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

ASKED & ANSWERED How the new cannabis market will impact communities PAGE 6 CHASING GIANTS Brooklyn firm takes on big preservatives suppliers PAGE 3

CRAINSNEWYORK.COM

JUNE 13, 2022

TECHNOLOGY

TECH WRECK

The collapse in values of cryptocurrencies, NFTs and public tech firms exposes bad actors, hints at cracks in booming sector BY AARON ELSTEIN

S BUCK ENNIS

GETTY IMAGES

ALEXANDRE PREACHED at this Canarsie, Brooklyn, church in September 2021, when prosecutors said he was starting his “Ponzi-like” scheme. The church’s pastor said Alexandre did not speak about business matters.

ALEXANDRE

eventh-day Adventist Church chaplain Eddy Alexandre promised members of his flock that they would get rich by giving him money to invest in cryptocurrency. “If you bring $10,000, in two years you will become a millionaire,” he declared on an April 28 Zoom presentation. He assured viewers they would get a 5% return “every single week,” meaning they would double their money every five months. The claim was plainly too good to be true but may not have sounded that way to some in light of crypto’s extraordinary rise. In a ninemonth period starting in September 2021, Alexandre lured in 62,000 believers, who invested $59 million through his Midtown trading firm, EminiFX. The music abruptly stopped on the morning of May 12, when Alexandre was arrested at his Long Island home and the U.S. attorney’s office in Manhattan accused him of running a “Ponzi-like” scheme. As collateral for his $3 million bail bond, he offered two houses, plus a BMW and a Mercedes. His attorney, Emil Bove, didn’t reply to requests for comment. “The weight of the evidence against you is strong,” U.S. Magistrate Judge Katharine Parker told Alexandre at his bail hearing. “This scheme involved bitcoin and payment in bitcoin, which is unaccounted for, [and] you’re alleged to have engaged in such widespread deception.” Alexandre’s unraveling is one of the more dramatic examples of the wreck ravaging New York’s technology scene. With the collapse in the values of cryptocurrencies, NFTs and unprofitable public tech See WRECK on page 18

POLITICS

Business impact of Legislature’s record-breaking session BY BRIAN PASCUS

ll told, the recently completed legislative session in Albany was a record-breaking one. A series of new bills affecting hotel conversions, health insurance, public housing, cryptocurrency, clinical peer review and minority- and women-owned business enter-

NEWSPAPER

VOL. 38, NO. 23

prises were passed. Gov. Kathy Hochul is expected to sign the bills and has already acted on legislation increasing protections for abortion rights and against gun violence. Not everyone is happy, though. Other priorities failed to gain enough support, notably reforming the 421-a tax abatement, meant to spur affordable housing creation, and legalizing eviction protections for renters.

Not since 1995 have more bills passed the Senate and Assembly. The New York Public Interest Research Group found that approximately 1,007 bills passed both chambers in the past six months, significantly more than the previous record of 892 during the 2019 session. Hochul is expected to sign many of them into law as she embarks on a general election

campaign between now and November. Sen. Brad Hoylman of Manhattan noted that the legislative session featured a compressed schedule due to the June primaries and sudden confusion brought on by the changing dynamics surrounding electoral redistricting. See BILLS on page 22

GOTHAM GIGS

THE LIST

RAMPING UP A BICYCLEPARKING COMPANY

The largest hospitals in the metro area

PAGE 23

PAGE 10

CRAIN’S ARTS & CULTURE EVENT

Ways the arts and real estate industries can work together to develop creative communities

eaders in the city’s real estate and arts industries gathered last Tuesday at the New York Athletic Club to discuss the challenges of building creative communities at this juncture of the pandemic and how new collaborations and initiatives can help grow the city’s arts sector. The event, which was sponsored by Crain’s, centered on new strategies for commercial and residential real estate firms to partner with arts and cultural groups. That starts by strengthening industry relationships and being creative with investment pathways, said keynote speaker Karen Brooks Hopkins, senior adviser to the Onassis Foundation and former president of the Brooklyn Academy of Music. “The arts are a magnet for real estate development. As professionals, we have everything to gain by working together, but this has not always been the case,” she said. “The issue is this: How can we, both critical players in the success of New York City, meet and find happiness together?” One way to do that, Hopkins said, would be to create a city directory of all the development sites that have been made available

through requests for proposals that would consider arts partnerships. Hopkins encouraged developers to join the boards of arts and cultural organizations and work with them on launching programs, such as purchasing memberships in bulk at a discount and gifting them to tenants who buy or rent apartments.

Breaking down silos Crain’s Publisher and Executive Editor Fred P. Gabriel moderated a panel discussion on identifying new opportunities for the arts and real estate with Laurie Cumbo, commissioner of the city Department of Cultural Affairs; Randi Berry, executive director of IndieSpace; Laura Callanan, founding partner of Upstart Co-Lab; and Brian Murray, CEO of Shift Capital. Cumbo described the perception of real estate partnering with the arts as “the big bad wolf” and said that both industries and city officials must do more to “break down those silos” to motivate greater collaboration and investment. One way to dispel some of those concerns, Cumbo said, is for developers to offer longer-term leases at favorable rents to arts and cultural organizations so partnerships

BUCK ENNIS

BY CAROLINE SPIVACK

CREATIVE DISCUSSION: (From left) Gabriel, Murray, Callanan, Berry and Cumbo through development projects don’t represent a “one-time infusion” that ultimately slips away from a community. “It’s important that we embed these particular benefits to the community for the long term,” Cumbo said. To spur greater arts investment, Shift Capital’s Murray said, it is critical that the real estate community grapple with the elephant in the room: gentrification. “As developers, if we’re not em-

bracing the creative economy and the diversity around that because we’re afraid to have a conversation about gentrification, then we’re not going to get there,” he said. Berry of IndieSpace said it is important that developers collaborate with local arts and cultural groups instead of bringing in new partners that are unfamiliar to communities.

Sustainable projects Another discussion, moderated by Crain’s real estate reporter Na-

talie Sachmechi, explored projects that are intended to be sustainable for both the local arts groups they work with and their communities. The panel consisted of Josue Sanchez, senior director of development for L+M Development Partners; Sade Lythcott, CEO of the National Black Theater; and Rocky Bucano, president and executive director of the Universal Hip Hop Museum. For instance, a redevelopment of the National Black Theater’s home, at 2033 Fifth Ave., through a partnership with a development team that includes L+M, calls for a new 21-story building with more than 200 residential units, retail space and an upgraded performance venue. Under a new pilot program, the project will set aside a portion of residential units at deeply subsidized rents to support the local arts community. “These buildings go up, prices go up, and artists get pushed out—and all of that labor is built on our backs,” the National Black Theater’s Lythcott said. “So we want to ensure that we can maintain the creative economy within Harlem that we have been supporting for the last 50 years.” ■

WEDNESDAY, JULY 20 FUTURE OF NEW YORK: CRYPTOCURRENCY New York has a once-in-a-lifetime opportunity to become the epicenter of the fast-growing digital assets space. At Crain’s cryptocurrency breakfast event, featured speaker Adrienne Harris, superintendent of the state Department of Financial Services, will touch on what the new administration means for the expansion of crypto in New York and how the city and the state can promote a new crypto economy. After her remarks, a sponsored panel discussion looking at what politicians and leaders in business need to do to attract more crypto and blockchain companies to New York. The role private market investors play in the success of crypto startups also will be examined.

DETAILS Time: 9 to 11 a.m. Address: 450 E. 29th St. Tickets: CrainsNewYork.com/crypto

Here’s how city employers are observing Juneteenth this year BY JACK GRIEVE

ity workers will receive a paid day off in observance of Juneteenth for the first time this year. They join many of New York City’s largest employers, which are observing the holiday for the first time as well. Mayor Eric Adams announced in April that the city would begin recognizing Juneteenth as an official paid holiday. It became a federal holiday in 2020, when President Joe Biden signed the Juneteenth National Independence Day Act. Following Biden’s declaration, firms scrambled to meet last-minute calls to recognize the holiday. Nike, Target and Twitter were among the first to give employees the day off. Others, such as Amazon, encouraged employees to reduce their workload to recognize the day’s significance but stopped short of making it a paid holiday. Hybrid approaches such as Amazon’s continued into 2021. Some encouraged similar reduced-work days, while others offered employees an extra “floating” paid vacation day.

That was the same year former Gov. Andrew Cuomo issued an executive order giving state employees the day off. He later signed legislation officially making the day a state holiday.

falls on a Sunday, most firms are observing the holiday the next day. The following is a rundown of how the city’s largest employers are observing Juneteenth.

Juneteenth’s origins

Wall Street

Juneteenth commemorates the effective end of slavery. On June 19, 1865, Union soldiers brought the news of freedom to enslaved Black people in Galveston, Texas—two months after the Confederacy had surrendered and about two and a half years after the Emancipation Proclamation freed slaves in the Southern states. Many Black Americans, especially in Texas, have celebrated the holiday for generations, but it wasn’t until the police murder of George Floyd and the subsequent racial justice protests in the summer of 2020 that the holiday received widespread national attention.

Although the Securities and Exchange Commission’s and Federal Reserve Board’s offices were closed for Juneteenth in 2021, the stock market remained open. This year markets will be closed on Monday, June 20. Other Wall Street firms that will be closed include Bank of America Corp., Citigroup, JPMorgan Chase & Co., Morgan Stanley and Wells Fargo. Many of these banks gave employees an extra day off last year but did not officially recognize Juneteenth until this year. Because the Federal Reserve is recognizing Juneteenth as a bank holiday this year, many commercial banks will likely be closed or have modified hours on June 20.

Local observance For many New Yorkers, this will be the first year their employers officially recognize Juneteenth as a company holiday. Because June 19

City schools New York City's public schools, as well as many private and charter

GETTY IMAGES

JOIN US

WORKPLACE

schools, will be closed on June 20. Colleges and universities will give students and faculty the day off. They include Barnard College, the City University of New York, Columbia University, Fordham University and New York University.

Health care facilities Hospitals and other health care facilities account for some of the city’s largest employers. Although the nature of their work makes time off inherently complicated, some offices will still take measures to recognize the holiday. Mount Sinai has designated Juneteenth as an official company holiday and is giving employees a floating paid day off, just as it does for New Year’s Day and Christmas. Other facilities have allocated resources to use Juneteenth as an opportunity to address racial inequities in medicine. In accordance with the city, public hospital system NYC Health + Hospitals is recognizing Juneteenth as a paid holiday. ■

Vol. 38, No. 23, June 13, 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 | June 13, 2022

CHASING GIANTS

BUCK ENNIS

DABAGHI AND SHETH met as researchers at Columbia University.

Kingdom Supercultures seeks to make foods, personal care items more natural The Brooklyn-based firm looks to challenge big suppliers of artificial flavors and preservatives

The upstart: Kingdom Supercultures

Mo Koyfman, founder and general partner at Shine Capital, t’s a good thing bio-design firm Kingdom Supercultures the VC firm that led Kingdom’s $25 million Series A funding recently moved to a space in the Brooklyn Navy Yard round in October, says he is always looking for startups that many times the size of its old one. The company’s on-site cater to the growing consumer demand for healthier, natural congregation now includes a staff of 27; their dogs; two alternatives. He was impressed by the quality of the company’s research pet dart frogs, named Circle and Oval; and more than 10,000 and its breakthrough potential. “What they’re doing is quite strains of bacteria. It’s the most diverse library of food-borne microbes they novel—they’ve already been issued their first patent,” he said. know to exist, according to co-founder Ravi Sheth, who met “And I’m sure there’s many more to come.” co-founder and CEO Kendall Dabaghi while they were fellow The reigning Goliath: BASF researchers at Columbia University. Kingdom Supercultures isolates and analyzes Germany-based BASF, with its 111,000 employees, microorganisms naturally found in ordinary superis the largest chemical producer in the world; it had market foods. It identifies their special properties sales of 78.6 billion euros last year. Its products are and uses machine learning to suggest new bacteria widely used in industries ranging from personal combinations—dubbed superculture ingredients— care, pharmaceuticals and nutrition to agriculture, that can serve as the basis for new foods and pertransportation and electronics. sonal care products such as a vegan cheese that How to slay the giant tastes like the real deal and a mouthwash that zaps bad-breath germs without killing their beneficial Companies that make everything from soda to suncousins. screen are looking to create “clean” products free of The high-tech gadgetry crowding its new lab artificial additives and preservatives. Much in the ANNE KADET space includes two robotic freezers to store the culway the world’s largest ingredient suppliers transtures, a dark room for microscopic analyses, geformed dozens of industries by finding new applicanome sequencers and a dizzying array of instruments that tions for chemicals like petroleum, Kingdom Supercultures measure the impact that new microbe combos can have on, plans to do the same with microorganisms. “We can undersay, the taste and mouth feel of an oat-based yogurt. stand these natural microbial strains at a similar level and put The company says its technology, which harnesses and re- them together in new combinations to do the same things— fines the natural fermentation techniques that humans have but in a much more natural way,” said Dabaghi. employed for thousands of years, will challenge the big chemThe big challenge, when the firm launched in 2020, was ical manufacturers that supply artificial flavors, preservatives drumming up business. “When you are just two people in a and other ingredients to the world’s largest makers of con- 200-square-foot lab, it’s hard for people to take you seriously,” sumer packaged goods. he said. He and Sheth emailed and cold-called hundreds of

manufacturers, large and small, to pitch their services. Adrian Larrea, co-founder of Tribucha, a North Carolina– based organic beverage maker, remembers when he reluctantly took a cold-call. “I said, ‘What did you say these cultures can do?’ When they told me, my ears perked right up. This is the holy grail of fermentation science!” Larrea, who had launched his company with a line of kombuchas, was looking to make a new beverage offering similar probiotic benefits that was also shelf-stable, sugar-free and alcohol-free. Kingdom set to work. The result is SuperB, a line of organic sodas now carried in 1,000 stores along the East Coast, including Publix. Kingdom says it can’t discuss other partnerships due to confidentially agreements, but projects in the works include the creation of plant-based dairy products, natural preservatives and several “functional ingredient” products. And in the long run, who knows? When chemical companies started creating petroleum-based compounds 100 years ago, no one envisioned the Ziploc bag. “If the 20th century was about identifying chemicals and putting them together in different combinations and proportions, the 21st century is going to be about biology,” said Dabaghi.

The added challenge Now that the concept is proven, potential clients are approaching with R&D requests in areas far beyond the company’s current concentration on food and personal care. “It becomes very difficult to say, ‘Well, no, we don’t have the time or bandwidth to be able to do this,’” said Dabaghi. “But we need to stay focused.” ■ Anne Kadet is the creator of Café Anne, a weekly newsletter with a New York City focus. JUNE 13, 2022 | CRAIN’S NEW YORK BUSINESS | 3

WHO OWNS THE BLOCK

1 NEW YORK PLAZA

Waiting for a major trophy office building to trade on the Lower Manhattan waterfront Brookfield Properties’ 1 New York Plaza, home of Fried Frank and Morgan Stanley, is on the market and seeking about $1.5 billion BY C. J. HUGHES

4 | CRAIN’S NEW YORK BUSINESS | JUNE 13, 2022

54 PEARL ST.

33 WHITEHALL ST. This blue-glass, 30-story spire, the Broad Financial Center, was completed in 1986, putting it at the tail end of the last boom that brought high-rise commercial buildings to the neighborhood. Developed by HRO International, a British firm once helmed by Howard Ronson, No. 33 had four vacancies at the beginning of this month, including the entire top floor, which encompasses 17,400 square feet. The building’s asking rent was $55 per square foot per year, a discount for the area. Existing tenants include Fitch Ratings, Bottega Veneta and the U.S. Department of Labor. Owner Stawski Partners, led by billionaire Axel Stawski, paid $104 million for the property in 1998, according to records.

In 1783, as the Revolutionary War entered the history books, Gen. George Washington thanked his troops at Queen’s Head, a pub on this site owned by Samuel Fraunces. Six years later Washington would return to the neighborhood as president-elect to be sworn in at City Hall, which once stood at Broad and Wall streets. The 4-story Georgian structure at 54 Pearl there today, known as Fraunces Tavern, does not date to the colonial era. It was completed in 1907, and multiple bars are tucked inside. The New York chapter of the Sons of the Revolution, whose members claim ancestry with Revolution-era leaders, owns the 8,000-square-foot structure.

32 PEARL ST. Office buildings in the Battery Park area are often hulking, but smaller properties for back-office functionaries were once scattered throughout the neighborhood. The 7-story former office building here is now a place to spend the night, courtesy of hotel developer Sam Chang. In the late 2000s, he purchased No. 32 along with the 5-story building next door, at 6 Water St., presumably to tear them down because zoning rules permit much taller structures. Demolition did not take place, however. In 2011 Hersha Hospitality, a real estate investment trust, snapped up No. 32 for $28.7 million and then sold the 46,700-square-foot property at a loss to Hilton for $21.1 million in 2018, records show. Hampton Inn, a Hilton brand, operates the property today.

This 5-story, redbrick, tenement-style building, completed in 1935, is part of a historic area that represents what the Financial District looked like before swaths were bulldozed for high-rise offices. But being a landmark doesn’t offer protection against the economic problems of a pandemic. Rockwell’s, a coffee shop at its base that presumably relied on office workers as customers, appears not to have reopened since Covid-19 hit. Upstairs in the 7,500-square-foot walk-up building are a pair of apartments. Fashion Management of Brooklyn bought the building in 2004 for $2.5 million. Its current market value is $1.7 million, up a bit from last year, according to city estimates.

25 WATER ST. This 22-story, 1.1 million-square-foot tower, which has a brown-brick facade and a limited number of windows, has had a turbulent recent history. In 2010 Harbor Group International, a firm in Virginia, purchased it from JPMorgan Chase for $107 million, according to property records. The firm then flipped it two years later for $270 million, and Superstorm Sandy slammed the building that same year. A renovation led by Hines added amenities including an outdoor plaza—and a new name (for decades the building had been known as 4 New York Plaza). Edge put the property up for sale in 2020. Now the team of Metro Loft Management and investment firm Rockwood appears poised to buy it and turn it into apartments. Technically, JPMorgan continues to have a footprint in the building, although last year the bank put 700,000 square feet up for subletting, with many of its employees working from home. Among the tenants that have come and gone is the Daily News.

