hanover ● HDR ● Hearst ● HNTB New York Engineering and Architecture ● Horizon Media Inc. ● Hudson Meridian Construction Group ● Hunter Roberts Construction Group ● ICC Industries Inc. ● Imperial Bag & Paper Co. ● Infor ● Inserra Supermarkets Inc. ● Iovino Enterprises ● J.T. Magen & Company Inc. ● JRM Construction Management ● Kaufman Organization ● Kohn Pedersen Fox Associates ● Krasdale Foods Inc. ● Langan ● Leon D. DeMatteis Construction Corp. ● LRC Construction LLC ● Manhattan Beer Distributors ● Max Kahan Inc. ● McAllister Towing and Transportation ● Mediaocean ● Mindlance ● Mitchell Martin Inc. ● Navillus ● Nebraskaland Inc. ● New Jersey Devils ● New York Giants ● NFP ● Noom ● NPD Group Inc. ● Okonite Co. ● Packable (Pharmapacks) ● Paige Electric Co. ● Perkins Eastman ● PIM Brands Inc ● Posillico Inc. ● PrestigePEO ● Pride Global ● Procida Construction Corp. ● RC Andersen ● Red Apple Group Inc. ● Renco Group Inc. ● Russell Reynolds Associates ● Saatva ● SalSon Logistics ● Sam Ash Music Corp. ● Schimenti Construction Company ● Schweiger Dermatology Group ● Sigma Plastics Group ● Solomon Page ● Standard Industries ● Stanford Investment Group ● Stark Carpet Corp. ● STO Building Group ● STV ● SUEZ North America ● Sugar Foods Corp. ● Synechron Inc. ● TDX Construction Corp. ● Terminal Construction Corp. ● The LiRo Group ● The Rinaldi Group ● Thornton Tomasetti Inc. ● Tishman Speyer ● Toorak Capital Partners ● Torcon Inc. ● Tory Burch ● Trammo Inc. ● TransPerfect ● TripleLift ● Triton Construction Co. ● Trump Organization ● Turner & Townsend ● Turtle & Hughes Inc. ● Univision Communications Inc. ● Vericon Construction Co. ● Vice Media Inc. ● Vista Food Exchange Inc. ● Volmar Construction, Inc. ● Weeks Marine Inc. ● Wine Enthusiast Cos. ● Wm. Blanchard Co. ● Adams & Co. Real Estate ● AFD Contract Furniture Inc. ● Alcott HR ● Alliance Shippers Inc. ● Allied Beverage Group ● Argo Turboserve Corp. ● Atrium ● AvePoint ● Away ● Axtria Inc. ● B&H Photo Video Pro Audio ● Barr & Barr Inc. ● Bartlett Dairy Inc. ● Bayside Fuel Oil Corp. ● Better.com ● Bloomberg LP ● Bombas ● Bookazine ● Briad Group ● Brooklyn Nets ● BuzzFeed ● Central National Gottesman Inc. ● CGSContinental Grain Co. ● Crystal Window & Door Systems Ltd. ● Curry Automotive ● Curtis Instruments Inc. ● D’Artagnan Inc. ● Deep Foods Inc. ● Doherty Enterprises ● E.W. Howell Construction Group ● Eileen Fisher Inc. ● E-J Electric Installation Co. ● Empire Office Inc. ● Execu|Search Group ● Fedway Associates Inc. and Affiliates ● FreshDirect ● Gellert Global Group ● Goya Foods Inc. ● GPI Greenman-Pedersen Inc. ● Hardesty & Hanover ● HDR ● Hearst ● HNTB New York Engineering and Architecture ● Horizon Media Inc. ● Hudson Meridian Construction Group ● Hunter Roberts Construction Group ● ICC Industries Inc. ● Imperial Bag & Paper Co. ● Infor ● Inserra Supermarkets Inc. ● Iovino Enterprises ● J.T. Magen & Company Inc. ● JRM Construction Management ● Kaufman Organization ● Kohn Pedersen Fox Associates ● Krasdale Foods Inc. ● Langan ● Leon D. DeMatteis Construction Corp. ● LRC Construction LLC ● Manhattan Beer Distributors ● Max Kahan Inc. ● McAllister Towing and Transportation ● Mediaocean ● Mindlance ● Mitchell Martin Inc. ● Navillus ● Nebraskaland Inc. ● New Jersey Devils ● New York Giants ● NFP ● Noom ● NPD Group Inc. ● Okonite Co. ● Packable (Pharmapacks) ● Paige Electric Co. ● Perkins Eastman ● PIM Brands Inc ● Posillico Inc. ● PrestigePEO ● Pride Global ● Procida Construction Corp. ● RC Andersen ● Red Apple Group Inc. ● Renco Group Inc. ● Russell Reynolds Associates ● Saatva ● SalSon Logistics ● Sam Ash Music Corp. ● Schimenti Construction Company ● Schweiger Dermatology Group ● Sigma Plastics Group ● Solomon Page ● Standard Industries ● Stanford Investment Group ● Stark Carpet Corp. ● STO Building Group ● STV ● SUEZ North America ● Sugar Foods Corp. ● Synechron Inc. ● TDX Construction Corp. ● Terminal Construction Corp. ● The LiRo Group ● The Rinaldi Group ● Thornton Tomasetti Inc. ● Tishman Speyer ● Toorak Capital Partners ●

Torcon Inc. ● Tory Burch ● Trammo Inc. ● TransPerfect ● TripleLift ● Triton Construction Co. ● Trump Organization ● Turner & Townsend ● Turtle & Hughes Inc. ● Univision Communications Inc. ● Vericon Construction Co. ● Vice Media Inc. ● Vista Food

THE CRAIN’S LIST of top privately held companies is

● AFD Contract Furniture Inc. ● Alcott HR ● Alliance Shippers Inc. ● Allied Beverage Group ● Argo Turboserve Corp. ● Exchange Inc. ● Volmar Construction, Inc. ● Weeks Marine Inc. ● Wine Enthusiast Cos. ● Wm. Blanchard Co. ● Adams & Co. Real Estate ranked by revenue earned last year, when the econ-

● Better.com ● Bloomberg LP ● Bombas ● Bookazine ● Briad Group ● Brooklyn Nets ● BuzzFeed ● Central National Atrium ● AvePoint ● Away ● Axtria Inc. ● B&H Photo Video Pro Audio ● Barr & Barr Inc. ● Bartlett Dairy Inc. ● Bayside Fuel Oil Corp.omy was in the throes of the Covid-19 pandemic. For ● Doherty Enterprises ● E.W. Howell Construction Group ● Eileen Fisher Inc. ● E-J Gottesman Inc. ● CGSContinental Grain Co. ● Crystal Window & Door Systems Ltd. ● Curry Automotive ● Curtis Instruments Inc. ● most D’Artagnan Inc. ● Deep Foods Inc. firms, revenue plummeted in 2020. Last year

● GPI Greenman-Pedersen Inc. ● Hardesty & Hanover ● HDR ● Hearst ● HNTB New York Electric Installation Co. ● Empire Office Inc. ● Execu|Search Group ● Fedway Associates Inc. and Affiliates ● FreshDirect ● Gellert Global Group ● Goya Foods the list’s cutoff wasInc.$160 million; this year, it dropped

● Infor ● Inserra Supermarkets Inc. ● Iovino Enterprises ● J.T. Magen & Engineering and Architecture ● Horizon Media Inc. ● Hudson Meridian Construction Group ● Hunter Roberts Construction Group ● to ICC $112 Industries Inc. ● Imperial Bag & Paper Co. of million. Cancellation in-person events lost ● Leon D. DeMatteis Company Inc. ● JRM Construction Management ● Kaufman Organization ● Kohn Pedersen Fox Associates ● Krasdale Foods Inc. ● the Langan Construction Corp. ● LRCafter Construction LLC ● Manhattan Yankees their place on the list securing the Beer Distributors ● Max Kahan Inc. ●

● NFP ● Okoniteas ● Packable (Pharmapacks) ● Paige Electric McAllister Towing and Transportation ● Mediaocean ● Mindlance ● Mitchell Martin Inc. ● Navillus ● Nebraskaland Inc. ● New Jersey New last York Giants NPD Group Inc. Co.the No.Devils 45 ●slot year. The● Noom Nets● slipped slightly,

● Red Apple ● Renco ● Saatva ● SalSon Logistics ● Sam Ash Music Co. ● Perkins Eastman ● PIM Brands Inc ● Posillico Inc. ● PrestigePEO ● Pride Global ● Procida Construction Corp. ● RC AndersenNBA Group Inc.an Group Inc. ● Russell Reynoldsto Associates launched experimental bubble preserve ● Stanford ● Stark Carpet Corp. ● Schimenti Construction Company ● Schweiger Dermatology Group ● Sigma Plastics Group ● Solomon Page ● Standard Industries Investment Group Corp. ● STO Building Group ● STV ● SUEZ North America ● Sugar its season. More than a dozen companies previously ● Torcon featured missing fromCapital thisPartners year’s iteration, Foods Corp. ● Synechron Inc. ● TDX Construction Corp. ● Terminal Construction Corp. ● The LiRo Group ● The Rinaldi Group ● Thornton Tomasettiare Inc. ●also Tishman Speyer ● Toorak Inc. ● Tory Burch ● Trammo Inc. ● TransPerfect ● ● Vice Mediahallmark ● Volmar Construction, Inc. ● Weeks Marine as●they trend of Inc. 2020: TripleLift ● Triton Construction Co. ● Trump Organization ● Turner & Townsend ● Turtle & Hughes Inc. ● Univision Communications Inc. Vericonpartook Constructionin Co.another Inc. ● Vista Food Exchange

goingInc. public. Buzzfeed have im- ● Away ● Axtria Inc. ● B&H Photo Video ● Allied Beverage ● ArgoPharmapacks ● AvePoint Inc. ● Wine Enthusiast Cos. ● Wm. Blanchard Co. ● Adams & Co. Real Estate ● AFD Contract Furniture Inc. ● Alcott HR ● Alliance Shippers Groupand Turboserve Corp. ● Atrium minent for public offNational erings. Better.com ● Brooklyn ● BuzzFeed ● Central Pro Audio ● Barr & Barr Inc. ● Bartlett Dairy Inc. ● Bayside Fuel Oil Corp. ● Better.com ● Bloomberg LP ● Bombas ● Bookazine ● Briad Group plans Netsinitial Gottesman Inc. ● CGSContinental Grain Co. ● Crystal Window

grew more than as longtime renters migrat& Door Systems Ltd. ● Curry Automotive ● Curtis Instruments Inc. ● D’Artagnan Inc. ● Deep Foods Inc. ● Doherty Enterprises ● E.W. Howellby Construction Group ●600%, Eileen Fisher Inc. ● E-J Electric Installation Co. ● Empire Office Inc. ● Execu|Search Group

INSIDE

ed out of cities and were navigating the home-buying ● HDR ● Hearst ● HNTB Fedway Associates Inc. and Affiliates ● FreshDirect ● Gellert Global Group ● Goya Foods Inc. ● GPI Greenman-Pedersen Inc. ● Hardesty & Hanover New York Engineering and Architecture ● Horizon Media Inc. ● Hudson WEATHERING process forInc. the● Iovino firstEnterprises time. Th e company alsoInc.plans an ● J.T. ● JRM Construction Meridian Construction Group ● Hunter Roberts Construction Group ● ICC Industries Inc. ● Imperial Bag & Paper Co. ● Infor ● Inserra Supermarkets Magen & Company Management ● Kaufman THE STORM IPO in the near future, illustrating that businesses TransPerfect, Organization ● Kohn Pedersen Fox Associates ● Krasdale Foods Inc. ● Langan ● Leon D. DeMatteis Construction Corp. ● LRC Construction LLC ● Manhattan Beer Distributors ● Max Kahan Inc. ● McAllister Towing and Transportation ● Mediaocean ● better.com can during challenging times. ● Okonite Co. ● Packable (Pharmapacks) ● Paige Electric Co. ● Perkins Eastman ● PIM Brands Inc ● Posillico Inc. Mindlance ● Mitchell Martin Inc. ● Navillus ● Nebraskaland Inc. ● New Jersey Devils ● New York Giants ● NFP ● Noom ● NPD Group Inc.thrive and Away’s —Amanda Glodowski watershed year ● PrestigePEO ● Pride Global ● Procida Construction Corp. ● RC Andersen ● Red Apple Group Inc. ● Renco Group Inc. ● Russell Reynolds Associates ● Saatva ● SalSon Logistics ● Sam Ash Music Corp. ● Schimenti Construc●

tion Com-

pany ● Schweiger Dermatology Group ● Sigma Plastics Group ● Solomon Page ● Standard Industries ● Stanford Investment Group ● Stark Carpet Corp. ● STO Building Group ● STV ● SUEZ North America ● Sugar

Foods Corp.

●

Trammo

Inc. ● TransPerfect ● TripleLift ● Triton Construction Co. ● Trump Organization ● Turner & Townsend ● Turtle & Hughes Inc. ● Univision Communications Inc. ● Vericon Construction Co. ● Vice Media Inc. ● Vista Food

Exchange

Inc. ● Volmar Construction, Inc. ● Weeks Marine Inc. ● Wine Enthusiast Cos. ● Wm. Blanchard Co. ● Adams & Co. Real Estate ● AFD Contract Furniture Inc. ● Alcott HR ● Alliance Shippers Inc. ● Allied Beverage

Group ● Briad Group

P.14

Synechron Inc. ● TDX Construction Corp. ● Terminal Construction Corp. ● The LiRo Group ● The Rinaldi Group ● Thornton Tomasetti Inc. ● Tishman Speyer ● Toorak Capital Partners ● Torcon Inc. ● Tory Burch ●

Argo Turboserve Corp. ● Atrium ● AvePoint ● Away ● Axtria Inc. ● B&H Photo Video Pro Audio ● Barr & Barr Inc. ● Bartlett Dairy Inc. ● Bayside Fuel Oil Corp. ● Better.com ● Bloomberg LP ● Bombas ● Bookazine ●

Doherty En-

● Brooklyn Nets ● BuzzFeed ● Central National Gottesman Inc. ● CGSContinental Grain Co. ● Crystal Window & Door Systems Ltd. ● Curry Automotive ● Curtis Instruments Inc. ● D’Artagnan Inc. ● Deep Foods Inc. ● PHIL SHAWE CEO, TransPerfect terprises ● E.W. Howell Construction Group ● Eileen Fisher Inc. ● E-J Electric Installation Co. ● Empire Office Inc. ● Execu|Search Group ● Fedway Associates Inc. and Affiliates ● FreshDirect ● Gellert Global Group ●

Goya Foods

Inc. ● GPI Greenman-Pedersen Inc. ● Hardesty & Hanover ● HDR ● Hearst ● HNTB New York Engineering and Architecture ● Horizon Media Inc. ● Hudson Meridian Construction Group ● Hunter Roberts Construction

Group ●

ICC Industries Inc. ● Imperial Bag & Paper Co. ● Infor ● Inserra Supermarkets Inc. ● Iovino Enterprises ● J.T. Magen & Company Inc. ● JRM Construction Management ● Kaufman Organization ● Kohn Pedersen Fox

Associates

●

Mitchell

Martin Inc. ● Navillus ● Nebraskaland Inc. ● New Jersey Devils ● New York Giants ● NFP ● Noom ● NPD Group Inc. ● Okonite Co. ● Packable (Pharmapacks) ● Paige Electric Co. ● Perkins Eastman ● PIM Brands Inc

●

Posillico

P.18

Schimenti America ● Tory Burch

Krasdale Foods Inc. ● Langan ● Leon D. DeMatteis Construction Corp. ● LRC Construction LLC ● Manhattan Beer Distributors ● Max Kahan Inc. ● McAllister Towing and Transportation ● Mediaocean ● Mindlance ●

Inc. ● PrestigePEO ● Pride Global ● Procida Construction Corp. ● RC Andersen ● Red Apple Group Inc. ● Renco Group Inc. ● Russell Reynolds Associates ● Saatva ● SalSon Logistics ● Sam Ash Music Corp. ● VISHAL GARGCompany CEO, Better ● Schweiger Dermatology Group ● Sigma Plastics Group ● Solomon Page ● Standard Industries ● Stanford Investment Group ● Stark Carpet Corp. ● STO Building Group ● STV ● SUEZ North Construction Sugar Foods Corp. ● Synechron Inc. ● TDX Construction Corp. ● Terminal Construction Corp. ● The LiRo Group ● The Rinaldi Group ● Thornton Tomasetti Inc. ● Tishman Speyer ● Toorak Capital Partners ● Torcon Inc. ● Trammo Inc. ● TransPerfect ● TripleLift ● Triton Construction Co. ● Trump Organization ● Turner & Townsend ● Turtle & Hughes Inc. ● Univision Communications Inc. ● Vericon Construction Co. ● Vice Media Inc. ● Vista

●

Food

Exchange Inc. ● Volmar Construction, Inc. ● Weeks Marine Inc. ● Wine Enthusiast Cos. ● Wm. Blanchard Co. ● Adams & Co. Real Estate ● AFD Contract Furniture Inc. ● Alcott HR ● Alliance Shippers Inc. ● Allied Bev-

erage Group

●

Briad Group

●

Brooklyn Nets ● BuzzFeed ● Central National Gottesman Inc. ● CGSContinental Grain Co. ● Crystal Window & Door Systems Ltd. ● Curry Automotive ● Curtis Instruments Inc. ● D’Artagnan Inc. ● Deep Foods Inc. ●

