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

CHASING GIANTS Furniture firm wants to make your new sofa a used one PAGE 3

ASKED & ANSWERED Helping students learn the importance of who you know PAGE 10

CRAINSNEWYORK.COM

MAY 30, 2022

EDUCATION

PICKING UP THE PIECES

Hobbled by pandemic-related learning loss, city schools seek to avoid a lost generation BY CARA EISENPRESS

hese days, walking the hallways of the Young Women’s Leadership School of East Harlem, Principal Colleen McGeehan overhears conversations in classrooms and catches snippets of the routines students use to learn vocabulary. “It sounds like a school,” McGeehan said. “That’s what I was missing.” The climate at the public, all-girls Leadership School and at many other learning institutions around the city now feels promising for the most part, educators and parents told Crain’s. The return of school life from classrooms to extracurriculars has been STUDENTS IN hard-won in New York City, after many Covid-reA CLASS of lated rules ended in March, though some linger. 30 are falling Restoring a sense of normalcy might be the behind, versus 8 most important action to regain the rigor and in 30 before the community at schools, educators and parents pandemic say. The loss for kids during the Covid-19 pandemic has been broad, including lagging social and academic skills as well as a dearth of meaningful and serendipitous experiences. In response, the city school system is counting on free summer learning, updated curricula and federal emergency funds, among other strategies. But in one of the highest-need districts in the country

DAVID JUNKIN

See PIECES on page 18

SMALL BUSINESS

How the city can give former prisoners an entrepreneurial push BY CARA EISENPRESS

y the end of the year, entrepreneur Coss Marte plans to be running two New York City–based startups: ConBody, a fitness brand, and ConBud, a marijuana dispensary company. It’s because of the success of the first, a nine-year-old company, that Marte meets the

NEWSPAPER

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guidelines to enter the market for the second. The state is reserving its first pot licenses for those with a previous marijuana conviction—or who are closely related to someone who has one—and proof that they have at least a 10% ownership interest in a business that has made a profit for at least two years. Yet the latter requirement makes it sadly obvious that Marte’s success has not been

replicated by many post-prison entrepreneurs—despite a great deal of enthusiasm on their part for business creation—because of the difficulty of starting a business after serving time. A new report by the Center for an Urban Future details the barriers faced by the roughly 10,000 people who come back to the city annually from prison.

“They consider me a liability,” Marte said about potential landlords, insurance representatives and bankers. Tight rules or biases about working with people with a criminal record, he said, made it difficult for him to find space, afford insurance and raise capital. See STARTUPS on page 26

GOTHAM GIG

THE LIST

DOCTOR BY DAY, CHEF BY NIGHT

The largest publicly held companies

PAGE 27

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REAL ESTATE

Construction pipeline is off to a booming start in 2022 BY EDDIE SMALL

oncerns that the pandemic would make 2022 a rough year for the city’s construction pipeline have not come to fruition yet. Companies filed plans for 689 new projects during the first quarter of the year, the largest number since the fourth quarter of 2014, according to the latest construction pipeline report from the Real Estate Board of New York. This was a roughly 3.6% increase quarter over quarter and a 69.3% increase year over year.

units across 84 new buildings, a record-high number of multifamily projects planned for the borough in one quarter. Queens also saw the highest number of new projects overall at 227, followed by Brooklyn at 207, Staten Island at 161, the Bronx at 74 and Manhattan at 20, according to the report. The largest project for the quarter was a 23-story, 500-unit mixed-use building at 94-15 Sutphin Blvd. in Queens, spanning about 482,000 square feet, the report says. The largest project in Brooklyn was a 14-story mixed-used building spanning about 435,000 square feet with 436 residential units at 254 Euclid Ave., while the largest in the Bronx was a 13-story, 470unit residential building spanning about 401,000 square feet at 120 E. 144th St. in Mott Haven. Manhattan’s biggest project of the quarter was a 21-story mixeduse building with 134 residential units spanning about 142,000 square feet at 242 E. 71st St., and the biggest Staten Island project was a 17-story mixed-use building with 295 residential units spanning about 255,000 square feet at 8 Stuyvesant Place.

“INVESTMENT IN PUBLIC WORKS AND DEVELOPMENT MUST REMAIN PARAMOUNT”

The projects spanned about 23.3 million square feet overall. This was actually down about 26.5% from the prior quarter but up more than 300% year over year. The figure was also more than 100% higher than the median total of square feet since the beginning of 2008, according to the report. The decline in square footage despite the increase in projects compared with last quarter can be partly attributed to a smaller amount of large-scale projects, which REBNY defines as projects bigger than 300,000 square feet. There were 16

the end of 2014, the report says. Despite the quarterly decline, the number of new residential units was still up by more than 500% year over year and was much higher than the quarterly median of 5,839 units since the beginning of 2008.

By borough Brooklyn saw the highest amount of new proposed residential units, at 10,121 across 144 projects. Queens came next, with 5,777 new

BUCK ENNIS

Fewer large projects

large-scale projects during the first quarter of 2022 compared with 26 during the fourth quarter of 2021. The 16 projects spanned about 6.4 million square feet and comprised about 27.4% of the quarterly total. The number of new residential units also dropped quarter over quarter, falling from the record high of 24,834 at the end of 2021 to 20,437 to kick off 2022, according to REBNY. These units were spread across plans for 322 new multifamily buildings, a record dating back to

Gary LaBarbera, president of the Building and Construction Trades Council of Greater New York, had previously expressed concern that 2022 could be a difficult year for the industry. He stressed that a healthy number of new projects would be an essential component of the city’s rebound. “We always knew that the only

way New York could fully recover from the economic devastation of the pandemic was to ensure that new building and construction was made a number one priority,” he said in a statement, “and this latest report is more evidence that investment in public works and development projects must remain paramount.” ■

FINANCE

Tech firms face brain drain as their stocks sink KEYNOTE Cheryl McKissack Daniel McKissack & McKissack

EVENTS CALLOUT

THURSDAY, JUNE 16 2022 EXCELLENCE IN DIVERSITY & INCLUSION Join Crain’s on June 16 from noon to 2 p.m. for a luncheon celebrating Diversity & Inclusion Lifetime Achievement Award winner Cheryl McKissack Daniel, a trailblazing construction and real estate executive. Four D&I category winners will also be revealed. This event is an opportunity to celebrate and network with the professionals making the workplace more representative.

MANHATTAN MANOR 201 W. 52nd St. CrainsNewYork.com/ 2022D&I

ising mortgage rates and a tumbling stock price spell challenging times for Compass, a tech-focused real estate brokerage. When CEO Robert Reffkin did his best to lay out the opportunities ahead on a recent conference call, an analyst played the role of skunk at a garden party. “With the depressed equity price, how does that play into agent retention?” the analyst asked, meaning he wanted to know if brokers are bolting because the firm’s shares have fallen by 70% since Compass went public last year. Reffkin insisted agents haven’t lost faith, and retention rates slipped by only 1% in the first quarter. “With all the turmoil that’s happened over the course of this past year, for it to be within 1% I think reflects the strength of the company,” he said. Just how long the loyalty continues is a big question. That’s because about a tenth of Compass’s more than 25,000 agents were paid commissions partly in stock last year. Trouble is, the stock is worth a lot less now.

It’s a widespread problem across the battered tech landscape, where in good times employers lured workers with large dollops of equity, such as stock options or restricted shares. The bear market has rendered those awards much less valuable, if not worthless. That’s especially true for options grants that give the holder the right to buy shares at a preset price. The grant has no value if the exercise price is higher than the stock’s market price. This unfortunate scenario is playing out at several New York companies that went public recently. For instance, the stock prices of digital insurers Lemonade and Oscar Health would have to more than double in order for the options granted to employees to be valuable, according to regulatory filings. At Compass, agents who elected to accept commission payments in the form of equity instead of cash were granted stock at an average price of $6.24 a share, according to data in a regulatory filing. The shares are freely tradable, the filing said, although selling now would mean absorbing a loss. Tech bosses are having some

heart-to-heart talks with important employees about sticking around while stock prices are in the dumps. “In most places, only a handful of people really move the ball forward,” said Nick Colas, co-founder of DataTrek Research. “Make sure they understand they are your top priority.” Meanwhile, employees are starting to bark. At Netflix, workers asked management to grant them more stock options to offset the 70% drop in the company’s share price, according to The Information.

REFFKIN

BUCK ENNIS

BY AARON ELSTEIN

Options repricing Another alternative is to lower the exercise price of options, a process known as repricing. Scores of companies took this step following the market crash in 2008, including Google and Starbucks, even though it’s deeply unpopular among shareholders who don’t get the same benefit. Still, options repricing is once again on the minds of leaders at companies struggling to retain employees who likely have many bid-

ders for their services. “While underwater option repricings may not rise to the levels following the financial crisis of 2008,” attorneys at White & Case said in a note to clients this month, “companies will likely always require the ability to reprice underwater options upon certain market fluctuation or individual corporate circumstances, especially those that last for longer periods in tight labor markets.” ■

Vol. 38, No. 21, May 30, 2022—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for no issue on 1/3/22, 7/4/22, 7/18/22, 8/1/22, 8/15/22, 8/29/22 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 2022 by Crain Communications Inc. All rights reserved.

2 | CRAIN’S NEW YORK BUSINESS | May 30, 2022

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CHASING GIANTS

BUCK ENNIS

KORALTURK, a big recycling buff, named Kaiyo after terminology relating to homes, rest and good vibes.

Kaiyo wants to make your next new sofa a used one

The Flatiron District–based startup has kept 3 million tons of furniture out of landfills

The upstart: Kaiyo

than the market for new cars because it’s so easy to buy or sell a eople in the U.S. toss out a lot of furniture. Every year used vehicle. “We talked to most of the players in the space and found Kailandfills swallow nearly 10 million tons of household furnishings, according to Environmental Protection yo’s approach to be comprehensive and unique. It’s a legitiAgency data. Alpay Koralturk, CEO and founder of sec- mate alternative to buying new,” Herscovici said. Buying used, of course, creates less waste because there is no ondhand furniture market platform Kaiyo, recalls his reaction production involved. Herscovici and Kaiyo hope that by makwhen he realized the scope of the problem: “This is insane!” In 2014 a newlywed Koralturk returned to New York City ing the process more convenient, many more shoppers will be from his native Istanbul, where he had co-founded a gaming encouraged to buy secondhand. startup that was eventually acquired by Zynga. KoralReigning Goliath: Williams-Sonoma turk was a big recycling buff and wanted to furnish his studio apartment with used furniture, but he The home furnishings giant, founded in 1956, opfound the Craigslist and thrift store options too erates 544 stores across its Williams-Sonoma, Pottery time-consuming and painful to navigate. Barn, West Elm and Rejuvenation brands in North “We ended up buying everything new, which was America, Australia and the U.K.—including 11 in very disappointing to me,” he said of his $3,000 mini New York City. Its 2021 sales topped $8 billion. spree. How to slay the giant The experience spurred him to launch a secondhand furniture platform that makes it easy to buy and Much like big-name furniture brands, Kaiyo hansell online. During Kaiyo’s first year, Koralturk met his dles the entire sales cycle—from selection to delivery. ANNE KADET team at a U-Haul lot on 23rd Street in Manhattan to Potential sellers use an online form to submit a used rent trucks by the day; they used three self-storage item for consideration, providing information about units in New Jersey to house furniture. the brand, age, condition and original price along with photos. Kaiyo, which operates remotely but recently leased office Kaiyo responds quickly to accept or decline. It retrieves the space in the Flatiron District, now processes hundreds of trans- item by appointment at no cost to the seller and takes it to a actions each day, employing five warehouses in the firm’s ser- warehouse, where it is inspected, cleaned and photographed, vice sphere, which includes the New York, Philadelphia, Balti- then listed on Kaiyo’s platform. Once an item is sold, Kaiyo demore and Washington, D.C., metropolitan areas. It is using $36 livers to the buyer by appointment for a modest fee. million in Series B funding raised in March to deepen its curThe seller’s cut of the sale ranges from just 10% on items that rent market and launch its first West Coast hub, in Los Angeles. sell for less than $100 to 60% on items that sell for more than The secondhand furniture market is just one-tenth the size $3,000. Koralturk said his company loses money on smaller of the $100 billion new-furniture market. But Daniel Herscovi- transactions because the per-item processing cost is so high. ci, a partner at venture capital firm Edison Partners, said it But the aim is to keep those items out of the landfill. could look like the used-car market, which is actually larger “We provide a subsidy on those products so they don’t end

up out on the sidewalk,” he said. So far the company has kept an estimated 3 million tons of furniture out of landfills. In a customer survey conducted in the summer of 2021, “I want to make a sustainable choice” was the second-most important factor cited when choosing Kaiyo. “Convenience” was first. Fundraising was the biggest challenge early on. It’s a complicated business with logistical and technological challenges. Many startups in the same space had failed, leaving investors skeptical, and Koralturk concedes he wasn’t a great salesman. One way Koralturk was able to win over investors came through Kaiyo’s price modeling. The business incorporates more data science than one might expect. Prices are set by a proprietary algorithm based on dozens of factors, and they can change several times a day.

The added challenge Kaiyo employs more than 170 people, and the majority of them work in operations—retrieving, processing and delivering furniture. In a tight labor market, it’s hard to find workers who offer both the physical stamina needed to haul sofas with the ability to provide knowledgeable, gracious customer service. Kaiyo makes a lot of hires but eliminates the majority of them during an intensive monthlong training and evaluation period. Once they prove a good fit, however, they stick around for years, Koralturk said, thanks to generous benefits, free lunches and salaries three to four times the national average. The Kaiyo formula works, Herscovici said. “The biggest challenge now is, how does he take what he’s learned regionally, and then bring this company nationwide?” he added. “That expansion is what we’re banking on.” ■ Anne Kadet is the creator of Café Anne, a weekly newsletter with a New York City focus. MAY 30, 2022 | CRAIN’S NEW YORK BUSINESS | 3

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WHO OWNS THE BLOCK

Condo building helping prove 11th Avenue has more to offer than just car dealerships

547 W. 47TH ST.

Auto businesses remain along the corridor, but residential tower the West Residence Club and offices have joined them recently BY C. J. HUGHES

BUCK ENNIS, GOOGLE MAPS

n 2018, when developers pur653 11TH AVE. chased a site on 11th Avenue for a condo building, they hoped it The Vu hotel was among the first projects to seize 547 W. 47TH ST. would be the latest project to drive on the potential of this site back in 2007, offering the transformation of Manhattan’s AuThe West Residence Club finished construction in March. 222 rooms in this tawny-brick, 16-story former tomobile Row from car-dealership The 219-unit, full-block condo is from SK Development, CB printing plant. But the Great Recession seemed central to residential hub. Developers and Ironstate Development. The team previousto have hurt the project. Three years later, some But then came the pandemic, and ly collaborated on the Jefferson, an East Village condo, and rooms and common areas were still under conthe condo, the West Residence Club, 1228 Madison Ave., an Upper East Side co-op. In 2018 struction, according to news reports. Along the has sold only about 33 of its 219 apartthe developers spent $93 million to buy No. 547 from Bay way, the hotel, which is operated by the global ments since the fall of 2020. Ridge Automotive Management, which had been selling chain Kimpton, changed names, and it did so by As West prepares to welcome its first Lexuses there. But Bay Ridge isn’t getting out of the auto leaning in to its publishing roots. Today it’s called residents, however, there doesn’t apbusiness completely. Earlier in the spring, the firm turned Ink 48. More recently, the building that houses pear to be a lot of looking in the reararound and paid $22 million for a berth at the base of No. the hotel—which offers a rooftop pool and rooms view mirror. 547, where it will showcase Cadillacs. But mechanics can’t starting at $463 on weekends—found a new own“We have stayed the course,” said actually repair any cars; technically, the site isn’t zoned for er. Brookfield Properties picked it up from an arm Scott Shnay, a principal at SK Developmanufacturing. Tune-ups can be performed only in dealerof Prudential Insurance for $83 million in 2019. ment, one of three firms on the develships on the appropriately zoned eastern side of the street. opment team. “And we’ve been happy with our velocity this spring,” he added, referring to a pace that’s about a deal or two a week. 639 11TH AVE. West, which switched sales A Sunoco gas station and auto-repair shop stood on teams from the Marketing Dithis corner site until recently. But the owner, Semyon rectors to Corcoran Sunshine in 533 W. 47TH ST. Ruvinsky, a Brooklyn-focused landlord, capitalized on October, tweaked its branding zoning that allows commercial buildings other than just along the way. “West” was alSullivan Street Bakery, which began baking factories and put up a glassy, 5-story, 25,000-squareways an emphasis—the graybread in SoHo in 1994, moved its main foot office building. The midrise, which received its toned, 12-story condo sits a kitchen to this address in 2000. In 2018 it certificate of occupancy in 2020, will reportedly be block away from the West Side added a café that was popular with employthe new home of Manhattan’s Maserati dealership, Highway, at 547 W. 47th St. ees of ad agencies based nearby, although although as of this month the dealership was still at But Corcoran Sunshine sugsome of those firms have since relocated. its old address at West 54th Street and the West Side gested adding the “Residence For its first decade at this building, which Highway. Barbizon Lighting Co., which creates installaClub,” Shnay said, to highlight dates to 1946 and once housed an air-contions for museums and theaters, has also leased two the activities available inside ditioning company, the bakery was a tenant, floors. The bank Société Géneralé lent Ruvinsky $7 the building in a neighborhood property records show. But bakery co-ownmillion in 2021, according to city finance records, and that’s still dotted with car washer Jim Lahey purchased the 7,800-square$5 million of that was considered a bridge loan. es and warehouses. In fact, foot structure from the estate of Murray West’s 30,000 square feet of Greenstein for $1.7 million in 2010. amenities include a library, a coworking space, a bike-repair area and a roof627 11TH AVE. top pool. With tall buildings joining When cars first rolled into town in the early 20th longtime parking lots in the century, Times Square was where vendors hawked past decade, 11th Avenue is them. Dealerships later lined Broadway in the West clearly changing. But the car 50s, earning it the name Automobile Row. After businesses endure; West’s World War II, the district shifted to 11th Avenue, 636 11TH AVE. retail space will feature a where people have gone to buy sedans and trucks This 11-story, blocklong building, completed in 1913 for Cadillac dealership, followever since. But dealerships tend to hop around. the Auerbach chocolate company, seemed to be on the ing in the footsteps of MerThis 17,000-square-foot structure, from 1955, forefront of a trend a couple of decades ago. In 2009, cedes House at West 54th has been home to several brands, including HonStreet (which offers Meras office landlords and apartment developers began inchda and Lexus, which relocated from 547 W. 47th cedes) and Sky at West 42nd ing into an industrial district, advertising giant Ogilvy and St. across the street. The Florida-based Schlanger Street (which offers Volvos). Mather leased all 550,000 square feet. About 1,200 peofamily now owns No. 627, according to tax records With studios starting at ple once worked inside. But last year the firm, now called and court documents. The family has owned auto $810,000 and three-bedOgilvy, pulled up stakes for a new home at 200 Fifth Ave., franchises in Manhattan since the early 1960s. room units maxing out across from Madison Square Park, although the firm’s around $3.8 million, West is lease runs for seven more years. Online listings suggest priced at an average of the building is still looking for tenants to sublet the empty $2,000 per square foot. That places it 625 11TH AVE. space. The Hakimian Organization bought the building for slightly below the Manhattan average, $95 million in 2005 with plans to install apartments at One type of car once seen all the time on 11th Aveaccording to a first-quarter report from the property, which has 13-foot ceilings and Hudson River nue was taxis, which were often parked at the curb to brokerage Douglas Elliman, which put views. But in the face of a strong leasing market, Hakimian allow their drivers to eat at diners along the street. the boroughwide figure at $2,300. reportedly shifted gears and went with offices instead. Similarly, this single-story structure, which was built And that price was “well below in 1955, was for years a repair shop for cabs, accordprepandemic levels,” the report said. ing to property records. Its function hasn’t changed When the last contract is signed, much; Alpha Car Wash is there today. Yude Bet Mem, West expects to haul in $334 million, a firm whose president is Sunny Cohen, bought the according to state filings, although it site for $700,000 in 2002. When the pandemic hit, could take awhile to get there. its market value was about $1.1 million, according to “It was a hyped market earlier this city figures. It is now at $899,000, although city esyear,” Shnay said, “but things have timates can be low. Zoning laws would allow a much cooled this spring, and now it’s a more larger building up to 5 stories on the 25-foot-wide normal market.” ■ property, but the site is zoned for manufacturing, making a condo seem unlikely for now. 4 | CRAIN’S NEW YORK BUSINESS | May 30, 2022

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SPONSORED CONTENT

Empire BlueCross BlueShield: Making health care coverage simple

ven before the pandemic upended health care as we know it, Empire BlueCross BlueShield had begun transforming its business model to deliver on its Whole Health mission, aimed at improving the health and wellbeing of all New Yorkers. That mission has only intensified under the pandemic, which exposed the challenges of maintaining public health and delivering exceptional care across the state and the nation.

DeStefano previously served as executive director of Medicare and Retirement for the New York market at another healthcare insurer, where he was responsible for the growth and stability of the New York Medicare Advantage portfolio. He was instrumental in the development of various riskbased provider collaboration programs centered on quality metrics, total cost of care, and chronic condition management for Medicare Advantage members.

