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

See PRICING on page 19 $20M MEDIAN COMP. for the top 100 executives in the New York area

ASKED & ANSWERED Why messaging matters when it comes to monkeypox PAGE 6CHASING GIANTS Brooklyn startup turning ammonia into electricity for vehicles PAGE 3 POWER CORNER Wylde on where to get good gossipcityPAGE 10 SMALL-BIZ SPOTLIGHT FIRM’S PAGEINGREDIENTISVARIETYGLOBALITSKEY23 CRAINSNEWYORK.COM | SEPTEMBER 5, 2022 NEWSPAPER VOL. 38, NO. 30 © 2022 CRAIN COMMUNICATIONS INC.

T he median compensation for New York–area executives rose by 34% in 2021, according to a Crain’s analysis of the top 100 paid CEOs of publicly traded companies. (Our list starts on page 12.) e compensation consists of a person’s salary, bonus, nonequity incentive plan, option awards, stock awards, deferred compensation and other compensation for the year 2021. e median compensation for those on the list was just under $20 million. e median salary was $1 million, and the median stock awards were just under $9 million. On average, 50% of total compensation is built into stock options, as opposed to bonuses or salary.Prime examples are Joseph Bae and Scott Nuttall, the new co-CEOs of private equity rm KKR & Co. ey handily took the top slots with a total compensation of $559.6 million and $523.1 million, respectively. e bulk of their packages is contained in units of equity. is structure is common within the highest of salaries among publicly traded company leaders, where a payout is contingent upon meeting aggressive goals, and could lead to a high-risk, high-reward approach.

TRANSPORTATION BY CAROLINE

ENNISBUCK THE SIGNIFICANT

THE LIST CEO introuncespayation

BY AMANDA GLODOWSKI SIX Meet businessthe leaders who could set the course on pricingcongestion

“ e thing with the high metrics is that they encourage a swing for the fences, take any risk attitude,” said Rosanna Weaver, wage justice and executive pay program manager at shareholder advocacy nonpro t As You Sow.isyear’s ranking consists of 92 men and just eight women, which is twice the number of women on last year’s list. e average age of executives on the list is 57. ■

Atoll on New York’s most heavily tra cked core has been on city and state o cials’ wish list for decades. It nally looked like congestion pricing was imminent in 2019, when state lawmakers in Albany passed a bill that green-lit the program: a toll on most motorists traveling into Manhattan south of 60th Street. But sluggish action from the Federal Highway Administration during the Trump presidency slowed implementation.Nowtheprogram once again appears close to becoming a reality, but there is still work to be done. Six New Yorkers in particular hold signi cant in uence in shaping the tolling structure. SPIVACK

CORRECTION ■ Christopher N. Aguwa is executive vice president and head of growth and business development at Cityblock Health. His job and responsibilities were misstated in Notable Leaders in Health Care, published Aug. 22.

Google CEO ‘long-term bullish’ on the city as other tech companies retreat TECHNOLOGY BY CAROLINE SPIVACK

2 | CRAIN’S NEW YORK BUSINESS | SEPTEMBER 5, 2022

Pichai said there’s a clear case for Google’s continued growth here: access to a diverse pool of talent in the technology sector. “I’m personally long-term bullish on our growth in New York as a company,” he told Crain’s during a recent roundtable discussion. “And we would do that only if we’re optimistic to access to tech talent and being able to scale up.” Google plans to open o ces at St. John’s Terminal by the middle of next year, he said. With its existing space at 315 and 345 Hudson St., the company’s footprint across its Hudson Square campus is expected to be a combined 1.7 million square feet. As of last September, the company employed 12,000 people in New York. It has said it aims to add at least 2,000 employees to its city workforce in the coming years. Part of that optimism stems from the city’s growth in ntech, Pichai said. New York is home to more than 1,000 active ntech startups, and that includes at least 20 companies that have attained unicorn status, with $1 billion or more in private“Whenvaluation.Ilooked at speci c sectors, like ntech, I was surprised at the scale and number of startups in New York,” Pichai said.

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igh-pro le tech out ts have recently announced layo s and scaled back on o ce expansions, but Google Chief Executive Sundar Pichai told Crain’s he remains “long-term bullish” on the company’s growth and real estate footprint in New York City. Amazon and Meta Platforms, Facebook’s parent company, have halted city expansion plans this summer. Google, however, went from leasing space at St. John’s Terminal, a 12-story building at 550 Washington St., to buying the site last year for $2.1 billion.

Vol. 38, No. 30, September 5, 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 of ces. 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.

Equitable growth Google pledged in 2020 to hire at least 10,000 people across New York, along with three other U.S. cities, by 2025 to double the number of Black employees at the company. According to a 2021 company diversity report, 4.4% of Google’s U.S. employees identi ed as Black or more than one race including Black.ere are at least 238 tech education and training organizations operating in more than 850 locations across the ve boroughs to help stimulate equitable growth in the city’s tech sector, according to a study by the Center for an Urban Future.Google last ursday launched a round of grants, with $4 million going toward computer science education and teacher training, building on the company’s investments in workforce development across the city.ecity’s tech scene has doubled its share of New York’s private-sector employment to 5.2% since 2010. More recently, however, the industry has grappled with uncertainty about growth. It’s not clear how much the digital trends of 2020 and last year signal lasting transformations in the tech sector or are more of a blip. And given high in ation and tough economics, executives at startups and industry empires alike are concerned.Access to diverse talent, Pichai said, is a big part of the attraction for the company’s “pretty profound” growth in New York. ■

he big green John Deere that energy startup Amogy has parked outside its Brooklyn Navy Yard headquarters might be the only farm tractor in the ve boroughs. It’s certainty the only one running on ammonia. “It cost us about $150,000,” said Amogy Chief Executive Seonghoon Woo, one of the company’s four co-founders. “And then we had to take components out of the most expensive part: the engine.” To demonstrate its new technology, Amogy replaced the tractor’s diesel engine with its own reactor, which “cracks” liquid ammonia into its two components: nitrogen and hydrogen. A standard hydrogen fuel cell converts the latter into electricity.

It could be di cult for Amogy to land its rst customer, Woo said, because replacing the engines on, say, a eet of cargo ships is no small matter. “If you think about the potential consumers of this technology, they are operating really large, ridiculously expensive assets,” Woo said. “Essentially, they have to be committed to this technology that no one has ever tried before.”