1 NEW YORK PLAZA This full-block, 50-story tower in the Battery Park neighborhood has unobstructed views on all sides. It went up for sale this spring for $1.5 billion, according to people familiar with the marketing. Opened in 1970 after an “urban renewal” push to reinvent a rundown waterfront district, the building was developed by Atlas-McGrath, which also built next-door 25 Water St. around the same time. Tenants through the years have included Salomon Brothers, AIG and Chase, which later owned the building. In 2006 current owner Brookfield Properties picked it up as part of its acquisition of Trizec Properties. China Investment Corp., a Chinese sovereign wealth fund, owns a minority stake. In 2012 Superstorm Sandy flooded the building’s retail concourse. In 2020 Brookfield and its partners borrowed $835 million from BMO Harris, Goldman Sachs and Wells Fargo, records show.

105 BROAD ST.

10 SOUTH ST. Long-delayed plans to convert the former Battery Maritime Building, a beaux-arts landmark adorned with life-preserver metalwork, were realized this winter with the opening of Cipriani South Street. Cipriani, the restaurateur, along with real estate firms Midtown Equities and Centaur Properties, have added restaurants, a party space featuring a 9,000-square-foot hall and a 47-room hotel. Previous plans by the Dermot Co. and the Poulakakos family, which owns several nearby bars, fell apart after Dermot failed to pay rent on the city-owned site. Dermot relinquished control in 2018. Although the olive- and mustard-color terminal was once home to 17 ferry lines to Brooklyn, there’s just a single waterway option now for travelers: a boat to Governors Island.

BUCK ENNIS, GOOGLE MAPS

ith signs that the second quarter of the year won’t bring much improvement to the office sector, eyes are on a potentially huge trade in the Financial District for the Brookfield Properties–owned 1 New York Plaza. Bids for the building are under consideration, and the 50-story, 2.6 million-square-foot tower is listed around $1.5 billion, or about $575 per square foot, according to people close to the marketing process. If the building fetches that number, it would be among the priciest deals of the Covid-19 pandemic. Part of what’s attracting bidders is the tower’s high occupancy rate, brokers say. Its lease rate has hovered around 95% for years, though just two tenants—Morgan Stanley and Fried Frank—account for most of the office space in the building. However, its neighborhood is struggling. The Financial District’s office vacancy rate in the first quarter was more than 16%, according to JLL. That was higher than Midtown’s, at 15%, and the area encompassing the Flatiron and Meatpacking districts, at 14%, JLL said. And with large blocks of space still being shopped around as sublets, the second quarter’s tallies are expected to be similar. Still, the bay-facing 1 New York Plaza, built in 1970, “has views that are arguably the best in the city,” said Gary Phillips, an agent with Eastdil Secured, the firm marketing the property. “In what other building can you look out of windows and see only water?” Phillips asked. “It’s really unrivaled.” He added that Fried Frank and Morgan Stanley recently renewed leases that were set to expire in the next few years, though he declined to comment on any details of a potential sale. Brookfield had no comment. A setting for the 1988 movie Working Girl, 1 New York Plaza appears to be on a different trajectory than its neighbor, 25 Water St. Its main tenant, JPMorgan Chase, recently put 700,000 square feet of office space up for lease, and the building’s owner, Washington-based Edge Management, listed it for sale in October 2020 for around $300 million, according to news reports. Nearly two years later, No. 25 is in contract to be purchased by developers who plan on converting it to residential space, according to Nathan Berman, the managing principal of Metro Loft Management, one of the buyers. Tiffany Sanders, an Edge vice president, did not respond to an email for comment. No. 25, which was rebuilt after Superstorm Sandy, recently was asking $35 per square foot for its offices, according to online listings. By contrast, the average asking rent in the Financial District during the winter was $64 per square foot, according to JLL. ■

HOSPITALITY

LGBTQ bars mark Covid recovery this Pride Month “WE PREPARED FOR BIG CELEBRATIONS. WE HAVEN’T BEEN ABLE TO SHOW OUR PRIDE FOR TWO YEARS”

BY JAMES O'DONNELL

It’s a celebration The outpouring of support during Pride Month has given the owners of gay and lesbian bars new reasons to be optimistic. That is certainly true at Friend’s Tavern, considered the oldest gay

BUCK ENNIS

t LGBTQ bars across the city, the first weekend of Pride Month celebrations seemed to signify the end of a two-year-long anxiety that the community’s gathering spots might not make it through to a post-pandemic recovery. Stonewall and other historical icons; Branded Saloon and similar quiet neighborhood coves; and Lambda Lounge and other Blackowned newcomers spent that first weekend welcoming crowds for the kickoff of the third Pride Month since the Covid-19 pandemic began. This year’s celebration is expected to be the largest since 2019, when a record 5 million people attended the city’s parade. New York’s Pride Month has been a mostly virtual gathering in the two years since, but this year’s events are entirely in-person. The city’s gay bars are climbing back from their pandemic low, when donations and loans kept LGBTQ businesses alive against the threats of health-oriented restrictions and high commercial rents. Now, as with hospitality businesses citywide, many are ready to look ahead, bolstering their future as they bring back both revenue and a sense of place for the city’s LGBTQ community. There are still headwinds, though. Rising rents persist, along with newer pressures such as increased supply costs and staff shortages.

PARTY TIME: Friend’s Tavern owners Eddie Valentín, left, and Casimiro Villa bar in Queens. This year has special significance because the bar’s owners, Eddie Valentín and Casimiro Villa, also own the building now. It’s the first Pride celebration since the owners finalized a deal in November to buy the building at 78-11 Roosevelt Ave. in Jackson Heights for an undisclosed amount. The bar has been open since 1989, but this year’s inaugural Pride weekend felt like one of the biggest yet, Valentín said. “We prepared for big celebrations not only because we feel like we conquered something by having bought the building,” Valentín said. “It’s also because we’ve had two years of the pandemic. We haven’t been able to show our pride for two years.” Assemblywoman Catalina Cruz of Queens helped to facilitate the

purchase after learning the bar’s owners wanted to buy the building. She enlisted the help of Tom Grech, president and CEO of the Queens Chamber of Commerce, who introduced Valentín and Villa to lenders at TD Bank. The bank soon provided a mortgage. “We pushed and pushed to make sure the people at TD Bank understood the importance of Friend’s Tavern,” Grech said. “We see it as the Stonewall of Queens.” The bar welcomed massive crowds that first Pride weekend.

Stronger than yesterday Friend’s Tavern is not alone in coming back more resilient. Macri Park in Williamsburg and Albatross in Astoria have reopened, holding Pride karaoke and cabarets to kick off Pride Month. And there are

newcomers, including Bed-Stuy queer space Oddly Enough and Hell’s Kitchen’s Hush, a replacement for much-mourned Therapy, which closed during the pandemic. However, the good news does not make Friend’s Tavern and others immune to staffing issues, one of the most widespread challenges facing restaurants and bars now, Valentín said. “Our biggest problem now is being short-staffed,” he said. He added that the diversity of the Friend’s Tavern customer base means that bartenders also need to speak both English and Spanish, further shrinking the pool of candidates. “We ask that you have a great smile, a great personality and to be bilingual,” he said. “It’s been harder and harder to get that staff during this pandemic.”

Some of the pressures and costs of doing business in the city made it hard to keep gay and lesbian bars open even before the pandemic. The nonprofit Lesbian Bar Project reported that lesbian bars have been on a decline since the 1980s. Just three now remain in the city: Ginger’s Bar in Park Slope and Cubbyhole and Henrietta Hudson in the West Village. There reportedly are just two Black-owned LGBTQ bars in New York: Alibi Lounge and Lambda Lounge, both in Harlem. It can be difficult to track openings and closings of the city's gay and lesbian bars, but the state has said that New York’s hospitality industry in general might not recover fully from the pandemic until 2026. Comptroller Brad Lander’s most recent report, released in January, noted that employment in bars and restaurants was still 30% below prepandemic levels. Valentín said he remains optimistic that the hardest challenges for the bar are behind them. On stage at a recent celebration, he assured the crowd that with the security of owning the building, the bar would be around for decades, offering a friendly, communal environment that’s different from the more bustling, tourist-oriented gay and lesbian bars of Manhattan. “Generations to come are going to have a safe space,” he said. ■

HOSPITALITY

State’s restaurant revival tax-credit program extends application deadline to help eateries rehire workers

state program meant to help restaurants rehire staff as they recovered from Covid-19 closures hopes to extend its application deadline in order to send out up to $15 million left in the program’s allocation. The $35 million Restaurant Return-to-Work Tax Credit, passed as part of last year’s state budget, was intended to prod restaurants to bring their employees back by offering a $5,000 credit for each person hired between April 1, 2021, and the end of last year, up to a maximum of 10. In this year’s budget, the state added a $5,000 credit for each additional hire, up to 10 per restaurant; operators have to prove that the employees were still on staff as of March 31.

To qualify, businesses first have to prove that they were in a socalled orange or red zone, where restaurants were shut down in late 2020 or early 2021 due to the government’s assessment of Covid-19 spread. The zones were mainly in New York City but included a few other areas in the state as well.

Additional credits The state has already issued tax-credit certificates to 584 eligible businesses, according to the proposed rule in the June 1 state register. As of March, eateries had rehired 6,016 eligible people. Now Empire State Development is asking for the deadline to apply for the credit to be extended to July 1, according to the proposed rule. The state expects that an additional $7 million in credits will be issued

by raising the cap on the number of jobs created to 20, allowing an applicant to receive an additional $50,000. “Many restaurants utilized the return-to-work credit, but I heard it could be cumbersome to apply for, so some might not have done it, or didn’t know it existed,” said Andrew Rigie, executive director of the New York City Hospitality Alliance. “Extending it would be helpful.” In mid-May, the U.S. Senate did not advance a bill that many New York City restaurateurs had hoped might reopen the possibility of adding $40 billion to the Restaurant Revitalization Fund, which was created in late 2020. The fund ran out of its original $28.6 billion, leaving 65% of eligible city businesses without a grant to help make up for pandemic-related business losses. ■

ISTOCK

BY CARA EISENPRESS

June 13, 2022 | CRAIN’S NEW YORK BUSINESS | 5

ASKED & ANSWERED Cannabis Control Board

INTERVIEW BY NATALIE SACHMECHI

n September 2021 former attorney and state Assemblywoman Tremaine Wright was chosen by Gov. Kathy Hochul to lead the official rollout of the state’s controlled cannabis industry through the Marijuana Regulation and Taxation Act. The law, enacted in March 2021, includes New York’s first framework for the legalization and management of the production, sale and use of marijuana. As the cannabis czar, Wright is focused on how to use the industry to promote equity and inclusion across communities and allow New Yorkers who have been disadvantaged by the state’s former legal restrictions on drug use to reap the benefits of marijuana’s legalization. Why did you choose a role in cannabis?

The economic justice work is exciting. We have an opportunity to really impact communities and neighborhoods and do some economic development that I think we haven’t seen in years anywhere in the United States. We will see how the average New Yorker can participate in this industry and reap the benefits.

What’s your biggest challenge when it comes to regulating cannabis in New York? It’s that social equity component. We have a mandate to give out 50% of our licenses to social equity applicants.

WHO SHE IS Former assemblywoman for the 56th District, which includes parts of Brooklyn, and chair of the Cannabis Control Board AGE 49 GREW UP Bedford-Stuyvesant, Brooklyn

When do you expect the first dispensaries to be open for business?

RESIDES Bed-Stuy

The end of the year is our goal.

EDUCATION Bachelor’s in history, Duke University; juris doctor degree University of Chicago Law

Are you skeptical of this industry?

I’m not skeptical of the industry. I think what we have is an opportunity to build a structure that allows people to participate and be successful. We’re trying to be deliberate about finding solutions for sustainability, inclusivity, lowering the cost of entry and trying to work on solutions that give people access to the industry. We have the $200 million loan fund that was passed in the state budget—$50 million from the state, and $150 million will be raised in the private market from institutional investors.

ROLLING IN Earlier in the pandemic, she started learning to roller-skate. She does it in an old gymnasium in her neighborhood, where they have a skate night and a DJ playing. GREEN THUMB She tends a small garden in her yard where she has a hydrangea bush she is quite proud of. She also started growing plants from seeds and has grown a fern and coleus.

It’s wonderful, but it’s also a significant challenge. You really have to create a network and industry that allows all these folks to participate successfully.

Is this a cash-only industry?

Do you use cannabis?

No. I guess at some point, when we have legal sales in New York state, I will, but not at this point.

How much have you had to learn so far? I’ve learned a lot. I’ve also been in a

I do not want to say that there are not going to be any digital cards in exchanges. We are looking for solutions so people can do electronic payments. It may look like some of our local New York state banks participating. It may look like some other electronic transfer solutions. It may look like some of our fintech businesses. The narrative has been slanted to tell people that this is only a cash business. I do believe there is some space for us to look at it. ■

2022

Fastest-Growing Companies in New York Crain’s New York Business is looking to showcase New York’s fastest-growing companies in our annual Fast 50 program. 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

6 | CRAIN’S NEW YORK BUSINESS | JUNE 13, 2022

BUCK ENNIS

TREMAINE WRIGHT

wonderful position to learn a lot from other states. We have the benefit of not being the first to market. The best opportunities have been watching what’s happening out West and how they’re tackling the challenges of building an inclusive industry. I’m learning from our medical community. There’s still so much work and research to do to see what this plant does and what its benefits are.

DOSSIER

IN THE MARKETS

Proptech sector searches for a new buzzword after stocks shed 30% of their value on average Real estate technology companies have been some of the worst performers in the beaten-up Nasdaq

BLOOMBERG

alone. Fintechs and—brace yourroptech needs a new name. The sector, composed of self—“insurtechs” are also way startups that apply technol- down this year. Cryptocurrency exogy to a real estate problem, change Coinbase Global has lost 70% of its value. has been one of the biggest losers this year. SoHo-based insurer LemPublic proptech comonade has fallen by 77% panies have shed 30% of and trades for about a their value on average, third below last year’s IPO price. underperforming the Ben Inker, co-head of Nasdaq by 7 percentage asset allocation at GMO, a points. Venture capital incompany with $68 billion vestment fell by 13% in under management, says April and May after rethat as the excesses of the cord-setting levels in the AARON ELSTEIN past several years wash first quarter. away, more growth traps “We continue to bewill snap shut in the year lieve that real estate, the largest asset class in the world, re- ahead. “There is good reason to believe mains anachronistic and ripe for disruption,” said analysts at Keefe their underperformance will reBruyette & Woods, who remain main worse than usual until a full bullish on proptech firms with “de- unwinding of the growth bubble fensible, scalable business models occurs,” Inker wrote in a recent reand tangible value propositions.” port. Trouble is, few proptech firms have those attributes. Too many Marketing magic have proven to be “growth traps.” “Proptech” is a triumph of the That’s a catchy new phrase for marketer’s art. The term delivered promising companies whose finan- some of tech’s pixie dust to real escial results consistently fall short of tate and enabled startups to Wall Street expectations. achieve amazing valuations for a In that, proptech firms are not while. WeWork once had a private

A WeWork coworking location in London. market value of $47 billion. Its ublic market value is less than $6 p billion. Now that proptech has lost its fizz, fans are looking for a new name. Those are never easy to find,

but sifting through history’s dustbin can yield results. “Fintech” took more than 20 years to catch on after it was coined in the early 1990s as shorthand for a Citigroup project to foster technological cooperation.

“We’re not a proptech,” an executive told me on the condition of anonymity. “We’re a property-facing technology company.” Nice try. I suggest he keep hunting for a new buzzword. ■

ON POLITICS

NYCHA Trust could bring cash infusion to remedy shameful housing conditions

n recent days the Democrat- cupy about 162,000 apartments, ic-controlled state Legislature making NYCHA a city within a city. took an ambitious if controverIn an ideal world, enormous sial step to meet the dire capital amounts of federal money would needs of public housing in New flow directly to NYCHA to meet its York City. A bill passed to create a capital needs. The state, which has public benefit corporation for routinely underfunded public NYCHA, the city public housing housing, would step up its commitauthority—which could ment drastically. But Alpotentially unlock several bany doesn’t earmark bilbillion dollars to repair lions just for NYCHA and 25,000 units. even a Democratic-conThe Public Housing trolled federal governPreservation Trust dement won’t do enough to overhaul the city’s public serves scrutiny, but it must be recognized as the housing authority, one of the last in America. first serious move in years Absent significant fedto address NYCHA’s stageral investment, a public gering $40 billion backlog ROSS BARKAN trust for NYCHA is the best in repairs. A crown jewel of the interim solution. city’s housing stock in the early Both Mayor Eric Adams and Gov. postwar period, NYCHA has strug- Kathy Hochul championed the idea gled mightily with mismanagement of a trust, first pitched in 2020. Many on the left are wary of any and disinvestment in recent decades. Walls and ceilings crumble, scheme that could lead to the primold grows in bathrooms, eleva- vatization of NYCHA. Some leftists tors routinely break, and the heat is in the housing movement were anunreliable in the winter. gry at state Sen. Julia Salazar, for exMore than 330,000 residents oc- ample, for pushing forward the leg-

islation with other Democrats. They are skeptical because the trust would move some housing developments from NYCHA to another program that would attach federal subsidies under Section 8 to specific apartments. The public benefit corporation could then borrow against that revenue stream to pay for repairs.