Since 2019, Victor DeStefano, general manager, New York Commercial, has led Empire’s New York commercial strategy, overseeing both sales and retention, and fostering a high-performance culture across the state’s commercial business. Most importantly, he has worked to streamline and simplify health care by restructuring Empire BlueCross BlueShield’s network options and demonstrating that less can often end up being more.

DeStefano recently spoke with Crain’s Content Studio about the need for greater simplicity in health care delivery, the trends that he is observing at Empire BlueCross Blue Shield’s commercial business and the insurers’ plans for future innovation.

providers across our service area to help drive value for the people we collectively serve. CRAIN’S: What is Empire’s three-network strategy? DESTEFANO: We simplified our network strategy to offer three commercial networks, each with its own distinct benefits. That makes it easier for our customers and members to decide which network best serves their unique

It’s tailored to deliver the greatest premium savings, while continuing to offer in-network access to most key hospital systems in our service area (it has a 70% match to our broadest network). The second network, Blue Access, offers premium savings while also offering broad in-network coverage (it has a 97% match to our broadest network). Our third option, PPO/ EPO, offers our broadest innetwork coverage with nearly

“If the pandemic showed us anything, it’s that there are opportunities to improve the health care system, and that more does not always mean better.”

Blue Access network, which was first introduced when we unveiled the simplified strategy. CRAIN’S: What are your plans for further health care innovation in the coming months and years? DESTEFANO: Consumers are adopting digital technologies at an accelerating pace. To meet this demand, we continually introduce innovative services that make health care more convenient, fit into New Yorkers’

increasingly busy schedules and align with the more consumercentric experiences they have come to expect in many other areas of their lives. Considering these changes in consumer expectations, Empire is now offering virtual primary care to eligible members in its commercial health plans, meeting consumers’ demands of easier access to high-quality care— where, how and when they want it. We expect to continue to see innovation in the digital space.

VICTOR DESTEFANO

General Manager New York Commercial linkedin.com/in/victor-destefano

CRAIN’S: Why does health care need to be simplified and how are you going about doing that? VICTOR DESTEFANO: If the pandemic showed us anything, it’s that there are opportunities to improve the health care system, and that more does not always mean better. That’s why in New York, we’ve decided to take a “less is more” approach to innovation—similar to what has happened in other industries navigating this pandemic. As part of restructuring our networks, we’ve aligned participating hospitals and their affiliated physicians so members can access high-quality care across the full spectrum of services. This work, which is often invisible to the public, is integral to our efforts to simplify health care and make it easier for members to access the system. We work with

needs. When I joined Empire BlueCross Blue Shield in 2019, I found there were at least five networks developed in response to various business needs during the prior half-decade. However, no single customer segment had access to all those networks. We quickly recognized an opportunity to innovate—not by introducing another network, but by redesigning our existing networks around a philosophy of simplicity. This network redesign became a priority in our business plan. We looked to create a portfolio of three products with strategically planned benefit designs, each based on the needs of the members we serve. We asked ourselves, “What do people look for in a health plan in terms of cost and coverage?” CRAIN’S: Describe the three commercial networks Empire in now offering. How do these each address a different set of customer needs? DESTEFANO: Connection is our most affordable network.

100% hospital participation in our service area. Each network design balances different levels of cost vs. coverage. And you’ll see that we found ways to offer premium savings, while trying to maintain broad levels of coverage across all three options. All three networks give members access to the BlueCard network nationally, which is important for members who live and/or travel outside of our service area. CRAIN’S: Which network is proving most popular? What has been the impact of your new strategy on customer satisfaction and Empire BlueCross BlueShield’s growth? DESTEFANO: Two years since launching this strategy, we’re observing some interesting trends. Our Blue Access network accounts for 50% of new sales in the commercial segment; some employers are now able to opt for lower or no deductibles with Blue Access. Our small group employer clients are often taking all three networks. Most recently, we reached the 100,000-member milestone in the

Our Mission is Your Mission. Our mission is to materially and measurably improve the whole health and well-being of your employees and all New Yorkers.

Empireblue.com Proud partner of the New York Mets

© 2022 Empire. Services provided by Empire HealthChoice HMO, Inc. and/or Empire HealthChoice Assurance, Inc., independent licensees of the Blue Cross and Blue Shield Association. Serving residents and businesses in the 28 eastern and southeastern counties of New York State.

MAY 30, 2022 | CRAIN’S NEW YORK BUSINESS | 7

Empire BlueCross BlueShield “One Mission” Trim Size: width 4” x height 6”

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president & ceo K.C. Crain group publisher Jim Kirk publisher/executive editor

EDITORIAL

Frederick P. Gabriel Jr.

Labor shortage creates new employment for those who have historically struggled

managing editor Telisha Bryan assistant managing editor Anne Michaud data editor Amanda Glodowski digital editor Taylor Nakagawa

an Urban Future, a city think tank, details barriers faced by the roughly 10,000 people returning to the city annually from prison (see page 1). It says 4 in 10 are interested in entrepreneurship and self-employment. The report identifies specific pitfalls for those with prior convictions who try to lease space, buy insurance and raise capital. The program Defy Ventures has been providing much-needed support by conducting entrepreneurship training in and out of prisons in several states, including New York. For alumni of the program, the one-year recidivism rate is 7%, compared with a national average of 30%. Another encouraging initiative comes in the form of Jobs Direct at LaGuardia Community College, a City University of New York campus in Long Island City. As senior reporter Cara Eisenpress writes in this week’s issue, Jobs Direct is piloting two three-month

audience engagement editor Jennifer Samuels art director Carolyn McClain

FORMERLY incarcerated Coss Marte (right) started fitness company ConBody.

photographer Buck Ennis senior reporters Cara Eisenpress,

Aaron Elstein, Eddie Small reporters Maya Kaufman, Brian Pascus,

Jacqueline Neber, Natalie Sachmechi, Caroline Spivack op-ed editor Jan Parr,

opinion@crainsnewyork.com executive assistant Brittany Brown to contact the newsroom:

editors@crainsnewyork.com www.crainsnewyork.com/staff 685 Third Ave., New York, NY 10017-4024 ADVERTISING

www.crainsnewyork.com/advertise sales manager Courtney McCombs account executives Kelly Maier, Marc Rebucci,

Laura Warren

INVESTING IN PEOPLE PAYS OFF AND CAN MAKE THE HUNT FOR WORKERS EASIER more money without investing a lot of time. As a society, we benefit when these individuals are working in jobs they find rewarding. A new report by the Center for

editor-in-chief Cory Schouten,

cory.schouten@crainsnewyork.com

CONBODY

he prolonged labor shortage makes running a business difficult for many employers. But at the edges of this cloud is a tinge of sunshine for people who have historically struggled to find work. For example, in recent weeks Crain’s has reported that Goodwill Industries of Greater New York and Northern New Jersey has found it easier to place qualified workers with disabilities in jobs. There is also renewed energy around reaching people who’ve served time in prison as well as those in somewhat dead-end jobs who want a higher-paying career but can’t afford much time out of work to go back to school, and people with some college but not a degree who, again, want to make

EDITORIAL

people on the move manager Debora Stein,

dstein@crain.com CUSTOM CONTENT

nondegree programs in health care that can give graduates access to higher-paying work (see page 20). What’s more, New York state has agreed that students in these LCC programs will now be eligible for Tuition Assistance Program grants. The college is planning to help with scholarships, covering

as much as 100% of the cost, as well as job-placement services and connections to industry professionals. Investing in people pays off. Not only are people happiest at work when we are useful and growing, but as a fortunate consequence, employers may find that the hunt for skilled labor eases as well. ■

associate director, custom content

Sophia Juarez, sophia.juarez@crainsnewyork.com custom content coordinator Ashley Maahs,

ashley.maahs@crain.com EVENTS

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

Ana Jimenez, ajimenez@crainsnewyork.com senior manager of events Michelle Cast,

LETTERS TO THE EDITOR

michelle.cast@crainsnewyork.com

Another take on Penn Station math; cost of bridge loans

REPRINTS director, reprints & licensing Lauren Melesio,

212.210.0707, lmelesio@crain.com

I READ YOUR editorial (“Time to show the math behind funding the much-needed Penn Station overhaul,” published May 17) regarding the proposed upgrading of Penn Station. Unfortunately, there was a mischaracterization of the financing structure of Hudson Yards: an initiative designed to catalyze billions of dollars of private investment through the funding of public infrastructure, including the extension of the 7 line and a community park. While the city did guarantee the Hudson Yards debt and initially paid $360 million in interest support, these payments ended in 2016. That is the extent of the out-of-pocket investment the city made toward the infrastructure. Since 2016 project revenues have been sufficient to cover interest on the outstanding Hudson Yards debt, and the city does not expect

BUCK ENNIS

PRODUCTION

any future interest support will be necessary. The city’s return on its “investment” began in 2019, when it received a first-time “dividend” of $663 million. In addition, Hudson Yards continues to generate millions of dollars in surplus revenue annually that, over time, will lead to billions of dollars being transferred to the city’s general fund. Just looking at today, however, the city’s investment of $360 million has garnered $663 million for a net gain of $304 million. I would note that this does not

include any sales or income tax revenues generated within the Hudson Yards area from construction activity or revenue generated by the Metropolitan Transportation Authority from its ownership of the Hudson Rail Yards itself. In fact, the MTA raised in excess of $1 billion for its regionwide capital program when it issued bonds secured by the Hudson Rail Yards ground rent it receives. I hope this information clarifies the results of the Hudson Yards investment by New York City. ANN WEISBROD Former president of the Hudson Yards Development Corp. (from 2003 to 2014). It and the Hudson Yards Infrastructure Corp. were the two entities established by the city to implement the project. I APPLAUD Crain’s for throwing a bright spotlight on what is an increasingly serious and burden-

some situation—the city’s failure to pay its obligations to charities and other nonprofits in a timely manner, forcing us to secure bridge loans and use other costly temporary means to stay afloat and provide valuable services (“Red tape snares local charities,” published Feb. 4). We are not big corporations, and these delays have jeopardized nonprofits such as Inside Broadway, which for 40 years has introduced Broadway to public school children. Although there is hope on the horizon with the new mayor who “gets stuff done” and a comptroller who is studying this problem, I have a suggestion: The city should reimburse nonprofits for the expense of the bridge loans. If that becomes policy, watch how soon the problem is solved. MICHAEL PRESSER Founder and executive director of Inside Broadway

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chairman Keith E. Crain vice chairman Mary Kay Crain president & ceo K.C. Crain senior executive vice president Chris Crain editor-in-chief emeritus Rance Crain chief financial officer Robert Recchia founder G.D. Crain Jr. [1885-1973]

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

chairman Mrs. G.D. Crain Jr. [1911-1996]

8 | CRAIN’S NEW YORK BUSINESS | MAY 30, 2022

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5/27/22 3:47 PM

OP-ED

It’s time for General Electric to pay for decades of economic damage it created on the Hudson

or centuries, the Hudson River has been central to New York’s status as a national economic powerhouse. Yet the river’s viability as a venue for trade and economic opportunities has been compromised for seven decades since the General Electric Co. dumped millions of pounds of polychlorinated biphenyls into the Hudson between 1947 and 1977. While GE paid for a hot-spot cleanup of the Upper River, the limited scope left extensive areas of contaminated sediments. Federal law requires GE to both clean up the hazardous chemicals it discharged into the river and to pay for the injuries it caused to the surrounding natural resources. Through a Natural Resource Damage Assessment, federal and state trustee agencies determine the value of the damages the company has caused—a process that has been underway for the past decade. A new report, commissioned by Scenic Hudson and conducted by leading national experts in the field, has estimated that GE’s contamination has caused $11.4 billion in damages. The law requires

GE to pay for this damage to restore the health of the river and surrounding resources. While this estimate may seem high, BP paid more than $9 billion in natural-resource damages for its Gulf Coast Deep Water Horizon oil spill. The injuries from this spill have largely been resolved in under a decade. The impacts of GE’s persistent PCBs, however, will span a century and be far more damaging to the river ecology and commerce. To fully restore the Hudson River and to stem the continuing injury, a restoration dredge is needed—at an estimated cost of $10.7 billion. From curtailed shipping and fishing on the river to business opportunities on its shores, New Yorkers have seen the impacts of PCBs firsthand. Our once-thriving commercial fishing industry was closed overnight in the 1970s when PCBs were discovered in fish, ending a $40 million industry and wiping out a once-pivotal component of our region’s economy and culture. Waterfront development and river-based tourism and recreation opportunities have been chilled by the contamination. In the Upper Hudson River, the Department of Health

advises organizers of in-river activities for children to provide portable showers to wash down after water contact. Ecotourism has been affected, with questionable water quality and catch-and-release requirements for recreational fishers.

Taxpayers forced to pay Contamination fouls marinas, preventing their periodic dredging. The Champlain Canal is choked with PCBs, meaning deep-draft ships cannot access this once-lucrative transportation route, and barges must lighten their loads—at a cost in profitability. Dredging of the New YorkNew Jersey Harbor is essential to keep the country’s second-largest port operational. The cost of this maintenance is considerably more expensive due to PCBs—an estimated 75% of which can be attributed to GE. The cost of this maintenance is borne by taxpayers. A robust National Resources Department settlement will fund projects that clean and restore the Hud-

ALAMY

BY MIKE OATS

son River, putting it on a path toward revitalization. A comprehensive cleanup of the Hudson would lay the groundwork for a restoration of commercial and unrestricted recreational fishing, deepdraft shipping and increased opportunities to enjoy the river. The state and federal agencies serving as trustees of the Hudson

must negotiate with GE to achieve a settlement, based on the recently released report. GE should come to the table with good intentions and put this toxic legacy behind it. New Yorkers deserve no less. ■ Mike Oates is CEO of the Hudson Valley Economic Development Corp.

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May 30, 2022 | CRAIN’S NEW YORK BUSINESS | 9

5/26/22 5:03 PM

ASKED & ANSWERED WHO SHE IS Chief Executive Officer, iMentor

INTERVIEW BY CARA EISENPRESS

AGE 51

s Heather Wathington approaches her one-year anniversary as CEO of the nonprofit iMentor, she is getting a glimpse at how she can help the organization have a bigger impact. For the 2021–22 school year, iMentor connected 10,000 public high school students, many from communities where a majority will be first-generation college graduates, to mentors; 3,000 pairs are in New York. Wathington is working to deeply integrate her company with companies in New York City (iMentor is in 14 states altogether). The organization is now focused on expanding the one-on-one partnerships to help guide mentees into internships and careers.

GREW UP Redbank, New Jersey RESIDES Lenox Hill, Manhattan EDUCATION Bachelor’s in English and religion, Wellesley College; master’s in higher education management, University of Pennsylvania; doctorate in higher and postsecondary education, University of Michigan WARM WELCOME Wathington moved to the city from Philadelphia for the iMentor job and has found that the nonprofit community has been happy to have her, putting together luncheons to introduce her to other executive directors. “New York has been fabulous to me,” she said.

What is important about mentorship?

Mentoring evens the playing field. It provides support for young people to reach their goals and promotes economic mobility. I think the traditional view of mentorship always looks at introducing, coaching and advising one generation or one person to the world of another. It also offers mentors the opportunity to process and think about their relationship with their mentee and how mentors can be real advocates.

What’s the connection between one-on-one mentoring and larger social change?

Corporations engender their employees to become mentors and champions for our work. Some are on

HELP IS HERE One of iMentor’s pandemic innovations was to create a $150,000 emergency fund that college students in its network could access in a pinch, for tuition balances or laptop repairs.

various boards; others are contributors. We also have diversity and inclusion teams. Corporation foundation leaders want to invest in nonprofits and do a great job of driving our programing, helping us with research. Without those partnerships, we couldn’t do it.

Can individual employees make systemic change when it comes to diversity and inclusion at the city’s top companies?

Yes. Employees can also be active connectors to leverage your network to build a mentee’s social capital. Students learn the value of mentorship—the idea that who you know becomes really important. If you can learn it early, you will then seek out a mentor as you continue to go through life, one who supports you, that’ll get you far. As students come out of college, they realize they need to network and can build their social capital as first-generation graduates, knowing it’s important to seek someone out who will take you under their wing.

What’s the tenor from donors right now? It’s been a long two years of need.

Certainly during the pandemic, we had funders that saw that we needed support to tide us over. I think what we see now are folks being like, “What did you learn from Covid? What is the new vision? What is the next phase?” There is a lot of natural curiosity around where to take the organization.

How are the 10,000 students in your network emerging from the pandemic upheaval?

It forced kids to grow up faster or not at all. You see students who might be in 11th grade but are operating as if they are in ninth. One of the things we find changing with our high school students is that many more are interested in careers. That has to do with financial need. They are struggling, especially with inflation as we move out of the pandemic. Students are leaving high school wanting to figure out the economic mobility challenge. Now, 15% of students express interest in going into the workforce after high school, up from 10% before the pandemic. ■

BUCK ENNIS

HEATHER WATHINGTON iMentor

DOSSIER

Celebrate the Champions of Diversity & Inclusion. LUNCHEON & LIVE UNVEILING OF THE 2022 D&I AWARD WINNERS

THURSDAY, JUNE 16 | 12-2 PM MANHATTAN MANOR Crain’s Annual Excellence in Diversity and Inclusion Awards toasts New York City individuals and businesses that are leading by example and holding themselves and others accountable for diversity and inclusion initiatives.

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10 | CRAIN’S NEW YORK BUSINESS | May 30, 2022

P010_CN_20220530.indd 10

5/26/22 5:00 PM

THE LIST NEW YORK’S LARGEST PUBLICLY HELD COMPANIES Ranked by 2021 revenue

AMANDA.GLODOWSKI@CRAINSNEWYORK.COM ONE-YEAR REVENUE PERCENTAGE CHANGE

2021 NET INCOME (IN MILLIONS)

RANK

COMPANY (TICKER SYMBOL)/ ADDRESS

PHONE/ WEBSITE

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

212-395-1000 verizon.com

$133,613.0

+4.15%

$22,065.0

Telecommunications

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

212-270-6000 jpmorganchase.com

$127,202.0

-2.09%

$48,334.0

Investment banking and financial services

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

212-733-2323 pfizer.com

$81,288.0

+95.16%

$21,979.0

Pharmaceuticals

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

212-559-1000 citigroup.com

$79,865.0

-10.1%

$21,952.0

Investment banking and financial services

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

914-253-2000 pepsico.com

$79,474.0

+12.93%

$7,618.0

Food and beverage products

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

212-578-9500 metlife.com

$71,080.0

+4.77%

$6,554.0

Insurance

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

973-802-6000 prudential.com

$70,934.0

+24.37%

$7,724.0

Insurance

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

212-902-1000 goldmansachs.com

$64,989.0

+21.48%

$21,635.0

Investment banking and financial services

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

212-761-4000 morganstanley.com

$61,121.0

+16.19%

$15,034.0

Investment banking and financial services

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

914-499-1900 ibm.com

$57,350.0

+3.93%

$5,743.0

Technology

American International Group Inc. (AIG) 1271 Sixth Ave., New York, NY 10020

212-770-7000 aig.com

$52,057.0

+19.03%

$9,388.0

Insurance

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

908-740-4000 merck.com

$48,704.0

+17.31%

$13,049.0

Pharmaceuticals

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

212-546-4000 bms.com

$46,385.0

+9.09%

$6,994.0

Pharmaceuticals

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

212-640-2000 americanexpress.com

$43,663.0

+14.35%

$8,060.0

Financial services

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

917-778-6000 travelers.com

$34,816.0

+8.86%

$3,662.0

Insurance

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

917-663-2000 pmi.com

$31,405.0

+9.45%

$9,109.0

Tobacco, food and beverage products

Paramount Global (PARA) 1515 Broadway, New York, NY 10036

212-258-6000 paramount.com

$28,586.0

+13.06%

$4,543.0

Media and entertainment

KKR & Co. Inc. (KKR) 30 Hudson Yards, New York, NY 10001

212-750-8300 kkr.com

$26,141.3

+171.47%

$4,666.5

Investments

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

212-494-1621 macysinc.com

$25,292.0

+39.76%

$1,430.0

Department stores

Blackstone Inc. (BX) 345 Park Ave., New York, NY 10154

212-583-5000 blackstone.com

$22,577.1

+270%

$5,857.4

Investments

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

201-847-6800 bd.com

$20,248.0

+18.29%

$2,092.0

Medical equipment and supplies

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

212-345-5000 mmc.com

$19,820.0

+15.07%

$3,143.0

Professional services

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

212-810-5300 blackrock.com

$19,374.0

+19.56%

$5,901.0

Investment management

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

914-249-2000 mastercard.com

$18,884.0

+23.42%

$8,687.0

Payment solutions

Kyndryl Holdings Inc. (KD) One Vanderbilt Ave., New York, NY 10017

212-896-2098 kyndryl.com

$18,657.0

-3.59%

-$2,319.0

Information technology

Cognizant Technology Solutions Corp. (CTSH) 300 Frank West Burr Blvd., Teaneck, NJ 07666

201-801-0233 cognizant.com

$18,507.0

+11.14%

$2,137.0

Information technology

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

212-310-2000 colgatepalmolive.com

$17,421.0

+5.77%

$2,166.0

Health and beauty aids

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

212-572-4200 elcompanies.com

$16,215.0

+13.44%

$2,870.0

Health and beauty aids

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

212-495-1784 bnymellon.com

$16,158.0

-4.62%

$3,759.0

Banking

Regeneron Pharmaceuticals Inc. (REGN) 777 Old Saw Mill River Road, Tarrytown, NY 10591

914-847-7000 regeneron.com

$16,071.7

+89.14%

$8,075.3

Biotechnology

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

973-974-5000 adp.com

$15,005.4

+2.85%

$2,598.5

Human resources software

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

212-521-2000 loews.com

$14,657.0

+16.48%

$1,578.0

Diversified holdings

Omnicom Group Inc. (OMC) 280 Park Ave., New York, NY 10017

212-415-3600 omnicomgroup.com

$14,289.4

+8.49%

$1,407.8

Media, marketing and communications

212-460-4600 conedison.com

$13,676.0

+11.68%

$1,346.0

Electric and gas utility

P011_P016_CN_20220530.indd 11

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

INDUSTRY

BOURLA

BUCK ENNIS

2021 REVENUE (IN MILLIONS)

No. 3 Pfizer Inc. You have to go back to 2007, when Apple introduced the iPhone, for a large company’s fortunes to improve so dramatically since Pfizer unveiled its Covid-19 vaccine. Pfizer is expected to generate at least $100 billion in revenue this year, 60% more than in 2020, thanks to $50 billion in sales of vaccines and oral Covid-19 treatments. The vaccine was the best-selling pharmaceutical in the world last year, according to Nature, and its $37 billion in sales were twice that of the closest contender: arthritis treatment Humira, made by AbbVie. But financial transformation is only part of Pfizer’s story. It has always been a respected business, but now it’s practically revered. When Chief Executive Albert Bourla flew to Europe for last year’s G7 summit, his plane parked next to English prime minister Boris Johnson’s. President Joe Biden has called Bourla his “good friend.” Pfizer possesses tremendous power to set pricing and determine who gets access to the amazingly effective vaccine developed by German partner BioNTech. Pfizer helped mainly with clinical trials and providing manufacturing muscle. The fact that recipients gratefully roll up their sleeves for what’s widely known as “the Pfizer vaccine” ranks among the greatest marketing triumphs ever. The Pfizer Patient Assistance Foundation dispensed more than $1 billion worth of product in 2019, according to its most recent filing, and the Pfizer Foundation gave $25 million to worthy causes. Presumably those figures will grow significantly. — Aaron Elstein

331K THE NUMBER OF EMPLOYEES who work at Cognizant Technology Solutions Corp. (No. 26), the highest amount on our list.