The next challenge

When APV and Amogy closed on a $3 million seed round in March 2021, the other three founders quit their jobs and joined Woo in New York. ey set to work on their rst prototype: a 4-foot, ammonia-powered drone. e rst ight attempt that summer, at Coney Island, was a op.

How to slay the giant Woo met his three co-founders at the Massachusetts Institute of Technology, where they were getting their doctorate. He later landed a job at IBM in Westchester County, while the others found jobs in their homeland, South Korea. Earlier in the Covid-19 pandemic, they got to chatting over Zoom about starting a company. Each proposed a di erent venture. e ammonia-cracking technology pushed by Young Suk Jo, now the company’s chief technology o cer, seemed the most promising. ey had no startup experience, but Woo volunteered to nd investors. “I didn’t even know what a VC did at the time,” he recalled.Hesent out more than 300 email queries. e unproven idea from an unknown team generated little interest. But one venture capital rm in London, AP Ventures, had been looking for what Amogy was offering.“When we originally met, there were just four founders, employed with their original jobs,” said Michelle Robson, APV’s senior investment manager. “But they obviously had developed some really compelling [intellectual property] that they were looking to license. ey had a very, very ambitious strategy, commercial road map and technology road map. And they’re inspiring individuals.”

The upstart: Amogy T

“If we didn’t make it happen by, like, August or September,” Woo said, “this company could have died.”

Ammonia is a promising clean-energy option for companies under pressure from government regulations to reduce carbon emissions. It costs twice as much as diesel and takes up three times the space to store the same amount of energy; but thanks to Amogy’s new cracking technology, it’s now cheaper and more energy-dense than other carbon-free alternatives such as batteries and pure hydrogen.

Founded in 2020, Amogy employs 80 workers— mainly electrical and chemical engineers—who are on a furious quest to create small, e cient reactors to power heavy-duty transport vehicles including mining trucks and container ships. “In 30, 40 years, in industries like shipping, ammonia is going to be the main fuel,” Woo said.

A successful ight two weeks later, however, demonstrated that the ammonia-powered drone could y without refueling for three times as long as a battery-powered model. Investors became interested, and Amogy in November closed on a $20 million Series A round led by APV and Amazon’s Climate Pledge Fund. e funding was enough to expand the team from six to several dozen and scale up the technology, leading to a successful tractor demonstration in June at a corn farm upstate. at helped seal the deal on a $46 million bridge round, which Woo said will fund the development of an ammonia-powered 18-wheeler in the fall, followed by a ship. e company already has bought a 60-foot-long, 70-yearold cargo ship. It is docked in Kingston, Ulster County, ready to make history.

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Brooklyn startup turns household cleaner into electricity to power vehicles

CHASING GIANTS KADET AMOGY co-founders (from left) Hyunho Kim, Seonghoon Woo, Jongwon Choi and Young Suk Jo

Anne Kadet is the creator of Café Anne, a weekly newsletter with a New York City focus.

But Robson said there are compelling reasons for someone to step up and be a guinea pig: “ e rst mover has the advantage. If you’re willing to go rst, you can have this novel technology shaped in a way that’s bene cial to you.” ■

ANNE

The reigning Goliath: ExxonMobil ExxonMobil, the world’s largest publicly traded international oil and gas company, employed 63,000 workers as of December and reported $285.6 billion in revenue last year. While exploring for oil and natural gas on six continents, it researches and develops alternative-energy sources such as renewable diesel and hydrogen fuel.

SEPTEMBER 5, 2022 | CRAIN’S NEW YORK BUSINESS | 3

“It never got o the ground,” Woo said. Given the company’s limited funding, it was a nerve-wracking situation.

Amogy uses ammonia to create a cheaper clean-energy option for companies looking to reduce emissions

Goldman’s lead stands at 1,306 votes, with some absentees still be to be counted. The absentee tally, with votes coming in from Orthodox Jewish enclaves and the second homes of the affluent, might bene fit IGoldman.nSeptember the Board of Elec tions will certify him the victor, barring an unlikely swing in the ab sentee votes. Activists including Cynthia Nix on, the Sex and the City actress who ran for governor four years ago, are encouraging Niou to run on the

UNItS AT THE LUXURY CONDO DO NOT APPEAR TO BE pUBLICLY mARKEtED

Despite a sleepy summer for luxury sales, closings on condos at the Aman New York appear strong

Quick takes ● On the state Senate level, pro gressives did well in the August pri mary. Sens. Gustavo Rivera and Robert Jackson turned back moder ate primary challenges. And the Democratic Socialists of America will get another senator, as Kristen Gonzalez beat Elizabeth Crowley in a new Queens-Manhattan district.

A third-party

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The next U.S. representative for the 10th Congressional District in New York City is very likely to be Dan Gold man. That, after the Aug. 23 pri mary, is almost inarguable. But Goldman’s win was narrow enough—and the bitter feelings inspired by his bid great enough—that the runner-up is contem plating a third-party chal lenge.Goldman finished with 25.8% of the vote in a crowded field, just ahead of Yuh-Line Niou’s 23.7%.

Working Families Party line this fall against Goldman. Niou said she is considering it. Other activists are excited about the possibility, be lieving Goldman’s small margin and the split field—along with the progressive energy in the district— could produce a remark able upset. If Alexandria Ocasio-Cortez beat estab lished incumbent Joe Crowley, why can’t Niou, a sitting assemblywoman, defeat a first-time candi date who was reviled by much of the field? Gold man, a moderate Demo crat with a family fortune worth as much as $250 million, poured at least $4 million of his cash into the race and outspent his rivals, who attacked him for warping the democratic process. Ill feelings remain. But those contemplating a third-party challenge against Gold man should understand how daunt ing the prospect is and how unlikely it is to succeed. Beating Goldman, the Democratic nominee, on just the WFP line would amount to an upset far greater than any AOC pulled off. In a general-election en vironment, the vast majority of vot ers choose major-party candidates. In NY-10, an overwhelmingly Dem ocratic district, that means Gold man stands to collect the lion’s share of votes. The WFP almost always en dorses Democrats and rarely runs its own candidates against Democrats. The only third-party success of note, Letitia James’ 2003 victory on the WFP line as she ran for City Council, happened only because much of the Democratic establish ment supported her against the con troversial candidate who happened to occupy the Democratic line. In 2020, with a concerted push from the WFP for voters to pick Joe Biden on its line so it could maintain its status as a political party in New York, a vast majority of the electorate still voted on the Democrat line in NY-10. Biden collected about 70% of the vote on the Democratic line, and about 14% on the WFP line. Presi dent Donald Trump, deeply unpop ular in the district, won 13% as the Republican candidate. Could Niou improve on that showing? Yes. But she’d have to do it going up against a united Demo cratic establishment. Much of the House delegation is going to en