Doherty En-

P.20

Goya Foods

terprises ● E.W. Howell Construction Group ● Eileen Fisher Inc. ● E-J Electric Installation Co. ● Empire Office Inc. ● Execu|Search Group ● Fedway Associates Inc. and Affiliates ● FreshDirect ● Gellert Global Group ● JEN RUBIO CEO, Away Inc. ● GPI Greenman-Pedersen Inc. ● Hardesty & Hanover ● HDR ● Hearst ● HNTB New York Engineering and Architecture ● Horizon Media Inc. ● Hudson Meridian Construction Group ● Hunter Roberts Construction

Group ● ICC Industries Inc. ● Imperial Bag & Paper Co. ● Infor ● Inserra Supermarkets Inc. ● Iovino Enterprises ● J.T. Magen & Company Inc. ● JRM Construction Management ● Kaufman Organization ● Kohn Pedersen Fox Associates ● Krasdale Foods Inc. ● Langan ● Leon D. DeMatteis Construction Corp. ● LRC Construction LLC ● Manhattan Beer Distributors ● Max Kahan Inc. ● McAllister Towing and Transportation ● Mediaocean ● Mindlance ● Mitchell Martin Inc. ● Navillus ● Nebraskaland Inc. ● New Jersey Devils ● New York Giants ● NFP ● Noom ● NPD Group Inc. ● Okonite Co. ● Packable (Pharmapacks) ● Paige Electric Co. ● Perkins Eastman ● PIM Brands Inc ● Posillico Inc. ● PrestigePEO ● Pride Global ● Procida Construction Corp. ● RC P013_CN_20211101.indd 13

10/28/21 6:10 PM

THE LIST LARGEST PRIVATELY HELD COMPANIES New York–area companies ranked by 2019 revenue

RANK

1 2 3

PHONE/ WEBSITE

COMPANY

AMANDA.GLODOWSKI@CRAINSNEWYORK.COM

TOP EXECUTIVE(S)

2020 REVENUE (IN MILLIONS) % CHANGE VS. 2019

2021 PROJECED REVENUE (IN MILLIONS)

Hearst 300 W. 57th St. New York, NY 10019

212-649-2000 hearst.com

Steven Swartz President, chief executive William Hearst III Chairman Frank Bennack Jr. Executive vice chairman, former chief executive

$11,300.0 -0.9%

n/d

Global, diversified media, information and services

Bloomberg LP 731 Lexington Ave. New York, NY 10022

212-318-2000 bloomberg.com

Michael Bloomberg Founder, president, chief executive

$10,500.0 +5.0%

n/d

20,000

Global business, financial information and news

Horizon Media Inc. 75 Varick St. New York, NY 10013

212-220-5000 horizonmedia.com

Bill Koenigsberg Founder, president, chief executive Eileen Benwitt, Vincent O'Toole Executive vice presidents

$8,500.0 -8.6%

$9,500.0

2,400

Media services

STO Building Group 2 330 W. 34th St. New York, NY 10001

212-481-6100 stobuildinggroup.com

James Donaghy Executive chairman Robert Mullen Chief executive

$8,080.0 +2.4%

$8,731.4

3,600

Construction management and general contracting

Standard Industries 9 W. 57th St. New York, NY 10019

212-821-1600 standardindustries.com

David Millstone David Winter Co-chief executives

$6,400.0 +4.9%

n/d

Central National Gottesman Inc. 3 Manhattanville Road Purchase, NY 10577

914-696-9000 cng-inc.com

Andrew Wallach President, chief executive

$6,200.0 -4.6%

$6,700.0

2,850

Renco Group Inc. 1 Rockefeller Plaza New York, NY 10020

212-541-6000 rencogroup.net

Ira Rennert Founder, chairman, chief executive

$5,000.0 3 +4.2%

n/d

17,000

Red Apple Group Inc. 800 Third Ave. New York, NY 10022

212-956-5803 ragny.com

John Catsimatidis Chairman, president, chief executive

$4,500.0 3 -30.8%

$6,700.0

Infor 641 Sixth Ave. New York, NY 10011

646-336-1700 infor.com

Kevin Samuelson Chief executive

$3,400.0 n/d

n/d

17,000

B&H Photo Video Pro Audio 420 Ninth Ave. New York, NY 10001

212-444-6615 bandh.com

Herman Schreiber Owner

$3,000.0 4 +2.0%

n/d

Continental Grain Co. 767 Fifth Ave. New York, NY 10153

212-207-5100 continentalgrain.com

Paul Fribourg Chairman, chief executive

$2,600.0 3 +4.0%

n/d

Univision Communications Inc. 605 Third Ave. New York, NY 10158

corporate.univision.com

Vince Sandusky Chief executive

$2,540.0 3 -5.9%

n/d

4,000

Hispanic-American media

Sigma Plastics Group Page and Schuyler avenues Lyndhurst, NJ 07071

201-933-6000 sigmaplasticsgroup.com

Mark Teo President, chief executive

$2,475.0 -4.8%

$2,875.0

4,750

Flexible packaging

HDR 500 Seventh Ave. New York, NY 10018

212-542-6000 hdrinc.com

Jane Charalambous New York-New Jersey area manager

$2,360.9 +1.5%

n/d

Imperial Bag & Paper Co. 255 U.S. Rte. 1 and Rte. 9 Jersey City, NJ 07306

201-437-7440 imperialdade.com

Robert Tillis Chief executive Jason Tillis President

$2,123.0 +22.2%

$2,800.0

4,300

4 5 6 7 8 9 10 11 12 13 14 15 Language of success 16 17 18 19 20 21

COMPANY

PrestigePEO 516-692-8505 Andrew Lubash SPOTLIGHT 538 Broadhollow Road prestigepeo.com Founder, chief executive IN A CITY WITH THOUSANDS OF CONSULTANTS, TransPerfect Melville, NY 11747 Eric Foodim stands out. It’s the nation’s largest independentChief translaoperating officer TransPerfect

tion firm, but what’s really interesting is how it survived

Trammo Inc. 212-223-3200 Edward Weiner a brutal fight for control. Phil Shawe and Liz Elting started 8 W. 40th St. President, the business in their trammo.com New York University dorm and atchief executive New York, NY 10018 one point got engaged. But in 2014 they sued each other

#31

for mismanagement and malfeasance. Each owned

BUCK ENNIS

2021 TOTAL COMPANY EMPLOYEES 1 NATURE OF BUSINESS

Global building materials

Sales and distribution of pulp, paper, tissue, packaging and other products Military vehicles, automotive interiors, pallet racks, magnesium and refined metals

8,000 3 Retail, energy and real estate, media Enterprise software

Photo and video equipment retailer

12,000 3 Food, agribusiness and commodities

Engineering, architecture, environmental and construction services

Continued Wholesale food service, on page 16 packaging and janitorial supplies

Growth during a difficult time $1,953.4

$2,300.0

20,602

Professional employer

organization 56%+25.4% OF COMPANIES on the list grew their revenue from FY19 to FY20.

Revenue $1,800.0 grew

$3,000.0

n/d

56%

6.3%

Commodity trading, distribution and transportation AVERAGE

GROWTH in

Goya Foods Inc. 201-348-4900 Robert Unanue 50% of the company, and neither would blink, resulting 350 County Road goya.com President, chief executive four-year legal war featuring some 30 lawsuits, inJersey City, in NJ a 07307

$1,700.0 +13.3%

$1,700.0

band. Lawyers made212-301-4000 off with $250 million in Douglas fees, and NFP Hammond Alan In the end, a Delaware 340 Madison Ave.Dershowitz got involved. nfp.com Chairman, chief executive New York, NY 10173told Shawe to buy out his former partner for $385 judge

$1,590.0 +8.8%

$1,750.0

$1,500.0 -18.9%

Stephen Dilts Senior vice president

$1,418.3 +4.1%

George Gellert

$1,410.0 5

4,500

revenue across Food manufacturing, packaging the list and distribution

cluding one by Shawe’s mother against Elting’s hus-

SHAWE

million. Plenty of companies have fallen apart because the founders could no ICCbut Industries John Farber longer get along, ShaweInc. managed to steer212-521-1700 the ship through the TransPerfect 725 Fifth Ave. iccchem.com Founder, chairman storm. — Aaron Elstein New York, NY 10022

14 | CRAIN’S NEW YORK BUSINESS | NOVEMBER 1, 2021

HNTB New York Engineering and Architecture 350 Fifth Ave. P014_CN_20211101.inddNew 14 York, NY 10118 Gellert Global Group

212-594-9717 hntb.com

908-351-8000

6,000

Insurance brokerage and consulting

$2,150.0

1,875

Chemicals, plastics, additives, compounds, colors, paint, resins, Source: Crain’s analysis manufacturing and trading

n/d

44%

Blaise Sarcone President, chief financial officer

Revenue shrank

Infrastructure firm

10/28/21 5:54 PM

n/d

1,815 5 Imported food products

CN020471.indd 1 11-1 Perella Weinberg NY 594721F.indd 1 Crains NY Business

10/25/21 11:38 AM 9/28/21 11:10

9 10 11 LIST THE 12 LARGEST PRIVATELY HELD COMPANIES 13 14 15 1 16 2 17 3 18 19 4 20 5 6 21 7 22 823 924 10 25 11 26 12 13 27 14 28 15 29 16 30 17 31 18 32 19 33 20 34 21 35 36 New York, NY 10011

RANK

B&H Photo Video Pro Audio 420 Ninth Ave. New York, NY 10001

212-444-6615 bandh.com

Herman Schreiber Owner

$3,000.0 4 +2.0%

n/d

Continental Grain Co. 767 Fifth Ave. New York, NY 10153

212-207-5100 continentalgrain.com

Paul Fribourg Chairman, chief executive

$2,600.0 3 +4.0%

n/d

Univision Communications Inc. 605 Third Ave. New York, NY 10158

corporate.univision.com

Vince Sandusky Chief executive

$2,540.0 3 -5.9%

n/d

4,000

Hispanic-American media

Sigma Plastics Group Page and Schuyler avenues Lyndhurst, NJ 07071

201-933-6000 sigmaplasticsgroup.com

Mark Teo President, chief executive

$2,475.0 -4.8%

$2,875.0

4,750

Flexible packaging

HDR 500 Seventh Ave. COMPANY New York, NY 10018

212-542-6000 hdrinc.com PHONE/

Jane Charalambous New York-New Jersey area TOP EXECUTIVE(S) manager

$2,360.9

n/d

+1.5% 2020 REVENUE (IN MILLIONS) % CHANGE VS. 2019

2021 PROJECED REVENUE (IN MILLIONS)

Imperial Hearst Bag & Paper Co. 255 Rte.St. 1 and Rte. 9 300 U.S. W. 57th Jersey City,NYNJ10019 07306 New York,

201-437-7440 212-649-2000 imperialdade.com hearst.com

$2,123.0 $11,300.0 +22.2% -0.9%

$2,800.0 n/d

4,300 n/d

PrestigePEO 538 Broadhollow Road Melville, NY 11747 Bloomberg LP 731 Lexington Ave. Trammo New York,Inc. NY 10022 8 W. 40th St. New York,Media NY 10018 Horizon Inc. 75 Varick St. Goya Foods New York, NYInc. 10013 350 County Road Jersey City, NJ 07307

516-692-8505 prestigepeo.com

Robert Steven Tillis Swartz Chief executive President, chief executive Jason WilliamTillis Hearst III President Chairman Frank Bennack Jr. Andrew ExecutiveLubash vice chairman, former Founder, chief executive chief executive Eric Foodim Chief operating officer Michael Bloomberg Founder, president, chief executive Edward Weiner President, chief executive Bill Koenigsberg Founder, president, chief executive Robert Unanue Eileen Benwitt, President, chief executive Vincent O'Toole Executive vice presidents

$1,953.4 +25.4%

$2,300.0

20,602

Professional employer organization

$10,500.0 +5.0% $1,800.0 n/d $8,500.0 -8.6% $1,700.0 +13.3%

n/d

20,000

$3,000.0

n/d

$9,500.0

2,400

Global business, financial information and news Commodity trading, distribution and transportation Media services

$1,700.0

4,500

Food manufacturing, packaging and distribution

NFP STO Building Group 2 340 Ave. 330 Madison W. 34th St. New York, NY 10173 10001

212-301-4000 212-481-6100 nfp.com stobuildinggroup.com

ICC Industries Inc. Standard Industries 725 Fifth Ave. 9 W. York, 57th NY St. 10022 New New York, NY 10019

212-521-1700 212-821-1600 iccchem.com standardindustries.com

HNTB York Engineering CentralNew National Gottesman and Inc. Architecture 3 Manhattanville Road 350 Fifth Ave. Purchase, NY 10577 New York, NY 10118 Renco Group Inc. Gellert GlobalPlaza Group 1 Rockefeller 1 Atalanta Plaza New York, NY 10020 Elizabeth, NJ 07206 Red Apple Group Inc. 800 Third Ave. J.T. Company Inc. NewMagen York, NY& 10022 44 W. 28th St. New InforYork, NY 10001 641 Sixth Ave. Allied Beverage Group New York, NY 10011 700 Kapowski Road Elizabeth, 07201 B&H PhotoNJVideo Pro Audio 420 Ninth Ave. Inserra Supermarkets New York, NY 10001 Inc. 20 Ridge Road Mahwah, NJ 07430 Continental Grain Co. 767 Fifth Ave. Fedway Associates New York, NY 10153Inc. and Affiliates 20 North Ave. East Univision Communications Inc. Elizabeth, 605 Third NJ Ave.07201 New York, NY 10158 Sigma Plastics Group Tory PageBurch and Schuyler avenues 11 W. 19thNJ St.07071 Lyndhurst, New York, NY 10011 HDR 500 Seventh Ave. New York, NY 10018 Manhattan Beer Distributors 955 E. 149th St.Paper Co. Imperial Bag & Bronx, NYRte. 10455 255 U.S. 1 and Rte. 9

201-933-6000 212-683-2323 sigmaplasticsgroup.com toryburch.com

WEBSITE

212-318-2000 bloomberg.com 212-223-3200 trammo.com 212-220-5000 horizonmedia.com 201-348-4900 goya.com

Sugar GellertFoods GlobalCorp. Group 950 Third Ave. 1 Atalanta Plaza New York, NY 10022 Elizabeth, NJ 07206

Photo and video equipment retailer

12,000 3 Food, agribusiness and commodities

n/d

Engineering, architecture,

2021 TOTAL COMPANY environmental and construction EMPLOYEES 1 services NATURE OF BUSINESS

Wholesale food service, Global, diversified media, packaging informationand andjanitorial servicessupplies

Douglas Hammond James Donaghy Chairman, chief executive Executive chairman Robert Mullen Chief executive John Farber David Millstone Founder, chairman David Winter Blaise Sarcone Co-chief executives President, chief financial officer

$1,590.0 $8,080.0 +8.8% +2.4%

$1,750.0 $8,731.4

6,000 3,600

Insurance brokerage and and Construction management consulting general contracting

$1,500.0 $6,400.0 -18.9% +4.9%

$2,150.0 n/d

1,875 n/d

Chemicals, plastics, additives, Global building materials compounds, colors, paint, resins, manufacturing and trading

212-594-9717 914-696-9000 hntb.com cng-inc.com

Stephen Dilts Andrew Wallach Senior vicechief president President, executive

$1,418.3 $6,200.0 +4.1% -4.6%

n/d $6,700.0

n/d 2,850

Infrastructure firm Sales and distribution of pulp, paper, tissue, packaging and other products

212-541-6000 908-351-8000 rencogroup.net gellertglobalgroup.com

Ira Rennert George Founder,Gellert chairman, chief executive Chairman, chief executive Andrew Gellert President John Catsimatidis Chairman, president, chief Maurice executiveRegan President Kevin Samuelson Chief executive Jeffrey Altschuler President, chief executive Herman Schreiber Owner Lawrence Inserra Jr. Chairman, chief executive Paul Fribourg Chairman, chief executive Richard Leventhal Chairman, chief executive John VinceDevin Sandusky President, Fedway Associates Chief executive Ralph Ippolito President, Inter Metro Mark Teo Tory Burch chief executive President, Founder, executive chairman, chief creative officer Pierre Yves-Roussel Jane Charalambous Chief executiveJersey area New York-New manager Simon Bergson President, Robert Tillischief executive

$5,000.0 3 5 $1,410.0 +4.2% +2.9%

n/d n/d

$4,500.0 3 -30.8% $1,391.1 +0.9% $3,400.0 n/d $1,310.0 5 +9.2% $3,000.0 4 +2.0% $1,280.0 5 n/d $2,600.0 3 +4.0% $1,277.0 +15.6% $2,540.0 3 -5.9%

$6,700.0

212-956-5803 ragny.com 212-790-4200 jtmagen.com 646-336-1700 infor.com 800-2721323 alliedbeverage.com 212-444-6615 bandh.com 201-529-5900 shoprite.com 212-207-5100 continentalgrain.com 973-624-6444 fedway.com corporate.univision.com

212-542-6000 hdrinc.com

718-292-9300 manhattanbeer.com 201-437-7440 imperialdade.com

Jersey City, NJ 07306 SUEZ North America 201-767-9300 461 From Road suez-na.com Paramus, NJ 07652 PrestigePEO 516-692-8505 538 Broadhollow Road prestigepeo.com Hunter Construction 212-321-6800 Melville,Roberts NY 11747 Group hrcg.com 55 Water St. New York,Inc. NY 10041 Trammo 212-223-3200 8 W. 40th St. trammo.com TransPerfect 212-689-5555 New York, NY 10018 1250 Broadway transperfect.com New NYInc. 10001 GoyaYork, Foods 201-348-4900 350 County Road goya.com RC Andersen 973-227-8100 Jersey City, NJ 07307 695 U.S. Route 46 rcandersen.com Fairfield, NJ 07004 NFP 212-301-4000 340 Madison Ave. nfp.com 8 Better.com 415-523-8837 New York, NY 10173 3 World Trade Center better.com New York, NY 10007 ICC Industries Inc. 212-521-1700 725 Fifth Ave. iccchem.com Weeks Marine Inc. 908-272-4010 New York, NY 10022 4 Commerce Drive weeksmarine.com WANT MORE Cranford, NJ 07016 HNTB New York Engineering and 212-594-9717 FreshDirect Architecture hntb.com 16 | CRAIN’S NEW YORK BUSINESS | NOVEMBER 1, 866-283-7374 2021 2 St.Fifth Ann'sAve. Ave. freshdirect.com 350 Bronx, NY 10454 New York, NY 10118

P016_CN_20211101.indd 16

n/d

$2,475.0 3 $1,200.0 -4.8% -20.0%

212-753-6900 908-351-8000 sugarfoods.com gellertglobalgroup.com

n/d $1,450.0 n/d n/d n/d $1,341.0 n/d

8,000 3 Retail, energy and real estate, media 472 Construction management and general contracting 17,000 Enterprise software 1,000 5 Wholesale distribution of wines, spirits and other beverages n/d Photo and video equipment retailer 4,848 5 Supermarkets and superstores 12,000 3 Food, agribusiness and commodities 1,000 Importing and distributing wines and spirits; logistics, trucking; real developmentmedia 4,000 estate Hispanic-American

$2,875.0 n/d

4,750 n/d

$2,360.9 +1.5%

n/d

$1,120.0 -4.9% $2,123.0

$1,200.0

1,486

$2,800.0

4,300

+22.2%

Chief executive Jason Tillis Nadine Leslie President Chief executive Andrew Lubash Founder, chief executive James McKenna Eric Foodim President, chief officer executive Chief operating

Edward Weiner President, chief executive Phil Shawe President, chief executive Robert Unanue President, chief executive Robert Andersen President Douglas Hammond Chairman, chief executive Vishal Garg Founder, chief executive John Farber Founder, chairman Richard Weeks Blaise Sarcone President President, chief financial officer CRAIN’S EXCLUSIVE DATA?