May 30, 2022 | CRAIN’S NEW YORK BUSINESS | 11

5/26/22 4:08 PM

Kyndryl Holdings Inc. (KD) One Vanderbilt Ave., New York, NY 10017

212-896-2098 kyndryl.com

$18,657.0

-3.59%

-$2,319.0

Information technology

Cognizant Technology Solutions Corp. (CTSH) 300 Frank West Burr Blvd., Teaneck, NJ 07666

201-801-0233 cognizant.com

$18,507.0

+11.14%

$2,137.0

Information technology

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

212-310-2000 colgatepalmolive.com

$17,421.0

+5.77%

$2,166.0

Health and beauty aids

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

212-572-4200 elcompanies.com

$16,215.0

+13.44%

$2,870.0

Health and beauty aids

Banking

Biotechnology

Human resources software

RAN 62

THE LIST

Bank of New York Mellon LARGEST Corp. (BK) 212-495-1784 $16,158.0COMPANIES -4.62% $3,759.0 NEW YORK’S PUBLICLY HELD 29 The 240 Greenwich St., New York, NY 10286 bnymellon.com Regeneron Pharmaceuticals Inc. (REGN) 777 Old Saw Mill River Road, Tarrytown, NY 10591

$16,071.7

+89.14%

$8,075.3

2021 REVENUE $15,005.4 (IN MILLIONS)

ONE-YEAR REVENUE PERCENTAGE +2.85% CHANGE

2021 NET INCOME $2,598.5 (IN MILLIONS)

RANK 31

COMPANY (TICKER SYMBOL)/ Inc. (ADP) Automatic Data Processing ADDRESS One ADP Blvd., Roseland, NJ 07068

PHONE/ 973-974-5000 WEBSITE adp.com

132

Verizon Communications Inc. (VZ) Loews Corp. (L) 1095 Sixth Ave., New York, NYNY 10036 667 Madison Ave., New York, 10065

212-395-1000 212-521-2000 verizon.com loews.com

$133,613.0 $14,657.0

+4.15% +16.48%

$22,065.0 $1,578.0

233

JPMorgan ChaseInc. & Co. (JPM) Omnicom Group (OMC) 383 NY 10179 280 Madison Park Ave.,Ave., NewNew York,York, NY 10017

212-270-6000 212-415-3600 jpmorganchase.com omnicomgroup.com

$127,202.0 $14,289.4

-2.09% +8.49%

$48,334.0 $1,407.8

Investment bankingand and financial Media, marketing services communications

334

Pfizer Inc. (PFE) Consolidated Edison Inc. (ED) 235 E. 42nd New York, 10017 4 Irving Place,St., New York, NYNY 10003

212-733-2323 212-460-4600 pfizer.com conedison.com

$81,288.0 $13,676.0

+95.16% +11.68%

$21,979.0 $1,346.0

Pharmaceuticals Electric and gas utility

435

Citigroup (C) Fox Corp. Inc. (FOXA) 388 New York, 10013 1211Greenwich Sixth Ave.,St., New York, NY NY 10036

212-559-1000 212-852-7000 citigroup.com foxcorporation.com

$79,865.0 $12,909.0

-10.1% +4.93%

$21,952.0 $2,150.0

Investment banking and financial Broadcasting services

536

PepsiCo Inc. (PEP) Henry Schein Inc. (HSIC) 700 Hill Road, Purchase, NY 10577 135 Anderson Duryea Road, Melville, NY 11747

914-253-2000 631-843-5500 pepsico.com henryschein.com

$79,474.0 $12,401.0

+12.93% +22.55%

$7,618.0 $631.2

Food andand beverage Medical hospitalproducts equipment

637

MetLife Inc. (MET) Warner Bros. Discovery Inc. (WBD) 200 New York, 10166 230 Park Ave., Ave. South, NewNY York, NY 10003

212-578-9500 212-548-5555 metlife.com wbd.com

$71,080.0 $12,191.0

+4.77% +14.24%

$6,554.0 $1,006.0

Insurance Media and entertainment

738

Prudential Financial Alleghany Corp. (Y) Inc. (PRU) 751 St., Newark, NJ NY 07102 1411Broad Broadway, New York, 10018

973-802-6000 212-752-1356 prudential.com alleghany.com

$70,934.0 $12,004.1

+24.37% +34.93%

$7,724.0 $1,034.9

Insurance holdings

839

The Goldman Sachs Inc. (GS)Inc. (IFF) International FlavorsGroup & Fragrances 200 St.,St., NewNew York, NY NY 10282 521 West W. 57th York, 10019

212-902-1000 212-765-5500 goldmansachs.com iff.com

$64,989.0 $11,656.0

+21.48% +129.27%

$21,635.0 $270.0

Investment banking financial Artificial flavors and and aromas services

940

Morgan (MS) EquitableStanley Holdings Inc. (EQH) 1585 1290 Broadway, Sixth Ave., New New York, York, NY NY 10036 10104

212-761-4000 212-554-1234 morganstanley.com equitableholdings.com

$61,121.0 $11,036.0

+16.19% -11.11%

$15,034.0 -$439.0

Investment and financial Retirement banking and insurance services products

10 41

International Business Machines Corp. (IBM) Quest Diagnostics Inc. (DGX) One Road, Armonk, NY 10504 500 New PlazaOrchard Drive, Secaucus, NJ 07094

914-499-1900 973-520-2700 ibm.com questdiagnostics.com

$57,350.0 $10,788.0

+3.93% +14.32%

$5,743.0 $1,995.0

Technology Medical laboratories

11 42

American International Inc. (AIG) The Interpublic Group ofGroup Companies Inc. (IPG) 1271 SixthAve., Ave.,New NewYork, York,NYNY10022 10020 909 Third

212-770-7000 212-704-1200 aig.com interpublic.com

$52,057.0 $10,240.7

+19.03% +13.02%

$9,388.0 $952.8

Insurance Advertising

12 43

Merck & Co. Assurant Inc.Inc. (AIZ)(MRK) 2000 Galloping HillYork, Road, 55 Broadway, New NYKenilworth, 10006 NJ 07033

908-740-4000 212-859-7000 merck.com assurant.com

$48,704.0 $10,187.6

+17.31% +6.17%

$13,049.0 $1,372.4

Pharmaceuticals Insurance

13 44

Bristol-Myers Altice USA Inc.Squibb (ATUS)Company (BMY) 430 E. 29th St.,West, New York, 10016 1 Court Square Long NY Island City, NY 11101

212-546-4000 516-803-2300 bms.com alticeusa.com

$46,385.0 $10,090.8

+9.09% +1.98%

$6,994.0 $990.3

Pharmaceuticals Cable television

14 45

American Express Company (AXP)Inc. (PEG) Public Service Enterprise Group 200 Vesey St., Newark, New York,NJNY07102 10285 80 Park Plaza,

212-640-2000 973-430-7000 americanexpress.com pseg.com

$43,663.0 $9,722.0

+14.35% +1.24%

$8,060.0 -$648.0

Financial services Electric and gas utility

15 46

The Travelers Companies (TRV) Brookfield Business Corp.Inc. (BBUC) 485 New York, NY 10017 250 Lexington Vesey St., Ave., New York, NY 10281

917-778-6000 212-417-7000 travelers.com bbu.brookfield.com

$34,816.0 $9,649.0

+8.86% +0.45%

$3,662.0 $36.0

Insurance Business services

16 47

Philip Morris(NWSA) International Inc. (PM) News Corp. 120 1211Park SixthAve., Ave.,New NewYork, York,NYNY10017 10036

917-663-2000 212-416-3400 pmi.com newscorp.com

$31,405.0 $9,358.0

+9.45% +3.89%

$9,109.0 $330.0

Tobacco, foodand andpublishing beverage Mass media products

17 48

Paramount Global (PARA) PVH Corp. (PVH) 1515 Broadway, New York, NY NY 10036 285 Madison Ave., New York, 10017

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

$28,586.0 $9,154.7

+13.06% +28.35%

$4,543.0 $952.3

Media Appareland entertainment

18 49

KKR & Co. Inc. (KKR) Jefferies Financial Group Inc. (JEF) 30 Yards, 520Hudson Madison Ave.,New NewYork, York,NYNY10001 10022

212-750-8300 212-460-1900 kkr.com jefferies.com

$26,141.3 $9,039.9

+171.47% +29.96%

$4,666.5 $1,674.4

Investments Financial services

19 50

Macy's Inc. (M) Foot Locker Inc. (FL) 151 330 W. 34th St., New York, NY 10001

212-494-1621 212-720-3700 macysinc.com footlocker-inc.com

$25,292.0 $8,958.0

+39.76% +18.68%

$1,430.0 $893.0

Department Shoe retail stores

20 51

Blackstone Inc. (BX)Inc. (SIRI) Sirius XM Holdings 345 1221Park SixthAve., Ave.,New NewYork, York,NYNY10154 10020

212-583-5000 212-584-5100 blackstone.com siriusxm.com

$22,577.1 $8,696.0

+270% +8.16%

$5,857.4 $1,314.0

Investments Satellite radio

21 52

Becton, Dickinson and Company (BDX) S&P Global Inc. (SPGI) 1 Franklin Lakes, NJ 07417 55Becton Water Drive, St., New York, NY 10041

201-847-6800 212-438-1000 bd.com spglobal.com

$20,248.0 $8,297.0

+18.29% +11.49%

$2,092.0 $3,024.0

Medical Financialequipment informationand andsupplies analytics

22 53

Marsh & McLennan Companies Bed Bath & Beyond Inc. (BBBY) Inc. (MMC) 1166 Sixth Ave., York, 10036 650 Liberty Ave., New Union, NJ NY 07083

212-345-5000 908-688-0888 mmc.com bedbathandbeyond.com

$19,820.0 $7,867.8

+15.07% -14.79%

$3,143.0 -$559.6

Professional services Domestic goods and home furnishings

23 54

BlackRock Hess Corp. Inc. (HES)(BLK) 55 E. 52nd St., New 1185 Sixth Ave., NewYork, York,NY NY10055 10036

212-810-5300 212-997-8500 blackrock.com hess.com

$19,374.0 $7,473.0

+19.56% +60.12%

$5,901.0 $559.0

Investment Petroleum management

24 55

Mastercard Inc. (MA) Compass Inc. (COMP) 2000 Purchase St.,York, Purchase, NY 10577 90 Fifth Ave., New NY 10011

914-249-2000 212-913-9058 mastercard.com compass.com

$18,884.0 $6,421.0

+23.42% +72.57%

$8,687.0 -$494.1

Payment solutions real estate Technology-driven platform

25 56

Kyndryl Inc. (KD) OrganonHoldings & Co. (OGN) One Vanderbilt NY 10017 30 Hudson St., Ave., JerseyNew City,York, NJ 07302

212-896-2098 551-430-6000 kyndryl.com organon.com

$18,657.0 $6,304.0

26 57

Cognizant Technology Solutions Corp. (CTSH) ABM Industries Inc. (ABM) 300 Frank West Burr Blvd., NJ 07666 One Liberty Plaza, New York,Teaneck, NY 10006

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

$18,507.0 $6,228.6

+11.14% +4.02%

$2,137.0 $126.3

Information technology Facility management

212-310-2000 212-553-0300 colgatepalmolive.com moodys.com

$17,421.0 $6,218.0

+5.77% +15.77%

$2,166.0 $2,214.0

Health and beauty aids Credit ratings

212-572-4200 elcompanies.com 718-286-7900 jetblue.com 212-495-1784 bnymellon.com 212-515-3200 apollo.com 914-847-7000 regeneron.com 212-401-8700 nasdaq.com 973-974-5000 adp.com 212-946-8400 tapestry.com 212-521-2000 loews.com 212-275-2000 wmg.com 212-415-3600 omnicomgroup.com 914-323-5700 xylem.com 212-460-4600 conedison.com 516-472-5400 broadridge.com

$16,215.0 $6,037.0

+13.44% +104.16%

$2,870.0 -$182.0

Health and beauty aids Airline

$16,158.0 $5,951.6

-4.62% +152.83%

$3,759.0 $1,838.5

Banking Private equity

$16,071.7 $5,886.0

+89.14% +4.64%

$8,075.3 $1,187.0

Biotechnology Electronic stock market

$15,005.4 $5,746.3

+2.85% +15.82%

$2,598.5 $834.2

Human resources software Luxury fashion

$14,657.0 $5,301.0

+16.48% +18.78%

$1,578.0 $304.0

Diversified holdings Music company

32 94

$14,289.4 $5,195.0

+8.49% +6.54%

$1,407.8 $427.0

Media, marketing and communications Water technology

33 95

$13,676.0 $4,993.7

+11.68% +10.26%

$1,346.0 $547.5

Electric and gas utility Corporate services

Colgate-Palmolive Company (CL) Moody's Corp. (MCO) 300 ParkTrade Ave.,Center, New York, 10022 St., New 7 World 250NYGreenwich York, NY 10007 The Estée Lauder Companies Inc. (EL) 767 FifthAirways Ave., New York, NY 10153 JetBlue Corp. (JBLU) 27-01 Queens Plaza North, Long Island City, NY 11101 The Bank of New York Mellon Corp. (BK) 240 Greenwich St., New York,Inc. NY 10286 Apollo Global Management (APO) 9 W. 57th St., New York, NY 10019 Regeneron Pharmaceuticals Inc. (REGN) 777 Old Inc. Saw (NDAQ) Mill River Road, Tarrytown, NY 10591 Nasdaq 151 W. 42nd St., New York, NY 10036 Automatic Data Processing Inc. (ADP) One ADP Inc. Blvd.,(TPR) Roseland, NJ 07068 Tapestry 10 Hudson Yards, New York, NY 10001 Loews Corp. (L) 667 Madison New York,(WMG) NY 10065 Warner MusicAve., Group Corp. 1633NEW Broadway, York, NY| 10019 12 | CRAIN’S YORKNew BUSINESS May 30, 2022 Omnicom Group Inc. (OMC) 280 XylemPark Inc.Ave., (XYL)New York, NY 10017 1 International Drive, Rye Brook, NY 10573 Consolidated Edison Inc. (ED) P011_P016_CN_20220530.indd 12 York, 4 Irving Place, New NY 10003 Broadridge Financial Solutions Inc. (BR) 5 Dakota Drive, Lake Success, NY 11042

27 58 28 59 29 60 30 61 31 62 32 63 33 64 34 65

914-847-7000 regeneron.com

INDUSTRY

Telecommunications Diversified holdings

1 63

FRASER

-3.59% -3.49%

-$2,319.0 $1,351.0

Information technology Women's health and pharmaceuticals

WIKI

No. 4 Citigroup Jane Fraser last year took on the most challenging job in U.S. finance, if not all business, when she became Citigroup’s chief executive. After the bank careened from one crisis to another for more than two decades, Fraser broke with her all-male predecessors and pledged to abandon consumer banking in 13 countries across Europe and Asia. But before she could get Citi out of Russia, war broke out in Ukraine. It’s never easy running Citi. Fraser has impressed at least one important person: Warren Buffett. This month the legendary investor disclosed that he’d bought $3 billion shares in Citi. The bank’s stock perked up by 7.7% on the news. Endorsements don’t get much more meaningful, especially since Buffett recently sold the last of his stake in Wells Fargo, long one of his key holdings. Fraser is now working to improve Citi’s financial performance and satisfy regulators who penalized the bank for repeated risk-management failures. She’s also overhauling the bank’s culture so that a slimmed-down Citi is understood to be a good place to work. About 30 years ago Citi was the best brand in banking. Maybe Fraser can make it that way again. It certainly helps that Buffett thinks she’s a good investment. — A.E.

GROWTH SPURT These companies experienced the highest rate of growth in revenue over the past fiscal year. % change in revenue New Residential Investment Corp. (No. 72) 513%

2 64

3 65

4 66

5 67

6 68

7 69

8 70

9 71

10 72

11 73

12 74

13 75

14 76

15 77

16 78

17 79

18 80

19 81

20 82

21 83

22 84

23 85

24 86

25 87

26 88

Oscar Health Inc. (No. 105) 297%

27 89

Blackstone Inc. (No. 20)

28 90

270% Blue Owl Capital Inc. (No. 149)

29 91

230%

30 92

New Fortress Energy Inc. (No. 124) 193%

31 93

SOURCE: Crain’s analysis

5/26/22 4:09 PM

34 96

e o

Organon & Co. (OGN) 30 Hudson St., Jersey City, NJ 07302

551-430-6000 organon.com

$6,304.0

-3.49%

$1,351.0

Women's health and pharmaceuticals

ABM Industries Inc. (ABM) One Liberty Plaza, New York, NY 10006

212-297-0200 abm.com

$6,228.6

+4.02%

$126.3

Facility management

Moody's Corp. (MCO) 7 World Trade Center, 250 Greenwich St., New York, NY 10007

212-553-0300 moodys.com

$6,218.0

+15.77%

$2,214.0

JetBlue Airways Corp. (JBLU) 27-01 Queens Plaza North, Long Island City, NY 11101

718-286-7900 jetblue.com

$6,037.0

+104.16%

-$182.0

Apollo Global Management Inc. (APO) 9 W. 57th St., New York, NY 10019

212-515-3200 apollo.com

$5,951.6

+152.83%

$1,838.5

Private equity

Nasdaq Inc. (NDAQ) 151 W. 42nd St., New York, NY 10036

212-401-8700 nasdaq.com

$5,886.0

Electronic stock market

RANK 62

COMPANY Inc. (TICKER SYMBOL)/ Tapestry (TPR) ADDRESS 10 Hudson Yards, New York, NY 10001

PHONE/ 212-946-8400 WEBSITE tapestry.com

REVENUE $5,746.3

1 63

Verizon Music Communications (VZ) Warner Group Corp.Inc. (WMG) 1095 Broadway, Sixth Ave., New New York, York, NY NY 10019 10036 1633

2 64

Credit ratings

Airline

+4.64%

$1,187.0

(IN MILLIONS)

ONE-YEAR REVENUE PERCENTAGE +15.82% CHANGE

2021 NET $834.2 INCOME (IN MILLIONS)

212-395-1000 212-275-2000 verizon.com wmg.com

$133,613.0 $5,301.0

+4.15% +18.78%

$22,065.0 $304.0

Telecommunications Music company

JPMorgan Xylem Inc. Chase (XYL) & Co. (JPM) Madison Ave., NY NY 10179 1383 International Drive,New RyeYork, Brook, 10573

212-270-6000 914-323-5700 jpmorganchase.com xylem.com

$127,202.0 $5,195.0

-2.09% +6.54%

$48,334.0 $427.0

Investment banking and financial Water technology services

3 65

Pfizer Inc. (PFE) Broadridge Financial Solutions Inc. (BR) E. 42nd St.,Lake NewSuccess, York, NY NY 10017 5235 Dakota Drive, 11042

212-733-2323 516-472-5400 pfizer.com broadridge.com

$81,288.0 $4,993.7

+95.16% +10.26%

$21,979.0 $547.5

Pharmaceuticals Corporate services

4 66

Citigroup Inc. (C) Coty Inc. (COTY) 388 Fifth Greenwich St., New NY 10013 350 Ave., New York, York, NY 10118