Ross Barkan is a journalist and author in New York City. progressive challenge in NY-10 would fizzle

dorse Goldman. Gregory Meeks and Ritchie Torres already have. House Speaker Nancy Pelosi is backing Goldman, and Chuck Schumer, the Senate majority lead er, probably will follow suit. The major labor unions in the city and state will support him as well. If the other candidates, bitterness still lingering, won’t endorse Goldman, it’s not clear they’d all back Niou, especially with the many national officials supporting the Democratic nominee. Goldman would have po tentially tens of millions of dollars to spend against Niou. Also, for Niou to run as the WFP candidate, Mondaire Jones, the congressman who moved from White Plains to Brooklyn to com pete in the Democratic primary, would have to decline the party’s nomination and give it to her. Many progressives assume Jones pulled votes from Niou—which is plausible—but there’s no guarantee every voter who came out for Jones or Carlina Rivera, another cen ter-left candidate, would vote for Niou over Goldman in a hypotheti cal three-way general election. There are well-heeled moderate voters who might have liked Jones or Rivera but would prefer Gold man to Niou, who aspires to join the Squad. Electoral politics are never so neat. Niou and the WFP have every right to test out the viability of a third-party campaign. They might look at the odds and decide it’s not worth it, however. Winning is al most impossible. A protest candi dacy that makes a statement is plausible, but so is an enormous defeat, the kind that can sap a bud ding movement.

In Manhattan, in the first two weeks of August, buyers signed 28 contracts for apartments listed at $4 million and above, a rate that was well below the 10-year average of 37 contracts over that time frame, said Olshan Realty, which tracks the lux ury market. Likewise, the price per square foot in the luxury sector—the top 10% of the market—averaged $2,800 during the spring, according to the brokerage Douglas Elliman, a rate Aman has surpassed. ■

BY C. J. HUGHES

4 | CRAIN’S NEW YORK BUSINESS | SEptEmBER 5, 2022 B illionaires Row may have saved its priciest deals for last.The Aman New York Res idences condo, the residential por tion of a new hotel complex at 730 Fifth Ave., at the corner of West 57th Street, has spent its summer mov ing in Andbuyers.asthose deals are finalized, the prices paid by buyers—some a couple of years ago; marketing of the condos began in 2017—are fi nally coming to light. On Aug. 18 the most recent deal to hit city re cords, and the 12th overall, was the purchase of No. 17B, which sold for $18.4 million, or about $5,000 per square foot. As with other Aman apartments, the buyer was a shell company, in this case one named Delan Island, which picked up a two-bedroom, two-bath apartment with a home office. No. 17B was hardly Aman’s most expensive. Indeed, No. 20A, a three-bedroom that has a terrace with a pool, traded for $76 million in July, deeds show. Overall, a total of five of the 12 closings were at $20 million and above, according to re cords, and an $893 million sell-out is projected.Whetherthe fall will reveal more closings is unclear. Units at the project, a partnership between de veloper OKO Group and former real estate broker Michael Shvo, do not appear to be publicly marketed. And OKO, which also created the 83-room Aman hotel on the floors below the condo (the hotel opened Aug. 2), has reserved the right to hold back some apartments and rent them out, according to the condo’s offering plan. Currently, the starting rate for the hotel rooms is around $3,000 a night. Completed in 1921 and designed by the architects behind Grand Central Terminal730 Fifth, a former office tower called the Crown Building, the building was pur chased in 2015 by General Growth Properties and Wharton Properties for $1.8 billion, before OKO and Shvo snapped up the upper stories for their hotel and condo project. Neighbors include big-ticket condos such as 111 W. 57th St., or Steinway Tower; 225 W. 57th St., or Central Park Tower; and 157 W. 57th St., or One57.

ON POLITICS ROSS BARKAN THE AMAN New York Residences, 730 Fifth Ave.

● Congestion pricing is good, but New York needs to get serious about banning more private auto mobiles from busy areas that are easily accessible via mass transit. ■

It’s nally here! Citrin Cooperman is excited to announce the launch of our new website— bringing you an innovative, industry-focused experience with exclusive content tailored to your needs. Access the future today at citrincooperman.com.

The future of software

MICHAEL E. RHODES Technology Practice

Clearly identifying the problem and remaining laser-focused on the target is critical. Being able to clearly articulate that understanding to potential investors is vital. As important as these simple facts are, some developers describe their software using far-reaching case studies or vague language to market their product to cast a wide net to capture a broad range of possible applications. is can be confusing to investors who want to categorize the software to understand market potential and to assess value, strategize on growth opportunities and focus development e orts.

Covid also has taught businesses to expect the unexpected. In many o ces around the country, enterprise risk management was casually discussed over a midafternoon cup of co ee. But these days enterprise risk management is a primary area of focus for corporate executive leadership teams from companies of all sizes that want to assume the best, but be prepared or the worst. Companies have learned that e ective planning and decisionmaking are driven by data and the analytical tools required to digest this data. What does the next chapter look like for these technology developers? e world has had an erratic post-Covid reopening, and early stage technology companies must now ensure they sustain momentum to remain relevant and attractive to the investment community.

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The pandemic has brought about indelible change that is no more apparent than in the business community, where widely accepted operating norms have been shaken to their Crisiscore. is often a catalyst for change, and for the business community, tools and solutions were available to facilitate the transformation. At the heart of these changes is innovative technology that has enabled companies to shift gears quickly to respond to stakeholder demands due to unpredictable forces while these companies remain well informed to ensure e ective decision-making. It is clear that methodsmainstreamcommunicationcollaborationmostchangedsolutions.medicinetrends,hasInpresentedofindustriesbookssizestechnologybusiness-to-businesscompaniesofallwillgodowninthehistoryasoneoftheselectfewthatthrivedbecausetheworldwidechangesbythepandemic.certaincases,thepandemicaccelerateddisruptivesuchastheshiftintowardtelehealthInothercases,itthecourseentirely,notablyintheadoptionofandtoolsbybusinessestoenableforworkingremotely.