Stops short of privatizing NYCHA would retain ownership of the buildings and keep a cap on rent payments no larger than 30% of the household income. The new corporation would be run by a nine-member board. Members would include NYCHA’s chief executive, its chief financial officer, a deputy mayor, four NYCHA residents, a member appointed by the housing authority’s chief executive and a member appointed by the mayor to represent NYCHA employees. Bond financing might be the only way, at this juncture, to get much-needed funds to public housing. By itself, it does not repre-

sent the privatization some fear. The trust is a much better solution than rental assistance demonstration, which has already turned over a small chunk of public housing to private management. A full-scale conversion of NYCHA to RAD would pave the way for the kind of privatization many housing activists and public housing tenants fear, possibly raising rents in the future. In a sense, the public housing trust is a check against the aggressive expansion of RAD. For the left, the public housing trust can be viewed as a quasi-victory. Such an idea gaining purchase with Adams, Hochul and NYCHA leadership proves that RAD is no longer the viable, long-term alternative. Public housing residents should remain skeptical and vigilant, as always, but there is reason to believe borrowing money to pay for repairs can quickly address problems that have festered for decades. The federal government left NYCHA behind. Now it’s up to the city and state to safeguard one of New

BLOOMBERG

Bond financing for repairs can quickly address problems that have festered for decades THE OCEAN BAY APARTMENTS Bayside complex York’s great democratic legacies.

Quick takes ● Carolyn Maloney is right to resent Jerry Nadler for running against her in the newly created 12th Congressional District, uniting the East and West sides of Manhattan. Nadler had a clear path to winning the neighboring 10th District and chose not to take it. ● Eric Adams deserves more than two years of mayoral control of public schools, as does any city mayor. Constantly negotiating with Albany for the schools’ future is a waste of everyone’s time. ● Summer is coming, and there is hope tourists will flock to New York City the way they did before the pandemic. Without tourists, there is no future. ■

Ross Barkan is an author and journalist in New York City.

June 13, 2022 | CRAIN’S NEW YORK BUSINESS | 7

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

EDITORIAL

Frederick P. Gabriel Jr.

The just-ended legislative session was big for business, but there’s more work to do program gives developers a tax break on projects in exchange for making 30% of the units therein affordable housing. As senior reporter Eddie Small explained in a recent article, supporters of the abatement have described it as essential to creating affordable housing in the city, while detractors deride it as an ineffective giveaway to the real estate industry that produces very few genuinely affordable units. It is set to expire June 15. Reasons the deal did not materialize have been cited as a desire in Albany to completely revamp rather than tinker with the program as well as legislators’ focus to the point of distraction on the state’s belabored redistricting process, sources told Crain’s. Overall, there was a sense of frustration among activists that the Legislature did not pay nearly enough attention to New York’s housing issues during the session. There was also a lack of movement on the initiative dubbed good cause eviction, a bill that would have barred landlords

THERE WAS FRUSTRATION THAT ALBANY DIDN’T FOCUS ENOUGH ON HOUSING ISSUES lawmakers are taking issues that apply to local companies. Some in the real estate community are not pleased, however. The session wrapped up with no action on one of the industry’s biggest priorities: extending the affordable housing tax break, known as 421-a. The controversial

editor-in-chief Cory Schouten,

cory.schouten@crainsnewyork.com managing editor Telisha Bryan assistant managing editor Anne Michaud data editor Amanda Glodowski digital editor Taylor Nakagawa audience engagement editor Jennifer Samuels art director Carolyn McClain photographer Buck Ennis senior reporters Cara Eisenpress,

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

Jacqueline Neber, Natalie Sachmechi, PHOTO COURTESY OF NYS SENATE MEDIA SERVICES

he legislative session in Albany that came to a close this month saw a record 1,007 bills pass through the state Senate and Assembly in the past six months. As reporter Brian Pascus described in this week’s issue, a number of the bills, all of which are expected to be signed into law by Gov. Kathy Hochul, directly affect the local business community, including measures concerning health insurance, cryptocurrency, and minority- and women-owned business enterprises. With the state’s economy recovering from the pandemic, it’s heartening to see how seriously

EDITORIAL

from not renewing leases for tenants who had kept to their terms and restricted rent increases to 1.5 times the inflation rate or 3%, whichever was higher. Although the session was monumental and a boon to local businesses, the city is in the midst of a housing affordability crisis. Looking ahead to the next session, lawmakers must prioritize measures to get New Yorkers into homes and keep them there.

According to data released by Douglas Elliman, the average rent in Manhattan reached nearly $5,000 in May. For businesses to really thrive, their workers must want to and be able to afford to live here. On the bright side, politics expert Bruce Gyory is optimistic. He told Crain’s he believes both 421-a and eviction protections are so critical, they’ll likely find passage at some point. ■

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 people on the move manager Debora Stein,

dstein@crain.com CUSTOM CONTENT 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

OP-ED

senior manager of events Michelle Cast,

A few steps could make a major difference in curbing the violence plaguing Rikers

michelle.cast@crainsnewyork.com REPRINTS director, reprints & licensing Lauren Melesio,

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

Simone Pryce

BY ZACHARY KATZNELSON

federal judge has ordered New York City to craft a plan to lower the egregious levels of violence at Rikers Island. Although the only real solution for Rikers is to close it forever, even in jails beset by terrible conditions and deep dysfunction, strategies to increase safety today—and in the borough jails that will replace Rikers by 2027—can be found within. Two places to start: building on a successful program for people with serious mental illness, and tapping into and rewarding staff-led innovation. Over half the people locked up in Rikers are being treated for a mental illness. Fifteen percent of men and 27% of women have a serious mental illness. Almost all (92%) are in jail pretrial. Often, little therapy is available, as Rikers grapples with a severe staffing crisis. Hope is even less accessible: Department of Correction data shows people with mental illness languish in the dan-

gerous chaos of Rikers over 50% longer on average than others awaiting trial. It is little wonder that mental observation units, where most people with serious mental illness are housed at Rikers, are some of the most violent on the island. As part of the New York Jewish Coalition for Criminal Justice Reform, I recently toured one of those units. Roughly 40 men were warehoused there. They reported no programming and very little chance to get outside for recreation. Several sat or lay in stupors on their cots. One man said he had been waiting for a trial for four years. A few steps could make a major difference. Ramping up investments in supportive housing—affordable housing with intensive services for people with serious mental illness—would help avert crime and incarceration in the first place. Notably, supportive housing costs less than one-tenth the cost of Rikers. To avoid people being stuck in

Rikers for months and years awaiting trial, the city should expand citywide a pilot project in Brooklyn courts that increased by 70% the number of cases resolved within 180 days for people in jail. That would also help victims get accountability more quickly, lower the Rikers population by 1,000 people and cost little more annually than the $500,000 the city spends to jail one person at Rikers.

Staff ingenuity For incarcerated people with a serious mental illness, Rikers actually has a proven model program: the Program to Accelerate Clinical Effectiveness, developed by Rikers staff. In PACE units, medical and correctional staff train and work collaboratively to deliver medication, counseling and programming. The result: improved care and significantly lower levels of violence. However, there are too few units. Despite pledges in 2016 and again in 2019 to increase the number of PACE units, today there are only 10,

which can house about 250 people. There are almost 900 people with serious mental illness in the jails. One option is to raise the level of care in the mental observation units to that of PACE units. That will take physical renovations and hiring of medical staff yet will pay off. Meanwhile, the same staff ingenuity that led to PACE units should be encouraged, tapped into and rewarded with negotiated promotions, bonuses and public recognition. Officers and staff have excellent ideas about how to address violence and improve outcomes—and track records for doing so. Building on DOC efforts to engage staff via town halls, surveys and more, let’s ensure staff have a seat at the table in reform and try out the best of their suggestions. ■

media services manager Nicole Spell

Zachary Katznelson is executive director of the Independent Commission on New York City Criminal Justice and Incarceration Reform.

founder G.D. Crain Jr. [1885-1973]

SUBSCRIPTION CUSTOMER SERVICE

www.crainsnewyork.com/subscribe customerservice@crainsnewyork.com 877.824.9379 (in the U.S. and Canada). $140.00 one year, for print subscriptions with digital access. Entire contents ©copyright 2022 Crain Communications Inc. All rights reserved. ©CityBusiness is a registered trademark of MCP Inc., used under license agreement.

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

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

8 | CRAIN’S NEW YORK BUSINESS | JUNE 13, 2022

P008_CN_20220613.indd 8

6/10/22 3:31 PM

OP-ED

BY CATALINA CRUZ AND ANDREW GOUNARDES

ew York’s private hospitals have been steadily raising their prices, putting affordable, quality health care out of reach for hardworking New Yorkers. Recently, the state Legislature passed the Hospital Equity and Affordability Law to create a more informed and equitable health care system. As legislators, we are honored to have fought alongside the Coalition for Affordable Hospitals to have moved the Heal bill along. For too long, big insurance companies and large private hospital systems have negotiated prices behind closed doors, leaving

ers of health care, including union health funds, employers and governments, to get access to comprehensive pricing data and share those prices with consumers. The legislation also prohibits the use of “most favored nation” provisions, an exploitative practice that allows large insurers and large hospital systems to set artificially high health care prices.

Allotting tax dollars As legislators we know that every dollar spent on health care for government bodies is a taxpayer dollar that could be spent on other essential services such as housing and addressing food insecurity. For property services union 32BJ and other unions, every dollar won in contract negotiations that goes toward health care is one fewer dollar that goes toward wages. Price transparency under Heal makes it possible for entities to pursue the best possible care at the best prices for their members. Comprehensive pricing data also gives organizations leverage when approaching contract and benefit negotiations with hospitals. The 32BJ Health Fund, an active partner

GOVERNMENTS OUGHT TO USE THEIR POWERS TO FORCE PRICES DOWN patients and consumers in the dark. In recent years consumers fought back and legislators passed measures to make health care costs more transparent and to stop egregious practices such as surprise billing. With Heal, we are going one step further by allowing group purchas-

in fighting for the legislation with the Coalition for Affordable Hospitals, has access to a host of data for more than 190,000 participants. What it found when analyzing its data was severe and stark. The average aggregate cost for a colonoscopy in New York City is between $2,185 (at NYC Health + Hospitals) and $10,368 (at New York–Presbyterian). The average aggregate cost for a vaginal delivery in the city is between $11,101 (at NYC Health + Hospitals) and $25,900 (at NYU Langone). The issue isn’t only between public and private hospitals. For example, the costs for standard procedures at New York– Presbyterian are significantly higher than what other private hospital systems charge. Based on an analysis of its claims data, the 32BJ Health Fund determined that New York–Presbyterian was charging significantly more for the same procedures than other local systems were charging, and that New York– Presbyterian charged on average 368% more than what Medicare pays for the same services. The seemingly random dispari-

GETTY IMAGES

Passage of Heal price-transparency bill marks progress in fight for affordable health care

ties in price beckon the questions: Why are prices so high, and what can we do to bring them down? Although we are encouraged that Heal passed the Legislature, we cannot allow the fight for quality affordable care in New York to lose momentum—and that starts with Gov. Kathy Hochul swiftly signing the bill into law.

identify any overspending and use available information to assess prices for procedures across different health systems. Government entities—at all levels—with that newfound information must use their regulatory, purchasing and legislative power to bring down prices for all New Yorkers. ■

Following the data

Assemblywoman Catalina Cruz represents District 39. State Sen. Andrew Gounardes represents District 22.

Beginning in January, the city, state and other self-insured health plans must analyze their data to

OP-ED

The case for 24/7 renewable energy in New York

cross every corner of New York, major institutions are tying real money to decarbonization. On the policy side, we have the city’s Climate Mobilization Act, including Local Law 97, which requires large buildings to meet ambitious carbon-reduction targets or risk paying millions in fines. On Wall Street increasingly more funds are choosing to divest from fossil fuels and invest in a cleaner energy future. Corporations renting space are asking for renewable energy–powered leases. That is just the start. The reality for the city’s largest building owners is clear: If they don’t decarbon-

selves 100% renewable by purchasing renewable energy credits to offset their energy usage. It can be done for an entire year in one lump sum. Local Law 97 requires that renewable power comes into the city’s grid, but it doesn’t require the power to be matched on a timing basis. Despite the laws and standards, buildings that are deemed 100% renewable are still consuming energy produced by burning fossil fuels.

Misleading label The lack of time matching matters. Advanced energy and carbon accounting technologies have made it clear that “100%” renewable is simply not 100% renewable on an hourly, daily or even monthly basis. Take Google, for example. The company found that although it had achieved “100% renewable” by annual matching standards, it was really consuming carbon-free, local power only 61% of the time on a 24/7 hourly basis. By claiming to be 100% renew-

ENERGY OFFSETS WILL NOT PRODUCE THE DESIRED DECARBONIZATION LEVELS ize quickly, they will pay. While those goals and incentives certainly will have a positive impact, they have a shortcoming: By today’s standards, buildings and companies get to call them-

able via renewable energy credits on an annual basis, but using nonrenewable energy day to day, building owners risk diverging from policy standards, investor thresholds and public opinion.

Meeting the challenge The movement to raise the bar has begun. Some of the city’s top property owners, including Brookfield Properties and JPMorgan Chase, have already started to shift their renewable energy purchasing standards to hit the 24/7 target. For the new state-of-theart skyscraper 1 Manhattan West, Brookfield has partnered with its counterpart, Brookfield Renewables, to procure 100% renewable energy on a 24/7 basis. All day, every day, hydropower from upstate is delivered into the city’s Zone J to serve the building. Our firm digitally tracks the hourly data on renewable energy generation, associated renewable energy credits, transmission, delivery and building consumption. Carbon and energy accounting

GETTY IMAGES

BY LINCOLN PAYTON

technologies are illuminating data on how well the purchase of renewable energy aligns on an hourly basis with power being consumed by buildings. The data is fueling the movement to establish 24/7 renewable energy as the new standard. Policymakers, investors, tenants and the public are taking note. They care about decarbonization and are drilling into the details. The practice of annually matched

renewable energy credits will not lead to the decarbonization that we need to combat climate change. Building owners ought to proactively pursue 24/7 renewable energy now to get ahead. The time to truly decarbonize and prove that impact is now. The world is watching. ■ Lincoln Payton is CEO of Clear trace, which measures energy data.

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. June 13, 2022 | CRAIN’S NEW YORK BUSINESS | 9

THE LIST LARGEST HOSPITALS New York–area institutions ranked by operating expenses

AMANDA.GLODOWSKI@CRAINSNEWYORK.COM

PANDEMIC KEEPS HOSPITALS’ EXPENSES UP

$2.2B

The area’s top hospitals mostly notched increases in their 2021 operating expenses

he top five institutions on this year’s largest hospitals list maintained the same order as last year despite some fluctuation in numbers. The list, ranked by 2021 operating expenses, is once again topped by New York–Presbyterian Hospital, which reported more than $7 billion in operating expenses. NYU Langone Health and Memorial Sloan Kettering Cancer Center took the second and third slots, reporting $6.4 billion and $6.1 billion in operating expenses, respectively. On average, operating expenses were $2.2 billion across the list, an increase of 8.5% from last year. Generally, many of the increases came from higher staffing costs due to the need for staffing agencies to supplement salaried employees.

RANK

1 2 3 4 5 6 7 8 9 10 11 12 13 14

NYC Health + Hospitals/Jacobi and Elmhurst reported the biggest jumps in operating expenses: 31% and 23%, respectively. Net patient revenue exceeded $60 billion across the list. In total, the hospitals on the list completed more than 26 million ambulatory care visits, with Montefiore completing the most: nearly 4 million. The hospitals featured on the list racked up more than 7.2 million inpatient days in total. Hospitals on the list had an average of 894 certified beds, totaling 26,829 across the list. There are more than 200,000 full-time workers employed by the organizations. — Amanda Glodowski

AVERAGE operating expenses across hospitals on the list for fiscal year 2021, an 8.5% increase from last year’s list.

2021 OPERATING EXPENSES (IN MILLIONS)/ % CHANGE VS. 2020

2021 NET PATIENT REVENUE (IN MILLIONS)/ % CHANGE VS. 2020

26M

RAN

AMBULATORY CARE VISITS conducted in total by the hospitals across the list. Montefiore completed more than any other hospital, 4 million.