212-559-1000 212-389-7300 citigroup.com coty.com

$79,865.0 $4,629.9

-10.1% -1.86%

$21,952.0 -$201.3

Investment bankingaids and financial Health and beauty services

5 67

PepsiCo Inc. (PEP) Ralph Lauren Corp. (RL) 700 Madison AndersonAve., Hill Road, Purchase, NY 10577 650 New York, NY 10022

914-253-2000 212-318-7000 pepsico.com ralphlauren.com

$79,474.0 $4,400.8

+12.93% -28.56%

$7,618.0 -$121.1

Food and beverage products Apparel

6 68

MetLife (MET) Holdings Inc. (AAWW) Atlas AirInc. Worldwide 200 Park Ave., NewAve., York,Purchase, NY 10166NY 10577 2000 Westchester

212-578-9500 914-701-8000 metlife.com atlasairworldwide.com

$71,080.0 $4,030.8

+4.77% +25.53%

$6,554.0 $493.3

Insurance Airline

7 69

Prudential FinancialInc. Inc.(PTON) (PRU) Peloton Interactive 751 Ninth BroadAve., St., Newark, NJNY 07102 441 New York, 10001

973-802-6000 917-671-9198 prudential.com onepeloton.com

$70,934.0 $4,021.8

+24.37% +120.26%

$7,724.0 -$189.0

Insuranceequipment and media Exercise

8 70

The Goldman Group Inc. (GS) Voya FinancialSachs Inc. (VOYA) 200 Park WestAve., St., New 230 NewYork, York,NY NY10282 10169

212-902-1000 212-309-8200 goldmansachs.com voya.com

$64,989.0 $3,956.0

+21.48% -48.28%

$21,635.0 $2,126.0

Investmentfinancial banking services and financial Diversified services

9 71

Morgan Stanley (MS)(IAC) IAC/InterActiveCorp 1585W.Broadway, 555 18th St., New New York, York, NY NY 10036 10011

212-761-4000 212-314-7300 morganstanley.com iac.com

$61,121.0 $3,699.6

+16.19% +33.82%

$15,034.0 $597.5

Investment banking brands and financial Media and internet services

10 72

International Business Machines New Residential Investment Corp. Corp. (NRZ)(IBM) One New Road, Armonk, NY 10504 1345 SixthOrchard Ave., New York, NY 10105

914-499-1900 212-798-3150 ibm.com newresi.com

$57,350.0 $3,533.1

+3.93% +512.82%

$5,743.0 $772.2

Technology Real estate investment trust

11 73

American International Group Inc. (AIG) Nielsen Holdings plc (NLSN) 1271Sixth SixthAve., Ave.,New NewYork, York,NYNY10010 10020 675

212-770-7000 646-654-5000 aig.com nielsen.com

$52,057.0 $3,500.0

+19.03% +4.14%

$9,388.0 $963.0

Insurance Data and measurement

12 74

Merck & Interactive Co. Inc. (MRK) Take-Two Software Inc. (TTWO) 2000W.Galloping 110 44th St.,Hill NewRoad, York,Kenilworth, NY 10036 NJ 07033

908-740-4000 646-536-2842 merck.com take2games.com

$48,704.0 $3,372.8

+17.31% +9.19%

$13,049.0 $588.9

13 75

Bristol-Myers Squibb Company (BMY) Evercore Inc. (EVR) 430E.E.52nd 29thSt., St.,New NewYork, York,NY NY10055 10016 55

212-546-4000 212-857-3100 bms.com evercore.com

$46,385.0 $3,307.1

+9.09% +44.71%

$6,994.0 $740.1

Pharmaceuticals Investment banking advisory

14 76

American Express Company (AXP) MSC Industrial Direct Co. Inc. (MSM) 200 Broadhollow Vesey St., New York,Melville, NY 10285 515 Road, NY 11747

212-640-2000 516-812-2000 americanexpress.com mscdirect.com

$43,663.0 $3,243.2

+14.35% +1.59%

$8,060.0 $216.9

Financial services Industrial products

15 77

The Travelers Companies Inc. (TRV) Vroom Inc. (VRM) 485 Lexington NY 10017 1375 Broadway,Ave., NewNew York,York, NY 10018

917-778-6000 855-524-1300 travelers.com vroom.com

$34,816.0 $3,184.3

+8.86% +134.53%

$3,662.0 -$370.9

Insurance marketplace for car E-commerce buying, selling and financing

16 78

PhilipNetworks Morris International AMC Inc. (AMCX) Inc. (PM) 120Penn ParkPlaza, Ave., New York, NY 10017 11 10001

917-663-2000 212-324-8500 pmi.com amcnetworks.com

$31,405.0 $3,077.6

+9.45% +9.33%

$9,109.0 $250.6

Tobacco, food and beverage Television broadcasting products

17 79

Paramount Global (PARA) Verisk Analytics Inc. (VRSK) 1515Washington Broadway, Blvd., New York, NYCity, 10036 545 Jersey NJ 07310

212-258-6000 201-469-3000 paramount.com verisk.com

$28,586.0 $2,998.6

+13.06% +7.69%

$4,543.0 $666.2

Mediaanalytics and entertainment Data

18 80

KKR & Co.Group Inc. (KKR) Newmark Inc. (NMRK) 30 Hudson Yards, York, 10001 125 Park Ave., NewNew York, NY NY 10017

212-750-8300 212-372-2000 kkr.com ngkf.com

$26,141.3 $2,906.4

+171.47% +52.57%

$4,666.5 $750.7

Investments Real estate advisory

19 81

Macy's Inc. (M)Inc. (VIRT) Virtu Financial 151 W.Broadway, 34th St.,New NewYork, York,NY NY10019 10001 1633

212-494-1621 212-418-0100 macysinc.com virtu.com

$25,292.0 $2,811.5

+39.76% -13.21%

$1,430.0 $476.9

Department stores Financial services

20 82

Blackstone (BX) Ltd. (GIII) G-III ApparelInc. Group, 345 Seventh Park Ave.,Ave., NewNew York,York, NY 10154 512 NY 10018

212-583-5000 212-403-0500 blackstone.com giii.com

$22,577.1 $2,766.5

+270% +34.62%

$5,857.4 $200.6

Investments Apparel

21 83

Becton, Dickinson and Company (BDX) ITT Inc. (ITT) 1 Becton Drive, Franklin Lakes,Plains, NJ 07417 1133 Westchester Ave., White NY 10604

201-847-6800 914-641-2000 bd.com itt.com

$20,248.0 $2,765.0

+18.29% +11.59%

$2,092.0 $316.3

Medical equipment and supplies Components manufacturing

22 84

Marsh &Inc. McLennan WeWork (WE) Companies Inc. (MMC) 1166Lexington Sixth Ave., NewNew York, NY NY 10036 575 Ave., York, 10022

212-345-5000 646-389-3922 mmc.com wework.com

$19,820.0 $2,570.1

+15.07% -24.76%

$3,143.0 -$4,439.0

Professional services Provider of shared workspaces, technology and services

23 85

BlackRock Inc. (BLK) Etsy Inc. (ETSY) 55 E.Adams 52nd St., New York, NY 11201 10055 117 Brooklyn,

212-810-5300 718-880-3660 blackrock.com etsy.com

$19,374.0 $2,329.1

+19.56% +34.97%

$5,901.0 $493.5

Investment management E-commerce for handmade and vintage items

24 86

MastercardBank Inc. (SBNY) (MA) Signature 2000Fifth Purchase St., York, Purchase, NY 10577 565 Ave., New NY 10017

914-249-2000 646-822-1500 mastercard.com signatureny.com

$18,884.0 $2,311.3

+23.42% +15.17%

$8,687.0 $918.4

Payment solutions Banking

25 87

Kyndryl Pharma Holdingsplc Inc. (KD) Royalty (RPRX) One Vanderbilt NY 10017 110 E. 59th St.,Ave., NewNew York,York, NY 10022

212-896-2098 212-883-0200 kyndryl.com royaltypharma.com

$18,657.0 $2,289.5

-3.59% +7.87%

-$2,319.0 $619.7

Information technology Pharmaceuticals

26 88

Cognizant Technology Griffon Corp. (GFF) Solutions Corp. (CTSH) 300 Fifth FrankAve., WestNew BurrYork, Blvd.,NYTeaneck, 712 10019 NJ 07666

201-801-0233 212-957-5000 cognizant.com griffon.com

$18,507.0 $2,270.6

+11.14% +9.88%

$2,137.0 $79.2

Information technology Conglomerate

27 89

Colgate-Palmolive Company Party City Holdco Inc. (PRTY)(CL) 300Grasslands Park Ave., Road, New York, NY 10022 80 Elmsford, NY 10523

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

$17,421.0 $2,171.1

+5.77% +17.31%

$2,166.0 -$6.5

Healthfavors and beauty aids Party

28 90

The Estée Lauder Companies Inc. (EL) 1-800-FLOWERS.COM Inc. (FLWS) 767Jericho Fifth Ave., New York, NY Two Plaza, Jericho, NY10153 11753

212-572-4200 516-237-6000 elcompanies.com 1800flowers.com

$16,215.0 $2,122.2

+13.44% +42.47%

$2,870.0 $118.7

Health and Flowers andbeauty gifts aids

29 91

The Bank New York Mellon Corp. (BK) Cowen Inc.of(COWN) 240 Lexington GreenwichAve., St., New 599 New York, York, NY NY 10286 10022

212-495-1784 646-562-1010 bnymellon.com cowen.com

$16,158.0 $2,112.8

-4.62% +20.32%

$3,759.0 $295.6

Banking banking and Investment brokerage

30 92

Regeneron Pharmaceuticals (REGN) Annaly Capital Management Inc. (NLY) 777 Old Saw MillNew RiverYork, Road, 1211 Sixth Ave., NYTarrytown, 10036 NY 10591

914-847-7000 212-696-0100 regeneron.com annaly.com

$16,071.7 $2,100.0

+89.14% -43.33%

$8,075.3 $2,389.9

Biotechnology Real estate investment trust

31 93

Automatic Revlon Inc.Data (REV)Processing Inc. (ADP) ADP York Blvd.,Plaza, Roseland, NJ 07068 One New New York, NY 10004

973-974-5000 212-527-4000 adp.com revlon.com

$15,005.4 $2,078.7

+2.85% +9.16%

$2,598.5 -$206.9

Humanand resources Health beautysoftware products

32 94

Loews Corp. The New York(L) Times Company (NYT) 667 Eighth Madison Ave., New York, 10065 620 Ave., New York, NYNY 10018

212-521-2000 212-556-1234 loews.com nytco.com

$14,657.0 $2,074.9

+16.48% +16.33%

$1,578.0 $220.0

Diversified holdings Newspaper publishing

33 95

Omnicom MSCI Inc. Group (MSCI)Inc. (OMC) 280 Greenwich Park Ave., New York,York, NY 10017 250 St., New NY 10007

212-415-3600 212-804-3900 omnicomgroup.com msci.com

$14,289.4 $2,043.5

+8.49% +20.54%

$1,407.8 $726.0

Media, marketing Financial services and communications

34 96

Consolidated Inc. (ED) Teladoc HealthEdison Inc. (TDOC)

212-460-4600 203-635-2002 conedison.com teladochealth.com

$13,676.0 $2,032.7

+11.68% +85.81%

$1,346.0 -$428.8

Electriccare and services gas utility Health

P011_P016_CN_20220530.indd 13 Irving Place, New York,Purchase, NY 10003NY 24 Manhattanville Road,

10577

2021

Luxury fashion INDUSTRY

BUCK ENNIS

WIKI

No. 86 Signature Bank

Pharmaceuticals Video games

A year ago, Signature won a bunch of fans because it was one of the few banks eager to do business with cryptocurrencies. The bank provided services for so-called stablecoins, which are intended to provide a safe space for traders and their money before they dive back into volatile markets. Signature even accepted Bitcoin as collateral for a $100 million loan. Its stock price soared from $75 to $375 in a bit more than a year as the bank accepted more than $20 billion in deposits from crypto customers. It was quite a ride for a bank that’s normally a specialist in serving New York apartment landlords and small-business owners. But what crypto frenzies giveth they can—and do—taketh away. This year Signature’s stock price has fallen in half, a decline that closely tracks the fall in Bitcoin. Signature tried to assure investors all was well in May by saying it had lost only $1.4 billion worth of deposits in recent weeks and serves only stablecoins that are genuinely stable because they’re 100% backed by dollars or Treasury bonds. The statement, plus an at least momentary halt in Bitcoin’s slide, seemed to ease the pressure on Signature’s stock price. — A.E.

32%

AVERAGE INCREASE in revenue for companies across the list.

$12B

AVERAGE REVENUE for companies on the list.

May 30, 2022 | CRAIN’S NEW YORK BUSINESS | 13

5/26/22 4:38 PM

565 Fifth Ave., New York, NY 10017

signatureny.com

Royalty Pharma plc (RPRX) 110 E. 59th St., New York, NY 10022

212-883-0200 royaltypharma.com

$2,289.5

+7.87%

$619.7

Griffon Corp. (GFF) 712 Fifth Ave., New York, NY 10019

212-957-5000 griffon.com

$2,270.6

+9.88%

Party City Holdco Inc. (PRTY) 80 Grasslands Road, Elmsford, NY 10523

914-345-2020 partycity.com

$2,171.1

1-800-FLOWERS.COM Inc. (FLWS) Two Jericho Plaza, Jericho, NY 11753

516-237-6000 1800flowers.com

$2,122.2

599 Lexington Ave., New York, NY 10022

cowen.com

Annaly Capital Management Inc. (NLY) 1211 Sixth Ave., New York, NY 10036

212-696-0100 annaly.com

89 THE LIST

11 Pharmaceuticals

$79.2

Conglomerate

+17.31%

-$6.5

Party favors

+42.47%

$118.7

Flowers and gifts

Investment banking and brokerage

Real estate investment trust

Health and beauty products

RAN 12

112

NEW YORK’S LARGEST PUBLICLY HELD COMPANIES Cowen Inc. (COWN) 646-562-1010 $2,112.8 +20.32% $295.6 $2,100.0

-43.33%

$2,389.9

2021 $2,078.7 REVENUE (IN MILLIONS)

ONE-YEAR REVENUE +9.16% PERCENTAGE CHANGE

2021 NET-$206.9 INCOME (IN MILLIONS)

93 RANK

Revlon Inc. (REV)SYMBOL)/ COMPANY (TICKER ADDRESS One New York Plaza, New York, NY 10004

212-527-4000 PHONE/ WEBSITE revlon.com

194

The NewCommunications York Times Company (NYT) Verizon Inc. (VZ) 620 Eighth 1095 Sixth Ave., New York, NY 10018 10036

212-556-1234 212-395-1000 nytco.com verizon.com

$2,074.9 $133,613.0

+16.33% +4.15%

$220.0 $22,065.0

Newspaper publishing Telecommunications

295

MSCI Inc. Chase (MSCI) & Co. (JPM) JPMorgan 250 Madison GreenwichAve., St., New New York, York, NY NY 10179 10007 383

212-804-3900 212-270-6000 msci.com jpmorganchase.com

$2,043.5 $127,202.0

+20.54% -2.09%

$726.0 $48,334.0

Financial services Investment banking and financial services

396

TeladocInc. Health Pfizer (PFE)Inc. (TDOC) 2 Manhattanville Purchase, NY 10577 235 E. 42nd St., Road, New York, NY 10017

203-635-2002 212-733-2323 teladochealth.com pfizer.com

$2,032.7 $81,288.0

+85.81% +95.16%

-$428.8 $21,979.0

Health care services Pharmaceuticals

497

Village Super Inc. (VLGE.A) Citigroup Inc. Market (C) 733 Greenwich Mountain Ave., Springfield, 07081 388 St., New York, NYNJ10013

973-467-2200 212-559-1000 myvillagesupermarket.com citigroup.com

$2,030.3 $79,865.0

+12.51% -10.1%

$20.0 $21,952.0

598

BGC Partners Inc. (BGCP) PepsiCo Inc. (PEP) 499 Anderson Park Ave., Hill NewRoad, York, Purchase, NY 10022NY 10577 700

212-610-2200 914-253-2000 bgcpartners.com pepsico.com

$2,015.4 $79,474.0

-2.01% +12.93%

$124.0 $7,618.0

Electronic securitiesproducts trading Food and beverage

699

The HainInc. Celestial MetLife (MET) Group Inc. (HAIN) 1111Park Marcus 200 Ave.,Ave., New Lake York,Success, NY 10166NY 11042

516-587-5000 212-578-9500 hain.com metlife.com

$1,970.3 $71,080.0

-4.07% +4.77%

$77.4 $6,554.0

Food and beverage products Insurance

7100

John Wiley Financial & Sons Inc. (WLY) Prudential Inc. (PRU) 111 Broad River St., NJ 07102 07030 751 St.,Hoboken, Newark, NJ

201-748-6000 973-802-6000 wiley.com prudential.com

$1,941.5 $70,934.0

+6.01% +24.37%

$148.3 $7,724.0

Publishing Insurance

8101

The Children's PlaceGroup Inc. (PLCE) Goldman Sachs Inc. (GS) 500 West Plaza St., Drive, Secaucus, NJ 07094 200 New York, NY 10282

201-558-2400 212-902-1000 childrensplace.com goldmansachs.com

$1,915.4 $64,989.0

+25.8% +21.48%

$187.2 $21,635.0

Apparel retail Investment banking and financial services

9102

Ubiquiti Stanley Inc. (UI)(MS) Morgan 685 Third Ave., New 1585 Broadway, NewYork, York,NY NY10017 10036

646-780-7958 212-761-4000 ui.com morganstanley.com

$1,898.1 $61,121.0

+47.77% +16.19%

$616.6 $15,034.0

Informationbanking technology Investment and financial services

103 10

Steven Madden, Ltd. (SHOO) International Business Machines Corp. (IBM) 52-16 Barnett Ave., LongArmonk, Island City, NY 11104 One New Orchard Road, NY 10504

718-446-1800 914-499-1900 stevemadden.com ibm.com

$1,866.1 $57,350.0

+55.28% +3.93%

$190.7 $5,743.0

Footwear Technology

104 11

Minerals Technologies (MTX) American InternationalInc. Group Inc. (AIG) 622 Third 1271 SixthAve., Ave.,New NewYork, York,NYNY10017 10020

212-878-1800 212-770-7000 mineralstech.com aig.com

$1,858.3 $52,057.0

+16.52% +19.03%

$164.4 $9,388.0

Mineral products Insurance

105 12

Oscar Inc. (MRK) (OSCR) Merck Health & Co. Inc. 75 Varick St., New NYKenilworth, 10013 NJ 07033 2000 Galloping HillYork, Road,

646-403-3677 908-740-4000 hioscar.com merck.com

$1,838.7 $48,704.0

+297.3% +17.31%

-$572.6 $13,049.0

106 13

Focus Financial Partners Inc. (FOCS) Bristol-Myers Squibb Company (BMY) 875 E. Third Ave., 430 29th St.,New NewYork, York,NY NY10022 10016

646-519-2456 212-546-4000 focusfinancialpartners.com bms.com

$1,798.0 $46,385.0

+32.07% +9.09%

$10.4 $6,994.0

Wealth management Pharmaceuticals

107 14

New York Community Bancorp Inc. (NYCB) American Express Company (AXP) 102 Vesey Duffy Ave., Hicksville, 11801 200 St., New York, NYNY10285

516-683-4100 212-640-2000 mynycb.com americanexpress.com

$1,750.0 $43,663.0

-1.07% +14.35%

$596.0 $8,060.0

Banking Financial services

108 15

Brookfield Infrastructure Corp.(TRV) (BIPC) The Travelers Companies Inc. 250 Lexington Vesey St., Ave., New York, NY 10281 485 New York, NY 10017

212-417-7000 917-778-6000 bip.brookfield.com/bipc travelers.com

$1,643.0 $34,816.0

+14.9% +8.86%

-$368.0 $3,662.0

Infrastructure and utilities Insurance

109 16

Vornado Realty Trust (VNO) Inc. (PM) Philip Morris International 888 Park Seventh NY 10019 120 Ave.,Ave., NewNew York,York, NY 10017

212-894-7000 917-663-2000 vno.com pmi.com

$1,589.2 $31,405.0

+4.01% +9.45%

$176.0 $9,109.0

Real estate investment trust Tobacco, food and beverage products

110 17

Moelis & Company (MC) Paramount Global (PARA) 399 Park Ave., New 1515 Broadway, NewYork, York,NYNY10022 10036

212-883-3800 212-258-6000 moelis.com paramount.com

$1,540.6 $28,586.0

+63.33% +13.06%

$365.2 $4,543.0

Investment banking and Media and entertainment brokerage

111 18

Steel&Partners KKR Co. Inc.Holdings (KKR) L.P. (SPLP) 590Hudson Madison Ave.,New NewYork, York,NYNY10001 10022 30 Yards,

212-520-2300 212-750-8300 steelpartners.com kkr.com

$1,524.9 $26,141.3

+16.35% +171.47%

$131.4 $4,666.5

Multisector holdings Investments

112 19

VICI Properties Macy's Inc. (M) Inc. (VICI) 535 W. Madison Ave., New York, 10022 151 34th St., New York, NYNY 10001

646-949-4631 212-494-1621 viciproperties.com macysinc.com

$1,509.6 $25,292.0

+23.17% +39.76%

$1,013.9 $1,430.0

Real estate investment trust Department stores

113 20

Valley National (VLY) Blackstone Inc.Bancorp (BX) One Penn Plaza,New NewYork, York,NYNY10154 10119 345 Park Ave.,