5 | CRAIN’S NEW YORK BUSINESS | SEPTEMBER 5, 2022

mrhodes@citrincooperman.comLeader

Investor focus on circumstancesincreaseforforward-thinking,successfulmethodsabilityourcircumstancesskyrocketedcustomertwoattractiveopportunitiestheyincludingconsistentcompaniesnew.to-businesssoftware-as-a-service,disruptivebusiness-companiesisnotFormanyyears,thesehavebeenafocusforinvestors,privateequity,becauseoeredgrowththatresultedinreturnsoninvestment.istrendacceleratedinthepastyears,however,whenadoptionratesinresponsetothatchallengednormsandstrainedourtoadheretotraditionalofoperation.Mostbusinessesareandtheylookwaystodrivegrowthandprotability.Whenarosethat

ABOUT

Covid may have been the greatest disruptor in recent history, forcing us all to respond innovatively to unpredictable changes. Softwareas-a-service companies, however, have proved they can thrive through that disruption. Businesses have come to understand that those that were most prepared for and capable of navigating change were the ones that managed through chaos and prospered. Software that allowed companies to adapt became more valuable and experienced accelerated rates of adoption. Without a doubt, businesses embraced disruptive technologies long before the pandemic, but it was access to such technologies and their ability to incorporate those solutions in day-to-day operations that enabled many businesses to thrive despite Earlyadversity.stage software developers will continue to serve the critical role of providing innovative solutions so businesses are able to focus on what counts—driving pro tability, streamlining operations and e ectively managing enterprise risk. “Citrin Cooperman” is the brand under which Citrin Cooperman & Company LLP, a licensed independent CPA rm, and Citrin Cooperman Advisors LLC serve clients’ business needs. e two rms operate as separate legal entities in an alternative practice structure. Citrin Cooperman is an independent member of Moore North America, which is itself a regional member of Moore Global Network Limited.

challenged their ability to accomplish these primary objectives, software-as-a-service solutions o ered opportunities to drive e ciency, reduce costs, increase customer acquisition or provide information to enhance decision-making. Investors embraced these technologies as much as their customers did. Investors, however, look for more than promise and the potential of serving as a short-term x. We know that a world with or without Covid o ers few assurances, which makes the competition for investment capital that much more erce. e most attractive companies will be those that o er reliable cash ow sourced from relatable revenue streams. Software-as-aservice companies can provide investors with what they are looking for because subscription model revenue is simple and straightforward, o ers a great deal of predictability, growth and, quite simply, stems from increasing the number of subscriptions. In many situations, software-as-a-service solutions are easy for commercial users to implement and are exceptionally scalable, which o ers repeatable growth potential. In havesoftware-as-a-serviceLookingformula.withoutsignias-a-servicesupply-chainsignistructureshavesoftware-as-a-serviceaddition,companiesextremelyecientcostandhavenotbeencantlyaectedbypervasiveproblems.Software-companiescangrowcantlybyaddingusersnotablyincreasingtheirxedcosts,whichisanappealingahead,earlystagecompaniestremendouspotentialto establish a strong foothold in mainstream commercial businesses and increase market adoption of their solutions. Companies will rely more heavily on software that fosters growth, enables productivity and establishes e ciencies. To be part of the next wave of disruptive solutions, a softwareas-a-service company needs to be successful in the pursuit of capital from a more scrutinizing investor pool that wants to know, in no uncertain terms, who the customer is and what problem the software solves.

What is affecting your organization these days? I think that this is the time to step up. One of the top challenges facing our organization right now is the national landscape of the health care sector. We’ve been in crisis mode for a couple of years now with the pandemic and the violence against Black and brown bodies being televised across the country. There’s a model we’ve used that scores patients based on comorbidities, demographics like housing instability, gender identity and race. We’ve applied it to [monkeypox virus] in our patients.

ASKED & ANSWERED grown the site. Now we’re getting it to where we think it can be. We’re expanding our addiction services, as there’s been a big demand for behavioral health, [and] we have a very aggressive plan of adding behavioral health providers right now. How does Callen-Lorde embed itself in the communities it serves? When we started over 50 years ago, we started as two volunteer collectives. Many of us are from the communities [we serve], and there is a certain level of connection and trust that is gained from doing that. [When] we realized stock photos didn’t look like our patients or staff, we started taking our own pictures to be displayed all over our clinics. That is one tiny way through which we show our commitment to our community.

recognizes top executives across New

Callen-Lorde Community Health Center WHODOSSIERHEISInterim executive director of Callen-Lorde Community Health Center EDUCATION Bachelor’s in gender studies, Rutgers University; MPA, Baruch College GREW UP Fajardo, Puerto Rico RESIDES Chatham, New Jersey SCUBA LOVER Santos-Ramos is obsessed with scuba diving, although he hasn’t ventured into the Hudson to do it yet.

What are the challenges to providing care? We are no exception to the Great Resignation. There’s a real strain on the health care workforce, and we’re feeling the pains of that. When federal policy starts infringing on our bodies, folks feel that trauma, feel devalued. When messages of hate against their bodies are at every turn, it affects how they access care, how they follow up and adhere to their care.

6 | CRAIN’S NEW YORK BUSINESS | SEPTEMBER 5, 2022 Nominate at CrainsNewYork.com/RELeaders NOMINATE NOW! Deadline is Sept. 23

2022 Notable Leaders in

JONATHAN SANTOS-RAMOS

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real estate industry for their accomplishments over the last 18 months.

Why is it so important for the city to take the monkeypox virus seriously?