$1,100.0

17,000 Military vehicles, automotive 1,815 5 Imported food products interiors, pallet racks, magnesium and refined metals

$1,100.0 5 n/d $1,953.4 +25.4% $904.0 -22.4%

VISIT

n/d

20,602

$1,150.0

315

Stephen Dilts David SeniorMcInerney vice president Chief executive

$1,418.3 11 $760.0 +4.1% +16.9%

n/d n/d

Stephen Odell George Gellert Owner Chairman, chief executive Andrew Gellert

$736.3 512 $1,410.0 +10.0% +2.9%

n/d

Engineering, architecture, environmental and construction services Beer, wine and spirits distribution Wholesale food service, packaging and janitorial supplies

950 5 Water services

$2,300.0

$1,800.0 $3,000.0 n/d 6 $852.0 n/d +13.1% $1,700.0 $1,700.0 +13.3% 7 $820.3 n/d n/d $1,590.0 $1,750.0 +8.8% 9 $800.0 n/d +613.9% $1,500.0 $2,150.0 -18.9% 7 $779.0 n/d +1.8% CRAINSNEWYORK.COM/LISTS.

Flexible packaging Women's clothing designer and retailer

n/d n/d 4,500 n/d

Professional employer organization Construction management, general contracting and designbuild Commodity trading, distribution and transportation Global language and translation services Food manufacturing, packaging and distribution Construction and design-build

6,000

Insurance brokerage and consulting 4,500 10 Digital mortgage platform

1,875 n/d

Chemicals, plastics, additives, compounds,Continued colors, paint, on resins, page 18 Maritime construction, dredging manufacturing and trading and tunneling services

n/d n/d

Infrastructure firm Online grocery delivery

n/d 5 Manufacturing and sales of dry 1,815 Imported food products 10/28/21 and bakery goods

5:40 PM

CN020472.indd 1

10/26/21 7:27 AM

29 30 THE LIST 31 LARGEST PRIVATELY HELD COMPANIES 32 33 34 1 35 236 337 38 4 39 5 40 6 741 842 942 44 10 45 11 12 46 13 47 14 48 15 49 Home sweet home 16 50 51 17 #33 52 18 53 19 54 20 55 21 56 22 RANK

201-767-9300 suez-na.com

Nadine Leslie Chief executive

Hunter Roberts Construction Group 55 Water St. New York, NY 10041

212-321-6800 hrcg.com

James McKenna President, chief executive

$904.0 -22.4%

TransPerfect 1250 Broadway New York, NY 10001

212-689-5555 transperfect.com

Phil Shawe President, chief executive

RC Andersen 695 U.S. Route 46 Fairfield, NJ 07004

973-227-8100 rcandersen.com

Robert Andersen President

Better.com 8 3 World Trade Center New York, NY 10007 COMPANY

415-523-8837 better.com PHONE/

Vishal Garg Founder, chief executive

WEBSITE

TOP EXECUTIVE(S)

Weeks Marine Inc. Hearst 4 Commerce Drive 300 W. 57th St. Cranford, New York, NJ NY 07016 10019

908-272-4010 212-649-2000 weeksmarine.com hearst.com

$779.0 7 $11,300.0 +1.8% -0.9%

FreshDirect 2 St. Ann's Ave. Bronx, NY 10454

866-283-7374 freshdirect.com

RichardSwartz Weeks Steven President chief executive President, William Hearst III Chairman David Bennack McInerneyJr. Frank Chief executive Executive vice chairman, former chief executive

Sugar FoodsLPCorp. Bloomberg 950 Lexington Third Ave. Ave. 731 New York, NY 10022

212-753-6900 212-318-2000 sugarfoods.com bloomberg.com

KrasdaleMedia FoodsInc. Inc. Horizon 65 Varick W. RedSt. Oak Lane 75 WhiteYork, Plains, NY 10604 New NY 10013

914-694-6400 212-220-5000 krasdalefoods.com horizonmedia.com

Russell Reynolds Associates 277 Park Ave. STO Group 2 New Building York, NY 10172 330 W. 34th St. New NY 10001 TurtleYork, & Hughes Inc. 1900 Lower Road Linden, NJ 07036 Standard Industries 9 W. 57th St. New NY 10019Management JRM York, Construction 242 W. 36th St. Central National Gottesman Inc. New York, NY 10018 3 Manhattanville Road Purchase, NY 10577 E-J Electric Installation Co. 46-41 Vernon Blvd. Renco Group Inc. Island City, NY 11101 1Long Rockefeller Plaza New York, NY 10020 PIM Brands Inc. 225 Apple Brae Blvd. Red Group Inc. Park Third Ridge,Ave. NJ 07656 800 New York, NY 10022 Vice Media Inc. 49 S. Second St. Infor Brooklyn, 641 Sixth NY Ave.11211 New York, NY 10011

212-351-2000 russellreynolds.com 212-481-6100 stobuildinggroup.com 732-574-3600 turtle.com

CurryPhoto Automotive B&H Video Pro Audio 727 Ninth CentralAve. Ave. 420 Scarsdale, NY10001 10583 New York, NY

914-725-3500 212-444-6615 currycars.com bandh.com

Bernard Schreiber Curry III Herman Owner, chief executive Owner

Alliance Shippers Continental Grain Inc. Co. 516 Fifth Sylvan Ave. 767 Ave. Englewood Cliffs, NJ 07632 New York, NY 10153

201-227-0400 212-207-5100 alliance.com continentalgrain.com

STV Univision Communications Inc. 225 Third Park Ave. 605 Ave. South 10003 New York, NY 10158

212-777-4400 corporate.univision.com stvinc.com

Sigma Plastics Group TripleLift Page and Schuyler avenues 400 Lafayette St. Lyndhurst, NJ 07071 New York, NY 10003 HDR 500 Seventh Ave. Synechron New York, NYInc. 10018 11 Times Square New York,Bag NY 10036 Imperial & Paper Co. 255 U.S. Rte. 1 and Rte. 9 Posillico Inc. Jersey City, NJ 07306 1750 New Highway Farmingdale, NY 11735 PrestigePEO Nebraskaland Inc.Road 538 Broadhollow 355 FoodNYCenter Drive Melville, 11747 Bronx, NY 10474

201-933-6000 triplelift.com sigmaplasticsgroup.com

Alcott HRInc. Trammo 871W.Executive 40th St. Blvd. Farmingdale, NY 11735 New York, NY 10018

BETTER MORTGAGE.COM

TurnerFoods & Townsend Goya Inc. 475 County Park Ave. South 350 Road New York, Jersey City,NYNJ10016 07307 Empire Office Inc. NFP 654 Madison Ave. 340 10065 New York, NY 10173

GARG

$1,100.0 5 n/d

SUEZ North America 461 From Road Paramus, NJ 07652

LRC Industries Construction ICC Inc.LLC 7 Renaissance 725 Fifth Ave. Square WhiteYork, Plains, NY 10601 New NY 10022

n/d

950 5 Water services

$1,150.0

315

Construction management, general contracting and designbuild

$852.0 6 +13.1%

n/d

Global language and translation services

$820.3 7 n/d

n/d

Construction and design-build

$800.0 9 n/d +613.9% 2020 REVENUE (IN MILLIONS) 2021 PROJECED REVENUE % CHANGE VS. 2019

(IN MILLIONS)

4,500 10 Digital mortgage platform 2021 TOTAL COMPANY EMPLOYEES 1 NATURE OF BUSINESS

RAN

n/d

Maritimediversified construction, dredging Global, media, and tunneling services information and services

$760.0 11 +16.9%

n/d

Online grocery delivery

StephenBloomberg Odell Michael Owner president, chief executive Founder,

$736.3 12 $10,500.0 +10.0% +5.0%

n/d

n/d 20,000

$733.4 $8,500.0 +8.9% -8.6%

n/d $9,500.0

471 2,400

n/d

1,564

212-821-1600 standardindustries.com 212-545-0500 jrmcm.com 914-696-9000 cng-inc.com

Charles Krasne Bill Koenigsberg Chief executive Founder, president, chief executive Eileen Benwitt, Vincent O'Toole Justin Cerilli Executive vice presidents Managing director, James Donaghy area manager Executive chairman Robert Mullen Jayne Millard Chief executive Executive chairman of the board Kathleen Shanahan David Millstone Chief executive David Winter Co-chief executives David McWilliams Chief executive Andrew Wallach Joseph Romano President, President chief executive

718-786-9400 ej1899.com 212-541-6000 rencogroup.net

Anthony Mann President, Ira Rennertchief executive Founder, chairman, chief executive

$651.7 +2.3% 3 $5,000.0 +4.2%

n/d n/d

800-369-7391 pimbrands.com 212-956-5803 ragny.com

Michael Rosenberg President, chief executive John Catsimatidis Chairman, president, chief executive Shane Smith Co-founder, executive chairman Kevin Samuelson Nancyexecutive Dubuc Chief Chief executive

$600.0 +14.3% 3 $4,500.0 -30.8%

n/d $6,700.0

vice.com 646-336-1700 infor.com

212-542-6000 hdrinc.com 212-619-5200 synechron.com 201-437-7440 imperialdade.com 631-249-1872 posillicoinc.com

516-692-8505 718-842-0700 prestigepeo.com nebraskaland.com

$6,400.0 +4.9% $660.0 n/d $6,200.0 -4.6%

$600.0 13 0.0% $3,400.0 n/d

$8,731.4 n/d

Wholesale food distribution Media services

Global leadership advisory and executive search firm 3,600 Construction management and general contracting 338 5 Electrical and industrial distribution

n/d

400

$6,700.0

Manufacturing and sales of dry Global business, financial and bakery goods information and news

Global building materials

General contracting and construction management 2,850 Sales and distribution of pulp, services paper, tissue, packaging and other products 1,009 Electrical contracting 17,000 Military vehicles, automotive interiors, pallet racks, magnesium and refined metals 1,050 Manufacturer of fruit snacks, confections and related products 8,000 3 Retail, energy and real estate, media

n/d n/d

n/d 17,000

$585.8 4 $3,000.0 -24.2% +2.0%

$658.1 n/d

529 n/d

Jonathan Lefcourt Paul Fribourg President, chief executive Chairman,

$570.0 35 $2,600.0 -20.5% +4.0%

n/d

Dominick Servedio Vince Sandusky Chairman Chief executive Greg Kelly President, chief executive Mark Teo Eric Berry, chief executive President, Shaun Zacharia, Ari Lewine Co-founders Jane Charalambous New York-New Jersey area Faisal Husain manager Co-founder, chief executive Robert Tillis Chief executive JosephTillis Posillico Jason President, President chief executive

$566.5 3 $2,540.0 -2.7% -5.9%

n/d

n/d 4,000

Multidisciplinary engineering, Hispanic-American media architectural, planning, program and construction management

$2,475.0 $555.0 -4.8% +85.0%

$2,875.0 $925.0

4,750 376

Flexible packaging Programmatic advertising

$2,360.9 +1.5% $550.0 +13.4% $2,123.0 +22.2% $548.6 +46.7%

n/d

Andrew Lubash Richard Romanoff Founder, chief executive COMPANY President, Eric Foodimchief executiveSPOTLIGHT Chief operating officer

BETTER’S CEO, VISHAL GARG, did the im631-420-0100 Steven Politis 212-223-3200 Edward Weiner Better.com possible last year by making mortgages alcotthr.com Chiefnumexecutive trammo.com President, chief executive sexy. As cities shut down, a record ber of first-time homebuyers fleeing to the suburbs confronted an antiquated 212-370-7321 n/d Unanue 201-348-4900 Robert and convoluted process, and Better waschief executive turnerandtownsend.com goya.com President, there to help. The digital lender, launched in 2016, reported more than a 212-607-5500 Peter A Gaslow 212-301-4000 Douglas Hammond 600% increase in revenue last year. reempireoffice.com President, nfp.com Chairman, cent $500 million investment from Japa-chief executive nese conglomerate SoftBank and valuation that tops $7 billion puts Better in a 914-773-7700 LouisFarber Cappelli 212-521-1700 John position to publicly list via a special-purlrcbuild.com Chairman,chairman chief executive iccchem.com Founder, pose acquisition company in the fourth Peter Palazzo Blaise Sarcone quarter of this year. President chief financial officer President, — Amanda Glodowski

TrumpNew Organization 212-832-2000 HNTB York Engineering and 212-594-9717 725 FifthBUSINESS Ave. trump.com Architecture 18 | CRAIN’S NEW YORK | NOVEMBER 1, hntb.com 2021 New Fifth York, Ave. NY 10022 350 New York, NY 10118 NPD Group Inc. 516-625-0700 900 W. Global Shore Road npd.com Gellert Group 908-351-8000 P018_P019_CN_20211101.indd 18 Washington, 1Port Atalanta Plaza NY 11050 gellertglobalgroup.com Elizabeth, NJ 07206

$699.0 -9.0% $8,080.0 +2.4% $680.0 5 -10.4%

$650.0

4,300

$410.0

700

$2,300.0 n/d

Auto dealerships Photo and video equipment retailer

Engineering, architecture, environmental and construction

11,000 6 services Technology consultancy for the

Recovery in progress $1,953.4 $538.0 12 +25.4% +10.7%

Digital media and broadcasting Enterprise software

Transportation and logistics n/d 35 Food, agribusiness and 12,000 commodities

$2,800.0

20,602 n/d

financial services industry Wholesale food service, packaging and janitorial supplies Civil construction

Professional employer Wholesale meat distribution organization

PRIVATE SECTOR JOBS in NYC have yet to bounce back to prepandemic level $525.0 $1,800.0 +16.7% n/d

n/d $3,000.0

n/d

Human resources outsourcing Commodity trading, distribution and transportation

Total nonfarm employees in thousands, not seasonally adjusted, NYC $506.0 7

$1,700.0 n/d +13.3%

n/d $1,700.0

n/d 4,500

Construction Food manufacturing, packaging and distribution

4K$1,590.0 $465.0

$475.0 $1,750.0

475 6,000

Contract furniture Insurance brokerage and consulting 4,184.7

$455.0 $1,500.0 +5.8% -18.9%

$485.0 $2,150.0

250 1,875

Constructionplastics, management and Chemicals, additives, general contracting compounds, colors, paint, resins, manufacturing and trading

-21.2% +8.8%

Jan. 2020

Donald Trump Stephen Dilts Jr. Eric Trump Senior vice president Executive vice presidents

$450.0 11 $1,418.3 -23.7% +4.1%

Tod Johnson Executive chairman George Gellert Karyn Schoenbart Chairman, chief executive Chief executive Andrew Gellert

$442.1 -0.4% 5 $1,410.0 +2.9%

Sept. 2021

n/d

$485.0 n/d

n/d

4 4 4 4 4 4 1 5 52 53 5 4 5 5 5 6 57 58 59 51 61 61 16 16 16 61 61 61 16 26 72 72

Source: New York State Dept. of Labor

Real estate development, hotels, Infrastructure firm casinos, golf courses and entertainment

1,650 Marketing research and information services 1,815 5 Imported food products

10/28/21 5:53 PM

NYC

021

Labor

44 45 46 47 48 49 1 50 2 51 52 3 53 4 54 5 55 6 56 7 57 8 58 9 59 10 60 11 61 12 13 62 14 63 15 64 65 16 66 17 67 18 19 67 20 67 70 21 71 22 RANK

Curry Automotive 727 Central Ave. Scarsdale, NY 10583

914-725-3500 currycars.com

Bernard Curry III Owner, chief executive

$585.8 -24.2%

Alliance Shippers Inc. 516 Sylvan Ave. Englewood Cliffs, NJ 07632

201-227-0400 alliance.com

Jonathan Lefcourt President, chief executive

$570.0 5 -20.5%

n/d

n/d 5 Transportation and logistics

STV 225 Park Ave. South New York, NY 10003

212-777-4400 stvinc.com

Dominick Servedio Chairman Greg Kelly President, chief executive

$566.5 -2.7%

n/d

Multidisciplinary engineering, architectural, planning, program and construction management