973-305-8800 212-583-5000 valley.com blackstone.com

$1,489.2 $22,577.1

-4.95% +270%

$473.8 $5,857.4

Regional bank holdings Investments

114 21

StagwellDickinson Inc. (STGW) Becton, and Company (BDX) One WorldDrive, TradeFranklin Center, Lakes, New York, NY 10007 1 Becton NJ 07417

646-429-1800 201-847-6800 stagwellglobal.com bd.com

$1,469.4 $20,248.0

+65.46% +18.29%

$21.0 $2,092.0

Marketingequipment and communications Medical and supplies

115 22

Outfront Inc. (OUT) Marsh & Media McLennan Companies Inc. (MMC) 405 Lexington Ave., York, 10174 1166 Sixth Ave., NewNew York, NY NY 10036

212-297-6400 212-345-5000 outfrontmedia.com mmc.com

$1,463.9 $19,820.0

+18.41% +15.07%

$35.6 $3,143.0

Advertising services Professional

116 23

IDT Corp. (IDT) BlackRock Inc. (BLK) 520E.Broad NJNY 07102 55 52nd St., St., Newark, New York, 10055

973-438-1000 212-810-5300 idt.net blackrock.com

$1,447.0 $19,374.0

+7.52% +19.56%

$96.5 $5,901.0

Telecommunications Investment management

117 24

Chimera Investment Mastercard Inc. (MA)Corp. (CIM) 630 Fifth Ave., New York, NY 10111 2000 Purchase St., Purchase, NY 10577

888-895-6557 914-249-2000 chimerareit.com mastercard.com

$1,420.2 $18,884.0

+30.71% +23.42%

$670.1 $8,687.0

Real estate investment trust Payment solutions

118 25

Ziff Davis Inc. (ZD)Inc. (KD) Kyndryl Holdings 114 Vanderbilt Fifth Ave., Ave., New York, 10011 One New NY York, NY 10017

212-503-3500 212-896-2098 www.ziffdavis.com kyndryl.com

$1,416.7 $18,657.0

+22.25% -3.59%

$496.7 -$2,319.0

Integrated media company Information technology

119 26

Hayward Holdings Inc.Solutions (HAYW) Corp. (CTSH) Cognizant Technology 400 Frank ConnellWest Drive, Heights, NJ NJ 07666 07922 300 BurrBerkeley Blvd., Teaneck,

908-351-5400 201-801-0233 investor.hayward.com cognizant.com

$1,401.8 $18,507.0

+60.13% +11.14%

$203.7 $2,137.0

Leisure products Information technology

120 27

Oppenheimer Holdings Inc. (OPY) Colgate-Palmolive Company (CL) 85 Broad St., New 300 Park Ave., NewYork, York,NY NY10004 10022

212-668-8000 212-310-2000 oppenheimer.com colgatepalmolive.com

$1,394.0 $17,421.0

+16.3% +5.77%

$159.0 $2,166.0

Investment and Health and banking beauty aids brokerage

121 28

Taboola (TBLA) The Estée Lauder Companies Inc. (EL) 16 Madison Square West,NY New York, NY 10010 767 Fifth Ave., New York, 10153

212-206-7663 212-572-4200 taboola.com elcompanies.com

$1,378.5 $16,215.0

+15.94% +13.44%

-$24.9 $2,870.0

Contentand discovery Health beautyand aidsnative advertising

122 29

Kimco Realty Corp. (KIM) The Bank of New York Mellon Corp. (BK) 500 Greenwich North Broadway, Jericho, 240 St., New York, NY NY 11753 10286

516-869-7235 212-495-1784 kimcorealty.com bnymellon.com

$1,364.6 $16,158.0

+28.99% -4.62%

$844.1 $3,759.0

Real estate investment trust Banking

123 30

W. P. Carey Pharmaceuticals Inc. (WPC) Regeneron Inc. (REGN) One Manhattan York, NY 10001 777 Old Saw MillWest, RiverNew Road, Tarrytown, NY 10591

212-492-8920 914-847-7000 wpcarey.com regeneron.com

$1,331.5 $16,071.7

+10.11% +89.14%

$410.0 $8,075.3

Commercial and real estate Biotechnology investments

124 31

New Fortress Energy Inc. (NFE) Automatic Data Processing Inc. (ADP) 111 ADP W.19th St.,Roseland, New York, NJ NY07068 10011 One Blvd.,

516-268-7400 973-974-5000 newfortressenergy.com adp.com

$1,322.8 $15,005.4

+192.88% +2.85%

$97.1 $2,598.5

Oil and gas refiningsoftware and Human resources marketing

125 32

Scholastic Loews Corp.Corp. (L) (SCHL)

212-343-6100 212-521-2000 scholastic.com loews.com

$1,300.3 $14,657.0

-12.56% +16.48%

-$11.0 $1,578.0

Publishing education Diversified and holdings

126 33

Standard Motor Inc. (SMP) Omnicom Group Products Inc. (OMC) 37-18 Northern Blvd., Long 280 Park Ave., New York, NYIsland 10017City, NY 11101

718-392-0200 212-415-3600 smpcorp.com omnicomgroup.com

$1,298.8 $14,289.4

+15.08% +8.49%

$90.9 $1,407.8

Motor-vehicle partsand Media, marketing communications

212-589-2700 212-460-4600 corporate.ww.com conedison.com

$1,212.5 $13,676.0

-12.02% +11.68%

$66.9 $1,346.0

Weight-loss Electric and services gas utility

557 Madison Broadway, New York,York, NY 10012 667 Ave., New 10065 14 | CRAIN’S NEW YORK BUSINESS |NY May 30, 2022

P011_P016_CN_20220530.indd 14

127 34

WW International Inc.Inc. (WW) Consolidated Edison (ED) 675 Sixth Ave.,New NewYork, York,NY NY10003 10010 4 Irving Place,

Grocery stores Investment banking and financial services

Tech-driven health insurance Pharmaceuticals

BUCK ENNIS

INDUSTRY

ROTH No. 109 Vornado Realty Trust Every Manhattan office landlord is wishing and hoping for tenants to come back, but Vornado Realty Trust has something extra on its mind: Is it too exposed to rising interest rates? Unlike most of its peers, most of Vornado’s debt is floating-rate instead of fixed. Now that interest rates are rising, so are Vornado’s borrowing costs, and the giant landlord finds itself with a balance sheet that isn’t made for these times. Nearly two-thirds of the $6 billion in mortgages carried by Vornado are floating-rate, according to regulatory filings, compared with 20% at rival SL Green and 5% at Empire State Realty Trust. “We have more floating-rate debt than most, and that strategy is correct nine out of every 10 years,” CEO Steven Roth said on a recent conference call. Vornado is selling properties to raise cash and agreed to unload a 498,000-squarefoot office building in Long Island City for $173 million, for a $15 million gain. Vornado said it plans to sell $750 million more in assets described as noncore. “We still believe in the floating-rate strategy,” Roth said, adding that he thinks higher rates won’t last. “We expect rates to climb quickly up a mountain, slow the economy and inflation, and then quickly fall down the other side,” he said. We’ll see. — A.E.

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25K

Sou New Ne in t dat yea

THE NUMBER OF EMPLOYEES who work at Chimera Investment Corp. (No. 117), the smallest amount on the list.

AVERAGE NUMBER OF EMPLOYEES across the companies who made the list.

5/26/22 4:33 PM

630 Fifth Ave., New York, NY 10111

chimerareit.com

118

Ziff Davis Inc. (ZD) 114 Fifth Ave., New York, NY 10011

212-503-3500 www.ziffdavis.com

$1,416.7

+22.25%

$496.7

Integrated media company

119

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

908-351-5400 investor.hayward.com

$1,401.8

+60.13%

$203.7

Leisure products

120

Oppenheimer Holdings Inc. (OPY) 85 Broad St., New York, NY 10004

212-668-8000 oppenheimer.com

$1,394.0

+16.3%

$159.0

Investment banking and brokerage

121

Taboola (TBLA) 16 Madison Square West, New York, NY 10010

212-206-7663 taboola.com

$1,378.5

+15.94%

-$24.9

Content discovery and native advertising

122

Kimco Realty Corp. (KIM) 500 North Broadway, Jericho, NY 11753

516-869-7235 kimcorealty.com

$1,364.6

+28.99%

$844.1

Real estate investment trust

123

W. P. Carey Inc. (WPC) One Manhattan West, New York, NY 10001

212-492-8920 wpcarey.com

$1,331.5

+10.11%

$410.0

Commercial and real estate investments

RANK 124

COMPANY (TICKER SYMBOL)/ New Fortress Energy Inc. (NFE) ADDRESS 111 W.19th St., New York, NY 10011

PHONE/ 516-268-7400 WEBSITE newfortressenergy.com

REVENUE $1,322.8

(IN MILLIONS)

ONE-YEAR REVENUE PERCENTAGE +192.88% CHANGE

2021 NET INCOME $97.1 (IN MILLIONS)

1125

Verizon Communications Scholastic Corp. (SCHL) Inc. (VZ) 1095 Sixth Ave.,New NewYork, York,NYNY10012 10036 557 Broadway,

212-395-1000 212-343-6100 verizon.com scholastic.com

$133,613.0 $1,300.3

+4.15% -12.56%

$22,065.0 -$11.0

Telecommunications Publishing and education

2126

JPMorgan ChaseProducts & Co. (JPM) Standard Motor Inc. (SMP) 383 Madison Ave., NewLong York,Island NY 10179 37-18 Northern Blvd., City, NY 11101

212-270-6000 718-392-0200 jpmorganchase.com smpcorp.com

$127,202.0 $1,298.8

-2.09% +15.08%

$48,334.0 $90.9

Investment banking Motor-vehicle parts and financial services

3127

Pfizer Inc. (PFE) Inc. (WW) WW International 235 42nd St.,New NewYork, York,NYNY10010 10017 675 E. Sixth Ave.,

212-733-2323 212-589-2700 pfizer.com corporate.ww.com

$81,288.0 $1,212.5

+95.16% -12.02%

$21,979.0 $66.9

Pharmaceuticals Weight-loss services

4128

Citigroup (C)(VATE) INNOVATE Inc. Corp. 388 St., New New York, York, NY NY 10017 10013 295 Greenwich Madison Ave.,

212-559-1000 212-235-2690 citigroup.com innovatecorp.com

$79,865.0 $1,205.2

-10.1% +68.11%

$21,952.0 -$227.5

Investment Life sciencesbanking and financial services

5129

PepsiCo Inc.(TIPT) (PEP) Tiptree Inc. 700 299 Anderson Park Ave., Hill NewRoad, York, Purchase, NY 10171NY 10577

914-253-2000 212-446-1400 pepsico.com tiptreeinc.com

$79,474.0 $1,202.4

+12.93% +47.59%

$7,618.0 $38.1

Food and beverage Insurance holdings products

6130

MetLife Inc.Experience (MET) Wheels Up Inc. (UP) 200 Ave.,St., New York, NYNY 10166 601 Park W. 26th New York, 10001

212-578-9500 212-257-5252 metlife.com wheelsup.com

$71,080.0 $1,194.3

+4.77% +71.84%

$6,554.0 -$190.0

Insurance Private aviation

7131

Prudential Financial Inc.Inc. (PRU) Brixmor Property Group (BRX) 751 St.,Ave., Newark, 07102 450 Broad Lexington NewNJYork, NY 10017

973-802-6000 212-869-3000 prudential.com brixmor.com

$70,934.0 $1,152.3

+24.37% +9.4%

$7,724.0 $270.2

Insurance Real estate investment trust

8132

The Goldman Sachs Inc. Group Inc. (GS) ExlService Holdings (EXLS) 200 St., New 320 West Park Ave., NewYork, York,NY NY10282 10022

212-902-1000 212-277-7100 goldmansachs.com exlservice.com

$64,989.0 $1,122.3

+21.48% +17.1%

$21,635.0 $114.8

Investment and financial Operations banking management and services analytics

9133

Morgan Stanley MultiPlan Corp. (MS) (MPLN) 1585 Broadway, NewYork, York,NYNY10003 10036 115 Fifth Ave., New

212-761-4000 212-780-2000 morganstanley.com multiplan.us

$61,121.0 $1,117.6

+16.19% +19.18%

$15,034.0 $102.1

Investment and financial Health carebanking technology services

10 134

International Business Machines Corp. (IBM) Tradeweb Markets Inc. (TW) One Orchard Road, Armonk, NY 10504 1177New Sixth Ave., New York, NY 10036

914-499-1900 646-430-6000 ibm.com tradeweb.com

$57,350.0 $1,076.4

+3.93% +20.59%

$5,743.0 $226.8

Technology Electronic securities trading

11 135

American International Group Inc. (AIG) Global Industrial Company (GIC) 1271 SixthPark Ave.,Drive, New Port York,Washington, NY 10020 NY 11050 11 Harbor

212-770-7000 516-608-7000 aig.com globalindustrial.com

$52,057.0 $1,063.1

+19.03% +3.31%

$9,388.0 $103.3

Insurance Industrial products, e-commerce

12 136

Merck & Inc. Co. Inc. (MRK) Datadog (DDOG) 2000 Galloping Hill Road, Kenilworth, 620 Eigth Ave., New York, NY 10018 NJ 07033

908-740-4000 866-329-4466 merck.com datadoghq.com

$48,704.0 $1,028.8

+17.31% +70.48%

$13,049.0 -$20.7

13 137

Bristol-Myers Squibb Company (BMY) Outbrain Inc. (OB) 430 111 E. W. 29th 19th St., St., New New York, York, NY NY 10016 10011

212-546-4000 646-859-8594 bms.com outbrain.com

$46,385.0 $1,015.6

+9.09% +32.39%

$6,994.0 $11.0

Pharmaceuticals Web recommendation platform

14 138

American Express Company (AXP) PJT Partners Inc. (PJT) 200 St., New York, NY 10285 280 Vesey Park Ave., 10017

212-640-2000 212-364-7800 americanexpress.com pjtpartners.com

$43,663.0 $991.9

+14.35% -5.74%

$8,060.0 $106.2

Financial services Investment banking

15 139

The Travelers Companies Inc. (TRV) Prestige Consumer Healthcare Inc. (PBH) 485 Ave., NewTarrytown, York, NY 10017 660 Lexington White Plains Road, NY 10591

917-778-6000 914-524-6800 travelers.com prestigebrands.com

$34,816.0 $943.4

+8.86% -2.04%

$3,662.0 $164.7

Insurance Health care products

16 140

Philip International Inc. (PM) UiPathMorris Inc. (PATH) 120 452 Park Fifth Ave., New York, NY 10017 10018

917-663-2000 844-432-0455 pmi.com uipath.com

$31,405.0 $892.3

+9.45% +46.84%

$9,109.0 -$525.6

Tobacco, andprocess beverage Vendor offood robotic products services automation

17 141

Paramount Global Inter Parfums Inc. (PARA) (IPAR) 1515 Broadway, NewYork, York,NYNY10176 10036 551 Fifth Ave., New

212-258-6000 212-983-2640 paramount.com interparfumsinc.com

$28,586.0 $879.5

+13.06% +63.17%

$4,543.0 $87.4

Media and entertainment Fragrances and beauty aids

18 142

KKR Co. Inc. Inc. (KKR) Verint&Systems (VRNT) 30 Yards, Road, New York, NY 10001 175Hudson Broadhollow Melville, NY 11747

212-750-8300 631-962-9600 kkr.com verint.com

$26,141.3 $874.5

+171.47% +5.33%

$4,666.5 $14.4

Investments Customer engagement and cyber intelligence

19 143

Macy's Inc.Inc. (M)(MDB) MongoDB 151 34th St., New New York, York, NY NY 10019 10001 1633W.Broadway,

212-494-1621 646-727-4092 macysinc.com mongodb.com

$25,292.0 $873.8

+39.76% +48%

$1,430.0 -$306.9

Department storesand Internet services infrastructure

20 144

Blackstone Inc. (BX) Lifetime Brands Inc. (LCUT) 345 Ave.,Ave., New Garden York, NYCity, 10154 1000Park Stewart NY 11530

212-583-5000 516-683-6000 blackstone.com lifetimebrands.com

$22,577.1 $862.9

+270% +12.19%

$5,857.4 $20.8

Investments Houseware

21 145

Becton, Dickinson andTrust Company (BDX) Blackstone Mortgage Inc. (BXMT) 1 Becton Franklin NJ 07417 345 Park Drive, Ave., New York,Lakes, NY 10154

201-847-6800 212-655-0220 bd.com blackstonemortgagetrust.com

$20,248.0 $854.7

+18.29% +9.63%

$2,092.0 $419.2

Medical equipment andtrust supplies Real estate investment

22 146

Marsh & McLennan Companies Inc. (MMC) SL Green Realty Corp. (SLG) 1166 Sixth Ave., NewNew York, NY NY 10036 420 Lexington Ave., York, 10170

212-345-5000 212-594-2700 mmc.com slgreen.com

$19,820.0 $844.0

+15.07% -19.83%

$3,143.0 $457.1

Professional services trust Real estate investment

23 147

BlackRock (BLK) Arbor RealtyInc. Trust Inc. (ABR) 55 52ndOvington St., NewBlvd., York, Uniondale, NY 10055 NY 11553 333E.Earle

212-810-5300 516-506-4200 blackrock.com arborrealtytrust.com

$19,374.0 $833.8

+19.56% +22.64%

$5,901.0 $339.3

Investment Real estate management investment trust

24 148 25 149 26 150 27

Mastercard Inc.Health (MA) Corp. (PAHC) Phibro Animal 2000 Purchase St.,East, Purchase, NY 10577 Glenpointe Centre 300 Frank West Burr Blvd., Teaneck, NJ 07666 Kyndryl Holdings Inc. (KD) One Ave., York, NY 10017 BlueVanderbilt Owl Capital Inc.New (OWL) 399 Park Ave., New York, NY 10022 Cognizant Technology Solutions Corp. (CTSH) 300 Frank West Burr Blvd., Teaneck, Perella Weinberg Partners (PWP) NJ 07666 767 Fifth Ave., New York, NY 10153 Colgate-Palmolive Company (CL) 300 Park Ave., New York, NY 10022

914-249-2000 201-329-7300 mastercard.com pahc.com

$18,884.0 $833.4

+23.42% +4.12%

$8,687.0 $54.4

Paymentnutrition solutions Animal

212-896-2098 kyndryl.com 212-419-3000 blueowl.com 201-801-0233 cognizant.com 212-287-3200 pwpartners.com 212-310-2000 colgatepalmolive.com

$18,657.0 $823.9

-3.59% +229.8%

-$2,319.0 -$376.2

Information technology Asset management

$18,507.0 $801.7

+11.14% +54.47%

$2,137.0 -$9.4

Information technology Investment banking advisory

$17,421.0

+5.77%

$2,166.0

Health and beauty aids

2021

Oil and gas refining and

INDUSTRY marketing

Pharmaceuticals Application software

Voya Financial Inc. (No. 70)

240 Greenwich St., New York, NY 10286

bnymellon.com

Regeneron Pharmaceuticals Inc. (REGN) 777 Old Saw Mill River Road, Tarrytown, NY 10591

914-847-7000 regeneron.com

WANT Automatic Data Processing Inc.MORE (ADP) One ADP Blvd., Roseland, NJ 07068

adp.com

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

212-521-2000 loews.com

$14,657.0

Omnicom Group Inc. (OMC) 280 Park Ave., New York, NY 10017

212-415-3600 omnicomgroup.com

$14,289.4

+8.49%

$1,407.8

Media, marketing and communications

212-460-4600 conedison.com

$13,676.0

+11.68%

$1,346.0

Electric and gas utility

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

Voya Financial’s revenue was nearly halved in 2021. % Change in Revenue

-48%

$16,071.7

+89.14%

$8,075.3

$1,578.0

-43%

-29% WeWork Inc. (No. 84) -25% SL Green Realty Corp. (No. 146)

Biotechnology

OF CRAIN’S973-974-5000 EXCLUSIVE DATA? VISIT CRAINSNEWYORK.COM/LISTS. $15,005.4 +2.85% $2,598.5 Human resources software +16.48%

Annaly Capital Management Inc. (No. 92)

Ralph Lauren Corp. (No.67)

No. 125 Scholastic The story at Scholastic would make a great novel. Probably not for kids, though. Our saga begins last year, when longtime CEO Dick Robinson died unexpectedly at 84. In his will, he handed control of the publishing house to his former romantic partner and chief strategy officer, Iole Lucchese. That came as a surprise to just about everyone, including Robinson’s adult sons. The Wall Street Journal reported that Robinson’s older son, Ben, refused to sign a document waiving his right to contest the will. The publication said Robinson’s family believes the deceased CEO pledged to give his voting shares to his sons in return for borrowing money from their mother. The family also has said Robinson was revising his will at the time of his death while taking a walk on Martha’s Vineyard. It’s quite a saga for the publisher of the Harry Potter series, Clifford the Big Red Dog and the inimitable Captain Underpants and the Attack of the Talking Toilets. Meanwhile, Luccesse and team are hunting for the next blockbuster title while also streamlining a business founded by Dick Robinson’s father more than 100 years ago. Let’s hope for all concerned that the story has a happy ending. — A. E.