2021 NUMBER OF CERTIFIED BEDS

2021 NUMBER OF AMBULATORY CARE VISITS

2021 INPATIENT DAYS

HOSPITAL/ ADDRESS

PHONE NUMBER/ WEBSITE/ NETWORK AFFILIATION

NewYork-Presbyterian Hospital 1 525 E. 68th St. New York, NY 10065

212-746-5454 nyp.org NewYork-Presbyterian

Steven Corwin, M.D. President, chief executive

$7,090.2 -1.7%

$6,929.4 +20.8%

2,812

2,187,002

859,672

NYU Langone Health 2 550 First Ave. New York, NY 10016

212-263-7300 nyulangone.org

Robert Grossman, M.D. Medical school dean, chief executive of health system

$6,405.4 +2.3%

$6,168.4 +10.6%

2,104

1,611,457

503,540

Memorial Sloan Kettering Cancer Center 1275 York Ave. New York, NY 10065

212-639-2000 mskcc.org

Craig Thompson, M.D. President, chief executive

$6,163.3 +5.8%

$5,011.6 +17.6%

514

1,700,066

171,355

Montefiore Medical Center 111 E. 210th St. Bronx, NY 10467

718-920-4321 montefiore.org Montefiore Health System

Philip Ozuah, M.D. President, chief executive

$4,531.2 +1.7%

$4,254.0 -1.9%

1,558

3,998,041

467,121

Long Island Jewish Medical Center 3 270-05 76th Ave. New Hyde Park, NY 11040

516-470-7000 northwell.edu Northwell Health

Michael Gitman, M.D. Executive director

$3,442.2 +4.4%

$3,247.1 +13.4%

1,611

1,015,876

485,928

Mount Sinai Hospital 1 Gustave L. Levy Place New York, NY 10029

212-241-6500 mountsinaihealth.org Mount Sinai Health System

David Reich, M.D. President

$3,249.1 +4.1%

$3,048.9 +12.2%

1,367

1,154,954

379,775

Atlantic Health System 475 South St. Morristown, NJ 07960

973-660-3100 atlantichealth.org

Brian Gragnolati President, chief executive

$3,207.9

$3,445.8

1,758

3,021,413

427,971

North Shore University Hospital 4 300 Community Drive Manhasset, NY 11030

516-562-0100 northwell.edu Northwell Health

Jon Sendach Executive director

$3,165.3 +4.3%

$2,704.9 +18.7%

859

1,037,119

281,499

Catholic Health 992 N. Village Ave. Rockville Centre, NY 11570

516-705-3700 chsli.org

Patrick O'Shaughnessy, D.O. President, chief executive

$2,812.8 +5.8%

$2,849.6 +20.0%

1,918

63,049

427,386

Hackensack Meridian Hackensack University Medical Center 30 Prospect Ave. Hackensack, NJ 07601

551-996-2000 hackensackumc.org Hackensack Meridian Health

Mark Sparta President, chief executive

$2,084.7 +11.0%

$1,998.1 +10.1%

781

514,278

232,492

Stony Brook University Hospital 101 Nicolls Road Stony Brook, NY 11794

631-444-4000 stonybrookmedicine.edu Stony Brook Medicine

Carol Gomes Chief executive, chief operating officer

$1,909.1 +1.1%

$1,823.4 +12.8%

819

360,604

260,302

Lenox Hill Hospital 100 E. 77th St New York, NY 10075

212-434-2000 northwell.edu Northwell Health

Daniel Baker Executive director

$1,694.4 +9.0%

$1,433.9 +22.0%

634

276,646

120,799

Maimonides Medical Center 4802 10th Ave. Brooklyn, NY 11219

718-283-6000 maimonidesmed.org

Kenneth Gibbs President, chief executive

$1,639.5 +9.6%

$1,249.5 -15.8%

711

498,791

207,570

Mount Sinai St. Luke's Roosevelt 5

212-523-4000

$1,480.5 +1.0%

$1,237.7 +13.2%

1,009

469,303

224,771

$1,421.4 +5.9%

$1,090.6 +17.3%

215

605,740

HOSPITAL LEADER

New York, NY 10025

Mount Sinai Health System

Arthur Gianelli Evan Flatow, M.D. Presidents

Hospital for Special Surgery 535 E. 70th St. New York, NY 10021

212-606-1000 hss.edu

Louis Shapiro President, chief executive officer

1111 Amsterdam Ave. 10 | CRAIN’S NEW YORK BUSINESS | June 13, 2022mountsinaihealth.org

P010_P011_CN_20220613.indd 10

9 1 1 1 1 1 21 31 41 51 6 1 7 2 8 2 9 12 12 12 12 12 12 12 12 1 3 1 2

35,560

6/10/22 10:28 AM

New Ne New Ne cur cur ma ma ser ser Mo Mo

COM

021 AYS

9 10 11 12 13 14 1 215 316 417 518 6 19 7 20 8 21 9 22 10 23 11 24 12 25 13 14 26 15 27 16 28 17 29 18 30 19 20 RANK

Rockville Centre, NY 11570 Hackensack Hackensack Meridian Meridian Hackensack Hackensack University University Medical Medical Center Center 30 Prospect Ave. 30 Prospect Ave. Hackensack, Hackensack, NJ NJ 07601 07601

551-996-2000 551-996-2000 hackensackumc.org hackensackumc.org Hackensack Hackensack Meridian Meridian Health Health

Mark Mark Sparta Sparta President, President, chief chief executive executive

$2,084.7 $2,084.7 +11.0% +11.0%

$1,998.1 $1,998.1 +10.1% +10.1%

781 781

514,278 514,278

232,492 232,492

Stony Stony Brook Brook University University Hospital Hospital 101 Nicolls Nicolls Road 101 Road Stony Stony Brook, Brook, NY NY 11794 11794

631-444-4000 631-444-4000 stonybrookmedicine.edu stonybrookmedicine.edu Stony Stony Brook Brook Medicine Medicine

Carol Carol Gomes Gomes Chief executive, Chief executive, chief chief operating operating officer officer

$1,909.1 $1,909.1 +1.1% +1.1%

$1,823.4 $1,823.4 +12.8% +12.8%

819 819

360,604 360,604

260,302 260,302

Lenox Lenox Hill Hill Hospital Hospital 100 100 E. E. 77th 77th St St New York, NY New York, NY 10075 10075

212-434-2000 212-434-2000 northwell.edu northwell.edu Northwell Northwell Health Health

Daniel Daniel Baker Baker Executive Executive director director

$1,694.4 $1,694.4 +9.0% +9.0%

$1,433.9 $1,433.9 +22.0% +22.0%

634 634

276,646 276,646

120,799 120,799

Maimonides Maimonides Medical Medical Center Center 4802 10th 10th Ave. Ave. 4802 Brooklyn, Brooklyn, NY NY 11219 11219

718-283-6000 718-283-6000 maimonidesmed.org maimonidesmed.org

Kenneth Kenneth Gibbs Gibbs President, chief President, chief executive executive

$1,639.5 $1,639.5

$1,249.5 $1,249.5

711 711

498,791 498,791

207,570 207,570

HOSPITAL/ ADDRESS

PHONE NUMBER/ WEBSITE/ NETWORK AFFILIATION

HOSPITAL LEADER

2021+9.6% 2021-15.8% +9.6% -15.8% OPERATING EXPENSES NET PATIENT REVENUE 2021 (IN MILLIONS)/ (IN MILLIONS)/ NUMBER OF CERTIFIED % CHANGE VS. 2020 % CHANGE VS. 2020 BEDS

2021 NUMBER OF AMBULATORY CARE VISITS

2021 INPATIENT DAYS

5 Mount Sinai Roosevelt Mount Sinai St. St. Luke's Luke's Hospital Roosevelt1 5 New York-Presbyterian 1111 Amsterdam Ave. 1111 Ave. 525 York, E.Amsterdam 68th New NY St. 10025 New New York, York, NY NY 10025 10065

212-523-4000 212-523-4000 212-746-5454 mountsinaihealth.org mountsinaihealth.org nyp.org Mount Sinai Mount Sinai Health Health System System NewYork-Presbyterian

Arthur Gianelli Arthur Corwin, GianelliM.D. Steven Evan Flatow, M.D. Evan Flatow, President, chiefM.D. executive Presidents Presidents

$1,480.5 $1,480.5 $7,090.2 +1.0% -1.7%+1.0%

$1,237.7 $1,237.7 $6,929.4 +13.2% +20.8%+13.2%

1,009 1,009 2,812

469,303 469,303 2,187,002

224,771 224,771 859,672

2 Hospital for NYU Langone HealthSurgery Hospital for Special Special Surgery 535 E. 70th St. 550 E. First Ave. 535 70th St. New New York, York, NY NY 10021 10016 New York, NY 10021

212-606-1000 212-263-7300 212-606-1000 hss.edu nyulangone.org hss.edu

Louis Robert Grossman, M.D. Louis Shapiro Shapiro President, chief executive Medical school chief officer President, chiefdean, executive officer executive of health system

$1,421.4 $6,405.4 $1,421.4 +2.3%+5.9% +5.9%

$1,090.6 $6,168.4 $1,090.6 +10.6%+17.3% +17.3%

2,104215 215

605,740 1,611,457 605,740

35,560 503,540 35,560

Memorial Kettering Cancer Center NYC HealthSloan + NYC + Hospitals/Bellevue Hospitals/Bellevue 1275Health YorkAve. Ave. 462 First 462 New First York,Ave. NY 10016 10065 New York, NY New York, NY 10016

212-639-2000 212-562-5555 212-562-5555 mskcc.org nychealthandhospitals.org nychealthandhospitals.org NYC Health Health + + Hospitals Hospitals NYC

Craig Thompson, M.D. William William Hicks Hicks President, chief executive Chief Chief executive executive

$6,163.3 $1,418.9 $1,418.9 +5.8% +14.7% +14.7%

$5,011.6 $1,140.3 $1,140.3 +17.6% +16.7% +16.7%

514912 912

1,700,066 748,438 748,438

171,355 212,911 212,911

Montefiore Medical Center NewYork-Presbyterian Queens 111 E. 210th St NewYork-Presbyterian Queens 56-45 Main St. Bronx, NY 10467 56-45 Main St. Flushing, Flushing, NY NY 11355 11355

718-920-4321 718-670-2000 montefiore.org 718-670-2000 nyp.org/queens Montefiore Health System nyp.org/queens NewYork-Presbyterian NewYork-Presbyterian 516-470-7000 northwell.edu 718-226-9000 718-226-9000 Northwell Health northwell.edu northwell.edu Northwell Health Health Northwell 212-241-6500 mountsinaihealth.org 718-245-3131 Mount Sinai Health System 718-245-3131 nychealthandhospitals.org nychealthandhospitals.org NYC Health NYC516-562-0100 Health + + Hospitals Hospitals

Philip Ozuah, M.D. Jaclyn President, chief executive Jaclyn Mucaria Mucaria President President

$4,531.2 $1,236.6 +1.7% $1,236.6 +10.4% +10.4%

$4,254.0 -1.9%$879.3 $879.3 +10.1% +10.1%

1,558 535 535

3,998,041 429,367 429,367

467,121 167,212 167,212

Michael GitmanMD Executive director Brahim Brahim Ardolic, Ardolic, M.D. M.D. Executive Executive director director

$3,442.2 +4.4% $1,223.7 $1,223.7 +8.4% +8.4%

$3,247.1 +13.4% $1,135.1 $1,135.1 +15.7% +15.7%

1,611 666 666

1,015,876 629,921 629,921

485,928 195,669 195,669

David Reich, M.D. President Sheldon Sheldon McLeod McLeod Chief Chief executive executive

$3,249.1 +4.1% $1,181.8 $1,181.8 +16.4% +16.4%

$3,048.9 +12.2% $991.5 $991.5 +12.9% +12.9%

1,367

1,154,954

379,775

Jon Sendach Executive director Christopher Christopher Mastromano Mastromano Chief Chief executive executive Patrick O'Shaughnessy, D.O. President, chief executive

$3,165.3 +4.3% $1,118.7 $1,118.7 +30.8% +30.8% $2,812.8 +5.8%

$2,704.9 +18.7% $836.9 $836.9 +18.3% +18.3% $2,849.6 +20.0%

859

Robert Robert Guimento Guimento President President Mark Sparta President, chief executive

$1,117.8 $1,117.8 +4.4% +4.4% $2,084.7 +11.0%

$957.2 $957.2 +12.1% +12.1% $1,998.1 +10.1%

Jeremy Jeremy Boal, Boal, M.D. M.D. President President Scott Scott Lorin, Lorin, M.D. M.D. Carol Gomes President, Mount Mount Sinai Sinai Brooklyn Brooklyn President, Chief executive, chief operating officer Helen Helen Arteaga Arteaga Landaverde Landaverde Chief executive Daniel Baker Chief executive

$1,102.7 $1,102.7 +0.3% +0.3% $1,909.1 +1.1%

$787.0 $787.0 +8.5% +8.5% $1,823.4 +12.8%

$1,050.6 $1,050.6 +20.3% $1,694.4 +20.3%

Long Island Jewish Medical Center 3 270-05Island 76th Ave Staten University Hospital Staten Island New Seaview Hyde Park,University NY 11040Hospital 475 475 Seaview Ave. Ave. Staten Island, Island, NY NY 10305 10305 Staten Mount Sinai Hospital 1 Gustave L. Levy Place NYC Hospitals/Kings New Health York, NY+ NYC Health + 10029 Hospitals/Kings County County 451 Clarkson Ave. 451 Clarkson Ave. Brooklyn, NY Brooklyn, NY 11203 11203 North Shore University Hospital 4 300 Community Drive Manhasset, +NYHospitals/Jacobi 11030 NYC NYC Health Health + Hospitals/Jacobi 1400 1400 Pelham Pelham Parkway Parkway South South Bronx, NY Health 10461 Catholic Bronx, NY 10461 992 North Village Ave. Rockville Centre, NY 11570 NewYork-Presbyterian NewYork-Presbyterian Brooklyn Brooklyn Methodist Methodist Hospital Hospital Hackensack Meridian Hackensack 506 506 Sixth Sixth St. St. University Medical Center Brooklyn, Brooklyn, NY NY 11215 11215 30 Prospect Ave. 6 Hackensack, NJ 07601 Mount Sinai Israel Mount Sinai Beth Beth Israel 6 First Avenue at East 16th First Avenue at East 16th St St StonyYork, Brook University Hospital New NY 10003 10003 New York, NY 101 Nicolls Road Stony Brook, NY 11794 NYC NYC Health Health + + Hospitals/Elmhurst Hospitals/Elmhurst 79-01 Broadway Lenox Broadway Hill Hospital 79-01 Elmhurst, NY 100 E. 77th St Elmhurst, NY 11373 11373 New York, NY 10075

northwell.edu Northwell Health 718-918-5000 718-918-5000 nychealthandhospitals.org nychealthandhospitals.org NYC516-705-3700 Health + + Hospitals Hospitals NYC Health chsli.org 718-780-3000 718-780-3000 nyp.org/brooklyn nyp.org/brooklyn 551-996-2000 NewYork-Presbyterian NewYork-Presbyterian hackensackumc.org Hackensack Meridian Health 212-420-2000 212-420-2000 mountsinaihealth.org mountsinaihealth.org 631-444-4000 Mount Sinai Health Health System System Mount Sinai stonybrookmedicine.edu Stony Brook Medicine 718-334-4000 718-334-4000 nychealthandhospitals.org 212-434-2000 nychealthandhospitals.org NYC Health NYCnorthwell.edu Health + + Hospitals Hospitals

Executive director

+9.0%

624 624

457 457 1,918 591 591 781 908 908

899,205 899,205 1,037,119

143,902 143,902 281,499

529,253 529,253

138,933 138,933

63,049

427,386

281,701 281,701

168,720 168,720

514,278 576,389 576,389

232,492 138,111 138,111

819

360,604

260,302

$770.3 $770.3 +23.2% $1,433.9+23.2% +22.0%

545 545 634

971,529 971,529 276,646

113,674 113,674 120,799

Northwell Health

St. St. Francis Francis Hospital Hospital Maimonides Medical Center 100 100 Port Port Washington Washington Blvd. Blvd. 4802 10th Ave. Roslyn, NY 11576 Roslyn, NY 11576 Brooklyn, NY 11219

516-562-6000 516-562-6000 718-283-6000 stfrancisheartcenter.chsli.org stfrancisheartcenter.chsli.org maimonidesmed.org Catholic Catholic Health Health

Charles Charles Lucore, Lucore, M.D. M.D. Kenneth Gibbs President President President, chief executive

$1,034.9 $1,034.9 $1,639.5 +10.3% +10.3% +9.6%

$1,121.7 $1,121.7 $1,249.5+25.4% +25.4% -15.8%

364 364 711

12,549 12,549 498,791

101,409 101,409 207,570

7 Cooperman Barnabas Medical Center 5 7 Cooperman Center Mount SinaiBarnabas St. Luke'sMedical Roosevelt 94 Old Short Hills Road 94 OldAmsterdam Short Hills Road 1111 Ave Livingston, NJ 07039 Livingston, NJ 10025 07039 New York, NY

973-322-5000 973-322-5000 212-523-4000 rwjbh.org/coopermanbarnabas rwjbh.org/coopermanbarnabas mountsinaihealth.org RWJBarnabas Health RWJBarnabas Mount SinaiHealth Health System

Richard Davis Richard Davis Arthur Gianelli President, chief executive President, Evan Flatow,chief M.D.executive Presidents

$1,016.8 $1,016.8 $1,480.5 +13.2% +13.2% +1.0%

$1,002.6 $1,002.6 $1,237.7 +16.7% +13.2%+16.7%

597 1,009597

363,978 363,978 469,303

170,943 170,943 224,771

Hospital for Special Surgery Valley Hospital Valley Hospital 535 N. E. Van 70thDien St Ave. 223 223 N. Van Dien Ave. New York, NY Ridgewood, NJ 07450 Ridgewood, NJ10021 07450

212-606-1000 201-447-8000 201-447-8000 hss.edu valleyhealth.com valleyhealth.com Valley Valley Health Health System System

Louis Shapiro Audrey Meyers Audrey Meyers President, President, chief executive President,chief chiefexecutive executive officer

$1,421.4 $954.2 $954.2 +5.9%+8.9% +8.9%

$1,090.6 $1,066.8 $1,066.8 +17.3% +9.6% +9.6%

215431 431

605,740 22,366 22,366

35,560 133,350 133,350

NYC Health + Hospitals/Bellevue South Shore University Hospital South Shore 462 First AveUniversity Hospital 301 E. Main St. 301 Main New E. York, NYSt. 10016 Bay Bay Shore, Shore, NY NY 11706 11706

212-562-5555 631-968-3000 631-968-3000 nychealthandhospitals.org northwell.edu northwell.edu NYC Health + Hospitals Northwell Northwell Health Health

William Hicks Donna Moravick Donna Moravick Chief executive Executive Executive director director

$1,418.9 $903.6 $903.6 +14.7% +15.8% +15.8%

$1,140.3 $853.0 +16.7%$853.0 +25.1% +25.1%

912 305 305

748,438 172,993 172,993

212,911 105,159 105,159

New York-Presbyterian Queens White Hospital 56-45Plains Main St. White Plains Hospital Medical Medical Center Center 41 E. Road Flushing, 11355 41 E. Post PostNY Road White White Plains, Plains, NY NY 10601 10601 Staten Island University Hospital 475 Seaview Ave System BronxCare Health BronxCare Health System StatenFulton Island, NY 10305 1276 Ave. 1276 Fulton Ave. Bronx, Bronx, NY NY 10456 10456 NYC Health + Hospitals/Kings County 451 Clarkson Ave NYC Health Hospitals/Lincoln Brooklyn, NY+ NYC Health +11203 Hospitals/Lincoln 234 234 E. E. 149th 149th St. St. Bronx, NY Bronx, NY 10451 10451 NYC Health + Hospitals/Jacobi 1400 Pelham Parkway South Bronx, NY 10461