TripleLift 400 Lafayette St. New York, NY 10003

triplelift.com

Eric Berry, Shaun Zacharia, Ari Lewine Co-founders

$555.0 +85.0%

$925.0

376

Programmatic advertising

Synechron Inc. 11 Times Square COMPANY New York, NY 10036

212-619-5200 synechron.com PHONE/

Faisal Husain Co-founder, chief executive

$650.0

WEBSITE

TOP EXECUTIVE(S)

$550.0 +13.4% 2020 REVENUE (IN MILLIONS)

Posillico Hearst Inc. 1750 Highway 300 W.New 57th St. Farmingdale, NY 11735 New York, NY 10019

631-249-1872 212-649-2000 posillicoinc.com hearst.com

$548.6 $11,300.0 +46.7% -0.9%

Nebraskaland Inc. 355 Food Center Drive Bronx, NY 10474

718-842-0700 nebraskaland.com

Joseph Posillico Steven Swartz President, chief executive William Hearst III Chairman Richard Romanoff Frank Bennack Jr. President, chiefchairman, executiveformer Executive vice chief executive

Bloomberg Alcott HR LP 731Executive LexingtonBlvd. Ave. 71 New York, NY 10022 Farmingdale, NY 11735

212-318-2000 631-420-0100 bloomberg.com alcotthr.com

MichaelPolitis Bloomberg Steven Founder, president, chief executive Chief executive

$10,500.0 $525.0 +5.0% +16.7%

Horizon&Media Inc. Turner Townsend 75 Varick St. South 475 Park Ave. 10013 New York, NY 10016

212-220-5000 212-370-7321 horizonmedia.com turnerandtownsend.com

$8,500.0 $506.0 7 -8.6% n/d

Empire Office Inc. 654 Madison Ave. STO Group 2 New Building York, NY 10065 330 W. 34th St. New Construction York, NY 10001 LRC LLC 7 Renaissance Square White Plains, NY 10601 Standard Industries 9 W. 57th St. New York, NY 10019 Trump Organization 725 Fifth Ave. Central Gottesman Inc. New York,National NY 10022 3 Manhattanville Road Purchase, 10577 NPD GroupNYInc. 900 W. Shore Road Renco Group Inc.NY 11050 Port Washington, 1 Rockefeller Plaza New York, NY 10020 Okonite Co. Red Apple 102 HilltopGroup Road Inc. 800 ThirdNJAve. Ramsey, 07446 New York, NY 10022 Eileen Fisher Inc. Infor 2 Bridge St. 641 Sixth NY Ave.10533 Irvington, New York, NY 10011 BuzzFeed 14 B&HE.Photo 111 18th Video St. Pro Audio 420 Ninth Ave. New York, NY 10003 New York, NY 10001 Iovino Enterprises Continental 1 RockefellerGrain Plaza Co. 767 New Fifth York, Ave. NY 10020 New York, NY 10153 Noom Univision Communications Inc. 229 W. 28th St. 605 Third Ave.10001 New York, NY New York, NY 10158

212-607-5500 empireoffice.com 212-481-6100 stobuildinggroup.com 914-773-7700 lrcbuild.com

Bill Koenigsberg n/d Founder, president, chief executive Eileen Benwitt, Vincent O'Toole Peter Gaslow Executive vice presidents President, chief executive James Donaghy Executive chairman RobertCappelli Mullen Louis Chief executive Chairman, chief executive Peter Palazzo David Millstone President David Winter Co-chiefTrump executives Donald Jr. Eric Trump Andrew ExecutiveWallach vice presidents President, chief executive Tod Johnson Executive chairman Ira Rennert Karyn Schoenbart Founder, chairman, chief executive Chief executive

$428.3 6 $4,500.0 -4.5% 3 -30.8%

800-445-1603 646-336-1700 eileenfisher.com infor.com

James Armstrong John president, Catsimatidis Vice Eastern region Chairman, president, chief executive Eileen Fisher Kevin Samuelson Chair Chief executive

$424.9 11 $3,400.0 -16.0% n/d

n/d n/d

n/d 17,000

646-379-1975 212-444-6615 buzzfeed.com bandh.com

Jonah Peretti Herman Schreiber Founder and chief executive Owner

$421.0 11 $3,000.0 +31.6% 4 +2.0%

n/d n/d

718-571-9599 212-207-5100 iovinoent.com continentalgrain.com

Thomas Iovino Paul Fribourg Founder, chief executive Chairman, chief executive

$419.0 $2,600.0 +35.4% 3 +4.0%

n/d n/d

noom.com corporate.univision.com

Saeju Jeong Vince Sandusky Co-founder, chief executive Chief executive Artem Petakov Co-founder, president

$400.0 4 $2,540.0 +100.0% 3 -5.9%

n/d n/d

The LiRo Group Group Sigma Plastics 3 Aerial Page andWay Schuyler avenues Syosset, Lyndhurst,NYNJ11703 07071

516-938-5476 201-933-6000 liro.com sigmaplasticsgroup.com

$396.5 $2,475.0 +0.5% -4.8%

n/d $2,875.0

n/d 4,750

HDR Pride Global Ave. 500 Seventh 420 Ave. New Lexington York, NY 10018 New York, NY 10170 Imperial Bag & Paper Co. Sam Ash Rte. Music Corp. 255 U.S. 1 and Rte. 9 278 JerseyDuffy City,Ave. NJ 07306 Hicksville, NY 11801

212-542-6000 212-235-5300 hdrinc.com prideglobal.com

Rocco Trotta Mark Teo Chairman President, chief executive Richard Cavallaro Chief executive Jane Charalambous Leo NewRussell York-New Jersey area Founder, manager chief executive

$2,360.9 $392.0 +1.5% -3.7%

n/d n/d

n/d 232

201-437-7440 800-472-6274 imperialdade.com samash.com

Robert Tillis Richard Ash Chief executive President, Jason Tillischief executive President

$2,123.0 $385.0 15 +22.2% 0.0%

$2,800.0 n/d

4,300 n/d

Wholesale food service, Retail of musical instruments packaging and janitorial supplies

Packable (Pharmapacks) 16 PrestigePEO 1516 Motor Parkway 538 Broadhollow Road Islandia, NY 11747 11749 Melville, NY

855-797-2257 516-692-8505 pharmapacks.com prestigepeo.com

$373.0 17 $1,953.4 +51.6% +25.4%

$456.0 $2,300.0

n/d 20,602

E-distributor of health and beauty Professional employer items organization

Mediaocean Trammo Inc.St. 45 W. 18th 8 W. York, 40th NY St. 10011 New New York, NY 10018 New York Giants Goya Foods 1925 GiantsInc. Drive 350 County RoadNJ 07073 East Rutherford, Jersey City, NJ 07307

212-633-8100 212-223-3200 mediaocean.com trammo.com

Andrew Vagenas Lubash Chief executive Founder, chief executive Eric Foodim Chief operating officer Bill Wise Edward Weiner Chief executive President, chief executive

$351.0 18 $1,800.0 +56.7% n/d

n/d $3,000.0

n/d n/d

Advertising software provider Commodity trading, distribution and transportation

$350.0 3 $1,700.0 -36.0% +13.3%

n/d $1,700.0

n/d 4,500

Professional football team Food manufacturing, packaging and distribution

NFP Stanford Investment 340 Madison Ave. Group 629 St.10173 New Grove York, NY Ridgewood, NJ 07450 ICC Industries Inc. Vista FoodAve. Exchange Inc. 725 Fifth 355 Center Drive New Food York, NY 10022 Bronx, NY 10474

212-301-4000 201-652-8529 nfp.com stanfordinvgroup.com

John Mara Robert Unanue President, chief executive President, Steve Tischchief executive Chairman, executive vice president Douglas Hammond David Rajpurohit Chairman, chief executive Managing partner

$1,590.0 $350.0 +8.8% 5 0.0%

$1,750.0 n/d

6,000 Insurance brokerage and Private-equity investment and 15 5 consulting management

$1,500.0 $350.0 -18.9% 0.0%

$2,150.0 $395.0

1,875 84

n/d

HNTBGreenman-Pedersen New York Engineering GPI Inc.and Architecture 325 W. Main St. 350 Fifth NY Ave. Babylon, 11702 New York, NY 10118 Torcon Inc. Gellert GlobalSprings Group Road 328 Newman P018_P019_CN_20211101.indd 19 1 Atalanta Plaza Red Bank, NJ 07701 Elizabeth, NJ 07206

212-821-1600 standardindustries.com 212-832-2000 trump.com 914-696-9000 cng-inc.com 516-625-0700 npd.com 212-541-6000 rencogroup.net 201-825-0300 212-956-5803 okonite.com ragny.com

201-935-8111 201-348-4900 giants.com goya.com

% CHANGE VS. 2019

$538.0 12 +10.7%

$465.0 -21.2% $8,080.0 +2.4% $455.0 +5.8% $6,400.0 +4.9% $450.0 11 -23.7% $6,200.0 -4.6% $442.1 -0.4% $5,000.0 3 +4.2%

212-521-1700 718-542-4401 iccchem.com vistafood.com

John Farber Vincent Founder,Pacifico chairman Founder, chairman, chief executive Blaise Sarcone President, chief financial officer CRAIN’S EXCLUSIVE DATA?

212-594-9717 631-587-5060 hntb.com gpinet.com

Stephen Zenk Dilts Gregory Senior vicevice president Executive president, metroarea branch manager

$1,418.3 $348.2 +4.1% +15.8%

Benedict Torcivia Jr. George Torcivia Gellert Joseph Chairman, chief executive Presidents Andrew Gellert

$342.1 $1,410.0 n/d 5 +2.9%

WANT MORE OF

732-704-9800 908-351-8000 torcon.com gellertglobalgroup.com

$658.1

2021 PROJECED REVENUE (IN MILLIONS)

529

Auto dealerships

11,000 6 Technology consultancy for the 2021 TOTAL COMPANY financial services industry EMPLOYEES 1 NATURE OF BUSINESS

$410.0 n/d

700 n/d

Civil construction Global, diversified media, information and services

n/d

Wholesale meat distribution

n/d

20,000 n/d

$9,500.0 n/d

2,400 n/d

$475.0

475

$8,731.4

3,600

$485.0

250

n/d

$6,700.0 $485.0 n/d n/d $6,700.0

Global business, Human resourcesfinancial outsourcing information and news Media services Construction

Contract furniture Construction management and general contracting Construction management and general contracting Global building materials

Real estate development, hotels, casinos, golf courses and 2,850 Sales and distribution of pulp, entertainment paper, tissue, packaging and products 1,650 other Marketing research and information services 17,000 Military vehicles, automotive interiors, pallet racks, magnesium and refined metals 2,844 6 Wire and cable manufacturing 8,000 3 Retail, energy and real estate, media Women’s clothing design, Enterprise software wholesale and retail Online news and entertainment Photo and video equipment retailer

n/d General construction and Food, agribusiness 12,000 3 specialty contractingand commodities 3,000 4 Digital health platform focused on 4,000 Hispanic-American behavior change media

VISIT CRAINSNEWYORK.COM/LISTS. n/d

Construction and engineering Flexible packaging

Engineering, architecture, Labor vendor management, environmental and construction payroll services and staffing services

Chemicals, plastics, additives, Wholesale meat distribution, compounds, colors, paint, resins, exporting and processing manufacturing and trading Infrastructureplanning firm Engineering, and

construction management and | 19 NOVEMBER 1, 2021 | CRAIN’S NEW YORK BUSINESS inspection services

n/d n/d

n/d Construction management and 1,815 5 general Importedcontracting food products

10/28/21 5:36 PM

64 65 THE 66 LIST LARGEST PRIVATELY HELD COMPANIES 67 67 67 1 70 2 71 72 3 73 474 5 75 6 76 7 77 8 78 9 79 10 80 11 81 12 82 13 83 14 84 15 A85bumpy journey 16 86 17 #112 87 18 88 19 89 20 90 21 91 22 RANK

Sam Ash Music Corp. 278 Duffy Ave. Hicksville, NY 11801

800-472-6274 samash.com

Richard Ash President, chief executive

$385.0 15 0.0%

n/d

Retail of musical instruments

Packable (Pharmapacks) 16 1516 Motor Parkway Islandia, NY 11749

855-797-2257 pharmapacks.com

Andrew Vagenas Chief executive

$373.0 17 +51.6%

$456.0

n/d

E-distributor of health and beauty items

Mediaocean 45 W. 18th St. New York, NY 10011

212-633-8100 mediaocean.com

Bill Wise Chief executive

$351.0 18 +56.7%

n/d

Advertising software provider

New York Giants 1925 Giants Drive East Rutherford, NJ 07073

201-935-8111 giants.com

John Mara President, chief executive Steve Tisch Chairman, executive vice president

$350.0 3 -36.0%

n/d

Professional football team

Stanford Investment Group 629 Grove St. COMPANY NJ 07450 Ridgewood,

201-652-8529 stanfordinvgroup.com PHONE/

David Rajpurohit Managing partner

WEBSITE

TOP EXECUTIVE(S)

HearstFood Exchange Inc. Vista 300 Food W. 57th St. Drive 355 Center New York, NY 10019 Bronx, NY 10474

212-649-2000 718-542-4401 hearst.com vistafood.com

GPI Greenman-Pedersen Inc. 325 W. Main St. Babylon, NY 11702

631-587-5060 gpinet.com

Bloomberg Torcon Inc. LP 731 Newman LexingtonSprings Ave. Road 328 New Bank, York, NY Red NJ 10022 07701 Horizon Media Inc. Co. Triton Construction 75 E. Varick 30 33rdSt.St. New York, NY 10016 10013

15 5 Private-equity investment and

n/d

2021 TOTAL COMPANY management EMPLOYEES 1 NATURE OF BUSINESS

2021 PROJECED REVENUE (IN MILLIONS)

Steven Swartz Vincent Pacifico President,chairman, chief executive Founder, chief executive William Hearst III Chairman Gregory Zenk Jr. Frank Bennack Executive vice president, chairman, metroformer area manager chief branch executive

$11,300.0 $350.0 -0.9% 0.0%

n/d $395.0

n/d 84

Global, diversified media, Wholesale meat distribution, information and services exporting and processing

$348.2 +15.8%

n/d

Engineering, planning and construction management and inspection services

212-318-2000 732-704-9800 bloomberg.com torcon.com

Michael Bloomberg Benedict Torcivia Jr. Founder,Torcivia president, chief executive Joseph Presidents

$10,500.0 $342.1 +5.0% n/d

n/d

20,000 n/d

Global business, financial and Construction management information and news general contracting

212-220-5000 212-388-5700 horizonmedia.com tritonconstruction.net

Bill Koenigsberg Lance Franklin Founder, president, chief executive Frank Reich Eileenexecutives Benwitt, Chief Vincent O'Toole Executive Ed Dohertyvice presidents Chairman, chief executive James Donaghy Executive chairman RobertGockel Mullen David Chief executive President, chief executive

$8,500.0 $336.1 -8.6% +6.5%

$9,500.0 $400.0

2,400 120

Media services Construction management, general contracting and consulting

$326.5 -32.0% $8,080.0 +2.4% $323.0 +5.2%

$419.3

2,884

$8,731.4

3,600

n/d

Restaurant ownership and operation Construction management and general contracting Land-development engineering and environmental services