BIGGEST LOSERS

Source: S&P Global Market Intelligence. Additional research by Amanda Glodowski. The Estée Lauder Companies Inc. (EL) 212-572-4200 $16,215.0 +13.44% $2,870.0 Health and beauty aids New York area includes New York City and Nassau, Suffolk and Westchester counties in New York, and Bergen, Essex, Hudson and Union counties in New Jersey. All companies listed were headquartered 767York Fiftharea Ave., York,traded NY 10153 elcompanies.com in the New andNew publicly as of April 20, 2021, and they had released their most recent annual earnings data by that day. All financial figures are from the most recent 10-Ks or newswire data available as of April 14. The most recent data for companies with a fiscal year ending in a month from March through December are for 2021, and the most recent data for companies with a fiscal year ending January or February are for 2022. Rankings and percentage changes are based on unrounded numbers. The in Bank of New York Mellon Corp. (BK) 212-495-1784 $16,158.0 -4.62% $3,759.0 Banking

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-20% SOURCE: Crain’s analysis

Diversified holdings May 30, 2022 | CRAIN’S NEW YORK BUSINESS | 15

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THE LIST NEW YORK’S LARGEST PUBLICLY HELD COMPANIES ALPHABETICAL LISTING BUSINESS NAME

PAGES

1-800-FLOWERS.COM Inc. ------------------ 13 ABM Industries Inc. --------------------------- 12 Alleghany Corp. -------------------------------- 12 Altice USA Inc.--------------------------------- 12 AMC Networks Inc. ---------------------------- 13 American Express Company ----------------- 11 American International Group Inc. --------- 11 Annaly Capital Management Inc. ----------- 13 Apollo Global Management Inc. ------------ 12 Arbor Realty Trust Inc. ------------------------ 15 Assurant Inc. ----------------------------------- 12 Atlas Air Worldwide Holdings Inc. ----------- 13 Automatic Data Processing Inc.------------- 11 Bank of New York Mellon Corp. ------------- 11 Becton, Dickinson and Company ----------- 11 Bed Bath & Beyond Inc. --------------------- 12 BGC Partners Inc. ----------------------------- 14 BlackRock Inc.--------------------------------- 11 Blackstone Inc. -------------------------------- 11 Blackstone Mortgage Trust Inc.-------------- 15 Blue Owl Capital Inc. ------------------------- 15 Bristol-Myers Squibb Company ------------- 11 Brixmor Property Group Inc. ----------------- 15 Broadridge Financial Solutions Inc. -------- 13 Brookfield Business Corp. ------------------- 12 Brookfield Infrastructure Corp. -------------- 14 Children’s Place Inc. -------------------------- 14 Chimera Investment Corp. ------------------- 14 Citigroup Inc.----------------------------------- 11 Cognizant Technology Solutions Corp. ----- 11

BUSINESS NAME

PAGES

Colgate-Palmolive Company ----------------- 11 Compass Inc. ---------------------------------- 12 Consolidated Edison Inc. -------------------- 12 Coty Inc. ---------------------------------------- 13 Cowen Inc. ------------------------------------- 13 Datadog Inc. ----------------------------------- 15 Equitable Holdings Inc. ---------------------- 12 Estée Lauder Companies Inc. --------------- 11 Etsy Inc. ---------------------------------------- 13 Evercore Inc. ----------------------------------- 13 ExlService Holdings Inc.---------------------- 15 Focus Financial Partners Inc.---------------- 14 Foot Locker Inc. ------------------------------- 12 Fox Corp. --------------------------------------- 12 G-III Apparel Group, Ltd. --------------------- 13 Global Industrial Company ------------------ 15 Goldman Sachs Group Inc. ------------------ 11 Griffon Corp. ----------------------------------- 13 Hain Celestial Group Inc. -------------------- 14 Hayward Holdings Inc.------------------------ 14 Henry Schein Inc. ----------------------------- 12 Hess Corp. ------------------------------------- 12 IAC/InterActiveCorp --------------------------- 13 IDT Corp. --------------------------------------- 14 INNOVATE Corp. ------------------------------- 15 Inter Parfums Inc. ----------------------------- 15 International Business Machines Corp. ---- 11 International Flavors & Fragrances Inc. ---- 12 Interpublic Group of Companies Inc.------- 12 ITT Inc. ------------------------------------------ 13

BUSINESS NAME

PAGES

Jefferies Financial Group Inc. --------------- 12 JetBlue Airways Corp. ------------------------- 12 John Wiley & Sons Inc. ----------------------- 14 JPMorgan Chase & Co. ----------------------- 11 Kimco Realty Corp. --------------------------- 14 KKR & Co. Inc. --------------------------------- 11 Kyndryl Holdings Inc. ------------------------- 11 Lifetime Brands Inc. -------------------------- 15 Loews Corp. ------------------------------------ 12 Macy’s Inc. ------------------------------------- 11 Marsh & McLennan Companies Inc. ------- 11 Mastercard Inc. -------------------------------- 11 Merck & Co. Inc. ------------------------------ 11 MetLife Inc. ------------------------------------ 11 Minerals Technologies Inc. ------------------- 14 Moelis & Company---------------------------- 14 MongoDB Inc. --------------------------------- 15 Moody’s Corp. --------------------------------- 12 Morgan Stanley -------------------------------- 11 MSC Industrial Direct Co. Inc. --------------- 13 MSCI Inc. --------------------------------------- 14 MultiPlan Corp. -------------------------------- 15 Nasdaq Inc. ------------------------------------ 12 New Fortress Energy Inc. ---------------------- 14 New Residential Investment Corp. ---------- 13 New York Community Bancorp Inc. --------- 14 New York Times Company -------------------- 14 Newmark Group Inc. -------------------------- 13 News Corp. ------------------------------------- 12 Nielsen Holdings ------------------------------ 13

BUSINESS NAME

PAGES

Omnicom Group Inc. ------------------------- 12 Oppenheimer Holdings Inc.------------------ 14 Organon & Co.--------------------------------- 12 Oscar Health Inc. ------------------------------ 14 Outbrain Inc. ----------------------------------- 15 Outfront Media Inc. --------------------------- 14 Paramount Global ----------------------------- 11 Party City Holdco Inc.------------------------- 13 Peloton Interactive Inc. ----------------------- 13 PepsiCo Inc.------------------------------------ 11 Perella Weinberg Partners -------------------- 15 Pfizer Inc. --------------------------------------- 11 Phibro Animal Health Corp. ------------------ 15 Philip Morris International Inc. -------------- 11 PJT Partners Inc. ------------------------------- 15 Prestige Consumer Healthcare Inc. --------- 15 Prudential Financial Inc. --------------------- 11 Public Service Enterprise Group Inc. ------- 12 PVH Corp. -------------------------------------- 12 Quest Diagnostics Inc. ----------------------- 12 Ralph Lauren Corp. --------------------------- 13 Regeneron Pharmaceuticals Inc. ----------- 11 Revlon Inc. ------------------------------------- 13 Royalty Pharma -------------------------------- 13 S&P Global Inc. ------------------------------- 12 Scholastic Corp. ------------------------------- 15 Signature Bank -------------------------------- 13 Sirius XM Holdings Inc. ----------------------- 12 SL Green Realty Corp. ------------------------ 15 Stagwell Inc. ----------------------------------- 14

BUSINESS NAME

PAGES

Standard Motor Products Inc. --------------- 15 Steel Partners Holdings L.P.------------------ 14 Steven Madden, Ltd.-------------------------- 14 Taboola ----------------------------------------- 14 Take-Two Interactive Software Inc. ---------- 13 Tapestry Inc. ----------------------------------- 12 Teladoc Health Inc. --------------------------- 14 Tiptree Inc. ------------------------------------- 15 Tradeweb Markets Inc. ------------------------ 15 Travelers Companies Inc.--------------------- 11 Ubiquiti Inc. ------------------------------------ 14 UiPath Inc. ------------------------------------- 15 Valley National Bancorp---------------------- 14 Verint Systems Inc.---------------------------- 15 Verisk Analytics Inc. --------------------------- 13 Verizon Communications Inc.---------------- 11 VICI Properties Inc. --------------------------- 14 Village Super Market Inc. -------------------- 14 Virtu Financial Inc. ---------------------------- 13 Vornado Realty Trust -------------------------- 14 Voya Financial Inc. ---------------------------- 13 Vroom Inc.-------------------------------------- 13 W. P. Carey Inc.--------------------------------- 14 Warner Bros. Discovery Inc. ----------------- 12 Warner Music Group Corp.------------------- 13 WeWork Inc. ------------------------------------ 13 Wheels Up Experience Inc. ------------------ 15 WW International Inc. ------------------------ 15 Xylem Inc. -------------------------------------- 13 Ziff Davis Inc. ---------------------------------- 14

2022

HEALTH CARE LEADERS Crain’s New York Business’s 2022 Notable Health Care Leaders list recognizes individuals and their accomplishments in healthcare administration, clinical services, research, nursing and more.

NOMINATE NOW! Deadline is July 1 Nominate at CrainsNewYork.com/NotableHCLeaders 16 | CRAIN’S NEW YORK BUSINESS | MAY 30, 2022

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Schools try to catch up

E EDUCATION

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LUCERNA and students create an immigrationthemed mural at Domino Park in Williamsburg.

Covid-era shock absorber How community-based organization El Puente kept a high school and a middle school thriving during the pandemic

BY BRIAN PASCUS

hen the Covid-19 pandemic forced the city’s schools to close in March 2020, no element of the education system was spared. Students were deprived of structure; teachers’ classrooms turned into Zoom conferences; and school administrators dealt with the overwhelming combination of learning loss, fragmented curricula, burnt-out employees and angry parents. Some schools handled the upheaval better than others, however. Two success stories are the public high school and middle school connected by El Puente, a community-based human rights organization headquartered in Bushwick, Brooklyn. El Puente formed in the early 1980s as a community group dedicated to stopping gun violence, but it has found its greatest success in managing the direction of its two neighborhood schools: the El Puente Academy for Peace and Justice high school in Williamsburg and the M.S. 50 Community School in south Williamsburg. The group helped organize one-on-one tutoring to supplement classroom instruction. It provided remote coaches to take attendance, follow up with missing students and perform other administrative duties for teachers. The organization opened learning labs where students could have access to Wi-Fi,

computers, quiet study time and afterschool programs featuring art, dance and singing. “What happens from 9 to 3 continues from 3 to 9, 365 days per year,” said Frances Lucerna, co-founder and president of El Puente. “This kind of amplified understanding of what a community school and community network can be, as an infrastructure of support for young people, is a model we have developed over the last 40 years.” The result has been growing enrollment. Keeping students on track is an achievement, particularly in these times. Geoffrey Canada, president of the Harlem Children’s Zone, which runs three charter schools, called the pandemic era the “worst set of challenges” he has seen for children and teens in his three-decade career as an educator. “We don’t know how bad it’s going to be,” Canada said last month during a conference at Columbia University. “And unless we do something different, it will be a generational challenge. We’ll be talking about why these kids aren’t learning 15 years from now.”

“UNLESS WE DO SOMETHING, IT WILL BE A GENERATIONAL CHALLENGE”

DUCATION is not a topic Crain’s takes on regularly. We cover business and the economy in New York City. But these are extraordinary times, in which pandemic-driven school closures have resulted in more students falling behind grade level. Business depends on graduates who are prepared to step into the extraordinary range of jobs and industries this city holds. So in this week’s forum package, we addressed the state of public education. Senior reporter Cara Eisenpress found that schools are working toward a return to normality, even while playing catch-up academically (page 1). Students are less engaged than in normal times, and Covid-era disruptions have been particularly corrosive to extracurricular programs that excite young spirits. Reporter Brian Pascus interviewed a school-community collaboration in Williamsburg, called El Puente, which means “the bridge” (page 17). He discovered dedicated activists who dug in during the dark times and compensated for an utter lack of normality for students and families. Turning to higher education, Eisenpress reported that enrollment at City University of New York and State University of New York schools has fallen, but creative workforce programs are on the way from institutions such as CUNY’s LaGuardia Community College (page 20). Students can learn job-applicable skills in three months. Finally, we invited educators and advocates to share their ideas for moving forward from here (pages 21 and 22). We invite you to read on and reach out to Crain’s to add your thoughts to this vital conversation. —Anne Michaud, assistant managing editor

INSIDE PRERNA ARORA

LOREY WHEELER

Needed: wider adoption of practices responsive to newly arrived immigrant students PAGE 21 TEQUILLA BROWNIE Learning acceleration, not remediation, works for those who’ve fallen behind. PAGE 21 PAGEE CHEUNG

ARTHUR SAMUELS

Integrate college-level work in high school so the transition isn’t so fraught. PAGE 22 KIM SWEET

Community + education El Puente has done something different by incorporating community into education. “El Puente” means “the bridge” in Spanish. The organization’s

Many middle and high school kids can’t read. Here’s a fix. PAGE 22

See BRIDGE on page 19 MAY 30, 2022 | CRAIN’S NEW YORK BUSINESS | 17

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EDUCATION

PIECES FROM PAGE 1

—true even before the pandemic—there are many more children who are absent or struggling than in the past. Educators told Crain’s the city Department of Education will need new tools, listening skills and outreach to avoid a lost generation. “All of our children deserve the best education we have to offer,” Mayor Eric Adams said at a recent news conference discussing a new initiative to screen schoolchildren for dyslexia. The stakes are high for the city too. Working families depend on schools as places their kids can go during the day. Graduates fuel the city’s economic engine. Excellent K–12 and postsecondary programs, of which there are many, give locals a shot at a career in the city’s high-paying industries. By the 2021–2022 year, New York City’s public school system had lost 9% of its students in kindergarten through 12th grade compared with the 2019–2020 year. During the winter, chronic absenteeism rose to 40% daily, according to a New York Post report from early April, though on some recent days it has been back around 85%, according to figures released daily by the DOE. Early indications of what happens after high school also point to a backward shift. Enrollment is down by 30% at LaGuardia Community College, a jumping-off point for thousands of New Yorkers who then go on to a career or further education. State University of New York enrollment, already falling, has sped up its decline, dropping 10% between the fall of 2019 and the fall of last year. (More on page 20.) The fate of the three classes whose final

high school students who graduated,” he said, counting the population of the three classes, “but we’re not seeing them.” The city’s new schools chancellor, David Banks, seems to understand he must make public elementary, middle and high schools appealing again. “For our schools to deliver on their original promise of serving as the engine of the American dream, we will need to do things very differently in ways that build trust one big step at a time,” Banks told the City Council in March.

Taking stock It remains to be seen how the pandemic years will play out for students. In general, lower rates of education translate to poorer life outcomes. One-third of incarcerated people struggle to read simple texts, according to a 2014 Department of Education study. City schools entered the Covid-19 era with some ground to cover. Before the pandemic, only half of Black and Hispanic public high school graduates met the City University of New York’s standards for college readiness; three-quarters of white and Asian students met the CUNY standards. Nonwhite students make up 85% of the public school system. The city’s reaction to the pandemic made the inequities worse. A new Harvard study on the pandemic era revealed that the longer the school disruption, the worse the learning loss. Researchers gathered testing data from 2.1 million students in 10,000 schools across the country and found that remote instruction drove widening achievement gaps that were worse in higher-poverty districts. Learning loss left students on average four months behind in math and three in reading by the start of the current school year, according to a report by McKinsey, with worse setbacks for nonwhite students, urban students and kids from lower-income families. In New York City, fewer than one-third of enrolled students were in hybrid or full-

“WE WILL NEED TO DO THINGS IN WAYS THAT BUILD TRUST ONE BIG STEP AT A TIME” year of high school occurred during the pandemic—2020, 2021 and 2022—hints at what the city has lost. “Where are they?” Kenneth Adams, president of LaGuardia Community College, asked about that group of teens. “You’re looking at 160,000 New York City

THE YOUNG WOMEN’S LEADERSHIP SCHOOL: Teacher Wendy Beinstock leads chemistry class.

time in-person schooling by April 2021. Education Department spokesman Nathaniel Styer dismissed the idea that the continuation of some Covid-era rules at schools was a major issue. He referred questions about the coronavirus to the Department of Health. “The mayor and commissioner are in regular communication about how to keep New Yorkers healthy,” said Patrick Gallahue, a spokesman there.

Chancellor’s plans The Department of Education declined to make Banks available for an interview, but so far he has said he will grow the gifted and talented program that Mayor Bill de Blasio had planned to end. He also said the department will reprise de Blasio’s free summer-learning program, which will be extended to charter school students thanks to funding from former Mayor Michael Bloomberg. In addition, the chancellor will update

the elementary curriculum for students learning to read, to use phonics rather than a disproven—yet prominent—method known as balanced literacy. Banks is aided in those goals by the fact that federal pandemic emergency funding will continue to plug budget gaps left by falling enrollment. The Harvard study estimates that high-poverty, remote districts will need to spend all their federal aid money on academic recovery. New York City’s funding formula is progressive, meaning that students with disabilities, lower incomes or immigrant parents or who live in gang-heavy areas carry more weight in the equation. The other hope is that successful programs set up before the pandemic might restore momentum to the school system. For one, there is de Blasio’s crowning achievement, free education for 3- and 4-year-olds—which is continuing under Banks. Enrollment in pre-K and 3-K fell by

IN THE AVERAGE CLASS OF 30 STUDENTS, THERE ARE AN ADDITIONAL THREE WHO ARE FALLING BEHIND SINCE THE PANDEMIC BEGAN Breakdown of students’ levels in a classroom, nationwide track

●

Historically 2+ grades behind

● Newly

2+ grades behind

ABOUT U Coach McCoy Scott puts students through movement preparation and calisthenics. SOURCE: Curriculum Associates Fall 2021 Report

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10,0 the plan able of ra tion outr fam Th bols STE the Scie part to i dur min to p tech prog In stru bee ven mill from pub enc cess equ S beg York plac from Blac Th the clas noti him he c enc “G boy way “I go t thou eng

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10,000 for the 2020–2021 school year from the one previous. Although there were plans to promote 3-K, which is now available to all neighborhoods after a few years of ramping up, the Department of Education would not comment on the extent of outreach now being done to bring in new families. There are also wholesale initiatives to bolster tech education, including the STEAM Center at the Brooklyn Navy Yard, the P-Tech program and the Computer Science for All initiative, a public-private partnership that has trained 3,000 teachers to instruct students in computer science during the past 10 years. The Adams administration has indicated it will continue to put money and talent into teaching tech, perhaps expanding the successful programs. In particular, an initiative to equip instructors to teach computer science has been a steady, if quiet, success. In 2015 venture capitalist Fred Wilson raised $20 million to get it started. With $60 million from the city, de Blasio announced that all public schools would teach computer science by 2025. Giving all young people access to computer science education is an equity issue, Wilson said. Since the computer science program began, the number of students in New York City who took one of two advanced placement tests in computer science grew from 1,000 to 7,000, many of them girls and Black and Hispanic kids. The anecdotes can be as illuminating as the data. Wilson said he was observing a class at a middle school in 2019 when he noticed a talented student and cheered him on. The student let slip to Wilson that he came to school only on computer science days. Wilson said that shocked him. “Go to school every day,” he advised the boy. But the tale also was encouraging, in a way, he said. “It was causing him to get out of bed and go to school,” Wilson said. If anything, he thought at the time, the boy needed more engineering instruction.

In the middle of a spring Tuesday afternoon on the Lower East Side, two high school boys were walking down the street wearing overstuffed backpacks as if they had left school with a heavy load of assignments. A man behind them called their names. “When will I see you back?” he asked. “Tomorrow? The next day?” The man, a teacher named Richard, said they were his students but had not been in school in weeks. “They don’t care,” said Richard, who declined to give his last name. “They just spent the last two years unaccounted for, playing video games, and you can’t get them back.” His interaction and assessment echo what teachers and guidance counselors say they have seen: an incremental lack of engagement. In a typical classroom of 30 students, three can be expected to be two or more grades behind the class, according to the McKinsey report. Similar to what Wilson noticed, students don’t always go to school for English or math. They arrive for the things that light them up: to write songs and choreograph dance moves for a student-run concert, to win at a mock trial, to go to prom, to participate in a school play, to prepare for a classroom party or to try out for the football team. Like classroom activities, school sports in New York City took months to restart after they were shut down. That left 20,000 kids with no outlet, according to George Lanese, who runs About U, a citywide sports enrichment program based in Long Island City. It also means that current juniors, for example, have scant experience on sports teams, certainly not enough to shine for college recruitment, Lanese said. Last fall 90% of all junior varsity and half of varsity football games were canceled because teams could not field enough players, he said. One-third of the players in the football program did not return, he said. “By canceling JV [during the first comeback season], you lost the feeder system to bring kids back,” Lanese said. Worse, “we lost the main carrot to motivate kids to do academics.” The past two years were disappointing to Lisa, a senior at a public school who asked that her full name not be used out of concern for her college applications. After joining the marching band her freshman year, she missed out on travel and performances in 2020 and 2021. She was irked by the Covid-19 vaccine mandate to participate this year. Her mother, Angela, said she worries about Lisa’s future: “This is hurting their opportunity to compete with kids outside of New York City on college acceptances,” she said of the marching band members. But Lisa said she feels prepared to move forward. “We are in school,” she said. “I get to see my friends, be in person and hang out.” As the school year concludes, families are drawing their own lines, picking out the scenarios when life in New York will no longer provide opportunities for their kids. New York state has lost 2% of its public school student body—the most of any state. The crisis of faith appears to have reached Banks, who cannot predict whether his ideas will translate into higher enrollment in the fall. “How many more will come back?” Banks asked during testimony before the City Council at a recent budget hearing. “We don’t know.” ■

BRIDGE FROM PAGE 17

approach bridges education with community organizing and youth development. The El Puente Academy for Peace and Justice opened in 1993. The organization began its partnership with M.S. 50 in 2015. It not only ingrained itself into the fabric of the Bushwick and Williamsburg neighborhoods during that time; it also developed relationships with community-services providers and nonprofits. Those partnerships became more important once El Puente learned the extent of the problems facing their students’ families in the spring of 2020. During the initial weeks of the pandemic, El Puente staff held daily conversations with parents to learn what was needed. Lucerna and her team recognized that Covid-19 threatened students and their parents in unforeseen ways. “Inequities have existed for a very long time, but the pandemic really made this very evident in that the physical spaces of the schools were not open, and parents couldn’t just run to the school and ask, ‘How do I do this?’ and ‘How do I support my child?’ ” said Asenhat Gomez, El Puente’s deputy director of programs. “For many families, it was: ‘We don’t have a safe space to quarantine’ or ‘We can’t get out and access groceries’ or ‘We had a loss and had someone in the hospital, and we don’t know anything about what to do,’ ” Gomez continued. Many El Puente students are the children of immigrants, undocumented workers and first responders. Many of their parents or caretakers lacked English skills to navigate the confusing emergency segment of the pandemic, according to the organization. Throughout 2020, Lucerna enlisted staff members to organize food drives and visit 50 to 80 homes per week to make deliveries and check in with families. “Out of those phone calls, we either referred folks to services or created a food pantry,” said Rosa Scott, director of El Puente Beacon, one of the organization’s afterschool programs. “For those folks who were in need of food, packages of food were delivered.” A fundraiser organized by the organization collected $400,000 to help families with funeral arrangements and funded a bilingual workshop for young students to address healing, trauma and depression associated with the pandemic. “Many of our staff, like myself, are born and raised in the community, and we have relationships with other community-based organizations,” Lucerna said. “We approach our work in the schools from that perspective.” El Puente’s nontraditional approach emphasizes supporting students holistically—which includes helping their home life when possible. “Unfortunately, rather than look at it in terms of what’s required of young people, [the city Department of Education] has them taking standardized tests,” Lucerna said.