LEADERS IN REAL ESTATE 2022

INTERVIEW BY JACQUELINE NEBER

The MPV outbreak is disproportionately impacting men who have sex with men and transgender and nonbinary communities, but it is important not to repeat the mistakes of our past—particularly those around the HIV epidemic, which was once called a “gay disease.” As we all know, HIV impacts everyone, and the same is true about MPV. [But] we can’t overstate the importance of reaching LGBTQ+ communities. To do that, the city can fund its partners that serve our communities to help ensure that our trusted voices are reaching people. For decades we have worked to build trust with some of the hardest-to-reach populations, and it is our efforts that will reach these people. ■

Jonathan Santos-Ramos just assumed the role of interim executive director at Callen-Lorde Community Health Center, a federally-qualied facility that provides health care to New Yorkers who identify as lesbian, gay, bisexual or transgender. Santos-Ramos rst started at Callen-Lorde, which has locations in Chelsea, the Bronx and Downtown Brooklyn, in 2003. He has also held director roles at the city Department of Health and Mental Hygiene and Community Healthcare Network. Amid the toll the Great Resignation is taking on the health care workforce, Santos-Ramos stresses the importance of boosting behavioral health services and ensuring proper monkeypox messaging.

What’s next for Callen-Lorde ? We opened our Callen-Lorde Brooklyn site in May 2020. Because of social distancing and the reduction of in-person services, we haven’t

Crain’s Real Estate York’s

DOG DAD He got a pandemic puppy, a chihuahua, rat terrier and poodle mix named Sally Jessy Raphael. “She is the light of my life.”

WHERE TO EAT He’s a big fan of the Mermaid Inn. “I love oysters on a half-shell and meet my best friend there often for a glass of wine.”

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AN $83 TOLL IS ASKING A LOT OF COMPANIES THAT WANT TO DO BUSINESS HERE

Congestion pricing should not punish companies that rely on delivery trucks

‘Worst Landlords’ list has a aw in methodology

8 | CRAIN’S NEW YORK BUSINESS | SEPTEMBER 5, 2022 D

THE OP-ED “Worst Landlord’ List is a great tool, but consequences past nes are needed (Aug. 22)” misses a signi cant aw in the report's methodology. e list is based solely on a moment in time, the number of violations per unit in the previous 12-month period. at means that a landlord who bought a building after all the violations were issued can make the list if that landlord doesn’t clear the violations within that one year, an impossibility for a severely neglected building. If the building needs a lot of work, an owner has to rst get plans approved by the Buildings Department, then arrange to have the work done, including getting access to apartments with violations, and then wait weeks for Housing Preservation and Development Department or the Department of Buildings to inspect so the violations can be cleared.Nomatter, they still run the risk of getting smacked by politicians and the press, even if violations are lifted the very next day. Almost every year there are landlords like this, only to be o the list the following year without any recognition that the e ort had already been underway when they were named and shamed. at’s not to say that there aren’t landlords on the list who deserve strong measures, but the law providesalreadythetools to go after them. HPD, DOB, Division of Housing butMorefrommanagementincludingenforcement,aggressivehaveattorneyandCommunityal,CommunityandRenew-HomesandRenewaleventhestategeneralallbeenintheirtakingawaysomelandlords.canbedone,justbeingonthe

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LETTERS TO THE EDITOR ENNISBUCK BLOOMBERG

Janno Leiber, chairman of the Metropolitan Transportation Authority, has said the review board will mull over incentivizing delivery trucks to make drop-o s during nonpeak hours, such as at night. at could work for some, but when it comes to food and other time-sensitive goods, it won’t y. In addition, businesses that do not have to do so already will need to hire nightshift teams to handle pickups. e Tra c Mobility Review Board should hear all concerns so it can make congestion pricing as manageable as possible for all parties. at includes for companies, big and small, that must rely on trucks. ■

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 nancial of cer Robert Recchia founder G.D. Crain Jr. [1885-1973] chairman Mrs. G.D. Crain Jr. [1911-1996] 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.

list doesn’t tell the whole story. KEN FormerFISHERNew York City Councilman Ken Fisher primarily represents landlords and developers.

uring the recent hearings on congestion pricing, many New soundedYorkersoon how the toll will a ect passenger cars, but its e ect on the trucks that make local deliveries should not be lost in the shu e. Although congestion pricing is a worthwhile program that would ease crowded streets, reduce pollution and help fund an ailing transit system, steps must be taken to ensure that it does not make the cost of doing business here even steeper. And when the Tra c Mobility Review Board (the members of which are described in this week’s cover story, written by reporter Caroline Spivack) discuss the rollout of the program, it would do well to remember that the city has reported that almost 90% of the packages delivered daily come here via truck. According to the Department of Transportation, Midtown is one of the ve boroughs’ busiest zones for deliveries, and much of the area is below 60th Street, which would be subject to the new toll. Congestion-pricing proposals could have trucks pay $12 or even as much as $65 or $83 to enter the zone during peak hours. e fees would not a ect just Amazon and other large retailers. ey would have a monumental impact on small businesses based in the outer boroughs or surrounding areas that, say, deliver small batches of baked goods to bodegas or handmade wares to individual consumers. ese small companies will have to decide whether to absorb the fees, which are in addition to high fuel and labor costs, or pass them along to customers, both of which could detrimentalbe to their bottom line.To be sure, the city’s streets need an intervention to make them safer and easier to travel, including for delivery drivers who spend far too much time stuck in tra c. e street congestion is a tax of its own, causing delays, a loss of productivity and pollution. And the funding from congestion pricing would be a lifeline for a transit system in urgent need of investment.Butan$83 toll is asking a lot of the companies that want to do business here. For better or worse, there is no better way at the present moment to get a large quantity of goods from point A to point B in the city than via truck. An $83 toll would seem almost like a punishment for wanting to make sales in our dense, populous city. And it very well could discourage small businesses from providing their wares here.