718-670-2000 914-681-1024 nyp.org/queens 914-681-1024 wphospital.org NewYork-Presbyterian wphospital.org Montefiore Montefiore Health Health System System 718-226-9000 northwell.edu 718-901-8600 718-901-8600 Northwell Health bronxcare.org bronxcare.org BronxCare BronxCare Health Health System System 718-245-3131 nychealthandhospitals.org 718-579-5000 NYC Health + Hospitals 718-579-5000 nychealthandhospitals.org nychealthandhospitals.org NYC Health NYC718-918-5000 Health + + Hospitals Hospitals nychealthandhospitals.org NYC Health + Hospitals

Jaclyn Mucaria Susan President Susan Fox Fox President, President, chief chief executive executive

$1,236.6 $893.9 +10.4% $893.9 +9.2% +9.2%

$879.3 +10.1%$891.7 $891.7 +12.2% +12.2%

535 292 292

429,367 689,144 689,144

167,212 99,037 99,037

Brahim Ardolic, M.D. Executive directorJr. Miguel Fuentes Fuentes Miguel Jr. President, President, chief chief executive executive

$1,223.7 +8.4% $889.7 $889.7 +7.9% +7.9%

$1,135.1 +15.7%$840.1 $840.1 +16.9% +16.9%

666

629,921

195,669

1,032,304 1,032,304

166,944 166,944

Sheldon McLeod Chief executive Christopher Christopher Roker Roker Chief Chief executive executive Christopher Mastromano Chief executive

$1,181.8 +16.4% $871.2 $871.2 +9.9% +9.9% $1,118.7 +30.8%

$991.5 +12.9% $635.2 $635.2 +14.6% +14.6% $836.9 +18.3%

624

899,205

143,902

570 570

362 362 457

604,408 604,408 529,253

86,929 86,929 138,933

New New research, extensive New York York area area includes includes the the five five boroughs boroughs of New York York City City and and Nassau, Nassau, Suffolk Suffolk and and Westchester Westchester counties counties in in New New York, York, and and Bergen, Bergen, Essex, Essex, Hudson Hudson and and Union Union counties counties in in New New Jersey. Jersey. Crain's Crain's uses uses staff extensive surveys surveys and and the the most most NewYork-Presbyterian Brooklynoflists, Methodist 718-780-3000 Robert Guimento $1,117.8 $957.2 591 staff research, 281,701 168,720 current current references references available available to to produce produce its its lists, but but there there is is no no guarantee guarantee that that these these listings listings are are complete. complete. Hospitals Hospitals are are ranked ranked by by unrounded unrounded total total operating operating expenses expenses of of separately separately incorporated incorporated facilities, facilities, as as identified identified by by Medicare Medicare number, number, and and may include multiple facilities. Executives may hold additional titles. CARES act funds are not included in figures, unless otherwise noted. Includes the system's Cornell, Columbia and Lower Manhattan campuses, excluding psychiatric and rehab 1Hospital nyp.org/brooklyn President +4.4% +12.1% may include multiple facilities. Executives may hold additional titles. CARES act funds are not included in figures, unless otherwise noted. 1--Includes the system's Cornell, Columbia and Lower Manhattan campuses, excluding psychiatric and rehab services. Includes all of NYU Langone Health's hospital sites. Franklin and Forest Hills are combined under Long Island Jewish Medical Center. Syosset is combined under North Shore University Hospital. Comprises figures from Mount Sinai 2345506 Sixth St. NewYork-Presbyterian services. 2--Includes all of NYU Langone Health's hospital sites. 3--Franklin and Forest Hills are combined under Long Island Jewish Medical Center. 4--Syosset is combined under North Shore University Hospital. 5--Comprises figures from Mount Sinai Morningside and and Mount Mount Sinai Sinai West, which were previously known as Mount Sinai St. Luke's and Mount Sinai Roosevelt, respectively. 6--Includes data for Mount Sinai Brooklyn. 7--Formerly Saint Barnabas Medical Center. Morningside Brooklyn, NY 11215West, which were previously known as Mount Sinai St. Luke's and Mount Sinai Roosevelt, respectively. 6--Includes data for Mount Sinai Brooklyn. 7--Formerly Saint Barnabas Medical Center.

Mount Sinai Beth Israel 6 First Avenue at E. 16th St New York, NY 10003

212-420-2000 mountsinaihealth.org Mount Sinai Health System

P010_P011_CN_20220613.indd 11

NYC Health + Hospitals/Elmhurst

718-334-4000

Jeremy Boal, M.D. President Scott Lorin, M.D. President, Mount Sinai Brooklyn

$1,102.7 +0.3%

Helen Arteaga Landaverde

$1,050.6

$787.0 +8.5%

June 13, 2022 | CRAIN’S NEW YORK BUSINESS | 11 908 576,389 138,111

6/10/22 10:29 AM

$770.3

545

971,529

113,674

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

THURSDAY, JUNE 16 | 12-2 PM MANHATTAN MANOR RESERVE YOUR SPOT

crainsnewyork.com/2022D&I GOLD SPONSOR

CN020807.indd 1

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. SUPPORTING SPONSOR

6/9/22 2:24 PM

TRANSPORTATION

Two new bills would nix 60K parking placards and pay New Yorkers to snitch on illegal use BY CAROLINE SPIVACK

ity Council legislation introduced June 2 seeks to curb the misuse of parking placards by government employees by revoking thousands of the permits and empowering New Yorkers to report drivers who abuse their parking privileges. One bill, sponsored by Council member Lincoln Restler, would eliminate approximately 60,000 city-issued parking placards given to municipal, state and federal officials. The placards, he said, are often misused to brazenly block intersections, sidewalks and bike and bus lanes, or in the private vehicles of government employees when they are off the clock. The problem is particularly rampant in Downtown Brooklyn, part of Restler’s district, where multiple city services and court buildings are located. “We have illegal placard activities on every block, and it actually makes our streets unsafe,” Restler said. “For the person trying to get around in a wheelchair, for the parent with a stroller, for cyclists navigating illegally parked cars, our neighborhood safety is

undermined by rampant placard abuse.” Parking placards also disincentivize government workers from relying on more climate-friendly mass transit, he added.

A privileged class The Department of Transportation, the Police Department and the Department of Education are among the city agencies that have historically had some of the highest totals of parking placards. Those without proper placards compound the abuse by putting city-branded clothing or safety vests on their dashboards to signal that they are government employees. “Placard parking is a much bigger problem than most people understand because it creates a special privileged class that undermines trust in government,” said Danny Pearlstein, policy and communications director at the Riders Alliance. “The ultimate challenge is that it's not just the legal placards themselves, which are bad enough, but the ubiquity of plac-

ards that has created a sense that anyone can park illegally if they have a nifty prop in their windshield.” A second bill introduced by Restler would create a civilian enforcement program, enabling New Yorkers to report those who illegally clog the city’s streets to officials at DOT. The measure would also create a new $175 penalty for each violation. Parking vigilantes would receive 25% of any fines collected by

ers to ensure that our city workers are following the law,” said Restler, who has declined the privilege of a placard. “Unfortunately, some of the most flagrant abusers have been police officers, and so there has been negligible enforcement against the NYPD and other city workers.” Former Mayor Bill de Blasio put forward several initiatives to deter drivers from using fake and misusing real placards, but those have largely fizzled because of a lack of enforcement. Since taking office, Mayor Eric Adams has done little on placard abuse and has said there are more pressing city issues to focus on. As Brooklyn borough president, he infamously refused to direct his staff to stop abusing their placards to park on pedestrian plazas and sidewalks.

“THERE’S A SENSE ANYONE CAN PARK ILLEGALLY WITH A NIFTY WINDSHIELD PROP” the city. The mechanism is intended to bypass the Police Department, said Restler, and it has a precedent. An enforcement program run by the Department of Environmental Protection relies on civilian complaints to crack down on idling trucks, and it gives them a slice of any penalties issued. “We need to empower New York-

PEOPLE ON THE MOVE

City Hall support Mayoral spokesperson Jonah Allon said City Hall is reviewing the legislation, and said that the mayor supports the concept behind the bills. “Violations of the City’s traffic and parking rules—including plac-

ard abuse—are unacceptable," said Allon. "Mayor Adams supports efforts to address these critical issues." The legislation has support from a vocal coalition of transportation advocates. Danny Harris, the executive director of Transportation Alternatives, called placard abuse “city-approved corruption” and said his organization supported the bills. Similarly, Eric McClure, executive director of Streets PAC, described the issue as “an indefensible practice” and said that his group planned to push for the bills to become law. Restler recognizes that curbing the misuse of parking placards may seem relatively mundane compared to other city issues but stresses that it is perhaps one of the simplest to resolve. “We have many urgent crises in New York City from gun violence to climate to reproductive justice, and I don’t think placard abuse quite rises to that level, but it is one of the easiest problems to solve,” Restler said. “The solution is self-evident that we just need to revoke these damn placards and return our streets to our communities.” ■

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

FINANCIAL SERVICES

MARKETING

REAL ESTATE

BankUnited, N.A.

Popular Bank

KeyBank

FIRST

Rockefeller Group

Frank J. Leone joins BankUnited as senior vice president, team leader for commercial banking, in Melville, where he will be responsible for delivering customer-centric solutions to middle-market and large corporate companies doing business in the New York metropolitan region. With two decades of experience, Leone most recently served as head of government banking for Capital One Bank in Melville. He holds an MBA from Dowling College and a bachelor’s from Providence College

Popular Bank, a subsidiary of Popular, Inc. (NASDAQ: BPOP) has appointed Adam Bavifard to the role of Vice President and Senior Relationship Manager for Popular’s Commercial Real Estate (CRE) Lending team. Mr. Bavifard will focus on growing the bank’s CRE business through expanding current customer relationships and bringing Popular’s extensive product offerings to new customers. Adam’s expertise spans traditional and specialty real estate verticals with a focus on new construction lending.

KeyBank continues to grow its Business Banking resources throughout Metro NY with the addition of Paul Amann and Amann Edwin Leong as Senior Business Banking Relationship Managers, providing customized financial solutions to businesses with sales revenues Leong between $3M and $50M annually. Amann has 30 years of banking experience that includes Middle Market, Real Estate, C&I, and Non-Profit with Republic Bank and TD Bank. He has an MBA from St. Thomas University, Miami FL and a BA from Flagler College in St. Augustine, FL. Leong has more than a decade of banking experience from roles with M&T Bank and Santander. He is also owner of a successful food & beverage franchise in Queens. He is a graduate of Stony Brook University with a BS in Finance.

Jennifer Honan joins global brand experience agency, FIRST, as Global Business Director to lead the embedded teams at Google. In this role, Jennifer is responsible for the overall management of the Google account. She holds a strong background in designing and delivering best-in-class experiences as well as leading large global teams to drive change and implement new solutions. Jennifer was most recently with Deloitte where she held the title of Managing Director, Workplace Experience.

Brian P. Strope has been promoted to Vice President of Finance & Risk Management. He previously served as an AVP of Treasury and Risk Management, and will continue to be based in the firm’s Manhattan Headquarters. The role reports to the Chief Risk Officer and Treasurer. He is responsible for insurance programs and various aspects of debt finance in corporate activities associated with existing real estate assets, acquisitions, and development of real estate projects. He joined in 2000.

Feature your latest milestones, launches, partnerships, awards and more. For more information contact Debora Stein at dstein@crain.com or submit directly to CRAINSNEWYORK.COM/COTM

PROMOTE. CRAINSNEWYORK.COM I OCTOBER 26, 2020 I

CRAINSNEWYORK.COM I SEPTEMBER 28, 2020 I

ASKED & ANSWERED

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

LAURA PETERSON

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

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

LAURA PETERSON

Laura Peterson’s résumé lists a whopping 10 positions she’s held at the multinational professional services company Managing Director and Communications, Media and Technology Northeast Business Leader Accenture since joining the firm in 2000. In her current role as Accenture the Northeast business lead for communications, media and technology, the enterprising ladder climber presides over a team Laura Peterson’s résumé lists a whopping 10 positions she’s of 3,000 professionals. Peterson is charged with managing a $750 held at the multinational professional services company andinCommunications, Media and Technology Northeast Business Leader million profit-and-lossManaging statementDirector for clients the Accenture since joining the firm in 2000. In her current role as aforementioned sectors as well as the high tech sector. Peterson Accenture the Northeast business lead for communications, media and works with key business leaders among more than 40 clients and technology, the enterprising ladder climber presides over a team Laura Peterson’sstructure. résumé lists a whopping within Accenture’s global management Since 2017, she 10 positions she’s of 3,000 professionals. Peterson is charged with managing a $750 held the multinational professional company has been a board adviser to at Fairygodboss, an online platformservices that million profit-and-loss statement for clients in the since joining the firm in 2000. In her current role as seeks to elevate womenAccenture in the workplace. aforementioned sectors as well as the high tech sector. Peterson the Northeast business lead for communications, media and works with key business leaders among more than 40 clients and technology, the enterprising ladder climber presides over a team Reprinted with permission from Crain’s New York Business. © 2020 Crain Communications Inc. All rights reserved. Further duplication without permission is prohibited. #NB20073 Since 2017, she within Accenture’s global management structure. of 3,000 professionals. Peterson is charged with managing a $750 has been a board adviser to Fairygodboss, an online platform that million profit-and-loss statement for clients in the seeks to elevate women in the workplace. aforementioned sectors as well as the high tech sector. Peterson works with key business leaders among more than 40 clients and Reprinted with permission from Crain’s New York Business. © 2020 Crain Communications Inc. All rights reserved. within Accenture’s global Further management duplication without permission structure. is prohibited. #NB20073Since 2017, she has been a board adviser to Fairygodboss, an online platform that seeks to elevate women in the workplace.

LAURA PETERSON

PAT WANG Healthfirst

INTERVIEW BY JENNIFER HENDERSON

at Wang, president and CEO of Healthfirst, a nonprofit insurer formed by a group of health care systems, had been working to advance value-based care long before the pandemic. The concept involves paying hospitals and physicians based on their patients’ outcomes rather than on the volume of services they provide. Now, as health care providers face unprecedented financial strain due to the Covid-19 crisis, Wang says such payment arrangements are more critical than ever. Not only do they improve the quality of care for patients—including the 1.5 million plan members Healthfirst serves throughout the city, Long Island and surrounding areas—but they also generate fiscal benefit for the facilities, practices and health centers that serve them. How does Healthfirst contribute to value-based care? What you understand as profit in another health insurance company’s balance sheet at Healthfirst is contractually-driven surplus that goes back to the delivery system. Eighty percent of the premiums we get for medical services flows through value-based payment arrangements, which means that providers benefit when there is a surplus in the premium. If less money is spent on fee-for-service claims, the surplus is part of the contractually-obligated payment stream. What has that meant during the pandemic? For April through June, we are distributing $250 million in those surpluses [about double that of the same period last year], and we’ve expedited the calculation and reconciliation of those amounts to get them out the door faster because the delivery system really needs it. Why are value-based payments vital now and in normal times? In the best of times, we have always been trying to push for this model because it aligns the incentives around trying to keep people healthy and avoiding unnecessary care. The providers are aligned with that goal because they benefit from it if they can reduce avoidable care. Consider Covid-19 to be like a war. In war times, the model has been a lifesaver because there is this artificial depression of utilization, and that’s why the providers have lost so much money—their revenue has dried up. But because we have these risk contracts, the surplus that is there, that’s what has gone out the door to them.

DOSSIER WHO SHE IS President and CEO, Healthfirst AGE 66 BORN Jersey City RESIDES Manhattan EDUCATION Bachelor’s in history and East Asian studies, Princeton University; J.D., New York University School of Law FAMILY MATTERS Wang is married and has one son who lives in Brooklyn. GLOBAL TIES She has lived in Croatia, Taiwan as well as China, where she had more than 20 first cousins. FLARE FOR FOOD Wang has become reacquainted with the joy of cooking as a result of the pandemic. EYE ON MEDICAID About three-quarters of Healthfirst’s members are Medicaid beneficiaries. The insurer’s initial response to the crisis included having its care managers make sure members had medicine and durable medical equipment to stay at home safely. BUDGET CUTS Wang says the magnitude of the state’s Medicaid cuts—instituted to pare back on spending growth—is devastating. “Cuts to us as a Medicaid plan are cuts to hospitals.”

What happens when patients again begin seeking services? We do see utilization coming back, and we have been encouraging our members to get needed care because people have put a lot of stuff off. We have to see whether the bounce back is gigantic or it just brings things back to a steady state. If we go back to a more normal utilization pattern, then the regular incentives of trying to align around good preventive care and avoiding unnecessary care, they just kick in. How can the city safely bounce back from the pandemic? Continue doubling down on the public health measures already in place: wearing masks, social distancing and hand sanitation. We know what to do. But I think a singular focus on getting the schools open for full learning should top the list of what we are aiming for. We should measure our success against that goal. As an employer, I can tell you that we will not be able to get fully back to work until the thousands of employees with school-age children can get their kids back into school. It’s of course better for all children and particularly critical for poorer children. The city’s economic recovery is going to hinge on how quickly and how well we can get that done so that parents can resume their normal lives too. As a longtime resident of the city who has watched us recover from recession, 9/11 and Hurricane Sandy, I believe in the city’s ability to bounce back against the odds. But this time is going test all of us, and we should be sober about the need for everyone to contribute to the solution. What challenges face the broader insurance industry? Balancing the needs and expectations of consumers who need and deserve good health care coverage, expanding access however we can and doing it within an increasingly constrained economic environment. This is especially true with Medicaid, where the state’s budget situation is dire at the same time as people’s needs are increasing. Given that Healthfirst has over 1 million Medicaid members, the potential impact of the state’s budget is especially concerning. For me, our priority has to be enabling as many people as possible to have full access to high-quality care, and it’s going to be a challenge to figure out how to do that in this economic environment. Insurers also need to be mindful of the hurt being experienced by so much of the provider delivery system. The value of our products relies on having strong doctors, hospitals and community resources. Balancing all of this in a financially viable way is going to be a challenge. ■ Reprinted with permission from Crain’s New York Business. © 2020 Crain Communications Inc. All rights reserved. Further duplication without permission is prohibited. #NB20080

Why not?