Supplemental teaching During the first weeks of the pandemic, there was no technical assistance for families or students, and the school buildings were completely shut down. A scramble ensued to ensure students had the necessary computer equipment provided by the Department of Education and that

Google Chat and Zoom accounts had been set up. With the technology in place, remote coaches were put in every classroom in both the high school and middle school. Parents, school aides and El Puente’s 30-member community school team served as remote coaches, performing duties teachers didn’t have the time or the expertise to handle. “We took the pressure off teachers to really just focus on teaching and doing that job and not worry about the technology,” said Anelin Flete, director of El Puente’s community school partnership with M.S. 50. Remote coaches handled Zoom breakout rooms, took attendance, mentored the chronically absent and made afternoon phone calls to ensure students returned after logging off for lunch. Online classes added entertainment to increase attendance, including remote DJ battles. Humorous clips, educational videos and music were played as teachers waited for students to log on each morning and afternoon. “We looked at it as: How can we support the school to make it feel like the students are part of the community or school culture, even though they’re learning from home?” Flete said. El Puente realized that it had to go beyond the classroom to serve its students.

Leadership and wellness During the school closures, El Puente opened physical spaces for young people outside of school buildings. The organization partnered with the city’s Department of Youth and Community Development to open learning labs and wellness hubs to facilitate afterschool education and mentorship for the high school and middle school students, and even a number of K–5 students from 10 nearby elementary schools. The learning labs provided high-speed internet, one-on-one tutoring, quiet study areas, social hangout space and leadership training. Three learning labs were in New York City Housing Authority buildings and provided full-day programs for the youngest students, who were typically the children of essential workers who worked unpredictable hours. “Whether it’s leadership, education, arts or culture, we try to supplement what [public] schools don’t have time to do,” Scott said. El Puente’s arts programming became so popular with students and their families during the early months of the pandemic that it has become a mainstay of the organization’s wellness schedule. “We’re big on dance. We have ballet, jazz, hip-hop,” Scott said. “We have a Saturday arts program for elementary students. And for afterschool, we have theater, jazz, media arts classes, vocal classes and a pretty intense sports program.” Flete said she believes El Puente’s community-based engagement methods, especially the teaching and program innovations implemented during the pandemic, can be models for other public schools. “There’s a growing interest in people who want to join our school,” she said, “because we’ve shown through community engagement and the nurturing of youth leadership that this is a place where kids can thrive. It’s attracted attention from elementary schools and from families who want to send their kids here.” ■ May 30, 2022 | CRAIN’S NEW YORK BUSINESS | 19

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EDUCATION

ISTOCK

ADAMS LCC is covering the cost of short employment-focused programs that students usually pay for

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PRE

CUNY experiments with nondegree programs An initiative at LaGuardia college aims to provide students with training to land a job in health care BY CARA EISENPRESS

he idea that students no longer need a degree to get a good job in the city has found important validation in a new program that could turn out more qualified, but not necessarily degreed, candidates in the health care field. Both the City University of New York and New York state are coming up with ways for New Yorkers to get that training and pay for it. This is thanks to a pilot program just created at CUNY’s LaGuardia Community College and funding in the state budget that could help the pilot endure. Enrollment has declined at New York’s public universities during the pandemic as more students choose paid work over continuing their education. Policymakers worry that if the trend continues, the workforce won’t meet the needs of local employers. Emphasizing skillsbased, employment-focused programs is expected to give students marketable skills in the short term and a path back to education. The new CUNY program at LaGuardia is called Jobs Direct. LaGuardia already educates more than 5,000 students in workforce training programs annually. The difference now is that the program will provide students with scholarships that cover from 80% to 100% of the tuition, which ranges from $1,500 to $3,500 depending on the program. It will offer paid internships, job-placement services, mentorship and hands-on advising with industry professionals, and a close relationship with employer partners.

New sources of scholarships and grants In the next year, Jobs Direct instructors and mentors will train roughly 100 students in one of two nondegree workforce development programs, to become a certified clinical medical assistant (average salary: $42,560) or a central service technician (average salary: $65,780). LaGuardia chose the two health care fields for training

because they are well-paid lines of work where more employees are needed, said Kenneth Adams, president of LaGuardia. “The students that need the training from the workforce development programs are often low-wage workers,” Adams said. “They’re unemployed or people in entry-level jobs who want to make more money, but they don’t have the resources to pay for the training themselves.” Several outside funders have put their money into a $650,000 investment in the infrastructure of Jobs Direct, and LaGuardia’s foundation will pay the full or partial scholarships. That only goes so far, however, which is where the state budget item comes in. For fiscal 2022–23, which began April 1, New York state has added $150 million to its Tuition Assistance Program for low-income students. TAP can now be used by those in approved workforce training programs.

“STUDENTS THAT NEED THE TRAINING ARE OFTEN LOW-WAGE WORKERS” During the 2020–21 school year, the state spent $700 million on TAP, so this is a sizable increase. Until now a student who wanted to take a three-month course that could lead to a phlebotomy position had to pay for the full cost of the training, while a classmate studying history could access financial aid. New York City’s total employment is down 5.5% from its record February 2020 level, according to the latest seasonally adjusted data from the state’s Department of Labor. In health care, the labor shortage has reduced hospitals’ teams of clinical laboratory technologists and medical assistants, the Center for Health Workforce

Studies found. Enrollment is down 10% since 2019 at State University of New York campuses and down 22% at City University of New York community colleges. Based on her experience with 3,000 high school students in a mentoring program, a greater number now want to enter the workforce without going to college, said Heather Wathington, CEO of iMentor (see Asked & Answered, page 10).

In-demand skills About half of the full-time students who start at CUNY do not end up with a degree within six years, according to the school’s data. Programs such as Jobs Direct could leave such students with in-demand skills and give them a springboard to additional education should they find they need a degree to progress in their job. “These students are neglected,” said Alan Divack, program director at the Lucius N. Littauer Foundation, one of the funders. Divack said the new approach would make the workforce programs at school “part of a pathway” where students could “accumulate credentials” that potentially lead to a degree. For Drielle Valeretto, a longtime fashion model and now the parent of a toddler, going into the medical assistant program will be, she hopes, a way to find a job that will support her as she pursues her longer-term goal of becoming a nurse. Valeretto hopes to become certified by the fall. After that, with a salary, she said, “I will be able to return to nursing school in the fall semester, either at Borough of Manhattan Community College or LaGuardia, and get back on track to becoming a nurse.” LaGuardia’s Adams said he hoped to expand the Jobs Direct framework of financial aid and support to other nondegree programs, especially given the new dollars from the state. “That is also good news for our funders,” he said. “They can help us get off the ground while we advocate for long-term programs.” ■

20 | CRAIN’S NEW YORK BUSINESS | MAY 30, 2022

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LOR

cris hit b strip tech stud To City 15 ado reco ELL age O mos the P wid for safe curr F ling to c F adv for city A iden new Th on t that

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OP-ED

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LEARNING ACCELERATION, NOT REMEDIATION, IS ESSENTIAL FOR STUDENTS TO MOVE FORWARD

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HOW THE SCHOOL SYSTEM CAN SUPPORT IMMIGRANT CHILDREN AMONG THE MOST VULNERABLE STUDENTS in New York City

public schools are newly arrived immigrants. Newcomer students make up roughly half of New York City public school English language learners, or ELLs, who themselves make up roughly 15% of the city’s public school students. The students often live in poverty as their parents work to find a footing in their new country. It is challenging to acclimate to a new language and culture, but it is particularly hard for those who are adolescents. Imagine, then, what these children experienced when schools shut down due to PRERNA ARORA the Covid-19 pandemic. Even before the pandemic, newcomer immigrant youths were at high risk of dropping out of high school, and the risks have only become more acute. Data suggest that immigrant and ELL students have left school at higher rates than other groups during the pandemic—an estimated 1.2 million students nationwide. According to testimony this year by Advocates for Children of New York, almost 1 in 4 New York City ELLs dropped out of high school in 2020, and only 46% graduated high school in four years. In January 2021 attendance among ELL 10th was 10 percentage points lower than it was in 2019. LOREY WHEELER graders Newcomer youth were also particularly vulnerable to the stresses of the pandemic—which accelerated a mental health crisis among all young people. Concentrated in New York neighborhoods hardest hit by the pandemic and often experiencing extreme economic insecurity, stripped of supportive networks in their home country and with inadequate technology and sometimes only fragile connections to peers and teachers, the students were set adrift when schools shut down. To address the heightened challenges newcomer youths face, New York City needs to invest in a thoughtful, education-based infrastructure. There are 15 Internationals Network high schools in the city, focused on the needs of adolescent, immigrant ELLs. The schools have a relatively successful track record of serving and graduating their multilingual students. There also are five ELL transfer schools designed to meet the needs of newly arrived immigrants ages 16 to 21. Of the more than 500 New York City high schools, 83% enroll ELLs. And at most of the schools, particularly at those where ELLs make up a small share of the student body, ELL graduation rates are distressingly low. Practices that are responsive to newcomer students’ needs must be more widely adopted. Schools serving large numbers of newcomer immigrants, for example, should become “trauma-informed” to ensure students feel safe, supported and prepared to learn. Providing a social-emotional learning curriculum that is culturally appropriate for newcomer children is key. Finally, we need an educator workforce that is both culturally competent and linguistically diverse. We also need to adopt technologies that enable educators to communicate with families in their home language. Fortunately, many educators, administrators, politicians and community advocates in the New York area are actively engaged in such efforts, advocating for appropriate attention to be dedicated to the newcomer population. And the city recently communicated an intention to invest in expanded services. At Columbia University’s Teachers College, we are conducting research to identify key practices that support the mental health and academic success of newcomer students so that schools can more effectively serve them. The energy and success of New York City—and our nation—have always relied on the contributions of new Americans. We owe them schooling experiences that empower their youth to succeed and thrive. ■ Prerna Arora is an assistant professor of school psychology at Columbia University’s Teachers College. Lorey Wheeler is an associate research professor with the Nebraska Center for Research on Children, Youth, Families and Schools.

TWO YEARS AFTER COVID-19 forced nationwide school closures, the academic toll of the pandemic is coming into focus—and it’s a sobering picture. Even before the pandemic, my organization, TNTP, sounded the alarm that many students—particularly Black and brown ones from low-income families— weren’t getting the educational opportunities they needed to graduate ready for college or a career. But during the past two years, significantly more students have fallen behind their grade level, exacerbating the TEQUILLA already dire situation. BROWNIE The current unprecedented amount of unfinished learning could deny millions of students a sustainable path to social and economic mobility—keeping far too many locked in a cycle of intergenerational poverty. It’s also one of the biggest long-term threats to our economic viability that nobody’s talking about. After all, the success of businesses in every industry depends on a steady flow of graduates with the skills to take on 21st-century jobs. School systems can take immediate steps to reverse the slide by adopting learning acceleration. When students fall behind, teachers typically go back and reteach material from earlier grades before moving on. Although the remediation strategy makes sense on the surface, we’ve found that denying students access to grade-level work—even with good intentions—causes them to fall even further behind. With learning acceleration, teachers give gradelevel material to every student, bringing in key concepts from earlier grades only when necessary. This “just in time” support can be key to catching up and moving forward. A study my organization authored with Zearn, an online math curriculum, found compelling evidence that learning acceleration works. The research found that students who experienced learning acceleration completed 27% more grade-level lessons than those who experienced remediation. And they struggled less with grade-level work, debunking the idea that remediation protects students from becoming frustrated with school. Learning acceleration is an important innovation. But we’ll need many more innovative ideas to put all young people on a path to financial security. The pandemic has taught us that adaptiveness is a prerequisite for relevance in a world where fast-moving, exponential change is the new normal. This moment calls not just for better instructional techniques but also for a different education paradigm. Leaders at every level and from all sectors should join forces to build the public education system our country needs to retain its global competitive edge. That starts with reorienting the focus of K–12 education to offer all students, including our most marginalized, multiple pathways to good jobs in the economy of the future. College is one path. Coding is another. Climate change mitigation yet another. There are dozens more. The chaos of the past two years exposed some of the worst about our education system. But it also showed the best: that educators and entire systems can adapt, innovate and succeed against the odds. The challenges our students face today are daunting but not insurmountable. We can do this. ■ Tequilla Brownie is chief executive of TNTP, a national nonprofit that helps school systems end educational inequality.

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BUCK ENNIS

EDUCATION

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EXPOSING HIGH SCHOOL STUDENTS TO COLLEGE-LEVEL COURSES—AND ENABLING THEM TO EARN CREDITS—IS A PATH TO FINANCIAL SUCCESS families that the path to economic mobility runs through college. But unless students graduate from college, they cannot achieve financial independence and long-term stability. Only 20% of first-generation college students earn a bachelor’s degree, and barely 12% of Black and Hispanic students earn a bachelor’s in five years. The average income of an individual with some college experience but no degree is $39,698, compared with $71,177 for someone with a bachelor’s degree. For too many young PAGEE CHEUNG people, the path remains inaccessible. For low-income students, a slight setback—a bureaucratic slipup at a university, say, or a failed class that costs money but earns no credit—can lead to dropping out. About 30% of students who drop out of college do so during freshman year; the leap from high school simply has too many pitfalls. It is incumbent on schools, therefore, to create a smoother transition. One way is by exposing students to college-level work—and enabling them to earn college credits—while they are still in high school. Immersing students in a college-level course has ARTHUR a profound impact on their persistence and preparedness to tackle difficult coursework once they get to college. SAMUELS At the charter school we co-founded, we don’t limit advancedplacement eligibility. Instead, we allow all students to apply for AP classes, demonstrating their investment through essays and performance tasks. This “big AP” approach allows more students to reap the benefits of advanced coursework. And, of course, students do pass the exam, earning college credit. Our students also take the lesser-known College Level Examination Program exam, which allows them to accumulate college credits without the structure and training required by AP classes. High schools must align courses with the CLEP exam, and students have multiple opportunities to take and retake the test. With college credits already banked at the time of matriculation, students are much more likely to graduate from college. As a city, we can do even more. Thomas Bailey and Davis Jenkins of Teachers College at Columbia recently noted that only a small fraction of New York City high school students participate in the College Now program, which allows them

ISTOCK

FOR YEARS EDUCATION LEADERS and policy-makers have told

to take CUNY classes. We should implement the reforms that Bailey and Jenkins suggest, including more direct partnerships between CUNY schools and being more intentional about the course offerings that are available to high school students. But why not go beyond that? Oftentimes, students pass on College Now classes because they have unavoidable after-school or weekend commitments. If you’re working part time to contribute to the household or are a caregiver for younger siblings, traveling to a campus after school or on weekends simply isn’t an option. Why not permit high school teachers to become credentialed as adjuncts for certain CUNY schools, then align their courses to the school’s curriculum and allow students to take credit-bearing classes at their own high school? This would lower some of the barriers kids face in earning college credit without diminishing the rigor of the class. Too often policy-makers pay lip service to the importance of a college degree but fail to create the structure necessary to support our most at-risk students in getting one. If we want to see college graduation rates go up, we need to create more opportunities for students to be exposed to college-level material while still in high school. ■ Pagee Cheung and Arthur Samuels are co-founders and co-executive directors of MESA Charter High School in Brooklyn.

OP-ED

IN MY 25 YEARS as an education advocate in New York City,

one constant has been the hundreds of frustrated parents each year whose children struggle with reading and cannot find help in the public school system. One of the most fundamental responsibilities of schools is to teach children how to read, yet at Advocates for Children of New York, we regularly work with middle and high school students who are unable to read menus or job applications, much less novels and textbooks. The scope of the problem is apparent in the city’s test KIM SWEET scores. Even before the Covid-19 pandemic, only 36% of Black and Hispanic students in the third through eighth grades—as well as 29% of students who are homeless and 16% with disabilities—scored proficiently in reading on state tests. Mayor Eric Adams and Schools Chancellor David Banks have called attention to the issue and vowed to tackle it, announcing plans for universal dyslexia screening, changes in curriculum, new programs and schools for students with dyslexia, and a Literacy Advisory Council. The proposals represent a historic effort to support students in learning to read and could be transformative. Fundamentally changing the city’s approach to reading instruction requires a comprehensive plan that reflects the science of reading and the reality of students’ experiences. The approach also should encompass both general and special education, as difficulties with reading are not limited to students with dyslexia. For starters, every school in New York City should be using a curriculum that is both culturally responsive and aligned with the scientific evidence on reading development. Historically, schools have been free to use any literacy program they like. Banks has said that during the next year, all schools will instead be asked to switch to a “phonics-based literacy curriculum” for grades K–2. Instituting guardrails and consistency in the curriculum across the city is a critical first step. Coupling the change with ongoing, job-embedded support

and coaching for teachers will be essential to ensure it’s successful. Schools also must be prepared to offer effective intervention for every student, regardless of grade level or disability status. Although Adams’ proposal includes new funding for dyslexia screening, what matters most is how the screening results are used. With $250 million in one-time federal pandemic relief funding slated for “academic recovery and student supports” in 2022– 2023, the administration has an unprecedented opportunity to begin building out a literacy safety net that provides one-onone or small-group intervention to all students who require help. The need is more urgent than ever in light of the pandemic, as many young children struggled to master critical foundational skills via remote instruction and are at risk of falling further and further behind as they are expected to read increasingly difficult texts. Improving literacy instruction will not be easy, but we cannot afford to shy away from the challenge. The new administration can bring together stakeholders, focus on the needs of students and create lasting change so that all children learn to read. ■

ISTOCK

MAKING SURE EVERY STUDENT LEARNS TO READ: WHAT HAPPENS NEXT?

Kim Sweet is executive director of Advocates for Children of New York.

22 | CRAIN’S NEW YORK BUSINESS | May 30, 2022

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PEOPLE ON THE MOVE

COMPANIES ON THE MOVE

Advertising Section

To place your listing, visit www.newyorkbusiness.com/companymoves or contact Debora Stein at 917.266.5470 / dstein@crain.com

HONORS / AWARDS

CMRG New York, NY 917.983.9444 hello@gocmrg.com CMRG was named the winner of a Gold Stevie® Award in the Human Resources Team of the Year category and Silver Stevie® award winner in the Fastest Growing Company of the Year category in the 2022 American Business Awards®. More than 3,700 nominations from organizations of all sizes and in virtually every industry were submitted this year for consideration in a wide range of categories.“Our team works diligently each day to provide the best possible recruiting industry experience for our candidates and clients,” shared CMRG Founder & CEO Crystal McKinsey, “It is an honor to be recognized by the American Business Awards for doing the work we love to do, for companies we admire.” Learn more about CMRG at: www.GoCMRG.com

S H A R E

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

NEW OFFICES

COMMERCIAL REAL ESTATE

FINANCIAL / TECHNOLOGY

REAL ESTATE

Womble Bond Dickinson New York, NY www.womblebonddickinson. com/us/locations/new-york

Handler Real Estate Organization

Lendistry

Bridge Industrial

Lendistry, the minority-led small business lender that has funded over 500,000 small businesses nationwide London and powered two of New York’s COVID relief grant programs, has added two local loan officers to its business development team. Ward Tondalaya London, VP Business Development Officer, was a Power Women of Brooklyn Honoree, and received the New York State Assembly Citation. London represents Lendistry’s traditional lending products, including term loans and lines of credit. Darien Ward, VP Business Development Officer, has spent many years in the SBA lending space and provides access to SBA 7(a) loans through Lendistry SBLC, LLC, the lender’s new subsidiary. Contact Tondalaya & Darien to grow your business today: lendistry.com/contact

Bridge Industrial hires Stefan Sansone as Director, Acquisitions for the firm’s Northeast region. In this role, Sansone will head the pursuit of new leads, manage broker relationships, and underwrite acquisitions throughout New Jersey and New York. Sansone graduated from Lehigh University with a bachelor’s degree in Political Science and a minor in Real Estate. He is an active member of NAIOP, and a junior board member for The Boys and Girls Club of Greater St. Louis.