Doherty Enterprises 201-818-4669 7 Pearl Court dohertyinc.com STO Building Group 2 212-481-6100 Allendale, NJ 07401 330 W. 34th St. stobuildinggroup.com New York, NY 10001 Langan 212-479-5400 21 Penn Plaza langan.com New York, NY 10001 Standard Industries 212-821-1600 David Millstone 9 W. 57th St.Inc. standardindustries.com David Winter Deep Foods 908-810-7500 Deepak Amin New York, NY 10019 Co-chief executives 1090 Springfield Road deepfoods.com President, chief executive Union, NJ 07083 Central National Gottesman Inc. 914-696-9000 Andrew Wallach 3 Manhattanville Road cng-inc.com President, chief executive Saatva 1-877-672-2882 Ronald Rudzin Purchase, NY 10577 19-02 Whitestone Expressway saatva.com Founder, chief executive Whitestone, NY 11357 Renco Group Inc. 212-541-6000 Ira Rennert 1 Rockefeller Plaza rencogroup.net Founder, chairman, chief executive Barr & Barr Inc. 212-563-2330 Keith Stanisce New Seventh York, NY Ave. 10020 462 barrandbarr.com President, chief executive New York, NY 10018 Red Apple Group Inc. 212-956-5803 John Catsimatidis 800 Third Ave. ragny.com Chairman, president, chief Curtis Instruments Inc. 914-666-2971 Stuart Marwell New Kisco York, NY 10022 executive chief executive 200 Ave. curtisinstruments.com President, Mount Kisco, NY 10549 Infor 646-336-1700 Kevin Samuelson 641 Sixth Ave. infor.com Chief executive E.W. Howell Construction Group 516-921-7100 Howard Rowland New Newtown York, NY 10011 245 Road ewhowell.com President, chief operating officer Plainview, NY 11803 B&H Photo Video Pro Audio 212-444-6615 Herman Schreiber 420 Ninth Ave. bandh.com Owner Cenni-Leventhal Atrium 212-292-0550 Rebecca New Park York, Avenue NY 10001 387 South, 3rd Floor atriumworks.com Founder, chief executive New York, NY 10016 Continental Grain Co. 212-207-5100 Paul Fribourg 767 Fifth Ave. continentalgrain.com Chairman, chief executive Briad Group 973-597-6433 Rick Barbrick NewOkner York, Parkway NY 10153 78 briad.com Brad Honigfeld Livingston, NJ 07039 Co-chief executives Univision Communications Inc. corporate.univision.com Vince Sandusky 605 Third Tomasetti Ave. Chief executive Thornton Inc. 917-661-7800 Thomas Scarangello New Broadway York, NY 10158 120 thorntontomasetti.com Executive chairman New York, NY 10271 Peter DiMaggio, Sigma Plastics Group 201-933-6000 Mark TeoSquarzini Michael Page and Schuyler avenues sigmaplasticsgroup.com President, chief executive Co-chief executives Lyndhurst, NJ 07071 Max Kahan Inc. 212-575-4646 Max Kahan HDRW. 47th St. 212-542-6000 Jane Charalambous 20 President 500 York, Seventh Ave. hdrinc.com New York-New Jersey area New NY 10036 New York, NY 10018 manager Adams & Co. Real Estate 212-679-5500 James Buslik Imperial 201-437-7440 RobertLevy Tillis 411 Fifth Bag Ave. & Paper Co. adamsre.com David 255 York, U.S. Rte. 1 and Rte. 9 imperialdade.com Chief executive New NY 10016 Principals Jersey City, NJ 07306 Jason Tillis PresidentBerritto SalSon Logistics 888-872-5766 Anthony 888 Doremus Ave. salson.com President, chief executive PrestigePEO 516-692-8505 Andrew Lubash Newark, NJ 07114 538 Broadhollow Road prestigepeo.com Founder, chief executive COMPANY SPOTLIGHT Melville, Eastman NY 11747 Eric Foodim Perkins 212-353-7200 Andrew Adelhardt III Chief operating officer 115 Fifth Ave. perkinseastman.com Shawn Basler New York, NY 10003FAST-GROWING STARTUP AWAY hit a roadblock Nicholas in Leahy Away Trammo Inc. Edward Weiner 2020 as travel 212-223-3200 came to a screeching halt. In the Co-chief executives 8 W. 40th St. President, chief executive early weeks of trammo.com the pandemic, the direct-to-conNew York, NY 10018sumer Schimenti Construction Company Matthew Schimenti luggage212-246-9100 brand’s revenue plummeted 90%. 575 Lexington Ave. It furloughed half schimenti.com President of its employees and laid off an GoyaYork, Foods 201-348-4900 Robert Unanue New NYInc. 10022 By the end of the year, losses hadchief executive 350 County Road additional 10%.goya.com President, evened out to 50%, but the company still slipped JerseyTurboserve City, NJ 07307 Argo Corp. 201-804-6200 John Calicchio from the No. 87argoturbo.com slot in 2020 to No. 112 on the list 681 Fifth Ave. Chief executive co-founder Jen Rubio was NFP York, NY 10022this year. In April 212-301-4000 Douglas Hammond New Jason Kirshner 340 Madison Ave. named CEO, following nfp.com the departure ofPresident Chairman, contro-chief executive New York, NY 10173versial co-founder Steph Korey and interim CEO RUBIO Procida Construction Corp.Haselden.718-299-7000 Mario Procida Stuart It is yet to be seen how the turbuICC Industries 212-521-1700 John term, Farberchief executive 456 E. 173rd St.Inc.lence of 2020 will procidacompanies.com President, affect Away in the long 725 Fifth iccchem.com Founder, chairman Bronx, NY Ave. 10457 but a future initial public offering has not been New York, NY 10022 Blaise Sarcone ruled out. President, chief financial officer Hudson Meridian 212-608-6600 William Cote — A.G. Construction Group hudsonmeridian.com Founder, chief executive HNTB New York Engineering and 212-594-9717 Stephen Dilts 61 Broadway Architecture hntb.com Senior vice president 20 | CRAIN’S NEW YORK New York,BUSINESS NY 10006 | NOVEMBER 1, 2021 350 Fifth Ave. New York, NY 10118 Bombas 800-314-0980 David Heath 881 Broadway bombas.com Co-founder, chief executive Gellert Global Group 908-351-8000 George Gellert New York, P020_P021_CN_20211101.indd 20 NY 10003 1 Atalanta Plaza gellertglobalgroup.com Chairman, chief executive Elizabeth, NJ 07206 Andrew Gellert Execu|Search Group 212-922-1001 Lawrence Dolinko BLOOMBERG

$350.0 5

0.0% 2020 REVENUE (IN MILLIONS) % CHANGE VS. 2019

$6,400.0 +4.9% 11 $317.5 0.0% $6,200.0 -4.6% $301.0 +61.0%

n/d n/d

2,850 281

$5,000.0 3 +4.2% 19 $300.0 +1.6%

n/d n/d

17,000 n/d

$4,500.0 3 -30.8% 20 $298.4 -27.0%

$6,700.0 n/d

$3,400.0 n/d $296.0 -1.5% $3,000.0 4 +2.0% $293.0 -9.0% $2,600.0 3 +4.0% 20 $291.2 -16.8% $2,540.0 3 -5.9% $275.0 -3.5%

Sales and distribution of pulp, paper, tissue, packaging and Mattress e-commerce other products Military vehicles, automotive interiors, pallet racks, magnesium Construction management and refined metals

8,000 3 Retail, energy and real estate, media n/d Instrumentation and controls for electric vehicles

n/d n/d

17,000 n/d

n/d $425.0

n/d 235

n/d n/d

RAN

n/d Global building materials 4,600 11 Manufacturer of Indian foods and restaurant operator

$6,700.0 $400.0

Enterprise software General contracting and construction management Photo and video equipment retailer recruitment and Staffing, workforce solutions

12,000 3 Food, agribusiness and commoditiesand hotel-chain n/d Restaurantmanagement

n/d $290.0

4,000 1,500

Hispanic-American media Scientific and engineering consulting firm

$2,475.0 -4.8%

$2,875.0

4,750

Flexible packaging

$271.0 $2,360.9 +10.9% +1.5%

$475.1 n/d

7 n/d

$268.1 $2,123.0 -9.0% +22.2%

$297.0 $2,800.0

261 4,300

Refining precious metals Engineering, architecture, environmental and construction services Real estate property Wholesale foodbrokerage service, and management, packaging and janitorial supplies consulting

n/d n/d Integrated logistics services $267.5 11 +4.0% $1,953.4 $2,300.0 20,602 Professional employer +25.4% organization $264.0 n/d n/d Design and architecture ABOUT A QUARTER OF THE COMPANIES on the list work in construction, architecture -3.9%

Building a recovery and engineering.

$1,800.0 $3,000.0 n/d Commodity Number of firms ontrading, the listdistribution per industry n/d and transportation CONSTRUCTION, ARCHITECTURE AND ENGINEERING $261.0 $335.0 n/d General contracting 32 -11.5% $1,700.0 $1,700.0 4,500 Food manufacturing, packaging BUSINESS SERVICES +13.3% and distribution 16 $250.0 6 n/d n/d Original-equipment 0.0% manufacturer's parts and FOOD AND BEVERAGE $1,590.0 $1,750.0 6,000 engineering Insurance brokerage resourcesand 15 +8.8% consulting

TECH AND TELECOM $249.5 8 $1,500.0 +20.5% REAL ESTATE -18.9% 7 $240.1 -32.3% $1,418.3 +4.1%

$235.0 +37.2% 5 $1,410.0 +2.9% $233.0 12

$138.5 $2,150.0

104 1,875

$424.8

n/d

Infrastructure firm

n/d

E-commerce essentials brand specializing in socks, underwear

n/d n/d

Construction management and Chemicals, plastics, additives, general contracting compounds, colors, paint, resins, manufacturing and trading Construction management

Source: Crain’s analysis

1,815 5 and Imported food products t-shirts n/d

7 8 8 8 8 8 1 8 28 38 48 58 69 79 89 9 19 19 19 19 19 19 1 1 1 1 2 1 2 1

10/28/21 6:00 PM

Recruitment, temporary staffing

uty

ture

n ustry

ns,

alysis

79 80 81 82 83 84 1 85 286 387 488 589 690 791 892 993 94 10 11 95 12 96 13 97 14 98 15 99 100 16 101 17 102 18 19 103 20 104 21 105 RANK

E.W. Howell Construction Group 245 Newtown Road Plainview, NY 11803

516-921-7100 ewhowell.com

Howard Rowland President, chief operating officer

$296.0 -1.5%

n/d

General contracting and construction management

Atrium 387 Park Avenue South, 3rd Floor New York, NY 10016

212-292-0550 atriumworks.com

Rebecca Cenni-Leventhal Founder, chief executive

$293.0 -9.0%

$425.0

235

Staffing, recruitment and workforce solutions

Briad Group 78 Okner Parkway Livingston, NJ 07039

973-597-6433 briad.com

Rick Barbrick Brad Honigfeld Co-chief executives

$291.2 20 -16.8%

n/d

Restaurant- and hotel-chain management

Thornton Tomasetti Inc. 120 Broadway New York, NY 10271

917-661-7800 thorntontomasetti.com

Thomas Scarangello Executive chairman Peter DiMaggio, Michael Squarzini Co-chief executives

$275.0 -3.5%

$290.0

1,500

212-575-4646

Max Kahan President

Max Kahan Inc. 20 W. 47th St. COMPANY New York, NY 10036

PHONE/ WEBSITE

Scientific and engineering consulting firm

$271.0

$475.1

+10.9% 2020 REVENUE (IN MILLIONS) % CHANGE VS. 2019

2021 PROJECED REVENUE (IN MILLIONS)

James Buslik Steven Swartz David Levychief executive President, Principals William Hearst III Chairman Anthony BerrittoJr. Frank Bennack President,vice chief executiveformer Executive chairman, chief executive

$268.1 $11,300.0 -9.0% -0.9%

$297.0 n/d

261 n/d

Real estate property Global, diversified media, management, information andbrokerage services and consulting

n/d

Integrated logistics services

$10,500.0 $264.0 +5.0% -3.9%

n/d n/d

20,000 n/d

$8,500.0 $261.0 -8.6% -11.5%

$9,500.0 $335.0

2,400 n/d

Media services General contracting

$250.0 6 $8,080.0 0.0% +2.4%

n/d $8,731.4

n/d 3,600

Original-equipment Construction management manufacturer's parts and and general contracting engineering resources

$249.5 $6,400.0 +20.5% +4.9%

$138.5 n/d

104 n/d

Construction management and Global materials generalbuilding contracting

$240.1 $6,200.0 -32.3% -4.6%

$424.8 $6,700.0

88 2,850

n/d n/d

n/d 17,000

TOP EXECUTIVE(S)

Refining precious metals

2021 TOTAL COMPANY EMPLOYEES 1 NATURE OF BUSINESS

Adams & Co. Real Estate Hearst 411 W. Fifth Ave.St. 300 57th New York, York, NY NY 10019 10016 New

212-679-5500 212-649-2000 adamsre.com hearst.com

SalSon Logistics 888 Doremus Ave. Newark, NJ 07114

888-872-5766 salson.com

Bloomberg LP Perkins Eastman 731 115 Lexington Fifth Ave. Ave. New New York, York, NY NY 10022 10003

212-318-2000 212-353-7200 bloomberg.com perkinseastman.com

Horizon Media Inc. Schimenti 75 Varick St.Construction Company 575 York, Lexington Ave. New NY 10013 New York, NY 10022

212-220-5000 212-246-9100 horizonmedia.com schimenti.com

Argo Turboserve Corp. STO 681 Building Fifth Ave.Group 2 330 34th New W. York, NY St. 10022 New York, NY 10001

201-804-6200 212-481-6100 argoturbo.com stobuildinggroup.com

Procida Construction Corp. Standard Industries 456 E. 173rd St. 9Bronx, W. 57th St. NY 10457 New York, NY 10019 Hudson Meridian Central National Gottesman Inc. Construction Group 361Manhattanville Broadway Road Purchase, New York, NY 10577 10006

718-299-7000 212-821-1600 procidacompanies.com standardindustries.com 212-608-6600 914-696-9000 hudsonmeridian.com cng-inc.com

Michael BloombergIII Andrew Adelhardt Founder, president, chief executive Shawn Basler Nicholas Leahy Co-chief executives Bill Koenigsberg Matthew president, Schimenti chief executive Founder, President Eileen Benwitt, Vincent O'Toole Executive vice presidents John Calicchio James Donaghy Chief executive Executive chairman Jason Kirshner Robert Mullen President Chief executive Mario Procida David Millstone President, chief executive David Winter Co-chief executives William Cote Andrew Founder,Wallach chief executive President, chief executive

Bombas Renco Group Inc. BroadwayPlaza 1881 Rockefeller New York, York, NY NY 10020 10003 New

800-314-0980 212-541-6000 bombas.com rencogroup.net

David Heath Ira Rennert Co-founder, chief executive Founder, chairman, chief executive

$235.0 3 $5,000.0 +37.2% +4.2%

Execu|Search Group Red Apple Group Inc. 675 Third Third Ave. Ave. 800 New York, York, NY NY 10022 10017 New

212-922-1001 212-956-5803 execu-search.com ragny.com

Lawrence Dolinko John Catsimatidis Chief executive Chairman, president, chief executive

$233.0 312 $4,500.0 +22.6% -30.8%

Mindlance Infor 1095Sixth Morris 641 Ave.Ave. Union, NJ NY 07083 New York, 10011

877-965-2623 646-336-1700 mindlance.com infor.com

VikramSamuelson Kalra Kevin Co-founder, managing director Chief executive

$225.0 $3,400.0 +12.0% n/d

$250.0 n/d

3,500 17,000

KohnPhoto Pedersen FoxPro Associates B&H Video Audio 11 W.Ninth 42ndAve. St. 420 New York, York, NY NY 10001 10036 New

212-977-6500 212-444-6615 kpf.com bandh.com

James von Klemperer Herman Schreiber President Owner

$219.8 4 $3,000.0 +4.9% +2.0%

$195.0 n/d

716 n/d

Leon D. DeMatteis Continental Grain Co. Construction 767 Fifth Ave. Corp. 820 York, Elmont New NYRoad 10153 Elmont, NY 11003 Univision Communications Inc. Brooklyn 605 Third Nets Ave. 168 York, 39th NY St. 10158 New Brooklyn, NY 11232 Sigma Plastics Group Terminal Corp. Page and Construction Schuyler avenues 215 State NJ Highway Lyndhurst, 0707117 South Wood-Ridge, NJ 07075 HDR Navillus 500 Seventh Ave. 633 York, Third NY Ave.10018 New New York, NY 10017 Imperial Bag & Paper Co. Solomon Page1 and Rte. 9 255 U.S. Rte. 260 Madison Jersey City, NJ Ave. 07306 New York, NY 10016

516-285-5500 212-207-5100 dematteisorg.com continentalgrain.com

$213.0 321 $2,600.0 -20.8% +4.0%

n/d n/d

corporate.univision.com 718-933-3000 brooklynnets.com

Richard DeMatteis Paul Fribourg President chief executive Chairman, Scott DeMatteis Principal Vince Sandusky Joseph Tsai Chief executive Governor

$2,540.0 3 3 $212.0 -5.9% -30.3%

n/d n/d

4,000 n/d

Hispanic-American media Professional basketball team

201-933-6000 201-939-9150 sigmaplasticsgroup.com terminalconstruction.com

Mark Teo Donald Dinallo President, chief executive President, chief executive

$2,475.0 7 $211.0 -4.8% +5.5%

$2,875.0 n/d

4,750 n/d

Flexible packaging Construction management and general contracting

212-542-6000 212-750-1808 hdrinc.com navillusinc.com

Jane Charalambous ColinYork-New Mathers Jersey area New President, chief executive manager

$2,360.9 $209.5 +1.5% -30.2%

n/d $250.0

n/d n/d

201-437-7440 212-403-6100 imperialdade.com solomonpage.com

Robert Tillis Scott executive Page Chief Lloyd Solomon Jason Tillis Managing directors President

$2,123.0 $208.0 +22.2% +2.0%

$2,800.0 $240.0

4,300 296

CGS 22 PrestigePEO 200 Broadhollow Vesey St. Road 538 New York,NYNY11747 10281 Melville,

212-408-3800 516-692-8505 cgsinc.com prestigepeo.com

$201.0 $1,953.4 +2.6% +25.4%

$225.0 $2,300.0

8,090 20,602

Vericon Construction Co. Trammo Inc. 22 East 1063 Route 8Mountainside, W. 40th St. NJ 07092 New York, NY 10018

908-873-0022 212-223-3200 vericonbuilds.com trammo.com

Philip Friedman Andrew Lubash President,chief chiefexecutive executive Founder, Eric Foodim Chief operating officer Charlie DeAngelis Edward Weiner Owner, chief executive President, chief executive Stephen Mellett Owner, president

$196.6 7 $1,800.0 +0.0% n/d

n/d $3,000.0

n/d n/d

Construction management and Commodity trading, distribution general contracting and transportation

Mitchell Martin Goya Foods Inc. Inc. 550 County SeventhRoad Ave. 350 New York, Jersey City,NY NJ10018 07307

212-943-1404 201-348-4900 mitchellmartin.com goya.com

EugeneUnanue Holtzman Robert President chief executive President,

$180.0 12 $1,700.0 +2.5% +13.3%

n/d $1,700.0

n/d 4,500

Information technology and Food manufacturing, packaging health care staffing and and distribution consulting

Kaufman Organization NFP 450 Madison Seventh Ave. 340 Ave. New York, York, NY NY 10173 10123 New

212-471-4300 212-301-4000 kaufmanorganization.com nfp.com

$177.7 $1,590.0 -36.6% +8.8%

$167.2 $1,750.0

n/d 6,000

Commercial and residential Insurance brokerage and property management consulting