For more information contact: Lauren Melesio Director, Reprints & Licensing lmelesio@crain.com • (212) 210-0707

JUNE 13, 2022 | CRAIN’S NEW YORK BUSINESS | 13

Lead the Conversation Spotlight your expertise and elevate your company with Crain’s roundtable discussions

Upcoming Roundtable: The Future of Real Estate On July 11, Crain’s Content Studio will be publishing a sponsored roundtable feature on the Future of Real Estate, in print and online. Crain’s roundtable discussions offer thought leaders the opportunity to participate as expert contributors in a written Q&A-style sponsored article on a relevant business topic. The real estate market has changed and is constantly evolving through the pandemic and beyond. Crain’s will explore the latest trends, challenges and prognostications in the industry, plus discuss how real estate is looking like it will shape up in the coming year. Roundtable benefits include: • Participation in a print and digital section featuring three experts weighing in on topics that showcase their unique expertise • Highlight of participant’s name, title, photo, contact info, short bio and company logo • Display of 4-color quarter-page ad • Section featured on Crainsnewyork.com for a full year • Roundtable highlighted in Crain’s Content Studio monthly email delivered to 50,000+ influential and affluent NYC executives

Contact Sophia Juarez at sophia.juarez@crainsnewyork.com to discuss rates and availability.

CN020808.indd 1

6/9/22 2:27 PM

INSTANT EXPERT

Why environmental, social and governance investing is losing trust BY AARON ELSTEIN

n the past few years, institutions and individuals have invested trillions of dollars in companies based on environmental, social and governance principles. But the ESG industry now faces a trust problem. On June 1 the CEO of DWS, Germany’s largest asset management firm, resigned after police raided his firm’s offices amid allegations of greenwashing, or characterizing investments as environmentally responsible when they aren’t. Last month Bank of New York Mellon’s fund management division paid $1.5 million to settle Securities and Exchange Commission allegations that it provided misleading information about ESG.

A HOT IDEA FOR A WARMING WORLD ESG HAS BEEN AROUND under different names for years, but it took off when the Trump administration’s Environmental Protection Agency made it clear that it wasn’t all that interested in protecting the environment. The basic theory behind ESG is that if investors put enough money in wind energy companies, for instance, fossil-fuel extractors’ share prices will fall and the extractors will clean up their act. Nearly $3 trillion is invested in ESG mutual funds, according to financial services firm Morningstar, double 2019’s level. Because ESG funds typically charge higher fees than index funds, financial institutions are incentivized to sell funds labeled ESG.

THE HEAT IS ON

ISTOCK

MIAMI, FLORIDA

I INVEST IN ESG, AND I OWN WHAT? THERE IS NO STANDARD for what an ESG-compliant investment is. Sometimes oil drillers end up in ESG portfolios if they’re thought to be taking steps toward greener energy production. Electric-vehicle makers may sound ESG-worthy, but what if the metals in their batteries are mined by exploited workers? Are companies that require Covid vaccinations practicing good social policy or intruding on privacy? Measuring progress on the ESG front is challenging. At least four groups have set accounting standards.

ISTOCK

THERE IS NO STANDARD FOR WHAT AN ESG-COMPLIANT INVESTMENT IS. AND MEASURING PROGRESS ON THE ESG FRONT IS CHALLENGING

DOES ESG INVESTING WORK? HERE’S ONE WAY TO MEASURE THAT: After a 5% dip in 2020, global carbon dioxide emissions rose 6% in 2021 and hit a record high, the International Energy Agency found. It’s unfair to call ESG a waste of time, though. Last year a small activist hedge fund teamed up with big ESG investors and others to vote in new directors at Exxon Mobil. Still, much of Wall Street sees ESG as mainly a marketing opportunity. That became clear when the global head of responsible investing at HSBC recently said climate risk was nothing to worry about. “Who cares if Miami is 6 meters underwater in 100 years?” the banker asked. “Amsterdam has been 6 meters underwater for ages, and that’s a really nice place. We will cope with it.” The bank suspended him for that candid comment.

ISTOCK

IN THE MONTHS AHEAD, look for the SEC and European regulators to better define what qualifies as an ESG investment. That will help address the trust problem. The much tougher issue is how to lower carbon emissions before Miami is underwater. Success will require governments here and abroad to set rules; this is not a matter that will be solved through better investment-selection processes. ESG shows that, when it comes to solving the knottiest problems, market-based solutions are of limited use.

June 13, 2022 | CRAIN’S NEW YORK BUSINESS | 15

POLITICS

Legislature passes NYCHA preservation trust bill

he state Senate and Assembly have passed the New York City Housing Authority Public Housing Preservation Trust bill, legislation that is expected to finance the repair of 25,000 units and help the troubled public housing authority address $40 billion in capital needs. The bill passed the Senate 38-25 following its passage in the Assembly 132-18. Both Mayor Eric Adams and Gov.

thority to bond out repairs. With more than 177,000 apartments, 400,000 residents and 13,000 employees, NYCHA is the largest public housing operation in the country. But the authority faces a huge capital shortfall—$40 billion—mainly from decades of disinvestment from the federal and state government. “For decades NYCHA residents have been promised repair after repair that never materialized, but, with the Public Housing Preservation Trust, we will finally deliver on those promises and offer NYCHA residents the dignity and safe, high-quality, affordable homes they deserve,” Adams said. NYCHA CEO Gregory Russ told Crain’s in April that public housing units in New York were in “the roughest condition” he had seen in 25 years of working in the field. He emphasized that the Public Housing Preservation Trust bill was the housing authority’s best hope to acquire additional capital funding for repairs. After the bill passed, he expressed both exuberance and relief. “This is a momentous event in

“THIS IS A MAJOR VICTORY FOR PUBLIC HOUSING IN NEW YORK CITY” Kathy Hochul advocated tirelessly for the bill’s passage alongside the legislation’s primary sponsors: Manhattan state Sen. Brian Kavanagh and Brooklyn Assemblyman Steven Cymbrowitz, the chairs of the Senate and Assembly housing committees. The legislation will create a new public housing entity within NYCHA, triggering additional federal subsidies and allowing the au-

the history of public housing—in New York City and across the nation,” Russ said. “The passage of the Public Housing Preservation Trust gives NYCHA the ability to raise billions of dollars in capital funds to invest in its properties and residents a true voice in the future of their homes.”

RED HOOK HOUSES

Resident power By allowing NYCHA to create a public benefit corporation, the bill facilitates the transfer of 25,000 units into a public trust and radically changes how NYCHA receives federal funding. This transfer will trigger the flow of federal tenant protection vouchers and double the amount of funding these units receive each month from the Department of Housing and Urban Development. The trust will also allow the housing authority to outsource the repairs to private developers while still maintaining public management. “For the first time in decades, New York now has a pathway to close the $40 billion capital deficit plaguing NYCHA through the pub-

BLOOMBERG

BY BRIAN PASCUS

lic housing preservation trust,” said Rachel Fee, executive director of the New York Housing Conference. “This is a major victory for public housing in New York City.” One aspect of the legislation that kept the bill in limbo was the lack of support from public housing resident leaders. Late-stage negotiations in Albany added provisions into the bill that give tenants more power over the function of the trust,

notably the right to vote on any proposed changes to their properties, and give residents the right to participate in private vendor selection for repair work. “The revised legislation that passed ensures there is increased resident feedback and input,” the governor said in a statement. “I am confident this process of engagement and collaboration will continue now that the bill has passed.” ■

2022

NOMINATIONS OPEN! Crain’s New York Business is looking to celebrate influential business professionals under 40 years old. Submit a nomination to be a part of this list of remarkable honorees.

CrainsNewYork.com/Nominate40 Nomination Deadline is Friday, July 1

16 | CRAIN’S NEW YORK BUSINESS | JUNE 13, 2022

P016_CN_20220613.indd 16

6/9/22 5:30 PM

HEALTH CARE

NY hospitals double down on violence-intervention programs amid spate of mass shootings across US

ocal hospitals and health systems are launching and expanding their own violence intervention programs, leveraging their role as trauma responders to not only heal gunshot wounds but use public health measures to prevent them in the first place. Public health research into gun violence has historically been limited; a move by Congress in the 1990s restricted federal agencies from using funding for injury prevention and control to advocate or promote gun control. But hospitals and health systems are fighting back with efforts to reframe gun violence as a public health issue, pointing to a recent spate of mass shootings across the U.S. and new federal data that found guns were the leading cause of death in 2020 for children between the ages of 1 and 19. In a public-facing effort, the

Florida, the Greater New York Hospital Association released a fivepoint plan advising lawmakers on how to address the issue. Kenneth Raske, the association’s president, said the problem has since only worsened, making health care interventions even more urgent. “I firmly believe that the health care community—treating gun violence as a major public health issue—is uniquely positioned to spearhead meaningful change,” he wrote in a recent memo to health care executives.

Going beyond healing At Jamaica Hospital Medical Center in Queens, which claims to have the city’s busiest level-one trauma center, clinicians are launching a violence intervention program called Thrive. The program, an acronym for Trauma Healing and Recovery and Integrative Violence Elimination, will assign community-based health workers to work with survivors for one year post-discharge and connect them to physical and mental health care and social services. Dr. Alan Roth, who chairs the hospital’s department of family medicine, said more than half of the patients treated at Jamaica Hospital for injuries related to violence have been there before as a victim of violence. The goal of Thrive, he said, is to go beyond healing those wounds and address the “why” behind the violence. Northwell Health has a universal screening program to identify patients at risk of injury or death from a firearm, which it developed with a $1.4 million grant from the National

“WE’RE FOCUSED ON THIS FROM AN APOLITICAL HARMREDUCTION STANDPOINT” American Hospital Association hosted a national day of awareness recently to highlight what hospitals and health systems are doing to combat violence in and outside of their facilities. Such efforts date back years, but recent shootings in the city and across the U.S. have spurred many hospitals to double down. In 2018, in response to the mass shooting at a school in Parkland,

ISTOCK

BY MAYA KAUFMAN AND JACQUELINE NEBER

Institutes of Health. For patients deemed at risk, clinicians advise them about safe storage of firearms and provide gun locks and information about buyback programs. The system’s Center for Gun Violence Prevention, which formed in 2020, is now working with hundreds of hospitals and health systems across the U.S. to develop and share best practices. “We’re trying to normalize the way we talk about guns in the health care setting,” said Dr. Chethan Sathya, a pediatric trauma surgeon and the center’s director. Sathya said Northwell now screens thousands of patients per month for risk of gun-related injury or death, whether because of suicide, unintentional injury or violence. It will soon hire its own violence interrupters, thanks to a $557,500 grant from the state, part of a $30 million initiative announced last year by Gov. Kathy Hochul to expand gun violence intervention programs. The city, meanwhile, is spear-

heading its own efforts, such as the NYC Health + Hospitals Guns Down Life Up program, which provides crisis intervention services and aims to disrupt violence by connecting children with extracurricular activities. Mayor Eric Adams has announced the launch of a new gun violence prevention task force and named Andre T. Mitchell, founder and CEO of anti-violence nonprofit Man Up!, as its co-chair. The mayor’s Office of Criminal Justice recently published notice of three contracts it intends to award for violence interruption and mediation services at the three hospital trauma centers that rank the highest in gunshot injuries, but a representative was unable to name the hospitals or provide details about the value of the contracts.

Facility violence Hospitals and health systems also have to contend with the risk of gun violence within their own facilities, as when a gunman killed four at a hospital in Tulsa, Oklahoma, where

he had undergone surgery. Joseph D’Amico, head of security for Montefiore Health System, said the organization has contracted with a Massachusetts firm, Evolv Technology, to install weapons-detection systems in the lobbies and emergency departments of several hospitals. The devices could be in place in a matter of weeks, he said. D’Amico declined to disclose the value of the contract but said Montefiore is paying somewhere in the high six figures to lease several of the machines for a four-year term. He said what sealed the deal for Montefiore was a shooting in January at NYC Health + Hospitals/Jacobi in the Bronx, when a man fired at a patient in the emergency room’s waiting area. “It really was the catalyst to implement it,” he said. Although mass shootings at hospitals are statistically rare, D’Amico said, New Yorkers are increasingly on edge, and health care workers want to be prepared. New York could soon see an influx of even more firearms, thanks to a lawsuit lodged by the New York State Rifle and Pistol Association against a state restriction on who may carry a concealed handgun in public. The U.S. Supreme Court will soon issue its ruling in the case. Northwell’s Sathya said health care workers could succeed in violence intervention efforts by leaving the Second Amendment, with its “right to bear arms,” out of the conversation. He advised workers to approach patients with empathy and an open mind and discuss the issue no differently than if it were a matter of exercise and nutrition. “We’re focusing on this from an apolitical, harm-reduction standpoint,” he said. “We all want safer communities.” ■

CVS Health to close four infusion pharmacies, lay off more than 200 as it shifts focus to specialty medications

VS Health plans to lay off at least 208 employees across the state in connection with the impending closure of four of its New York infusion pharmacies, according to notices filed last week with the state Department of Labor. The company plans to close infusion pharmacy locations in Albany, Buffalo, Colonie and Maspeth in September. The pharmacies are part of Coram, CVS’ subsidiary for infusion services. Riddhi Trivedi-St. Clair, a spokeswoman for CVS Health, attributed the closures to a business decision to pull back on acute infusion services and shift Coram’s focus to patients who receive specialty infusion medications, a market that she said is seeing “sustained growth.”

Acute infusion services include antibiotics and nutritional products that are put directly into a patient’s bloodstream. Nationally, CVS is slashing the number of Coram locations from 71 to 35. “In addition to growing our infusion business for specialty medications, this change enables us to focus on acute therapies, markets that are strong performers, and supports our overall business strategy,” she said in a statement. Trivedi-St. Clair said CVS has a “comprehensive transition plan” for patients affected by the closures, but she declined to disclose how many New Yorkers use Coram’s acute and specialty infusion services. She said CVS would work with affected employees to find them other roles at the company. CVS acquired Coram for $2.1 bil-

lion in 2013 from Apria Healthcare Group, a portfolio company of global investment firm Blackstone. Upon closing the deal in January 2014, CVS said it expected Coram to generate approximately $1.4 billion in revenue in the first 12 months, including one-time transaction and integration costs.

Top revenue driver Pharmacy services, which include infusion services, are CVS’ biggest revenue driver. The segment accounted for more than $39 billion of the roughly $77 billion in total revenue that CVS reported for the first quarter of this year. In CVS’ first-quarter earnings call in May, however, Executive Vice President and Chief Financial Officer Shawn Guertin said Coram’s acute infusion business was “a little bit more impacted” by the pan-

BLOOMBERG

BY MAYA KAUFMAN

demic than the company’s pharmacy services segment as a whole. Coram provides home infusion and tube-feeding therapy to more than 50,000 patients per month na-

tionwide. CVS Health, headquartered in Woonsocket, Rhode Island, operates a retail pharmacy chain, a pharmacy benefits manager and health insurance provider Aetna. ■

June 13, 2022 | CRAIN’S NEW YORK BUSINESS | 17

FROM PAGE 1

BUCK ENNIS

companies, bad behavior by promoters is coming to light. A period once described by historian John Kenneth Galbraith as “the bezzle” has come to an end. The bezzle, as Galbraith explained in a book about the 1929 crash, is a time when “the embezzler has his gain and the man who has been embezzled, oddly enough, feels no loss. There is a net increase in psychic wealth.” Bitcoin has lost more than half its value since Alexandre started pitching novice investors. The Nasdaq has lost a quarter of its value since the year began, and tech outfits are announcing fresh waves of layoffs almost daily. Two of crypto’s tallest fans, the Winklevoss twins, told “fellow astronauts” at crypto exchange Gemini on the morning of June 2 that 10% of the staff was being laid off. That afternoon the brothers learned Gemini had been accused of misleading federal regulators by failing to disclose it had pumped up the

BARK CEO MEEKER says the firm has to “get back [to profitability] quickly.” trading volume through undisclosed advances and loans to clients. Caroline Horan, a social-media marketing associate, left BlackRock to accept a position at crypto exchange Coinbase Global, which rescinded the offer before she started working.

INDUSTRY GROWTH

“While I knew it may be volatile, I certainly didn’t expect the job to end before it started,” Horan NUMBER of tech firms and wrote on startups based LinkedIn. in the city, Cr ypto’s according to blockchain couTech:NYC sin, non-fungible tokens, have lost 90% of their value, and the world of bored MEDIAN wage at apes, a popular craft marketplace NFT image, got Etsy—40% higher its first insidthan at Goldman Sachs er-trading case. Federal prosecutors alleged OpenSea product manager Nathaniel Chastain, 31, knew which images would be featured on the NFT marketplace homepage and used that information to day-trade them, reaping from two to five times more than he paid. One image was called “Flipping and spinning.” Public companies that once commanded techlike valuations have lost at least two-thirds of their share value, including real estate broker Compass, insurer Oscar Health, exercise-bike maker Peloton Interactive and eyeglass dealer Warby Parker. Entrepreneurs bravely insist animal spirits remain unbroken. “Every great company throughout history has faced similar challenges along the way,” the Winklevoss brothers wrote in their layoff memo to Gemini staff.

10K

THE NEUMANNS, of WeWork fame, recently received a $70 million investment in their latest venture, so the peak may not have yet been reached.

$265K

The main event Since the dot-com mania of the late 1990s, tech has grown from sideshow to the economic main event in New York. The city is home to 10,000 tech companies and startups, according to business group Tech: NYC. Etsy’s median wage of $265,000 is 40% higher than at Goldman Sachs, and Google is one of Chelsea’s top land-

ADAMS speaking at the Security Token Summit, a conference on crypto, in Manhattan

GETTUY IMAGES

WRECK

lords, owning 3 million square feet of space on West 15th Street between Eighth and Ninth avenues. New York has a lot riding on a tech market recovery—and not only because Mayor Eric Adams pledged to accept his first three paychecks in crypto. The sector’s growth has provided a gusher of tax revenue that helped lift the city budget to $100 billion, more than double its dot-com-era level. Happily, the mayor got some breathing room recently, thanks to nearly $5 billion in unexpected revenue materializing, the fruit of record 2021 Wall Street bonuses paid out this year. The Adams administration’s budget forecasts Wall Street profits to fall by almost half this year; which data to date shows is on target. Earlier this month JPMorgan Chase CEO Jamie Dimon said he expects an economic “hurricane” to strike. “There’s more pain coming this way. The shakeout isn’t nearly over,” said Gustavo Dolfino, CEO of MyKlovr, a firm that develops algorithms to help students and parents select the right college. “We’re doing very well, by the way.” Newly public companies such as

Compass are not. Since last year’s initial public offering at a $8 billion valuation, the unprofitable broker’s market value has fallen to less than $3 billion. Analysts wonder if top agents paid commissions in shares will defect. Compass has said only 1% of brokers left in the first quarter.