The transatlantic law firm Womble Bond Dickinson is opening a New York office with the addition of an elite group of intellectual property lawyers. The team joining offers a full range of trademark services and includes partners Julianne Abelman and Marie Anne Mastrovito, of counsel Erica Halstead, senior counsels Lori Cohen and Anthony Coppola, and six paralegals. Womble Bond Dickinson has more than 1,100 lawyers based in 27 UK and US office locations serving clients in every business sector.

As COO, Mr. Darell Handler co-leads the organization’s agency leasing efforts, servicing the portfolio of owned office and retail properties, and will lead the organization’s third-party leasing business on behalf of tenants and other landlords throughout NYC. Mr. Handler will also be involved in all construction and design for interior build-outs for tenants, and take a larger role in identifying, analyzing, and executing new investments.

FINANCIAL SERVICES MERGERS / ACQUISITIONS

KeyBank

Mancini Duffy New York, NY 212.938.1260 www.manciniduffy.com National design firm Mancini Duffy - with a 100+-year-old history and tech-forward approach based in New York City - announces the acquisition of Gertler & Wente Architects to further expand its footprint in the healthcare, multi-family residential, restoration, institutional, and religious sectors. This acquisition is part of Mancini’s business goals of continuous and exponential growth in 2022 and beyond. www.manciniduffy.com

Y O U R

C O M P A N Y ’ S

Mannie Sidhu joins KeyBank as SVP, Middle Market Relationship Manager serving clients in NYC and Northern and Central NJ. She has 10+ years of commercial banking experience in Sales and Credit working with premier middle market companies at M&T Bank, Santander Bank and SNB. She holds dual bachelor’s degrees with honors in Finance and Economics from Rutgers University. She has served as a leader in Women In Network (WIN) organizations and initiatives surrounding corporate growth in New Jersey.

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YOUR BIG NEWS IN CRAIN’S!

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

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ARTS & CULTURE

CLASSIFIEDS

Contact Suzanne Janik at 313-446-0455 or email: sjanik@crain.com

REQUEST FOR PROPOSAL INSURANCE BROKERAGE AND ADVISORY SERVICES REQUEST FOR PROPOSALS The New York City Educational Construction Fund (“ECF”) is seeking proposals from organizations that are capable of providing insurance brokerage and advisory services to manage insurance procurement and claims. A copy of the Request for Proposal (RFP) for Insurance Brokerage and Advisory Services may be obtained from ECF by contacting the Fund at lpelaez@nycsca.org. Responses to the RFP must be received at ECF’s offices by 12 noon, June 15, 2022. New York City Educational Construction Fund 30-30 Thomson Avenue, 6th Floor Long Island City, New York 11101 (718) 752-5313 lpelaez@nycsca.org

PUBLIC & LEGAL NOTICES Notice of Qualification of DERBY COPELAND EQUITY FEEDER I, LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 04/22/22. Office location: NY County. LLC formed in Delaware (DE) on 04/13/22. Princ. office of LLC: 41 Madison Ave., 40th Fl., NY, NY 10010. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c/o Corporation Service Co., 80 State St., Albany, NY 12207-2543. DE addr. of LLC: 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Secy. of State, 401 Federal St., Dover, DE 19901. Purpose: Investing.

Notice of Qualification of BEACON SOFTWARE PARTNERS I B, L.P. Appl. for Auth. filed with Secy. of State of NY (SSNY) on 04/28/22. Office location: NY County. LP formed in Delaware (DE) on 04/22/22. Princ. office of LP: 233 Wilshire Blvd., Ste. 800, Santa Monica, CA 90401. 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 DE Secy. of State, 401 Federal St., #4, Dover, DE 19901. Purpose: Any lawful activity.

Notice of Qualification of LYTICAL VENTURES CI II QP, LP Appl. for Auth. filed with Secy. of State of NY (SSNY) on 05/11/22. Office location: NY County. LP formed in Delaware (DE) on 04/26/22. Princ. office of LP: 250 W. 55th St., 37th Fl., NY, NY 10019. NYS fictitious name: LYTICAL VENTURES CI II QP, L.P. Duration of LP is Perpetual. SSNY designated as agent of LP 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. Name and addr. of each general partner are available from SSNY. DE addr. of LP: CSC, 251 Little Falls Dr., Wilmington, DE 19808. Cert. of LP filed with Jeffrey W. Bullock, Secy. of State - State of DE, Div. of Corps., John G. Townsend Bldg., 401 Federal St. Ste. 4, Dover, DE 19901. Purpose: Any lawful activity.

Notice of Formation of PJ HOUSING ACQUISITION, LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 04/20/22. Office location: NY County. Princ. office of LLC: 30 Hudson Yards, 72nd Fl., NY, NY 10001. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to Corporation Service Co, 80 State St., Albany, NY 12207-2543. Purpose: Any lawful activity.

Notice of Qualification of CAROUSEL (NEW YORK) HOLDINGS LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 04/29/22. Office location: NY County. LLC formed in Delaware (DE) on 02/05/21. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC, 599 Broadway, 8th Fl. East, NY, NY 10012. DE addr. of LLC: 3500 S. Dupont Hwy., Dover, DE 19901. Cert. of Form. filed with Secy. of State, John G. Townsend Bldg., 401 Federal St., Dover, DE 19901. Purpose: Any lawful activity

Notice of Formation of NORWALK NORTH PRESERVATION, L.P. Cert. of LP filed with Secy. of State of NY (SSNY) on 05/04/22. Office location: NY County. Princ. office of LP: 30 Hudson Yards, 72nd Fl., NY, NY 10001. Latest date on which the LP may dissolve is 12/31/2121. 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. Purpose: Any lawful activity.

Notice of Formation of NORTHCREST GARDENS PRESERVATION, L.P. Cert. of LP filed with Secy. of State of NY (SSNY) on 05/04/22. Office location: NY County. Princ. office of LP: 30 Hudson Yards, 72nd Fl., NY, NY 10001. Latest date on which the LP may dissolve is 12/31/2121. 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. Purpose: Any lawful activity.

PUBLIC & LEGAL NOTICES 670 THURSTON ROAD LLC. Arts. of Org. filed with the SSNY on 11/27/20. Office: New York County. SSNY designated as agent of the LLC upon whom process against it may be served. SSNY shall mail copy of process to the LLC, 1221 Fteley Avenue, Bronx, NY 10472. Purpose: Any lawful purpose. COHN GROWTH, LLC filed Arts. of Org. with the Sect'y of State of NY (SSNY) on 3/18/2022. Office: NY County. SSNY has been designated as agent of the LLC upon whom process against it may be served and shall mail process to: c/o Greenberg Traurig, LLP, 54 State St., 6th Fl., Albany, NY, 12207. Purpose: any lawful act. Notice of Formation of EC Pietanza Consulting, LLC. Arts of Org filed with Secy. of State of NY (SSNY) on 02/21/2022. Office location: NY County. SSNY designated as agent upon whom process may be served. The address SSNY shall mail process to Elizabeth Pietanza, 454 W 54th St., Unit 3F, NY, NY 10019. Purpose: Any lawful activity. Notice of Formation of 200E79TH9C HOLDING LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 05/09/22. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to M. Nader Ahari, 200 Park Ave. South, Ste. 1608, NY, NY 10003. Purpose: Any lawful activity. Notice of Formation of LAME FILMS, LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 04/19/22. Office location: NY County. Princ. office of LLC: 225 Cherry St., Apt. 12A, NY, NY 10002. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to Evan Patterson at the princ. office of the LLC. Purpose: Any lawful activity. Notice of Qualification of BEACON SOFTWARE PARTNERS GP, LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 04/28/22. Office location: NY County. LLC formed in Delaware (DE) on 04/22/22. Princ. office of LLC: 233 Wilshire Blvd., Ste. 800, Santa Monica, CA 90401. 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 122072543. DE addr. of LLC: 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with DE Secy. of State, 401 Federal St., #4, Dover, DE 19901. Purpose: Any lawful activity. Notice of Formation of 1 CENTRAL PARK WEST 38B LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 02/15/22. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to M. Nader Ahari, 200 Park Ave. South, Ste. 1608, NY, NY 10003. Purpose: Any lawful activity.

Notice of Formation of MBY WOOSTER LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 04/26/22. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to Corporation Service Co., 80 State St., Albany, NY 12207-2543, regd. agent upon whom and at which process may be served. Purpose: Any lawful activity

Notice of Formation of QTD SYSTEMS 1 LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 04/15/22. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c/o Scott Markowitz, Esq., Tarter Krinsky & Drogin LLP, 1350 Broadway, NY, NY 10018. Purpose: Any lawful activity.

Notice of Formation of GREEN MOUNTAIN PARTNERS, LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 04/21/22. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to David S. Blatteis, Norris McLaughlin, P.A., 400 Crossing Blvd., 8th Fl., Bridgewater, NJ 08807. Purpose: Any lawful activity.

Notice of Qualification of 10X DIVERSITY CARRY VEHICLE I, LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 04/04/22. Office location: NY County. LLC formed in Delaware (DE) on 01/24/22. Princ. office of LLC: 1 World Trade Center, 85th Fl., NY, NY 10007. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c/o Corporation Service Co. (CSC), 80 State St., Albany, NY 12207-2543. DE addr. of LLC: CSC, 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Jeffrey W. Bullock, Secy. of State - State of DE, Div. of Corps., John G. Townsend Bldg., 401 Federal St., Ste. 4, Dover, DE 19901. Purpose: Any lawful activity.

Notice of Formation of 274 WEST 71ST STREET LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 05/11/22. Office location: NY County. Princ. office of LLC: 260 W. 71st St., NY, NY 10023. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC at the addr. of its princ. office. Purpose: To purchase, own and sell real estate in New York.

Notice of Formation of 250 EAST 21 STREET 3F LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 04/27/22. Office location: NY County. Princ. office of LLC: 19 Half Moon Ln., Sands Point, NY 11050. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC at the addr. of its princ. office. Purpose: To purchase, own and sell real estate in New York

Notice of Formation of SONNY PRODUCTIONS LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 04/19/22. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC, 146 Central Park West, 10D, NY, NY 10023. Purpose: Any lawful activity.

Notice of Formation of THE FORT UES LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 04/22/22. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to Corporation Service Co., 80 State St., Albany, NY 12207-2543. Purpose: Any lawful activity.

Notice of Formation of 44 DIGITAL ENTERPRISES LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 04/07/22. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to Corporation Service Co., 80 State St., Albany, NY 12207-2543. Purpose: Any lawful activity.

Notice of Qualification of 180 REMSEN LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 05/05/22. Office location: NY County. LLC formed in Delaware (DE) on 04/08/22. Princ. office of LLC: 909 Third Ave., #686, NY, NY 10150. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c/o Corporation Service Co. (CSC), 80 State St., Albany, NY 12207-2543. DE addr. of LLC: CSC, 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with DE Secy. of State, Div. of Corps., John G. Townsend Bldg., 401 Federal St., Dover, DE 19901. Purpose: Any lawful activity.

PLAIN VANILLA NY LLC. Arts. of Org. filed with the SSNY on 04/22/22. Office: New York County. SSNY designated as agent of the LLC upon whom process against it may be served. SSNY shall mail copy of process to the LLC, 101 East 2nd Street, Unit 4D, New York, NY 10009. Purpose: Any lawful purpose.

Notice of Qualification of LITTLE ROOKIES BASEBALL, LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 05/17/22. Office location: NY County. LLC formed in Delaware (DE) on 12/21/21. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c/o Corporation Service Co. (CSC), 80 State St., Albany, NY 12207-2543. DE addr. of LLC: c/o CSC, 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Secy. of State, 401 Federal St., #4, Dover, DE 19901. Purpose: Any lawful activity.

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“They just identify you with your past,” he said. The state and the city do not have a robust program for training and supporting entrepreneurs during and after incarceration. It’s a major gap, not just for the potential of tens of thousands of New Yorkers with offenses, but for the wider economic agenda, according to the report published last Monday by the Center for an Urban Future. “There is an underappreciation over the years for the power and potential of entrepreneurship as a pathway to economic viability and reduction of recidivism,” said Eli Dvorkin, editorial and policy director. Of those New Yorkers re-entering communities from prison, 4 in 10 are interested in entrepreneurship and self-employment, the report found, a drive that is often heightened by time away from society. An infrastructure for re-entry is in place, yet the pitfalls for would-be founders with previous convictions are so numerous, and, in many cases, so banal, that the city and the state have to do as much work in eliminating barriers as in building support, the report said.

Less of this Marte committed to fitness while in prison for dealing cocaine. When he moved back to the city 70

pounds lighter, he started training small groups in Forsyth Park. “I would just show up every day,” he said, pitching his classes to almost anyone in workout gear. “I thought I had made it when I had five people there,” he went on. “I was conducting class, doing flutter kicks [exercises], under a beautiful sky. When I went from three to five customers, I was like, “Oh s---.” Growing into a bigger operation took more than tenacity. After two and a half years, Marte had saved enough money to open a brick-and-mortar location. Several landlords did not want to rent him space because they were uncomfortable with his background and his plan to hire others who had gotten out of prison. He could not get a loan. He was quoted astronomical business insurance rates and had to open without coverage. In 2016 then-Gov. Andrew Cuomo created a regulation that prevented insurance companies from denying commercial crime insurance to New York businesses with previously incarcerated employees. But that did not help with costs. A lack of experience with up-todate technology can stifle ambition, the report found. So, too, can restrictions on movement because of parole. “The term ‘entrepreneur’ implies someone who can create things out of nothing,” Christopher Watler, chief external affairs officer at the

Center for Employment Opportunities, which supports re-entry, said in the report. “But when you’re on probation or parole, you literally cannot leave a geographic area, so there’s already a built-in restriction on your ability of movement.” Obstacles to entrepreneurship are also plainly intertwined with other re-entry issues. “It’s systemic,” said Katie Nitti, who runs a small-business and entrepreneurship workshop on Rikers Island on a contract and often stays in touch with former students when they are released. “They get out and don’t have anyone to stay with.

cy director said one clear update statewide would be to add more programs in prisons that specifically focus on fostering entrepreneurship. The city and state government have many programs to help with job placement and recidivism, but many lack a specific focus on starting one’s own firm, the Center for an Urban Future report found. A federal Pell Grant program for incarcerated individuals also presents a major opportunity to scale up business education, Dvorkin said. Only two of the state’s 50 prisons have classes in entrepreneurship— Walkill and Sing Sing; the latter is run by Columbia Business School and recently had more than 200 applications. Both are partially on hold because of the pandemic. More programs coupled with more practice would be effective, Nitti said, adding potential food entrepreneurs—she said that was a common goal among her students—could try to operate a food truck for correctional officers, to get some practice.

4 IN 10 FORMER PRISONERS HERE ARE INTERESTED IN SELF-EMPLOYMENT They go to open a bank account but need a photo ID or home address.” Worse, she said, is a feeling that getting re-established is a risky proposition and that any stride will be scrutinized. They worry that if their business becomes visible, a victim may come forward to sue them or that if they raise money from friends or family, the source of the cash may come back to haunt them. That translates into well-founded anxiety, Nitti said. The solution to so many obstacles is more support and opportunity, Dvorkin said. Urban Future’s editorial and poli-

More support A program called Defy Ventures has been providing some much-needed support to get past the many obstacles; it conducts entrepreneurship training in and out of prisons in several states, including New York. For alumni of the program, the one-year recidivism rate is 7%; the national average is 30%. ConBody’s Marte is one such

COURTESY OF CONBODY

STARTUPS

MARTE of ConBody had trouble finding a landlord to rent him space. graduate. So was Alessandro Arguello, who runs a tailoring and fashion firm called About the Stitch. He has a college degree and had experience in business before going to prison twice, but he still found the network from Defy to be instrumental. His business now brings in close to $200,000 annually, with individual and corporate clients. “If you have a group of people believing in you, it helps with self-esteem,” he said. But Defy too has limited spots— just 25 in each class. Another organization, Refoundry, said it has 10 applicants for every spot. Dvorkin said he could see an enormous scale-up, driven by the city and its Department of Small Business Services, which could be especially pertinent as the legal marijuana business rolls out. “Given the demand—that half of folks want to explore starting a business—it’s incumbent on the city and the state to help,” he said. ■

2022

WOMEN IN SPORTS Crain’s New York Business’s 2022 Notable Women in Sports recognizes top women from professional firms specializing in sports business in New York.

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GOTHAM GIGS

DR. THOMAS LO GREW UP Buffalo RESIDES Forest Hills, Queens EDUCATION Bachelor’s in molecular biology, Yale University; French Culinary Institute; M.D., Columbia University Vagelos College of Physicians and Surgeons SIGNATURE RECIPE One of Lo’s favorite dishes to make is squirrel fish. Lo debones a fish, pleats its flesh, fries it and tops it with garlic sauce. PPE PROCUREMENT Lo participated in a project by Columbia alumni that raised $2.1 million to purchase personal protective equipment in China and ship it to hospitals in the city during the initial peak of the Covid-19 pandemic. YOUNG BAKER: Lo started his culinary career at Dessert Deli, a bakery in the Buffalo suburb where he grew up, for his high school’s senior year internship program.

BUCK ENNIS

IN ADDITION to working at Spy C Cuisine, Lo runs an anesthesiology practice.

Authentic food is the best medicine

Doctor by day trades in his white coat for a chef’s hat by night in Queens BY MAYA KAUFMAN

r. Thomas Lo can still taste the cucumber salad that altered the course of his career. The perfect balance of numbing Sichuan peppercorn oil, combined with the mellow heat of chili oil and a splash of Chinkiang vinegar, shook him from the stupor of the 24-hour hospital shift he had just ended that day in 2018. He insisted on meeting the chef of the eatery in Forest Hills. Lo, 43, and Spy C Cuisine’s chef, Thomas Lei, instantly bonded. Lo told Lei of his upbringing in Buffalo, where he made dumplings from scratch with his mother and learned the science of baking during a high school stint at a local bakery. Lo’s most vivid childhood memories are the ones he can taste. “Food, yes, it’s about taste, but so much of it is nostalgic,” he said. “Very few things can compete with that. It hits your soul.”

Seventeen years earlier, Lo had initially set aside his dreams of medicine for the sake of stability—he took a gig as a sales assistant at Morgan Stanley. He had deferred medical school admission to attend the now-defunct French Culinary Institute, forgoing a white coat for a shot at a white hat, but the pay and hours at his restaurant stints wore on him. That was how on the morning of his 23rd birthday, and just a few weeks into his first finance job, he ended up in the south tower at the World Trade Center when a plane hit the one next door. He walked down to the ground floor and fled through ash-crusted Lower Manhattan and across the Brooklyn Bridge as his office building crumbled. Lo stayed in finance several more years, but he said surviving 9/11 made him reckon with the fragility of life and reflect on how he wanted to live. He moved back home and began studying to retake the MCAT and re-

apply to medical schools. In 2004 he started at Columbia University, then stayed for a residency in anesthesiology. Lo found that the process of properly sedating a patient for surgery was not unlike the art of balancing flavors in the kitchen. “In the operating room, the stakes are higher, and the cargo’s a lot more precious, but the mentality’s the same,” he said. When hunger and fate brought him to Lei at Spy C Cuisine years later, he leapt at the chef’s offer to join the team. Lei cooked him every dish on the menu, and Lo helped him rework his offerings to appeal to a wider palate. Anesthesiology was building the perfect recipe to make a patient feel nothing. The kitchen was where he could concoct dishes to make diners feel how he did at the first bite of Lei’s cucumber salad. Like cooking and like anesthesia, Lo’s work life became a balance. By day he provided anesthesiology at Montefiore Nyack Hospital. At night

and on the weekends, he was in Spy C Cuisine’s kitchen, cooking authentic Sichuan and Hunan dishes that have earned the restaurant a nod in The New York Times and a Michelin Bib Gourmand award, which recognizes “good quality, good value” restaurants. Last year he applied his entrepreneurial streak to medicine and founded his own practice, Modern Renaissance Anesthesia in Queens. He and his eight employees provide medical offices with anesthesiology services for routine screenings like colonoscopies or for plastic surgery procedures. But he would be remiss to not add a touch of hospitality: He introduces himself to patients as their in-house mixologist. “I have about three seconds to build rapport and make an impression on a patient who is very anxious, and that’s not easy to do,” he said. “It’s all in the delivery, much like a restaurant.” ■

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2022

Fastest-Growing Companies in New York Every year, Crain’s New York Business ranks the 50 fastest-growing companies in the New York area who have thrived and raced ahead of the pack. These companies are on the cutting edge, not only making significant contributions to the strength of our local economy but also transforming the way we do business every day. The top 50 companies will be listed in a special feature within our print and digital publication, highlighting the innovative companies and successful entrepreneurs.

NOMINATE NOW! CrainsNewYork.com/NominateFast50 Nomination Deadline is Thursday, June 30

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