EDITORIAL

president & ceo K.C. Crain group publisher Jim Kirk publisher/executive editor Frederick P. Gabriel Jr. editor-in-chiefEDITORIAL Cory cory.schouten@crainsnewyork.comSchouten, 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, Caroline Spivack op-ed editor Jan opinion@crainsnewyork.comParr, sales assistant Ryan Call to contact the newsroom: 685www.crainsnewyork.com/staffeditors@crainsnewyork.comThirdAve.,NewYork,NY10017-4024 ADVERTISING www.crainsnewyork.com/advertise account executives Kelly Maier, Marc Rebucci, Laura Warren people on the move manager Debora Stein, dstein@crain.com CUSTOM associateCONTENTdirector,custom content Sophia sophia.juarez@crainsnewyork.comJuarez, custom content coordinator Ashley Maahs, ashley.maahs@crain.com EVENTS www.crainsnewyork.com/events manager of conferences & events Ana Jimenez, ajimenez@crainsnewyork.com senior manager of events Michelle Cast, michelle.cast@crainsnewyork.com director,REPRINTSreprints & licensing Lauren Melesio, 212.210.0707, lmelesio@crain.com productionPRODUCTIONand pre-press director Simone Pryce media services manager Nicole Spell

The pandemic has led New Yorkers to embrace the city’s social infrastructure like nev er before, at parks, playgrounds, li braries and cultural venues. New York’s arcane and inefficient sys tem for building and repairing its critical public assets, however, is preventing our limited capital dol lars from meeting the full scale of needs across the five boroughs. From inception and design to procurement and construction, building in New York takes longer and costs exponentially more than it should. Typical park and library projects take up to eight years to complete, according to Center for an Urban Future research. Parks struggle with maintenance backlogs, aging branch libraries close for longer than they should, public bathrooms remain unbuilt, child care centers are left in disre pair, and community and cultural organizations wait years for capital needs to be addressed. The urgency of maintaining and upgrading our social infrastructure is heightened by the fact that the city’s community resources are withering when New Yorkers are depending on them more. On average, city parks are now 73 years old. The Parks Department faces an estimated backlog of $6 billion in capital work. Those numbers continue to grow as the city’s capital construction process remains stuck in low gear. To achieve major cost and time savings, the city must streamline bureaucratic processes across the network of agencies that are bogged down in a system marked by layers of redundancy and inefficiency. New task force Mayor Eric Adams took a step toward doing so when he convened a capital process reform task force, charged with speeding up the time it takes for the city to complete projects.Change is not only necessary, it’s achievable. The city Department of Design and Construction, which manages many city-funded capital projects, has made meaningful progress under its 2019 strategic blueprint, reducing the average time to get projects done by about six months. Likewise, the Parks Department has made process improvements that are starting to showBuildingresults. on those successful innovations, the Adams administra tion and the City Council should implement broader systemic reforms that help New York reduce the time it takes to build and repair public infrastructure and buildings. A new campaign, Build Back Faster NYC, is calling on the mayor and council to reduce the time it takes to build in New York by 25%— or about two years per project. Cutting red tape from the city’s capital process would be a major victory for all New Yorkers. The sav ings could top $800 million during the next five years. That’s enough to pay for 150 full-time parks workers, fund 1,300 miles of protected bike lanes or clear nearly all the state-ofgood-repair needs across the city’s three library Overhaulingsystems.aprocess this com plex and unwieldy requires dedi cated efforts toward solutions and better results from the Adams administration, the council, capital and oversight agencies and public libraries. Set and measure goals Adams should begin by calling on all the agencies and entities with an oversight role in the capital pro cess to deliver a strategic blueprint detailing steps to reduce project durations by 25%.

The council could help set and measure the goals. Its finance, con tracts and oversight committees should organize a hearing focused on capital process inefficiencies across agencies and opportunities forCityimprovement.officialsbelieve reforming the capital process is necessary, but the complexity of the issue—and a lack of prioritization—have sty mied efforts to fix it. Our parks and open spaces, libraries, schools and hospitals are the foundation of a more equitable city. Now is the time for a recovery that’s not just bold but smart, to build back more efficiently. New York’s current leaders can make it happen.

| CrAIN’S NeW YOrK bUSINeSS | 9 LearnMoreandRegisterfortheHealthFundConference: www.32BJHealthFundConference.com InpartnershipwithCity&Stateandthe32BJLaborIndustry CooperationFund,the32BJHealthFundisholdingamajor forum–“HospitalPrices:thePolicyandthePractical”–on September22ndwithnationalpolicyexpertsand stakeholderstodiscussstrategiesthatgovernmentsand privatesectoremployersareundertakingtocontrolhospital prices,andhowNewYorkCitycanjointhecalltoaction. 32BJSEIUandtheRealtyAdvisoryBoardarebringing togetherleadersinthelaborcommunityandrealestate industrytolaunchamulti-million-dollarpubliceducation andadvocacycampaigntofightforfairandrationalhospital pricesforallNewYorkers. Privatehospitalpricesarethebiggestdriverofrisinghealth carecostsforemployersandworkers.They’rebecominga realimpedimenttobringingbackhigh-qualityjobsand supportingbusinessrecoverypost-COVID. IT'STHE PRICES, STUPID! Let’s overhaul the city’s capital process for the sake of our parks, playgrounds and libraries

September

■ Adam Ganser is executive director of New Yorkers for Parks. Jonathan Bowles is executive director of the Center for an Urban Future. 5, 2022

OP-ED BY ADAM GANSER AND JONATHAN BOWLES

How do you describe your leadership style? Direct, probably to a fault. And, I hope, collegial.

10 | CRAIN’S NEW YORK BUSINESS | SEptEmBER 5, 2022

“THE NIGHtLY GALAS, WHICH HAVE STARTED UP AGAIN, ARE WHERE YOU GEt ALL tHE GOSSIp AND FIND OUT WHAT’S REALLY GOING ON” takeaway for professionalsbusiness The Partnership for New York City is the city’s premier business association. Members include Fortune 500 companies and some of New York’s largest banks, corporations and policies.forandcloselyWylde’sphilanthropies.teamworkswithCityHallinAlbanytolobbybusiness-friendly

Where do you see inaction that frustrates you? What I’m frustrated most by is that advocacy groups are writing legislation that impacts employers, and it’s very difficult to push back because we’re generally not at the table when bills are being drafted. An example is the salary transparency bill the City Council passed in December without any input from employers that would’ve made the bill stronger and easier to comply with. The state Legislature and City Council have become accustomed to responding to the agenda of advocacy groups of all kinds. By the time we’re informed about the legislation, it’s too late to do much with it.