ICC Industries Inc. StarkFifth Carpet 725 Ave. Corp. 979 York, Third NY Ave.10022 New New York, NY 10022

212-521-1700 212-752-9000 iccchem.com starkcarpet.com

$1,500.0 $169.0 -18.9% -13.1%

$2,150.0 $223.6

1,875 n/d

Chemicals, plastics, additives, Carpet, fabric,colors, furniture andresins, wall compounds, paint, coverings retailand trading manufacturing

$1,418.3 +4.1%

n/d

$167.0 23 n/d $1,410.0 5 +2.9% $152.0 3

n/d

HNTB New York Engineering and Architecture 350 Fifth Ave. Tishman New York, Speyer NY 10118 45 Rockefeller Plaza New York, NY 10111 Gellert Global Group P020_P021_CN_20211101.indd 21 1 Atalanta Plaza New JerseyNJDevils Elizabeth, 07206

WANT MORE OF 212-594-9717 hntb.com 212-715-0300 tishmanspeyer.com 908-351-8000 gellertglobalgroup.com 973-757-6100

Edward Hart Douglas Hammond Chief executive Chairman, chief executive Steven Kaufman President John Farber Chad Stark Founder, chairman Chief executive Blaise Sarcone Steven Stark President, chief financial officer CRAIN’S EXCLUSIVE DATA? President John Stark Stephen Dilts Chairman Senior vice president Rob Speyer President, chief executive George Gellert Chairman, chief executive David Blitzer Andrew Gellert

$267.5 11 +4.0%

n/d $6,700.0

Global financial Designbusiness, and architecture information and news

Construction management Sales and distribution of pulp, paper, tissue, packaging and other products E-commerce essentials brand Military vehicles, automotive specializing in socks, interiors, pallet racks, underwear magnesium and refined t-shirts metals and

n/d 3 Retail, Recruitment, staffing 8,000 energytemporary and real estate, and workforce management media solutions Staffing and consulting Enterprise software

Architecture Photo and video equipment retailer

n/d 3 Food, Construction management agribusiness and and 12,000 general contracting commodities

VISIT CRAINSNEWYORK.COM/LISTS. n/d

Engineering, architecture, Concrete superstructure, masonry, environmental and construction tile, carpentry and general services contracting Wholesale food service, Recruiting and firm janitorial offering staffing packaging supplies solutions and retained executive search Business applications, Professional employer enterprise learning and outsourcing services organization

Infrastructure firm

NOVEMBER 1, 2021 | CRAIN’S NEW YORK BUSINESS | 21

n/d n/d

n/d

Real estate investment

1,815 5 Imported food products n/d

Professional hockey team

10/29/21 2:44 PM

99 100 THE LIST 101 LARGEST PRIVATELY HELD COMPANIES 102 103 RANK

104 1 105 2 106 3 107 4 108 5 109 6 110 7 111 8 112 9 113 10 114 11 115 12 116 13 14 117 15 117 16 119 120 17 121 18 19 122 20 123 124 21 125

Solomon Page 260 Madison Ave. New York, NY 10016

212-403-6100 solomonpage.com

Scott Page Lloyd Solomon Managing directors

$208.0 +2.0%

$240.0

296

CGS 22 200 Vesey St. New York, NY 10281

212-408-3800 cgsinc.com

Philip Friedman President, chief executive

$201.0 +2.6%

$225.0

8,090

Vericon Construction Co. 1063 Route 22 East Mountainside, NJ 07092

908-873-0022 vericonbuilds.com

Charlie DeAngelis Owner, chief executive Stephen Mellett Owner, president

$196.6 7 +0.0%

n/d

Construction management and general contracting

Mitchell Martin Inc. 550 Seventh Ave. New York, NY 10018

212-943-1404 mitchellmartin.com

Eugene Holtzman President

$180.0 12 +2.5%

n/d

Information technology and health care staffing and consulting

Kaufman Organization 450 Seventh Ave. New York, NY 10123

212-471-4300 kaufmanorganization.com

Edward Hart Chief executive Steven Kaufman TOP EXECUTIVE(S) President

$177.7 -36.6%

$167.2

n/d

Commercial and residential property management

2020 REVENUE (IN MILLIONS) % CHANGE VS. 2019

2021 PROJECED REVENUE (IN MILLIONS)

HearstCarpet Corp. Stark 300 Third W. 57th 979 Ave.St. 10019 New York, NY 10022

212-649-2000 212-752-9000 hearst.com starkcarpet.com

$11,300.0 $169.0 -0.9% -13.1%

n/d $223.6

n/d

Tishman Speyer Bloomberg LP Plaza 45 Rockefeller 731 Lexington Ave. New York, NY 10111 New York, NY 10022 New Jersey Devils Horizon Media 25 Lafayette St.Inc. 75 VarickNJSt.07102 Newark, New York, NY 10013 AvePoint 525 Washington Blvd. Jersey City, NJ 07310 STO Building Group 2 330 W. 34th St. McAllister Towing and New York, NY 10001 Transportation 17 Battery Place Standard Industries New York, NY 10004 9 W. 57th St. AFD Furniture Inc. New Contract York, NY 10019 810 Seventh Ave. Central Gottesman Inc. New York,National NY 10019 3 Manhattanville Road Purchase, NY 10577 Bartlett Dairy Inc. 90-04 Renco 161st Group St. Inc. Jamaica, NY 11432 1 Rockefeller Plaza New York, NY 10020 Wm. Blanchard Co. 199 Mountain Ave.Inc. Red Apple Group Springfield, NJ 07081 800 Third Ave. New York, NY 10022 Away 503 InforBroadway New York, NY 641 Sixth Ave.10012 New York, NY 10011 The Rinaldi Group 1 Harmon Blvd. B&H PhotoMeadow Video Pro Audio Secaucus, NJ 07094 420 Ninth Ave. New York, NY 10001 D'Artagnan Inc 600 Green Lane Continental Grain Co. Union, NJ Ave. 07083 767 Fifth New York, NY 10153 Toorak Capital Partners 15 Maple Communications St. Univision Inc. Summit, 07901 605 ThirdNJAve. New York, NY 10158 Volmar Construction, Inc. 4400 SigmaSecond PlasticsAve. Group Brooklyn, 11232avenues Page and NY Schuyler Lyndhurst, NJ 07071

212-715-0300 212-318-2000 tishmanspeyer.com bloomberg.com

n/d n/d

n/d 20,000

Real estate investment Global business, financial information and news

n/d $9,500.0

n/d 2,400

Professional hockey team Media services

COMPANY

PHONE/ WEBSITE

StevenStark Swartz Chad President, chief executive Chief executive William Stark Hearst III Steven Chairman President FrankStark Bennack Jr. John Executive vice chairman, former Chairman chief executive Rob Speyer Michael Bloomberg President, chief executive Founder, president, chief executive

$167.0 23 $10,500.0 n/d +5.0%

Recruiting firm offering staffing solutions and retained executive search Business applications, enterprise learning and outsourcing services

2021 TOTAL COMPANY EMPLOYEES 1 NATURE OF BUSINESS

RAN

Global, media, Carpet, diversified fabric, furniture and wall information and services coverings retail

$152.0 3 $8,500.0 -16.0% -8.6%

212-821-1600 standardindustries.com 212-721-7100 afd-inc.com 914-696-9000 cng-inc.com

David Blitzer Bill Koenigsberg Joshua Harris Founder, president, chief executive Co-managing partners Eileen Benwitt, Tianyl VincentJiang O'Toole Chief executive Executive vice presidents Kai Gong James Donaghy Executive chairman Executive chairman Brian RobertMcAllister Mullen Chairman Chief executive B. Buckley McAllister David Millstone President David Winter Richard Co-chief Aarons executives Chairman Andrew Wallach David Aarons President, chief executive Chief executive

718-658-2299 bartlettny.com 212-541-6000 rencogroup.net

Thomas Malave President Ira Rennert Founder, chairman, chief executive

$144.6 -31.9% 3 $5,000.0 +4.2%

$140.0 n/d

973-376-9100 wmblanchard.com 212-956-5803 ragny.com

$142.7 +17.4% 3 $4,500.0 -30.8%

n/d $6,700.0

888-428-2118 awaytravel.com 646-336-1700 infor.com

William Blanchard Chairman John Catsimatidis Chairman, president, chief executive Jen Rubio Chief Kevin executive, Samuelsonco-founder Chief executive

$135.0 -55.0% $3,400.0 n/d

n/d n/d

n/d 17,000

Luggage design, manufacturing and retail software Enterprise

201-601-4065 rinaldinyc.com 212-444-6615 bandh.com

Anthony Rinaldi President, chief executive Herman Schreiber Owner

$134.3 -2.4% 4 $3,000.0 +2.0%

n/d n/d

54 n/d

Construction management and general contracting Photo and video equipment retailer

800-327-8246 dartagnan.com 212-207-5100 continentalgrain.com

Ariane Daguin Founder, chief executive Paul Fribourg Chairman, chief executive

$133.3 +0.0% 3 $2,600.0 +4.0%

$160.0 n/d

212-393-4100 toorakcapital.com corporate.univision.com

John Beacham Founder, chief executive Vince Sandusky Chief executive

$130.3 +12.9% 3 $2,540.0 -5.9%

n/d n/d

90 4,000

Institutional capital for real estate lenders Hispanic-American media

718-832-2444 volmar.com 201-933-6000 sigmaplasticsgroup.com

Artemios Marinakis President Mark Teo Peter Volandes President, chief executive Executive vice president

$130.0 +15.8% $2,475.0 -4.8%

$130.0 $2,875.0

202 4,750

Nonresidential and government construction Flexible packaging

Paige HDR Electric Co. 200 St. 500 Sheffield Seventh Ave. Mountainside, NJ 07092 New York, NY 10018

908-687-7810 212-542-6000 paigeconneected.com hdrinc.com

$125.0 $2,360.9 0.0% +1.5%

$200.0 n/d

Imperial Bag & Paper Co. Wine Enthusiast Cos. 255 U.S. Rte. 1 and Rte. 9 200 Drive JerseySummit City, NJLake 07306 Valhalla, NY 10595

201-437-7440 914-345-9463 imperialdade.com wineenthusiast.com

$2,123.0 $125.0 +22.2% +28.9%

$2,800.0 $180.0

PrestigePEO TDX Corp. 538 Construction Broadhollow Road 330 Seventh Ave. Melville, NY 11747 New York, NY 10001

516-692-8505 212-279-1981 prestigepeo.com tdxconstruction.com

Brandon Nagler Jane Charalambous Chief operatingJersey officerarea New York-New Jim Coleman manager Chief executive Robert Tillis Jacqueline Strum, Erika Silberstein Chief executive Co-presidents Jason Tillis Sybil Strum, Adam Strum President Co-founders Andrew Lubash Joseph Founder,Fitzpatrick chief executive President Eric Foodim Chief operating officer

$1,953.4 $122.4 +25.4% -12.9%

$2,300.0 $104.0

Axtria TrammoInc. Inc. 300 8 W. Connell 40th St.Drive Berkeley NJ 07922 New York,Heights, NY 10018

877-929-8742 212-223-3200 axtria.com trammo.com

Jaswinder Chadha Edward Weiner Chief executive President, chief executive

$119.2 5 $1,800.0 +49.3% n/d

n/d $3,000.0

Bayside FuelInc. Oil Corp. Goya Foods 1776 Shore Road Parkway 350 County Brooklyn, Jersey City,NYNJ11214 07307

718-372-9800 201-348-4900 baysidedepot.com goya.com

Vincent Allegretti Robert Unanue Co-owner President, chief executive

$119.1 20 $1,700.0 -69.9% +13.3%

n/d $1,700.0

Crystal NFP Window & Door Systems Ltd. Ave. 340 Madison 31-10 Whitestone Expressway New York, NY 10173 Flushing, NY 11354 ICC Industries Inc. Hardesty & Hanover 725 Fifth Ave. 1501 Broadway New York, NY 10022 New York, NY 10036

718-961-7300 212-301-4000 crystalwindows.com nfp.com

Steve Chen Douglas Hammond President Chairman, chief executive Thomas Chen Chairman John Farber Sean Bluni Founder, chairman Chief Blaiseexecutive Sarcone President, chief financial officer

$119.1 $1,590.0 -4.1% +8.8%

$122.0 $1,750.0

$1,500.0 $119.0 -18.9% +5.3%

$2,150.0 n/d

Bookazine HNTB New York Engineering and

973-757-6100 212-220-5000 newjerseydevils.com horizonmedia.com 201-793-1111 avepoint.com 212-481-6100 stobuildinggroup.com 212-269-3200 mcallistertowing.com

$8,080.0 +2.4% $150.8 11 -6.0% $6,400.0 +4.9% $145.0 -38.8% $6,200.0 -4.6%

n/d

Data management solutions provider for Microsoft 365

$8,731.4

3,600

n/d

Construction management and general contracting Marine transportation

n/d

Global building materials

$155.0

n/d

Work space management

$6,700.0

2,850

Sales and distribution of pulp, paper, tissue, packaging and other products 440 Dairy and food service 17,000 Military vehicles, automotive interiors, pallet racks, magnesium and refined metals n/d Building construction 3 8,000 Retail, energy and real estate, media

To Yor res cha of S Apr 201 from

4 5 6 7 8 9 1 1 1 1 1 1 1 1 1 1 2 2

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Adam AFD

Alcot

Allian

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Argo

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282 Specialty meats and gourmet Food, agribusiness and 12,000 3 food commodities

Away

Axtria

B&H Barr

Bartl

Bays

Bette

Bloo

Bom

Book 125 n/d

4,300 150

20,602 176

Wire and cable sales Engineering, architecture, environmental and construction services Wholesale food service, Wine magazine publishing; packaging and janitorial supplies catalog and internet marketing of wine cellars and accessories Professional employer Construction management organization

Briad

Broo

Buzz

Cent CGS

Cont

Cryst 5 Data and analytics 484 n/d Commodity trading, distribution and transportation

n/d 4,500

Heating oil distributionpackaging Food manufacturing, and distribution

Curry

Curti

D’Art

Deep

Dohe

212-521-1700 212-944-1150 iccchem.com hardestyhanover.com

730 6,000

1,875 n/d

Manufacturer of windows, Insurance brokerage and doors and fenestration systems consulting Chemicals, plastics, additives, Infrastructure engineering compounds, colors, paint,firm resins, manufacturing and trading

WANT MORE OF CRAIN’S EXCLUSIVE DATA? $118.6 20

201-339-7777 212-594-9717

Robert StephenKallman Dilts Chief Seniorexecutive vice president

$1,418.3 -71.3% +4.1%

844-337-6362 schweigerderm.com 908-351-8000 gellertglobalgroup.com

Eric Schweiger Founder, chief executive George Gellert Chairman, chief executive Andrew Gellert

$112.0 -15.3% 5 $1,410.0 +2.9%

75 Hook BUSINESS Road Architecture hntb.com 22 | CRAIN’S NEW YORK | NOVEMBER 1, bookazine.com 2021

Bayonne, 350 Fifth NJ Ave.07002 New York, NY 10118 Schweiger Dermatology Group 27-01 Plaza North GellertQueens Global Group P022_P023_CN_20211101.indd 22 Long IslandPlaza City, NY 11101 1 Atalanta Elizabeth, NJ 07206

$151.5 +30.5%

1 1 1 1 1 1 1 1 12 3

n/d n/d

$175.0 n/d

n/d n/d

Wholesale books Infrastructure firm

1,029 Medical and cosmetic 1,815 5 dermatology Imported foodservices products

10/29/21 2:44 PM

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117 119 120 121 122 123 1 124 2 125 3 RANK

Wine Enthusiast Cos. 200 Summit Lake Drive Valhalla, NY 10595

914-345-9463 wineenthusiast.com

Jacqueline Strum, Erika Silberstein Co-presidents Sybil Strum, Adam Strum Co-founders

$125.0 +28.9%

$180.0

150

Wine magazine publishing; catalog and internet marketing of wine cellars and accessories

TDX Construction Corp. 330 Seventh Ave. New York, NY 10001

212-279-1981 tdxconstruction.com

Joseph Fitzpatrick President

$122.4 -12.9%

$104.0

176

Construction management

Axtria Inc. 300 Connell Drive Berkeley Heights, NJ 07922

877-929-8742 axtria.com

Jaswinder Chadha Chief executive

$119.2 5 +49.3%

n/d

484 5 Data and analytics

Bayside Fuel Oil Corp. 1776 Shore Parkway Brooklyn, NY 11214

718-372-9800 baysidedepot.com

Vincent Allegretti Co-owner

$119.1 20 -69.9%

n/d

Heating oil distribution

Crystal Window & Door Systems Ltd. 31-10 Whitestone Expressway COMPANY NY 11354 Flushing,

718-961-7300 crystalwindows.com

Steve Chen President Thomas Chen TOP EXECUTIVE(S) Chairman

$119.1 -4.1%

$122.0

730

Manufacturer of windows, doors and fenestration systems

2020 REVENUE (IN MILLIONS) % CHANGE VS. 2019

2021 PROJECED REVENUE (IN MILLIONS)

Hearst & Hanover Hardesty 300 W.Broadway 57th St. 1501 10019 New York, NY 10036

212-649-2000 212-944-1150 hearst.com hardestyhanover.com

$11,300.0 $119.0 -0.9% +5.3%

n/d

Global, diversified media, firm Infrastructure engineering information and services

Bookazine 75 Hook Road Bayonne, NJ 07002

201-339-7777 bookazine.com

StevenBluni Swartz Sean President, chief executive Chief executive William Hearst III Chairman Frank Bennack Robert KallmanJr. Executive vice chairman, former Chief executive chief executive

n/d

Wholesale books

Bloomberg LP Schweiger Dermatology Group 731 Lexington 27-01 Queens Ave. Plaza North New York, 10022 Long IslandNYCity, NY 11101

212-318-2000 844-337-6362 bloomberg.com schweigerderm.com

Michael Bloomberg Eric Schweiger president, chief executive Founder, chief executive

$10,500.0 $112.0 +5.0% -15.3%

n/d $175.0

20,000 1,029

Horizon Media Inc. 75 Varick St.