A path forward Other firms are reorienting their business plans and trying to convince backers there’s a path to profitability. At Bark, a digital market-

It’s not all bleak. Job trends in three sectors that make up the bulk of the local tech industry—publishing, which includes software publishing; computer systems design; and “other information services”—show tech firms employed around 12,000 more people in April 2022 than in February 2020. “There is no indication that we have peaked,” said Barbara Denham, a senior economist at Oxford Economics. One sign that a peak hasn’t been reached: WeWork’s Adam and Rebekah Neumann persuaded Andreesen Horowitz and nine other venture-capital firms to invest $70 million in their latest enterprise, Flowcarbon. The firm’s mission is to “tokenize carbon credits,” and its first offering is called the Goddess Nature Token; its value is tied to “nature-based projects.” CEO Dana Gibber thanked “the most thoughtful investors in the world” for their support and said they bring expertise in key market categories, including manufacturing, tech, entertainment and real estate. “We have a big vision,” Gibber said, “and the stakes are high.” ■

“THERE’S MORE PAIN COMING THIS WAY. THE SHAKEOUT ISN’T NEARLY OVER” place for dogs, management hopes to supplement sales of toys and treats with dog food. But time may be running out because operating losses jumped nearly tenfold last quarter, to $34 million, and the stock has fallen to less than $2 a share. “We know what [profit] looks like,” Bark CEO Matt Meeker said on a conference call. “We just have to get back there quickly.”

NASDAQ DOWN = LAYOFFS UP Nasdaq Composite index

17K 16K Glossier lays off 80 employees

15K

Better.com lays off 3,000 employees

Noom lays off 495 employees

14K

Gemini lays off 100 employees

Vroom lays off 270 employees

NYCMAYORSOFFICE/FLICKR

13K Peloton lays off 2,800 employees

12K 11K

Lemonade lays off 52 employees January 2022

SOURCE: Yahoo Finance, layoffs.fyi

18 | CRAIN’S NEW YORK BUSINESS | June 13, 2022

June 2022

CLASSIFIEDS CLASSIFIEDS

Advertising Section Advertising Section

To place a classified ad, Call 212-210-0189 Contact Suzanne Janik at 313-446-0455 or email: sjanik@crain.com or Email: classifieds@crainsnewyork.com

POSITIONS AVAILABLE Quantitative Researcher (Citadel Americas Services LLC – New York, NY) Mult. Pos. avail. Formulate mathematical & simulation models of complex mrkt problems, relating constants & variables, restrictions, alternatives, conflicting objectives, & their numerical parameters using technology, mathematical & statistical model’g, & computer systems. F/T. Reqs a Ph.D. (or foreign equiv) in Stat, Math, Physics, Comp Sci, Eng, Finan, or a rel quant field. In lieu of a Ph.D. (or foreign equiv) in stated field, will accept a Bach degree (or foreign equiv) in stated field plus 5 yrs of quant research exp, or a Master’s degree (or foreign equiv) in stated field plus 3 yrs of quant research exp. Edu, train’g, or exp must incl the follow’g: apply’g adv statistical & mathematical model’g techniques including time-series analysis, crosssectional analysis, Statistical Machine Learning, Natural Language Process’g, or similar; C++ or OOD programm’g; statistical packages incl R, Matlab, PyTorch, or similar; script’g languages incl bash, PERL, Python, or similar; & analyz’g gigabyte or terabyte sized large datasets. Resumes: citadelrecruitment@citadel.com. JobID: 6109496.

Associate (Citadel Enterprise Americas Services LLC – New York, NY); Multi. Pos. Avail. Analyze and report on glbl fund allocation process to ensure accurate accnt’ng rcds across front office, back office, and tech. teams. F/T. Reqs a Master’s degree (or foreign equivalent) in Accntng, Bus. Admin, Fin, or rel field plus 2 years exp in job offered or working in a fin svcs accnt’ng capacity for a multintl business. In lieu of Master’s, will accept Bach degree in stated field plus 5 yrs exp working in a fin svcs accnt’ng capacity for a multntl business. All exp must include: Reviewing and approving the accounting records generated in an ERP system (PeopleSoft or similar) for various types of business entities and ensuring the reasonableness of the presentation of their financial performance; Working w/ mltpl crossfunctional dpts to ensure effective intl. controls that govern the fin info & to meet intl. & extl. compliance reporting; Creating & utilizing complex formulas in MS Excel incl. macros & v-lookups; Working on accounting process improvement projects; & applying glbl accounting standards incl.g Generally Accepted Accounting Principles (GAAP) & International Financial Reporting Standards (IFRS). Experience may be gained concurrently. Resumes: citadelrecruitment@citadel.com. JobID: 6005547.

Quantitative Developer (Citadel Americas Services LLC – New York, NY); Mult pos avail. Collab with res teams to dsgn & implement quant tools & strat for trad’g innovations across asset classes. F/T. Reqs a Bach degree (or foreign equiv) in CS, Stat, Engin, Math, Physics, or rel quant field. Edu, train, or exp must include the follow’g: work’g in sftwre dev; stat model’g techniques includ’g time-series analysis, Stat Machine Learn’g, Natural Language Process’g, pattern recognition, or sim; data collection, cleans’g, & process’g; big data analytics; programm’g with C, C++, Java, Python, SQL, R, or Kdb+/q; object-oriented analysis & design; & data structures, algorithms, & comp arch paradigms. Resumes: citadelrecruitment@citadel.com. JobID: 6109374.

Associate (Citadel Americas Services LLC – New York, NY); Mult pos avail: Conduct differentiated, bottom-up fundamental fin res & analysis of companies, bus models & industries. F/T. Reqs a Bach degree (or foreign equiv) in Fin, Econ, Engin, CS or a rel field. Edu, train, or exp must include the follow’g: perform’g sell-side equity res, invstmnt banking, or invstmnt mngmnt; maintain’g detailed income statement models & relevant market data spreadsheets in MS Excel or sim; build’g, assess’g & manipulat’g models & communicat’g them to internal mngmnt & crossfunctional stakeholders; analyz’g info in SEC docs, earn’gs transcripts & sell side res reports; conduct’g res projects that examine industry growth & competitive dynamics, includ’g regulatory & tax dvlpmnts; &, conduct’g meet’gs & phone calls to communicate with senior management of companies under coverage. Resumes: citadelrecruitment@citadel.com JobID: 6109217

Portfolio Manager (Citadel Americas Services LLC – New York, NY); Mult. Pos. Avail. Employ a fundamental investment process to efficiently select stocks. Reqs a Bachelor’s degree (or foreign equivalent) in Busi. Admin, Fin, Math, Math Fin, Comp Sci, or rel field & 5 years exp in job offered or in portfolio risk mgmt. Reqs 3 years exp in: identifying short & long term trading opts; Mnging a portfolio of equities; Dvlping tools & techniques for modeling and analyzing mkts & instruments; Prfrming fundamental analysis & valuation; functionalities in MS Excel, incl. fin modeling; & communicating invstmnt recs to clients or sr. mgmt. Resumes: citadelrecruitment@citadel.com. Job ID: 6092132

Platform Engineer (Citadel Enterprise Americas Services LLC – New York, NY); Mult. Pos. Avail. Collab with data-driven team of sftwre developers, quant researchers, network engineers, systems administrators, & data scientists to drive tech innovation across the org, serving all aspects of electronic trad’g globally. F/T. Reqs a Bach degree (or foreign equiv) in CS, Engin, Physics, or Math or a rel field. In lieu of a Bach degree (or foreign equiv) in CS, Engin, Physics, or Math or a rel field, will accept 2 yrs of exp in platform engineer’g or a rel tech role. Edu, train’g, or exp must include the follow’g: programm’g languages includ’g C++, Go, Python, Node.js or sim; manag’g container orchestration platforms includ’g Kubernetes or sim; work’g in a Linux or Unix environment; build’g self-service APIs & tuning, shard’g, & partition’g systems to auto-manage platforms at scale; &, design’g & develop’g core services offered through a Platformas-a-Service-like exp includ’g largescale compute & container runtimes, observability platforms, caching, datastores, service discovery, secrets or integrated development & deployment pipelines. To apply please submit resume by email to citadelrecruitment@citadel.com and reference JobID: 6261732.

Software Engineer (Citadel Americas Services LLC – New York, NY) Mult. pos. avail. Design, develop, test and deploy next generation software solutions for research, trading & business operations activities across the firm. F/T. Reqs a Bach degree (or foreign equiv) in Comp Sci, Engineer’g, or a rel field. Edu, train’g, or exp must incl the follow’g: end-to-end software dev; object-oriented programm’g & design; C, C++, Python, C#, or JavaScript; data structures & algorithms; & Distributed Comput’g, Natural Language Process’g, Machine Learn’g, Platform Dev, Network’g, Systems Design, or Web Dev techniques. Resumes: citadelrecruitment@citadel.com. JobID: 6109575.

Software Engineer (Citadel Securities Americas Services LLC – New York, NY) Mult. pos. avail. Design & build software components that are foundational to research & trad’g activities. F/T. Reqs a Bach degree (or foreign equiv) in Comp Sci, Engineer’g, or a rel field. Edu, train’g, or exp must incl the follow’g: objectoriented programm’g & design; endto-end software dev; C, C++, C#, Java, Python, or Perl; statistical analysis; R, Matlab, SAS, or S-Plus; data structures, algorithms, & computer architecture; & Machine Learn’g techniques. Resumes: citadelrecruitment@citadel.com. JobID: 6109669.

Quantitative Developer (Citadel Securities Americas Services LLC – New York, NY); Mult pos avail. Dvlp & deploy internal apps & software solut for quant res platforms. F/T. Reqs a Bach degree (or foreign equiv) in CS, Engin, or rel field. Edu, train, or exp must include the follow’g: C++ programming on a Unix platform; multithreaded app programm’g & network programm’g; script’g languages includ’g Python, Perl, Unix, Linux shell script’g, or sim; analytical packages includ’g R, Matlab, or similar; Unix Inter-Process Communication (IPC) mechanisms includ’g sockets & semaphores; data structures, algorithms, & computer architecture; &, Machine Learning techniques. Resumes: citadelrecruitment@citadel.com. JobID: 6109350.

Quantitative Research Analyst (Citadel Americas Services LLC – New York, NY); Mult. pos. avail. Analyze & solve complex market probs through the use of tech, math and stat model’g, & comp systems. F/T. Reqs a Bach degree (or foreign equiv) in Stat, CS, Engin, Math, Physics, Ops Res, or a rel quant field. Edu, train, or exp must include the follow’g: conduct’g data-intensive investment-rel res & analysis; adv math & stat model’g includ’g timeseries analysis, cross-sectional analysis, Statistical Machine Learning, Natural Language Processing, pattern recognition, or sim; & performing computations & res with programm’g languages includ’g Python, R, C++, Matlab, Julia, or similar. Resumes: citadelrecruitment@citadel.com. JobID: 6109449.

Data Engineer (Citadel Americas Services LLC – New York, NY); Mult pos avail. Coordinate the dsgn, dvlpmnt & maintenance of complex data ingestion processes & data products that assist in the investment res process. F/T. Reqs a Bach degree (or foreign equiv) in CS, Info Tech, Engin, Physics, Math, Stat, Econ or a rel field. Edu, train’g or exp must include the follow’g: sftwre engineer’g; perform’g data mining & transformation as well as Web data extraction; systems dsgn includ’g translat’g bus reqs into systems functionalities & build’g clear user interfaces; programm’g in Python or sim; data structures, algorithms or comp architecture; big data process’g & cloud tech includ’g Spark, Hadoop, AWS S3 or sim; &, database dvlpmnt in MS SQL Server, HP Vertica, Snowflake, MongoDB or sim. Resumes: citadelrecruitment@citadel.com. JobID: 6233755.

ZEBRA TECH CORP has a role in Holtsville NY for Snr SW Eng: Dsign & dvlp Android embded cmputng prdct dvice drivrs & sys SW. BS + 2 yrs or MS rq. Telecom Permi. When not telcomm must report to worksite. To apply email resume to jobs@zebra.com ref job #2284665

b th

E o

Quantitative Researcher (Citadel Securities Americas Services LLC – New York, NY) Mult. Pos. avail. Formulate mathematical & simulation models of complex mrkt problems, relating constants & variables, restrictions, alternatives, conflicting objectives, & their numerical parameters using technology, mathematical & statistical model’g, & computer systems. F/T. Reqs a Ph.D. (or foreign equiv) in Stat, Math, Physics, Comp Sci, Eng, or a rel quant field. In lieu of a Ph.D. (or foreign equiv) in stated field, will accept a Bach degree (or foreign equiv) in stated field plus 5 yrs of quant research exp, or a Master’s degree (or foreign equiv) in stated field plus 3 yrs of quant research exp. Edu, train’g, or exp must incl the follow’g: utiliz’g time-series or crosssectional analysis; solv’g complex data intensive problems utiliz’g adv mathematical & statistical model’g techniques incl Robust Regression, Statistical Machine Learning, Natural Language Processing, or similar; C++ or OOD programm’g; high-level interpreted languages incl R, Matlab, Python, or similar; & analyz’g gigabyte or terabyte sized large datasets. Resumes: citadelrecruitment@citadel.com. JobID: 6109470.

Analyst (Citadel Americas Services LLC – New York, NY); Multi. Pos. Avail. Analyze fin. statements & bis. strategies, build detailed fin. models & conduct comp. due diligence & channel checks. F/T. Reqs a Master’s degree (or foreign equiv.) in Fin, Acct’ng, Econ, Stats, Tech, Fin. Eng., or rel quant field. Edu, train, or exp must include the following: Conducting equity valuations, corporate financial statement analysis and linear regression calculations on behalf of a global financial services institution; Financial modeling using MS Excel and VBA to project industry growth and forward company earnings; Obtaining and analyzing data from Bloomberg or similar third party source; Working as a long/short hedge fund analyst; and Presenting investment recommendations to clients or portfolio managers. Resumes: citadelrecruitment@citadel.com. JobID: 6109136.

JUNE 13, 2022 | CRAIN’S NEW YORK BUSINESS | 19

P019_P021_CN_20220613.indd 19

6/10/22 11:23 AM

P D

d E re i

i se

si w

20 |

–

o ,

a r

s n

D c t’ n,

, r’

n n n

n ) e o

t o

s n

CLASSIFIEDS CLASSIFIEDS

Advertising Section Advertising Section

To place a classified ad, Call 212-210-0189 Contact Suzanne Janik at 313-446-0455 or email: sjanik@crain.com or Email: classifieds@crainsnewyork.com

POSITIONS AVAILABLE Software Engineer (Citadel Enterprise Americas Services LLC – New York, NY) Mult. Pos. avail. Design, develop, test & deploy next gen software solutions for various business operations activities across the firm. F/T. Reqs a Bach degree (or foreign equiv) in Comp Sci, Engineer’g, or a rel field. Edu, train’g, or exp must incl the follow’g: end-toend software dev; object-oriented programm’g & design; C, C++, Python, C#, or JavaScript; data structures & algorithms; & Distributed Comput’g, Natural Language Process’g, Machine Learn’g, Platform Dev, Network’g, Systems Design, or Web Dev techniques. Resumes: citadelrecruitment@citadel.com. JobID: 6109555.

Quantitative Research Analyst (Citadel Securities Americas Services LLC – New York, NY); Mult pos avail. Analyze & solve complex market probs through the use of tech, math and stat model’g, & comp systems. F/T. Reqs a Bach degree (or foreign equiv) in Stat, CS, Engin, Math, Physics, Ops Res, or a rel quant field. Edu, train, or exp must include the follow’g: conduct’g dataintensive investment-rel res & analysis; adv math & stat model’g includ’g time-series analysis, crosssectional analysis, Statistical Machine Learning, Natural Language Processing, pattern recognition, or sim; & performing computations & res with programm’g languages includ’g Python, R, C++, Matlab, Julia, or similar. Resumes: citadelrecruitment@citadel.com. JobID: 6109390.

Business Intelligence Analyst (Citadel Enterprise Americas Services LLC – New York, NY); Mult pos avail. Conduct adv data analytics in order to drive & inform bus critical decisions. F/T. Reqs a Bach degree (or foreign equiv) in Econ, Math, CS, Stat or a rel field & 3 yrs of exp in the job offered or in analytics. Edu, train’g, or exp must include the follow’g: data visualization tools, such as Tableau or sim; SQL script’g; programm’g in Python or R; build’g data products by integrat’g datasets from complex data environments; &, creat’g KPI reports to analyze key performance indicators. Exp may be gained concurrently. Resumes: citadelrecruitment@citadel.com. JobID: 6233553.

Quantitative Research Engineer (Citadel Americas Services LLC – New York, NY); Mult pos avail. Collab with res teams to dsgn & implement quant tools & strategies for trad’g innovations across asset classes. F/T. Reqs a Bach degree (or foreign equiv) in CS, Stat, Engin, Math, Physics or a rel field. Edu, train’g or exp must include the follow’g: end-toend sftwre dvlpmnt; Distributed Comput’g, Machine Learn’g, Platform Dvlpmnt, Network’g or System Design; big data analytics; programm’g with C, C++, C#, Java, Python, Perl, SQL or Kdb+/q; stat packages includ’g R, S-PLUS, Matlab, SAS, Pandas, NumPy, SciPy, SciKit-Learn, statsmodels, or sim; object-oriented programm’g; &, work’g with data structures, algorithms & comp arch paradigms. Resumes: citadelrecruitment@citadel.com. JobID: 6281421.