How did you come to your current position of power? Originally I came to New York for a summer college job, and I fell in love with the city. I came back in 1968, after graduation, as director of community relations for a Lutheran hospital in Sunset Park [in Brooklyn]. It was a time of disinvestment in the city, and the hospital took the lead in anti-poverty efforts in the neighborhood it served, including the need for affordable housing. I was there for 11 years, through the urban fiscal crisis. And through our community development efforts, I worked in partnership with a local bank when the federal Community Reinvestment Act passed in 1979. In fact, I was one of the handful of New York City’s first CRA officers. I spent three years at that bank learning the financing side of the housing business and was asked to write a paper for David Rockefeller [Chase Manhattan Bank chairman and CEO] that asked how the banks should rebuild neighborhoods through affordable housing. That’s when I started as one of the first employees of the partnership in 1982. David Rockefeller was the definition of power in New York City at the time. He was running Chase Manhattan, and he founded the partnership as a nonprofit. He felt the business community had allowed the city to go into decline and fiscal crisis. He organized the partnership as a way to commit the leadership of business to support the city and its needs. What actions are you focused on taking in the coming months?

Well, many things. One is trying to help employers deal with the public safety concerns that are escalating with their employees and creating additional stress on top of the overall anxiety that people are feeling over living with more than two years of the pandemic. And then also thinking about how we can support and help create a positive narrative about the future of the city, both locally and globally. New York has taken a lot of hits over the past two years, and we’ve taken some damage to our image that must be addressed if we’re going to continue to attract top talent to the city.

40 ON HER RÉSUMÉ Lutheran Medical Center (1968–1979), Anchor Savings Bank (1979–1982) BORN Madison, Wisconsin RESIDES Bay Ridge, Brooklyn EDUCATION Bachelor’s in political science, St. Olaf College GOOD WORKS The partnership recently announced an $8 million fund in which members are teaming with the Adams administration to alleviate homeless ness. Sixty-one firms have contributed, including Blackstone and Condé Nast.

How do you want to be remembered? Honestly, I don’t really care if I’m remembered. I care about what I can get done now.

What was the best lesson you’ve learned? That achieving anything in a city as big and complex and as difficult as New York requires having a wide band of support from a very diverse constituency. If you want to get something done, you can’t just be appealing to people who think like you. You’ve got to see where the confluence of many different interests is and how to pull that together to accomplish a shared agenda.

That’s really the lesson of being successful in New York. No one can do anything alone here.

Who, in your mind, is the most capable executive you’ve watched work? I suppose Mike Bloomberg would have to be right up there. He has the unique combination of management and marketing skills that are necessary to accomplish big visions. Certainly I’ve been privileged to work with many of the city’s greatest executives: Henry Kravis, Jerry Speyer, Ken Chenault, James Gorman—people who are running the greatest companies in the world.

EMPLOYEESDOSSIER

HOLTASHLEY

Kathryn Wylde reveals the keys to a business-friendly city INTERVIEW BY BRIAN PASCUS POWER CORNER

Why do you think capable people in this city lose power? Interesting question. They become irrelevant, and they don’t keep up with the constantly changing demands and issues of the city.

How do you define power? The ability to get things done. What are the benefits of holding power? Being able to see what the needs are and mobilizing the resources to fill them.

or more than 21 years, Kathryn Wylde has led the Partnership for New York City. Holding the ear of chief executives as easily as she holds court with the mayor, Wylde has used her influence to help make New York the financial and economic capital that it is. The Covid-19 pandemic and ensuing public safety crisis have unsettled New York’s business community. With quality-of-life concerns top of mind, Wylde is now working closely with Mayor Eric Adams to reinstill a sense of confidence in the city. She sat down with Crain’s to talk about her present and past roles in city affairs.

Where’s your favorite place to connect with people? My favorite place to entertain is in our home in Puerto Rico. In terms of New York, I would say the nightly galas, which have started up again. It’s where everybody has a glass of wine and you learn all sorts of things and meet lots of people you otherwise wouldn’t and get all the gossip. That’s the setting in New York when you find out what’s really going on. Was there ever an alternative path you considered? Originally, I wanted to be a political journalist. That’s what I wanted to do after college. I applied to newspapers, and they said women can start as typists and work their way up to the society page. I decided that was not for me. That was 1968. Things have, fortunately, changed. But journalism was my first love, and I love writing. ■

SPONSORED CONTENT Finalists named for the 2022New York CIO ORBIE® Awards With support from Crain’s New York Business, NewYorkCIO will honor the CIOs who are driving innovation and transforming Greater New York’s leading organizations at the upcoming New York CIO of the Year® ORBIE® Awards. To learn more, please visit NewYorkCIO.org/awards/details. The nalists are below: SUPER GLOBAL | Over $30 billion annual revenue & multi-national operations GLOBAL | Over $9 billion annual revenue & multi-national operations LARGE ENTERPRISE | Over $3 billion annual revenue SASTRY DURVASULA TIAA LOOKMAN FAZAL NJ Transit JON HARDING Conair LLC ASHISH PARMAR Tapestry, Inc. GARY SORRENTINO Zoom ENTERPRISE | Over $500 million annual revenue CORPORATE |Up to $500 million annual revenue HEALTHCARE |Hospitals & healthcare organizations MICHAEL BRADSHAW Kyndryl MARTIN BRODBECK Priceline BRIDGET ENGLE BNY Mellon EILEEN MAHONEY PVH KETAN PANDIT QBE Insurance PAUL DAUGHERTY Accenture VIVEK GURUMURTHY Verizon LIDIA FONSECA P zer Inc. MICHAEL POSER Morgan Stanley FLETCHER PREVIN Cisco Systems SCOTT STRICKLAND Wyndham Hotels & Resorts PARAG AGRAWAL Chobani Inc. SHANNON BRITTON ShiseidoCorporationAmericas GREG BELLOTTI Elementis Global AREF MATIN Wiley ANNA RANSLEY Godiva DENNIS SUTTERFIELD SUNY Downstate Health Sciences University SHANE BRAUNER Schrödinger, Inc. ROBERT FIELD Precipart RANDY CLEGHORNE Goodwill Industries of Greater New York and Northern New Jersey TEJ PATEL Stevens Institute of Technology DARREN PERSON The NPD Group VADIM SUPITSKIY Forbes ABU BAKAR Summit Health MARK EIMER Hackensack Meridian Health SUNIL DADLANI Atlantic Health System KRISTIN MYERS Mount Sinai SystemHealth CLAUS TORP JENSEN Teladoc Health ATEFEH RIAZI Memorial Sloan Kettering Cancer Center