212-220-5000 horizonmedia.com

Bill Koenigsberg Founder, president, chief executive

$8,500.0 -8.6%

$9,500.0

2,400

PHONE/ WEBSITE

$118.6 20 -71.3%

2021 TOTAL COMPANY EMPLOYEES 1 NATURE OF BUSINESS

Global business, financial Medical and cosmetic information and news dermatology services Media services

To qualify for this list, companies must be independent, privately held entities with no ultimate parent. They also need to be headquartered in the New York area, which includes New York City and Nassau, Suffolk and Westchester counties in New York, NY 10013 Eileen Benwitt, York and Bergen, New Essex, Hudson and Union counties in New Jersey. Nonprofit organizations, hospitals, mutual companies, travel agencies and partnerships such as accounting firms and law firms are excluded. Crain's New York Business uses staff O'Toole research, extensive surveys and the most current references available to produce its lists,Vincent but there is no guarantee that these listings are complete. Revenue figures shown have been rounded to one decimal place, but rankings and percentage changes are based on unrounded dollar figures. In cases of ties in 2020 revenue, companies are listed Executive vicealphabetically presidents under the same ranking number. Executives may hold additional titles. n/d-Not disclosed. 1--Full-time and full-time equivalent, as of Sept. 30. 2--Previously Structure Tone/Pavarini McGovern 3--From Forbes. 4--Company estimate. 5--From NJBIZ Private Companies list. 6--From company website. 7--From ENR Top 400 Contractors list. 8--Company expected to go public in Q4 2021. 9-April 2021 estimate The 2Wall Street Journal. as ofDonaghy April 26. 11--Crain's estimate. 12--Company projection from fall 2020. 13--From$8,731.4 The Wall Street Journal. 14-3,600 go public in 2022. 10--Employment exceeded 7,000 -Plans to Construction 15--Represents STOpublished Building by Group 212-481-6100 James $8,080.0 management and 2019 revenue; from Music Trades. 16--Plans to go public through a merger with a special purpose acquisition company. 17--From September 2021 investor presentation. 18--From Moody's, for 12 months ending March 31. 19--Company projection 330 W. 34th St. stobuildinggroup.com Executive chairman +2.4% general contracting from summer 2020. 20--From D&B Hoovers. 21--Company projection from 2019. 22--Also known as Computer Generated Solutions Inc. 23--From Real Estate Weekly.

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

New York, NY 10001

Standard Industries 9 W. 57th St. New York, NY 10019

Robert Mullen Chief executive

David Millstone n/d ALPHABETICAL LISTING $6,400.0 David Winter +4.9% Co-chief executives COMPANY RANK COMPANY RANK COMPANY RANK Central National Gottesman Inc. 914-696-9000 Andrew Wallach $6,200.0 $6,700.0 3 Manhattanville Road cng-inc.com chief executive -4.6% A E-J Electric Installation Co.President, --------------------------------- 41 Max Kahan Inc. ----------------------------------------------- 83 Purchase, NY 10577 Adams & Co. Real Estate ----------------------------------- 84 Empire Office Inc. -------------------------------------------- 53 McAllister Towing and Transportation ------------------- 108 n/d RencoInc. Group Inc. Ira Rennert $5,000.0 3 AFD Contract Furniture 109212-541-6000 Execu|Search Group ---------------------------------------92 Mediaocean --------------------------------------------------66 ------------------------------+4.2% 1 Rockefeller Plaza rencogroup.net Founder, chairman, chief executive Alcott HR ------------------------------------------------------51 F Mindlance ----------------------------------------------------- 93 New York, NY 10020 212-821-1600 standardindustries.com

Alliance Shippers Inc. --------------------------------------- 45 Fedway Associates Inc. and Affiliates --------------------- 26 Red Apple Group Inc. 212-956-5803 John Catsimatidis 800 --------------------------------------Third Ave. Chairman, president, chief 35 Allied Beverage Group 24ragny.com FreshDirect ---------------------------------------------------New York, NY 10022 executive Argo Turboserve Corp. --------------------------------------- 88 G Infor Kevin Samuelson Atrium ---------------------------------------------------------80646-336-1700 Gellert Global Group ----------------------------------------22 641 Sixth Ave. infor.com Chief executive AvePoint -----------------------------------------------------107 Goya Foods Inc. ---------------------------------------------- 18 New York, NY 10011

n/d

COMPANY

Global building materials

RANK Sales and distribution of pulp, paper, tissue, packaging and Standard Industries -------------------------------------------5 other products Stanford Investment Group --------------------------------- 68 17,000 Military vehicles, automotive Stark Carpet Corp. ----------------------------------------- 104 interiors, pallet racks, magnesium STO Building Group -------------------------------------------4 and refined metals 2,850

Mitchell Martin Inc. ---------------------------------------102 $6,700.0 $4,500.0 3 -30.8% N

STV -------------------------------------------------------------46 8,000 3 Retail, energy and real estate,

Navillus --------------------------------------------------------- 98 $3,400.0 n/d Nebraskaland Inc. -------------------------------------------50 n/d New Jersey Devils ------------------------------------------ 106

Sugar Foods Corp. ------------------------------------------- 36 Enterprise software Synechron 17,000 Inc. -----------------------------------------------48

Away ---------------------------------------------------------- 112 GPI Greenman-Pedersen Inc. ------------------------------ 70 B&H Photo Video Pro Audio 212-444-6615 Herman Schreiber Axtria Inc. ---------------------------------------------------120bandh.com H 420 Ninth Ave. Owner New York,BNY 10001 Hardesty & Hanover --------------------------------------- 123

New York Giants----------------------------------------------67 $3,000.0 4 n/d NFP-------------------------------------------------------------19 +2.0%

TDX Construction Corp.------------------------------------ 119 n/d Photo and video equipment Terminal Constructionretailer Corp. -------------------------------- 97

Noom ----------------------------------------------------------- 61

The LiRo Group ----------------------------------------------- 62

B&H Photo Video Pro Audio -------------------------------10212-207-5100 HDR ------------------------------------------------------------14 Continental Grain Co. Paul Fribourg 767 Fifth Ave. continentalgrain.com Chairman, chief executive Barr & Barr Inc. ----------------------------------------------- 77 Hearst ------------------------------------------------------------ 1 New York, NY 10153 Bartlett Dairy Inc. ------------------------------------------ 110 HNTB New York Engineering and Architecture ----------- 21 Univision Communications Inc. corporate.univision.com Vince Sandusky Bayside Fuel Oil Corp. 121 Horizon Media Inc. --------------------------------------------3 605 ------------------------------------Third Ave. Chief executive New York, NY 10158 Better.com ----------------------------------------------------- 33 Hudson Meridian Construction Group -------------------- 90

NPD Group Inc. ----------------------------------------------56 $2,600.0 3 n/d +4.0% O

3 Food, agribusiness and The Rinaldi12,000 Group -----------------------------------------113 commodities Thornton Tomasetti Inc. ------------------------------------- 82

Okonite Co. ---------------------------------------------------- 57 n/d $2,540.0 3 P -5.9% Packable (Pharmapacks) ----------------------------------- 65

Tishman Speyer --------------------------------------------- 105 4,000 Hispanic-American media Toorak Capital Partners------------------------------------ 115

Bloomberg LP --------------------------------------------------2201-933-6000 Hunter Roberts Construction Group Sigma Plastics Group Mark Teo---------------------- 30 Page and Schuyler avenues sigmaplasticsgroup.com President, chief executive Bombas -------------------------------------------------------- 91 I Lyndhurst, NJ 07071 Bookazine---------------------------------------------------- 124 ICC Industries Inc. -------------------------------------------- 20 HDR Jane Charalambous Briad Group --------------------------------------------------81212-542-6000 Imperial Bag & Paper Co.----------------------------------15 500 Seventh Ave. hdrinc.com New York-New Jersey area Brooklyn Nets ------------------------------------------------96 Infor --------------------------------------------------------------9 New York, NY 10018 manager

Paige Electric Co. ------------------------------------------117 $2,475.0 $2,875.0 -4.8% Perkins Eastman ---------------------------------------------- 86

Tory Burch ----------------------------------------------------27 4,750 Flexible packaging

PIM Brands Inc.----------------------------------------------- 42 $2,360.9 n/d Posillico Inc. --------------------------------------------------49 +1.5% PrestigePEO --------------------------------------------------- 16

TransPerfect---------------------------------------------------- 31 n/d Engineering, architecture, TripleLift -------------------------------------------------------47 environmental and construction Triton Construction Co.services -------------------------------------- 72

BuzzFeed ------------------------------------------------------- 59 Inserra Supermarkets Inc. ---------------------------------- 25 Imperial Bag & Paper Co. 201-437-7440 Robert Tillis C 1 and Rte. 9 Iovino Enterprises -------------------------------------------60 255 U.S. Rte. imperialdade.com Chief executive Jersey City, NJ 07306 Jason Tillis Central National Gottesman Inc. ---------------------------- 6 J President CGS ----------------------------------------------------------- 100 J.T. Magen & Company Inc. --------------------------------- 23 PrestigePEO 516-692-8505 Andrew Lubash Continental Grain 538 Co.---------------------------------------11prestigepeo.com JRM Construction Management --------------------------Broadhollow Road Founder, chief executive 40 Melville, NY 11747 Eric Foodim Crystal Window & Door Systems Ltd.------------------- 122 K Chief operating officer Curry Automotive --------------------------------------------- 44 Kaufman Organization ------------------------------------- 103 Inc. Edward Weiner Curtis InstrumentsTrammo Inc. -------------------------------------78212-223-3200 Kohn Pedersen Fox Associates 94 ---------------------------8 W. 40th St. trammo.com President, chief executive D Krasdale Foods Inc. New York, NY 10018 ------------------------------------------ 37

Pride Global --------------------------------------------------- 63 $2,123.0 $2,800.0 Procida Construction Corp. +22.2% --------------------------------- 89

Trump Organization------------------------------------------- 55 4,300 Wholesale food service, Turner & Townsend ------------------------------------------packaging and janitorial supplies52

media SUEZ North America ----------------------------------------29

Torcon Inc. ----------------------------------------------------- 71 Trammo Inc. --------------------------------------------------- 17

Turtle & Hughes Inc. ----------------------------------------- 39

RC Andersen--------------------------------------------------- 32 $1,953.4 $2,300.0 Red Apple Group Inc. -----------------------------------------8 +25.4% Renco Group Inc. ----------------------------------------------- 7

U 20,602 Professional employer Univision Communications Inc. ---------------------------- 12 organization V

Russell Reynolds Associates ------------------------------- 38 $1,800.0 $3,000.0 S n/d Saatva ---------------------------------------------------------- 76

Vericon Construction Co. ---------------------------------- 101 Commodity trading, distribution Vice Media Inc.n/d 43 ----------------------------------------------and transportation Vista Food Exchange Inc. ----------------------------------- 69

D’Artagnan Inc. --------------------------------------------- 114 L Goya Foods Inc. 201-348-4900 Robert Unanue 350 County Road President, chief executive 74 Deep Foods Inc. ---------------------------------------------75goya.com Langan --------------------------------------------------------Jersey City, NJ 07307 Doherty Enterprises ------------------------------------------ 73 Leon D. DeMatteis Construction Corp. ------------------- 95 NFP 212-301-4000 Douglas Hammond E LRC Construction LLC---------------------------------------54 340 Madison Ave. nfp.com Chairman, chief executive E.W. Howell Construction Group M --------------------------- 79 New York, NY 10173

SalSon Logistics ---------------------------------------------- 85 $1,700.0 $1,700.0 +13.3% Sam Ash Music Corp.---------------------------------------64

Volmar Construction, Inc. --------------------------------- 116 4,500 Food manufacturing, packaging and distribution W

Schimenti Construction Company ------------------------- 87 $1,590.0 $1,750.0 Schweiger Dermatology Group--------------------------125 +8.8% Sigma Plastics Group---------------------------------------- 13

Weeks Marine Inc.-------------------------------------------- 34 6,000 Insurance brokerage and Wine Enthusiast Cos. -------------------------------------118 consulting Wm. Blanchard Co. ---------------------------------------- 111

Eileen Fisher Inc. --------------------------------------------- 58 Manhattan Beer Distributors ------------------------------- 28 ICC Industries Inc. 212-521-1700 John Farber 725 Fifth Ave. iccchem.com Founder, chairman New York, NY 10022 Blaise Sarcone President, chief financial officer VISIT CRAINSNEWYORK.COM/LISTS.

Solomon Page ------------------------------------------------ 99 $1,500.0 $2,150.0 -18.9%

AMANDA.GLODOWSKI@CRAINSNEWYORK.COM 1,875 Chemicals, plastics, additives, compounds, colors, paint, resins, manufacturing and trading

HNTB New York Engineering and Architecture 350 Fifth Ave. New York, NY 10118

212-594-9717 hntb.com

Stephen Dilts Senior vice president

$1,418.3 +4.1%

n/d

Gellert Global Group 1 Atalanta Plaza Elizabeth, NJ 07206

908-351-8000 gellertglobalgroup.com

George Gellert Chairman, chief executive Andrew Gellert

$1,410.0 5 +2.9%

n/d

P022_P023_CN_20211101.indd 23

n/d

Infrastructure firm

NOVEMBER 1, 2021 | CRAIN’S NEW YORK BUSINESS | 23

1,815 5 Imported food products

10/29/21 2:43 PM

THE LIST LARGEST PRIVATELY HELD COMPANIES

Pandemic’s toll The Trump Organization generated $2.3 billion in revenue during Trump’s presidency, according to Crain’s calculations. It’s not clear how profitable the company was, but a similar firm—Brandywine Realty Trust—generated $600 million in operating earnings on $2.1 billion in revenue in that period. Some of last year’s drop-off at the Trump Organization can be attributed to the pandemic’s bruising effect on leisure and hospitality businesses. Revenue sank by $25 million, or 63%, at the Trump International Hotel in Washington, D.C., and by $19 million, or 68%, at the Las Vegas location. Another factor is that many Trump properties are in New York and other blue states where he is unpopular. (Trump lost one county

-$5M -$10M

-$9M

-$4M

-$.3M

Mar-a-Lago

-$.4M

1290 Sixth Ave.

Trump Tower

-$.5M

555 California St., San Francisco

Trump National Golf Club Philadelphia

-$1M

Trump National Golf Club Hudson Valley

-$1M

Trump Carousel

Trump National Golf Club Colts Neck

-$2M

Trump National Golf Club Washington, D.C.

Trump National Golf Club Westchester

-$3M

Trump Golf Links at Ferry Point

Trump National Golf Club Bedminster

40 Wall St.

Wollman Rink -$5M

$1M

$2M

$3M

-$9M

-$15M -$16M

-$20M

-$19M

-$25M

-$30M -$35M

-$33M SOURCE: Crain’s analysis

of more than $370 million for the lease to the Washington hotel, The Wall Street Journal reported last month, below the $500 million initially sought. This year a congressional committee found that the Trump Organization hid $70 million in hotel losses from the federal government, which owns the building. Trump remains wealthy, but last month he fell off the Forbes 400 list for the first time in 25 years. In July, the Manhattan district attorney’s office accused the Trump Organization of running a 15-year scheme to hide compensation paid to Allen Weisselberg, its longtime chief financial officer. The company and Weisselberg pleaded not guilty. The New York attorney general’s office and prosecutors in multiple jurisdictions also are investigating Trump and his company. A Trump Organization spokeswoman did not respond to a request for comment. Trump has recovered from set-

“HE’S GOT PROSECUTORS AND INVESTIGATORS EXAMINING EVERYTHING”

backs before. During the recession 30 years ago, he sold the Plaza hotel and put his Atlantic City casinos in bankruptcy for the first time. It took better than a decade, but he reinvented himself as a brand and star of NBC’s The Apprentice. “The difference now is he’s got prosecutors and investigators examining everything,” said Gwenda Blair, an adjunct journalism professor at Columbia University and author of The Trumps: Three Generations of Builders and a President. “He’s not dealing with New Jersey gaming commissioners anymore.”

Mixed results Pressed for cash, last month Trump raised nearly $300 million for Truth Social, a new social media network. He did that by merging a shell company he controls with another type of shell, a specialpurpose acquisition company. The Trump SPAC has a market value of $2.5 billion. Trump’s office buildings held up better last year than his golf courses and hotels, though they too were dinged.