Trader (Citadel Securities Americas Services LLC – New York, NY) Mult. pos. avail. Monitor and analyze incoming market information, economic news & trad’g activity to manage portfolio risk, identify investment opportunities & make trad’g decisions. F/T. Reqs a Bach degree (or foreign equiv) in Finan, Econ, Math, Eng, CompSci, Phys, or a rel quant field. Edu, train’g, or exp must incl the follow’g: work’g in a data-driven quant trad’g envirnmnt; financial & statistical modell’g incl time-series analysis; work’g in financial mrkts with derivative pricing; programm’g & script’g languages includ’g Python, R, C++, or similar; stat tools incl R, Matlab, or similar; & analyz’g large data sets & other informational input to inform investment or trad’g decisions. Resumes: citadelrecruitment@citadel.com. JobID: 6109697.

Site Reliability Engineer (Citadel Securities Americas Services LLC – New York, NY); Mult pos avail. Collab with cross-functional teams, includ’g trad’g, quant, & sftwre engin teams, to support & enhance Citadel's core suite of trad’g apps with the latest, most cutting edge tech in order to proactively diagnose & resolve production issues. F/T. Reqs a Bach degree (or foreign equiv) in CS, Comp Engin, Electrical Engin, Math or a rel tech field. Edu, train’g, or exp must include: Unix/Linux based systems; shell script’g; SDLC workflows; programm’g with SQL; & support’g large-scale distribut’g apps. Resumes: citadelrecruitment@citadel.com. JobID: 6233746.

PUBLIC & LEGAL NOTICES 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 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 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 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 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 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 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.

Notice of Qualification of TIGONDEROGA NYC LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 05/20/22. Office location: NY County. LLC formed in California (CA) on 02/22/22. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC, 3535 Inland Empire Blvd., Ontario, CA 91764. CA addr. of LLC: 23300 Ventura Blvd., Ste. 200, Woodland Hills, CA 91364. Cert. of Form. filed with Secy. of State, 1500 11th St., Sacramento, CA 95814. Purpose: Any lawful activity.

SUBMIT YOUR BUSINESS CLASSIFIEDS TODAY Get your message in front of New York’s influential business community with Crain’s New YorkBusiness - Classified Ads • Public and Legal Notices • Request For Proposals • Job Openings • Real Estate • Business Opportunities • Event Listings and More! Advertising Section

CLASSIFIEDS CLASSIFIEDS To place a classified ad, Call 212-210-0189 or Email: jbarbieri@crainsnewyork.com

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

20 | CRAIN’S NEW YORK BUSINESS | JUNE 13, 2022

P019_P021_CN_20220613.indd 20

6/9/22 4:53 PM

CLASSIFIEDS CLASSIFIEDS

Advertising Section Advertising Section

To place a classified ad, Call 212-210-0189 Contact Suzanne Janik at 313-446-0455 or email: sjanik@crain.com or Email: classifieds@crainsnewyork.com

PUBLIC & LEGAL NOTICES Notice of Formation of ROC TENANT, LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 05/24/22. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to Brian J. Beller, Esq., c/o Tarter Krinsky & Drogin LLP, 1350 Broadway, NY, NY 10018. 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.

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 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 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.

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 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.

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.

INDUSTRY ACHIEVERS ADVANCING THEIR CAREERS Recognize them in Crain’s

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

CRAINSNEWYORK.COM/PEOPLEMOVES

JUNE 13, 2022 | CRAIN’S NEW YORK BUSINESS | 21

P019_P021_CN_20220613.indd 21

6/9/22 4:54 PM

FROM PAGE 1

“With all that as a backdrop, I think we managed to pass many good bills,” Hoylman said. Here are the most important bills that got through the gridlock as well as notable ones that failed to pass.

Hotel conversions bill

S4937 (Kavanagh) A6262B (Cymbrowitz) Status: PASSED Affordable housing advocates notched another huge win with the passage of the hotel conversions bill. Following on the heels of $200 million passed last year for Sen. Mike Gianaris’ Housing Our Neighbors With Dignity Act, the conversions bill unlocks derelict or underutilized hotel space that can be used for affordable housing, even single-room-occupancy units. The law is mainly about regulatory flexibility, as it allows hotels within 400 feet of residential zoning districts to operate as permanent housing. Now the city, and both private and nonprofit affordable

Cryptomining ban

S6486 (Parker) A7389C Status: PASSED Albany has confronted the cryptocurrency movement. Lawmakers passed a first-inthe-nation ban on new and renewed permits at power plants used by cryptocurrency firms to burn fossil fuels for cryptomining, the energy-intensive process of validating crypto transactions. Environmental groups have called the bill a climate-friendly solution to stave off increased fossil-fuel emissions. Crypto groups have deemed it a death knell for the industry. Reichlin-Melnick, however, said he views it as something far less extreme than either side would like to admit. “It’s a fairly modest bill that addresses a specific issue,” he said, noting that it’s not a moratorium on all cryptomining operations across the state, but rather on a specific process used by some firms. “It specifically speaks to this upstate phenomenon of using dirty or old fossil-fuel power plants, ones that were purchased by crypto firms solely for the purpose of producing power, to run the crypto banks to do cryptomining,” he said.

APPROXIMATELY 1,007 BILLS PASSED BOTH CHAMBERS IN THE PAST SIX MONTHS housing providers, can convert the hotels into housing while bypassing cumbersome zoning laws and certificate-of-occupancy changes. Both Mayor Eric Adams and the governor are enthusiastic about the scale of the program, which could apply to as many as 200 hotels across the five boroughs at 30% of the estimated cost of traditional conversions, according to Sen. Brian Kavanagh of Manhattan, who heads the Senate housing committee. “It’s potentially an enormous opportunity,” Kavanagh said. “I think the city is ready to move forward very quickly with this approach.”

General contractors bailout

S8844 (Reichlin-Melnick) A10109 (Zebrowski) Status: PASSED State contractors also secured a huge win, as both chambers unanimously passed a bill that will allow them to lobby for revised budgets on public construction projects. Contractors have argued rising material prices and supply-chain delays have sent the cost of construction projects into the sky and left them at risk of default. Sen. Elijah Reichlin-Melnick, chairman of the Senate procurement and contracts committee, crafted legislation that will allow contractors to petition for a materials price adjustment on any contract signed with the state prior to April 1, 2020, when the Covid-19 pandemic sent the local economy off a cliff. “This isn’t a guarantee that anyone would get any different adjusted price. It has to be carefully reviewed by the state,” Reichlin-Melnick said. “But when we enter into a contract as a state, we expect it to be fulfilled—we don’t expect contractors to lose money.”

MWBE threshold reform

S9351 (Sanders) A10459 (DiPietro) Status: PASSED New York City’s roughly 11,000 minority- and women-owned business enterprises can now compete for more lucrative city contracts. The legislation allows city agencies to make up to $1 million worth of procurement of goods and services available to MWBEs before the formal competitive bidding process opens itself to the full market of small businesses and corporate contractors. The measure marks another milestone in New York’s MWBE policy. The threshold on no-bid contracts has increased from $250,000. Assemblyman Harvey Epstein of Manhattan said the “very good idea” received broad support across both chambers. “I don’t think it was contentious,” Epstein said. “Some people felt: We just did this, so why are we doing it again? So there was a conversation.”

Salary range disclosures

S9427 (Ramos) A10477 (Joyner) Status: PASSED Much like the New York City Council, the state Legislature wants greater wage transparency. The bill mandates that businesses with four or more employees display salary ranges for all job opportunities, including transfers and promotions. Lawmakers have argued that greater transparency can address pay inequality among genders and races. Women make 85.6 cents for every dollar a man earns in New York state, according to data from the National Women’s Law Center. Sen. Jessica Ramos of Queens, chairwoman of the her chamber’s labor committee, sponsored the measure. “This bill will empower workers

22 | CRAIN’S NEW YORK BUSINESS | June 13, 2022

able to overcome that.”

21st-Century Antitrust Act

BUCK ENNIS

BILLS

with the information they need to get equal pay for equal work,” she said.

NYCHA Public Housing Preservation Trust

S9409 (Salazar) A7805 (Cymbrowitz) Status: PASSED Public housing advocates scored their biggest win in a generation. Both chambers passed the New York City Housing Authority Public Housing Preservation Trust bill, legislation that is expected to finance the repair of 25,000 units and help the troubled housing authority address $40 billion in capital needs. NYCHA Chief Executive Gregory Russ called it “a momentous event in the history of public housing.” He noted that the new trust gives NYCHA the ability to raise billions of dollars in capital funds to invest in property repairs. Kavanagh said the next steps include gaining support to transfer buildings into the trust from resident organizations at specific housing complexes. He also noted that the Legislature will require the approval of the federal Department of Housing and Urban Development to use lucrative tenant protection vouchers and double the flow of funding. “It’s a significant and complex process,” Kavanagh said. “But HUD has expressed support in writing for this. It does appear they’re prepared to go forward and make the vouchers available.”

The Hospital Equity and Affordability Law

S7199A (Gounardes) A8169 (Cruz) Status: PASSED Known as the Heal Act, the Hospital Equity and Affordability Law aims to alter the landscape of New York’s insurance industry. The bill attempts to address the recent consolidation of hospitals, physicians and health care plans across New York by amending certain provisions in existing insurance contacts. The bill, which was championed by union health plans, would prohibit hospitals and health systems from including certain anticompetitive provisions in insurance contracts, such as a so-called most-favored-nation clause.

Clinical peer review bill

S8113 (Cleare) A879 (Gottfried)

Status: PASSED Another important health care bill is Manhattan Assemblyman Richard Gottfried’s legislation to change how insurance companies review the work done by clinicians. The bill would require that an insurance company or health maintenance organization’s clinical peer reviewer be in the same or a similar specialty as the clinicians whose decisions they are reviewing. The Greater New York Hospital Association said it has long supported the bill, because its members are often concerned about reviewers’ credentials.

Board of Elections reform package

Various sponsors Status: FAILED A series of election-reform bills that passed in the Senate under the leadership of Liz Krueger and Zellnor Myrie died in the Assembly. Krueger’s prime elections bill would have revamped the structure of the city Board of Elections, shrinking the number of commissioners from 10 to two—one Democrat, one Republican—and would have created a new position of executive director, selected through a national search. Other elections reforms shot down in the Assembly included mandatory training curriculum for elections officials, a poll worker training program, increasing pay for election inspectors and prohibiting conflicts of interest. “We’ve gone from worst to first in terms of the quality of our election laws,” Kavanagh said. “But there’s a continuing need to reform the way the [city] board administers elections, so I’m disappointed.”

Hospital distribution bill

S7625 (Rivera) A8441 (Gottfried) Status: FAILED One notable bill that did not pass both houses would have required hospitals to standardize their financial assistance policies. It was part of a larger legislative package to tackle medical debt. Gottfried, who chairs the Assembly’s health committee, said the bill stalled in that chamber after some staff members said they were concerned it would burden safety-net hospitals. “I don’t think it was a valid concern,” he said, “but in the closing hours of the session, we were not

S933A (Gianaris) A01812 (Dinowitz) Status: FAILED Michael Gianaris, the Senate deputy majority leader, suffered a personal defeat. His 21st-Century Antitrust Act passed the Senate in a 36-25 vote May 25. But it failed to corral enough votes in the Assembly to gain passage. The bill would’ve redefined what constitutes a monopoly in New York and changed the premerger review process to give the state more authority over determining whether companies have reached monopoly status. Some lawmakers in the Assembly suggested it might have been too complex for enough members to understand. “It just needs more time and education,” said Epstein, who supported the bill. “We didn’t go far enough down the road to educate people to get it done.” Assemblywoman Linda Rosenthal of the Upper West Side said legislation such as the antitrust bill had an easier time passing the Senate because it has fewer members than the Assembly. “We have 107 Democrats,” Rosenthal said. “The need for consensus takes longer. I’m sure it will be at the top of the list next session.”

421-a reform and good-cause eviction

S3082 (Salazar) A5573 (Hunter) Status: FAILED Quite possibly the most contentious negotiation during this year’s session involved reforming the 421a tax abatement. Developers call it a necessary incentive to create affordable housing in New York City; progressives and housing activists say it is an unnecessary $1.7 billion giveaway to the thriving real estate industry. Only after lawmakers rejected Hochul’s proposed replacement plan for 421-a—the much-maligned 485w—earlier in the spring, did it seem likely that 421-a would actually expire June 15 without a replacement. One compromise rumored to have been considered involved granting an extension to 421-a in return for passing goodcause eviction legislation. The good-cause bill would have barred landlords from not renewing leases for tenants who had kept to their terms, and it would have restricted rent increases to 1.5 times the inflation rate or 3%, whichever was higher. Rosenthal was optimistic that the horse-trading would result in a grand bargain, but she said the real estate industry poisoned the well. “The real estate industry truly manipulated their message,” she said. Good-cause eviction “doesn’t mean you can’t evict someone or increase the rent. All of those were myths that terrified people.” Bruce Gyory, a longtime political expert, said he believes both 421-a and eviction protections are so critical to New York City that they’ll likely find passage down the line. “This year’s disappointments tend to become next year’s priorities,” Gyory said. ■ Maya Kaufman and Eddie Small contributed reporting to this article.

GOTHAM GIGS

BUCK ENNIS

STUART named the company Oonee after the Japanese word for sea urchin.

AGE 33

Changing the city on two wheels

BORN AND RAISED BedfordStuyvesant and Prospect Lefferts Gardens, Brooklyn

BY CAROLINE SPIVACK

SHABAZZ STUART

LIVES Crown Heights EDUCATION Bachelor’s in political science, Tufts University FAMILY BACKGROUND Stuart is a first-generation Caribbean American. His mother hails from Barbados. CYCLIST FOREVER Stuart doesn’t have a driver’s license and has never learned how to operate a vehicle. “We didn’t own a car. My mom didn’t drive. I don’t drive.” PREFERRED BIKE His go-to two-wheeler for getting around the city is his Jamis Quest Comp steel-framed road bike. “It’s a good all-around bike that can make commuting, errands or exercise riding pretty fun, and it only weighs 23 pounds,” he said.

A Brooklyn mobility advocate founds a startup offering bike-parking pods

n 1998 maps of public transit networks from cities across the country began crowding the mailbox of the Brooklyn apartment where Shabazz Stuart, then 9, lived with his mother. Maps of Baltimore, Atlanta and Boston were all addressed to Stuart. His mom found this puzzling—until she looked at her phone bill. He had called every major transit agency he could think of to have the maps mailed to him. Growing up, Stuart had an all-consuming love of transit. Instead of obsessing over the superheroes in his comics, he was fascinated with their fictional cities and envied their futuristic street infrastructure. “It made me think, What would my fictional city look like? And how would it be similar?” Stuart said. “I really began to understand at the age of 22 how walking, cycling and public transit were all aligned, and

how that was essential to creating the kinds of livable communities that we want for New York.” Stuart recognized that for some in his neighborhood who couldn’t consistently afford mass transit, biking was a necessity. In 2015, while Stuart was working at the Downtown Brooklyn Partnership, in charge of capital projects for a streetscape of more than 1.1 million square feet, he came up with the idea for a startup that would build some of the infrastructure he fantasized about as a child. Each day Stuart commuted to work by bike from Crown Heights to Downtown Brooklyn. In five years his bike was stolen three times. Bikes can cost from a few hundred to a few thousand dollars, so a bike theft, especially to someone who relies on one for work as a delivery worker or a courier, can be a real blow. “It’s something that we all know exists as a problem—that it’s really annoying; that’s it’s pervasive—but

people seem to accept that it’s kind of inevitable,” Stuart said. “I’m from Brooklyn, so I’m very stubborn, and I thought, No, there’s got to be a better way to do this.” He started to brainstorm solutions for free, secure bike parking. An initial thought was to persuade landlords to open up their bike rooms to cyclists through an app. But property owners weren’t biting. Then he asked a friend, architect J. Manuel Mansylla, to help him come up with a design. The result was Oonee: a Brooklyn-based startup, co-founded by Stuart and Mansylla, that produces modular parking pods for bikes and scooters. The structures are accessible through a free app and come with security features. They’re also designed to enhance public spaces with green roofs, lighting and benches. They generate revenue through ad space sold on the pods. The firm made $248,000 in gross revenue last year from two pods.

A handful are scattered around the city, including one at Grand Central Terminal in partnership with the Metropolitan Transportation Authority, and another is traveling to neighborhoods in a pilot program with the city’s Department of Transportation. In May the Port Authority of New York and New Jersey announced that it was rolling out pods to three new locations. The company is in talks with other government agencies, Stuart said. More than 40 are planned for the metropolitan area. Oonee’s investors include Jump Bikes founder Ryan Rzepecki and venture-capital firm Third Sphere. Stuart hopes the pods will become as ubiquitous as newsstands or pay phones were, but for now he’s proud to be a part of reshaping the conversation around bike infrastructure and sustainable streets. “I know this sounds really crazy,” Stuart said, “but I believe we’re going to change the world.” ■

JUNE 13, 2022 | CRAIN’S NEW YORK BUSINESS | 23

NOMINATE A BUSINESS LEADER Crain’s New York Business needs your help in identifying the city’s top professionals. Selected honorees: • • • •

Earn a spot on a Crain’s Notable Leaders list Have their profile featured in Crain’s Benefit from social media exposure Spotlight their companies for fostering exceptional leadership

2022

WOMEN IN SPORTS

HEALTH CARE LEADERS

NOMINATION DEADLINE: JUNE 17

NOMINATION DEADLINE: JULY 1

2022

LEADERS IN ACCOUNTING & CONSULTING

HISPANIC LEADERS

NOMINATION DEADLINE: JULY 22

NOMINATION DEADLINE: JULY 29

Submit Today: CrainsNewYork.com/Nominations Notables Questions:

notables@crainsnewyork.com

CN020810.indd 1

6/9/22 6:59 PM