The jewel in the crown remains his 30% share of 1290 Sixth Ave. The tower generated $58 million in cash for the Trump Organization last year, according to data provided by majority owner Vornado Realty Trust. But the value of all Midtown office buildings has been hurt by the pandemic. Vornado’s attempt to sell the tower last year went nowhere. Rent collections at Trump’s other big Manhattan office building, 40 Wall St., were down 11% last year, Bloomberg News reported. A handful of Trump properties did have good years in 2020. Revenue at Mar-a-Lago rose $3 million, to $24 million. A golf course in Charlotte, N.C., was able to capitalize on the post-lockdown surge in the sport—which the National Golf Foundation described as “the most significant year-over-year net increase since 2003, thanks to a record inflow of beginning and returning players.” Revenue at the North Carolina course rose $600,000, to $13 million. That sort of resilience explains why Trump is fighting to keep the city from canceling his contract to

operate the Ferry Point golf course near the Whitestone Bridge. Revenue fell by $1.7 million last year, or nearly 20%, but Trump attorney Kenneth Caruso said the course is having its “strongest season ever,” and the $8.2 million in revenue through Oct. 4 is $1 million more than 2019’s pace. The Bronx course, designed by Jack Nicklaus, is priced for serious aficionados—which helps explain why as of midyear it was the second-least-played of the 12 cityowned courses, according to Parks Department data. “The record before you shows New Yorkers want to play golf at Trump Ferry Point,” Caruso said at a hearing last month before the city’s Franchise and Concession Review Committee. Caruso claimed that tearing up the contract because the mayor was angry at Trump over the attack on the Capitol would send the business and finance community a bad message. That message, Caruso asserted, is this: “Keep your head down and your mouth shut. Otherwise the city can, and will, cancel you.”■

ALAMY

AP PHOTOS

in the 2016 New York Republican primary: Manhattan.) Efforts by the Trump Organization to develop a chain of budget hotels mostly in red states went nowhere. Meanwhile, bills are coming due. Almost $1 billion worth of mortgages mature in the next three years, according to Forbes. Donald Trump Jr. and brother Eric, who run day-to-day operations, are close to accepting an offer

Trump International Golf Links, Doonbeg, Ireland

Trump National Golf Club, Los Angeles

$5M

Trump Turnberry

2019–2020 change in revenue

Trump International Hotel, Las Vegas

This year’s list (the annual ranking of the largest privately held companies starts on page 14) includes some new names, including Infor and Saatva. Others moved higher, including Noom and Pharmapacks. The former president’s business has taken additional hits in the past few months. In June, Manhattan prosecutors charged the Trump Organization with 10 counts of financial fraud. After the January assault on the U.S. Capitol, Mayor Bill de Blasio moved to terminate the organization’s contract to run a city-owned golf course in the Bronx, effective Nov. 14; Trump has sued to keep the management agreement.

Trump International Hotel, Washington, D.C.

FROM PAGE 1

MOST TRUMP PROPERTIES LOST MONEY IN 2020

Trump Doral, Miami

GOLF

THE CENTRAL PARK CAROUSEL, TRUMP TOWER AND MAR-A-LAGO were some of Trump’s more successful properties last year. The Mar-a-lago club made the Trump Organization about $3 million. 24 | CRAIN’S NEW YORK BUSINESS | NOVEMBER 1, 2021

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FROM PAGE 1

when their employees are on the clock. But that arrangement has increasingly led to more people working longer hours and burning out, contributing to high job turnover, recently referred to as the Great Resignation. A record 4.3 million Americans quit their job in August, according to federal data, almost 3% of the workforce. In New York state, 3.2% of workers quit. A survey of nearly 600 human resources managers by the research firm Gartner found that 91% of them were concerned

could grow as employers grapple with increased demand for workplace flexibility. A study released in Iceland during the summer added more momentum to the concept. A fouryear pilot program involving 2,500 workers across a range of professions found that workers on a fourday schedule felt less stressed, and companies noticed productivity largely increase. Multinational corporation Unilever, meanwhile, is testing the concept in its New Zealand offices.

Striving for balance Kate Bernyk, a spokeswoman for Kickstarter, said the company is still developing its plan for the pilot, including how it will measure its success. The company’s focus will be on “output over hours” and allowing its workers to strike a better work-life balance, she said. Elephant Ventures, a technology company founded in Manhattan but now operating remotely, adopted the somewhat more common condensed four-day week in the fall of 2020. Employees still work 40 hours but across four days. CEO and founder Art Shectman said the decision came after lots of discussion with its roughly 70 employees and a summer trial period. That the longer days could have the opposite effect and increase burn-

“ONE OF THE IDEAS BUBBLING UP IS, CAN WE PAY EMPLOYEES WITH MORE TIME” about high employee turnover. “What companies need to do is think, Are there big, bold strategies to compete in today’s labor market outside of simply offering 30% more money?” said Brian Kropp, vice president of research at Gartner. “One of the ideas bubbling up is, Can we pay employees with more time?” The four-day workweek still applies to only a minuscule slice of the workforce, mainly the technology industry, and may not fit most jobs. But Kropp said its popularity

out were concerns. But Shectman said a workweek with fewer hours could mean tasks spill into the intended time away. “When our folks are done, they have put in the full week, can completely shut down and come back Monday morning ready to rip,” Shectman said. “We’ve seen the tremendous mental recharge people get from taking a regular three-day weekend.” Jon Staff founded Brooklynbased company Getaway, which rents small rural cabins near cities, six years ago in the belief that people need time away from work for their health. Although he supports the four-day workweek in concept, conversations about it with Getaway employees proved more complicated. Some said they would be thrilled, he said, while others indicated they would rather work the same days but fewer hours. “That all has to be part of a larger conversation about how to give people time off and real flexibility,” Staff said. “Flexibility so often ends up meaning everyone is simply online all the time.” Getaway instead went with a plan Staff called “four-day workweek adjacent.” Employees get 52 paid days off per year, covering about 20% of all workdays. The firm also closed down for a week—including its cabins—in recognition of Labor Day. In other cases, companies are embracing flexible Fridays, which allow employees to block off their

ISTOCK

WORK

calendars at the end of each week for personal projects. Embracing flexibility is a huge challenge coming up for managers everywhere, Kropp noted, many of whom have spent long careers overseeing people 9-to-5 in a single location. That setup is unlikely to return post-Covid, four-day workweek or not, and managers will have to adjust, he said.

Some drawbacks Adopting a four-day workweek could also create some legal and financial headaches, warned a recent blog post from Carola Murguia, an associate with the law firm Fisher Phillips. The shortened schedule could affect how vacation days, sick leave and other benefits accrue. Though there are benefits to be gained in attracting and retaining employees, “the reality is

that shorter workweeks may just not work for everyone,” Murguia wrote. Shake Shack started a four-day workweek for managers in 2019 but suspended the experiment earlier in the fall, telling Business Insider that it would instead focus on increasing wages and bonuses to attract workers. At Elephant Ventures, Shectman said, the most important part of managing both the company’s shift to full remote work and the shift to a condensed work schedule was communicating with employees to ensure everyone bought in. “You have to remember you are asking people to modify intimate details of how they schedule and live their lives,” Shectman said. “This is a big ask, and you have to be sure they want to do it and that you are getting the result you want.” ■

CRAIN’S NEW YORK BUSINESS 2022

MINORITY EXECUTIVES IN COMMERCIAL BANKING

Honor Minority Executives in Commercial Banking This is a special print and digital editorial feature within Crain’s January 17, 2022 issue that will recognize minority leaders and executives who are currently serving in a Vice President or senior level role in commercial banking for at least 10 years. Nominees must also serve as role models or mentors to others and/or promote inclusive practices in the workplace. We are welcoming nominations to help us determine those recognized in this feature.

SUBMIT TODAY:

CrainsNewYork.com/NotableMinoritiesExecBanking Nominations close on November 15. NOVEMBER 1, 2021 | CRAIN’S NEW YORK BUSINESS | 25

P025_CN_20211001.indd 25

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photonic RFIC component characterization, test data & failure analysis; develop test vectors, test automation tools, & RF photonic test platforms. Resume to Attn: HR, 600 Mountain Ave, 6D-401E, Murray Hill, NJ 07974. Specify Job #. EOE

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Notice of Formation of Limited Liability Company (LLC). NAME: ROOXY LLC - Articles of Organization filed with the Secretary of State of New York (SSNY) on 08/23/2021. Office location: NEW YORK County. SSNY shall mail a copy of process to: The LLC, 98 E BROADWAY STE 309, NEW YORK NY 10002. Purpose: Any lawful purpose.

Notice of Qualification of CityRock Venture Partners II, L.P. Appl. for Auth. filed with Secy. of State of NY (SSNY) on 10/04/21. Office location: NY County. LP formed in Delaware (DE) on 07/16/21. Duration of LP is Perpetual. SSNY designated as agent of LP upon whom process against it may be served. SSNY shall mail process to Corporation Service Co., 80 State St., Albany, NY 12207-2543. Name and addr. of each general partner are available from SSNY. DE addr. of LP: 251 Little Falls Dr., Wilmington, DE 19808. Cert. of LP filed with Secy. of State of the State of DE, 401 Federal St., Ste. 4, Dover, DE 19901. Purpose: Any lawful activity.

Notice of Formation of FRANK ROMOFF PARTNERS LLCArts. of Org. filed with Secy. of State of NY (SSNY) on 08/02/21. Office location: NY County. Princ. office of LLC: 77 Charlton St., Ste. 10E, NY, NY 10014. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to Lawrence Spielman, SKP, LLP, 1675 Broadway, 20th Fl., NY, NY 10019. Purpose: Investment rental property.

Notice of Qualification of ASTER AND HONEY, LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 09/24/21. Office location: NY County. LLC formed in Delaware (DE) on 09/23/21. Princ. office of LLC: 300 E. 56th St., Apt. 28C, NY, NY 10022. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC at the 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, Div. of Corps., John G. Townsend Bldg., 401 Federal St., Ste. 3, Dover, DE 19901. Purpose: Any lawful activity.

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MANAGER LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 09/01/21. Office location: NY County. Princ. office of LLC: 419 Park Ave. S., 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 investment.

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Notice of Qualification of CSC GP, LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 10/06/21. Office location: NY County. LLC formed in Delaware (DE) on 04/06/06. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC, 55 E. 52nd St., 34th Fl., NY, NY 10055. DE addr. of LLC: Corporation Service Co., 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Secy. of State, 401 Federal St., #4, Dover, DE 19901. Purpose: Any lawful activity.

Notice of Qualification of BROOKFIELD PROPERTIES (USA) LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 10/05/21. Office location: NY County. LLC formed in Delaware (DE) on 10/13/17. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c/o Corporation Service Co. (CSC), 80 State St., Albany, NY 12207-2543. DE addr. of LLC: c/o CSC, 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Secy. of State, Div. of Corps., John G. Townsend Bldg., 401 Federal St. - Ste. 4, Dover, DE 19901. Purpose: Any lawful activity.

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Better than expected When Covid-19 shut down the city in March 2020, Nami Nori partner Lisa Limb was far into lease negotiations for a second location in NoMad. Although the restaurant had been open for barely six months on Carmine Street near Bleecker Street, the reception had been so strong that she and her partners wanted to think ahead. The team pulled back from a deal as restaurants all around them shut down because of the pandemic. Meanwhile, as they recalibrated their operation to takeout and delivery, West Village residents rallied in support. “We wanted to find more of that neighborhood audience, and NoMad didn’t make sense from that perspective,” Limb said. “We started thinking about Brooklyn.” They decided Williamsburg had the ideal mix: a true neighborhood, with tourists and retail tacked on. By April 2020 Limb and her partners were looking for spaces. “We didn’t know what would happen,” she said, “but we just wanted to keep thinking about the future and not wait it out.” The same aggressive spirit that had pushed them to find a second location just a few months into operation prompted the team to

stay committed to their game plan, she said. They signed a standard lease with a small landlord. Limb would not disclose the rent, but she said it was not the financial terms that sold Nami Nori on the new location, which is by McCarren Park. “It just came down to the space,” Limb said. The park usually is bustling, especially when sheltering-in-place residents were looking to get outside and socialize. It took the remainder of last year and the first half of this year to build out the space to match the aesthetic of the original, she said. A few weeks after opening in early October, Limb said, guests swarmed the tables. The new location also has provided a payoff for employees who

He had played around with nixtamalization while working for the brewery, he said. By the summer of 2020, he was back in New York, cooking tortillas and other Mexican food at P53, a café in South Williamsburg. He soon took over the café, changing its name to Sobre Masa. “I stopped thinking of restaurants as a place where a chef puts his point of view on a plate and started thinking more about the idea that there is a great community,” he said. “How can I have a restaurant that taps into this community?” That mental switch led to a broad mandate about what he might do next. He almost signed a lease on a tiny space on the Lower East Side before he saw a 2,500-square-foot property in Bushwick. Amazingly, it was within his budget, and he jumped on it, signing a lease in November and raising funding from friends and family to transform the spot into a tortilla factory with a small wholesale operation. In December his old friend Diana came to New York to help him build the restaurant; they started dating and were married by the time it opened Oct. 19. Wangeman said that as a cook he had always been motivated and ambitious, but the pandemic helped him let go of specific timelines and instead follow his instincts and the feedback from his staff and customers.

“NEW YORK IS TELLING US, ‘WE’RE NOT READY TO LET YOU GO’ ” stuck with Nami Nori throughout the hard months. Elena Diaz, the new general manager in Williamsburg, joined the original after Nami Nori’s very first general hiring call in 2019.

Soul searching

That led to the mixed approach at Sobre Masa. In the daytime it’s a place to get tortillas and a coffee, and then at night the space opens up for cocktails and tacos, with a DJ.

A second shot at a prime spot Noam Grossman was eyeing the corner of Spring and Mulberry streets in late 2019. Business at Upside Pizza, an above-average slice shop on Eighth Avenue at West 39th Street that opened in January 2019, was on an upward trajectory in terms of sales, feedback and New York Times reviews, and Grossman, a co-founder, was looking all over the city for its next locations, including on Broadway in NoMad and in Brooklyn. But he really wanted the Nolita corner, then the site of Pomodoro, a slice shop that drew in downtown crowds, especially late at night. “It’s just an iconic corner,” Grossman said. “There’s amazing foot traffic, a tourism presence, and it’s in the SoHo lunch corridor.” The landlord asked for more than Grossman and his co-founders, Eli and Oren Halali, who own the dollar-slice pizza chain 2 Bros., were willing to pay. Then came the pandemic and the city’s closure of dining rooms. Pomodoro shuttered. By May the landlord was back in touch. Grossman and the Halalis were still interested, “but we were not the same buyers we were before,”

Zack Wangeman’s tough 2020 did not start with the pandemic. His mother had become ill in Oaxaca, Mexico, and he moved from New York City—where he was cooking for Folksbier, a Brooklyn brewery— to be with her. She died in March 2020. “I went full circle, from grief to appreciation for life in general,” Wangeman said. “And that was the motivation to just get going.” Because he was out of work, he had time to develop a business plan. He had trained as a pastry chef but become more interested in learning about Mexican food. Around 2018 he became enraptured with the process of making good tortillas, including nixtamalization, in which corn is treated with lime. HUNGRY YET? Left, dishes served at Cómodo. Right, Upside Pizza’s Nolita location.

MELISSA HOM

SOBRE MASA: The Wangemans have settled into their new Bushwick tortilleria, above. Their Williamsburg café, right, is still going strong.

Grossman said. A new deal included lower rent and a threeyear ramp-up period before the full amount was due, with a 40% discount during the first year and a 20% discount in the second. “We thought this would give us the amount of time we needed to stabilize and get the store to a place where it wasn’t just functioning to pay rent but also making a profit,” Grossman said. They signed the lease in September 2020 and opened in early May after a renovation. Business is 90% of the way to their goal. Although weekdays are quieter, on Saturdays the location sells 3,000 slices featuring housemade mozzarella and naturally leavened dough developed by Adam Falco, founder of Roberta’s. To build in more profit for the expensive real estate, Upside’s team reserved 150 square feet for a second concept. After deliberation, they opted for Softside, a soft-serve ice cream shop, in the carve-out and plan to open it in January. The Nolita location was not their only pandemic play. In May Upside opened at 20 E. 40th St., betting that Midtown East’s office lunch business would return eventually. Next month Upside expects to sign a lease for a space on Manhattan Avenue in Greenpoint, for a shop that would open in March. ■

COURTESY OF COMODO AND UPSIDE

Sixth St.; the truck itself had been a pivot from their original wine-bar concept on North Sixth Street. The bar was supposed to serve concertgoers at National Sawdust, the venue in the building—but then the concerts got canceled. The pair took the Freehand meeting and made the deal, a seven-year profit-sharing agreement that required little upfront investment. In October they opened Cómodo, a Latin American– inspired eatery that also serves breakfast and lunch to hotel guests in the Freehand’s 400 rooms. Rofe and Donnelly got the deal because they proposed a concept that did not require the hotel to make a big investment in its space, unlike other contenders— an investment that was hard to support with tourism recovering so slowly. Operating a restaurant in central Manhattan is nerve-wracking, Rofe and Donnelly said. But it also marks a return for them: They started out at a SoHo spot also called Cómodo, then decamped for Brooklyn when its rent spiked. For the new menu, Donnelly, the chef, is bringing back lamb sliders that he serves on pao de queijo buns, plus other favorites including a pan-fried duck breast with tamarind—reminiscent of the dish he made when he first met his in-laws. Rofe, the sommelier, is focusing on natural wines. While they were struggling to stay afloat, the pair, who have two young children, were doubting whether their future was in New York City. They contemplated returning to their native Mexico. The Freehand call seemed like more than a business opportunity, they said: It was a cosmic sign. “New York is telling us, ‘We’re not ready to let you go,’” Rofe said.

NOVEMBER 1, 2021 | CRAIN’S NEW YORK BUSINESS | 27

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Commercial Real Estate’s Post-Covid Outlook

In-Person Event

Thursday, Nov. 4 | 5-7 p.m.

Tickets now on sale for our in-person networking event Join us for a panel discussion on the future RE development of NYC. SPEAKERS

Ken Fisher Partner Fisher Brothers

Sarah Hawkins CEO, East Region Hines

MODERATOR

Jeffrey Roseman Vice Chairman Newmark

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

For event questions: Ana Jimenez | 212-210-0739 | crainsevents@crainsnewyork.com For sponsorship questions: Courtney McCombs | Courtney.mccombs@crainsnewyork.com

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