StephenSchwarzman BlackstoneInc.(BX) $160.3 $0.4$0.0$0.0$0.0$0.0$0.0$159.9

26 JamesGorman

JoshuaPeirez SterlingCheckCorp.(STER) $22.7 $0.7$0.0$1.1$16.0$4.0$0.0$0.9

JamesLevin 2 SculptorCapitalManagementInc.(SCU) $145.8 $0.0$4.0$0.0$0.0$76.0$0.0$65.8

PeterZaffino 4 AmericanInternationalGroupInc.(AIG) $21.9 $1.5$0.0$8.0$2.9$9.4$0.0$0.2 ShaiWininger 5 LemonadeInc.(LMND) $21.5 $0.4$0.0$0.0$21.0$0.0$0.0$0.1

AMANDA.GLODOWSKI@CRAINSNEWYORK.COM

34 MartinSchroeter

StephenSqueri AmericanExpressCo.(AXP) $25.5 $1.5$8.0$0.0$2.9$12.5$0.0$0.5 PepsiCoInc.(PEP) $25.5 $1.5$0.0$10.2$0.0$8.7$4.4$0.6 MorrisGoldfarb G0IIIApparelGroup(GIII) $24.9 $1.0$0.0$7.5$0.0$16.2$0.0$0.3

36 RamonLaguarta

23 DavidSolomon

30 MarioGabelli

20 JoshuaSilverman

24 DexterGoei

ScottNuttall 1 KKR&Co.Inc.(KKR) $523.1 $0.3$24.7$0.0$0.0$442.2$0.0$56.0 SueNabi CotyInc.(COTY) $283.8 $3.5$0.0$0.0$0.0$280.2$0.0$0.0

12 | CRAIN’S NEW YORK BUSINESS | SEptEmBER 5, 2022 THE LIST TOP-PAID CHIEF EXECUTIVES New York-area CEOs ranked by total compensation (in millions) RANKCEO NAME COMPANY (TICKER) COMPENSATIONTOTALIN2021 INSALARY2021 INBONUS2021 PLANNONEQUITYINCENTIVEIN2021 AWARDSOPTIONIN2021 AWARDSSTOCKIN2021 COMPENSATIONDEFERREDIN2021 COMPENSATIONOTHERIN2021

33 LachlanMurdoch

NeilBlumenthal WarbyParkerInc.(WRBY) $103.6 $0.5$0.0$0.3$3.5$99.2$0.0$0.1

PeterWeinberg PerellaWeinbergPartners(PWP) $71.8 $0.5$15.7$0.0$0.0$55.6$0.0$0.0

YanceySpruill DigitalOceanHoldingsInc.(DOCN) $82.5 $0.5$0.0$0.8$0.0$81.2$0.0$0.0

16 HenryKravis 3 KKR&Co.Inc.(KKR) $67.5 $0.3$0.0$0.0$0.0$0.0$0.0$67.2

22 DozyMmobuosi

25 LisaUtzschneider

RobertThomson NewsCorporation(NWSA) $23.0 $3.0$0.0$10.0$0.0$9.1$0.5$0.4

FabrizioFreda TheEstéeLauderCompaniesInc.(EL) $66.0 $1.7$0.0$7.3$5.2$50.4$0.7$0.7

29 WilliamMagnuson

AlbertBourla PfizerInc.(PFE) $24.4 $1.7$0.0$8.0$7.1$6.2$0.0$1.4

JamesDimon JPMorganChase&Co.(JPM) $84.4 $1.5$5.0$0.0$52.6$25.0$0.0$0.3

MarioSchlosser OscarHealthInc.(OSCR) $60.8 $0.4$0.0$0.1$0.0$60.2$0.0$0.1 PabloLegorreta RoyaltyPharma(RPRX) $49.5 $8.0$0.0$0.0$0.0$0.0$0.0$41.5 EtsyInc.(ETSY) $40.6 $0.6$0.0$1.1$3.6$35.3$0.0$0.0 CarynSeidman Becker ClearSecureInc.(YOU) $40.3 $0.4$0.0$0.1$0.0$39.8$0.0$0.0 TingoInc.(TMNA) $40.3 $0.3$0.0$0.0$0.0$40.0$0.0$0.0 TheGoldmanSachsGroupInc.(GS) $39.5 $2.0$9.9$0.0$0.0$27.4$0.0$0.3 AlticeUSAInc.(ATUS) $38.3 $0.8$0.0$1.0$18.1$18.5$0.0$0.0 IntegralAdScienceHoldingCorp.(IAS) $35.8 $0.5$0.8$0.0$34.4$0.0$0.0$0.0 MorganStanley(MS) $34.9 $1.5$8.4$0.0$0.0$24.6$0.0$0.5 SiriusXMHoldingsInc.(SIRI) $32.6 $1.7$6.1$0.0$9.5$15.0$0.0$0.3 BlackRockInc.(BLK) $32.6 $1.5$11.3$0.0$0.0$18.8$0.0$1.0 BrazeInc.(BRZE) $29.3 $0.4$0.5$0.0$28.5$0.0$0.0$0.0 GAMCOInvestorsInc.(GBL) $29.2 $0.0$0.0$0.0$0.0$0.0$0.0$29.2 JefferiesFinancialGroupInc.(JEF) $28.9 $1.0$12.0$0.0$15.7$0.0$0.0$0.2 CowenInc.(COWN) $28.6 $1.0$16.0$0.0$0.0$8.4$0.0$3.2 FoxCorporation(FOXA) $27.7 $2.3$0.0$10.5$2.8$8.0$2.9$1.3 KyndrylHoldingsInc.(KD) $26.4 $1.0$0.3$2.0$4.2$18.8$0.0$0.1

DavidSteinberg ZetaGlobalHoldingsCorp.(ZETA) $216.5 $0.8$0.7$0.8$0.0$214.0$0.0$0.3

DavidGilboa WarbyParkerInc.(WRBY) $103.6 $0.5$0.0$0.3$3.5$99.2$0.0$0.1

27 JenniferWitz

DavidZaslav WarnerBros.DiscoveryInc.(WBD) $246.6 $3.0$4.4$22.0$202.9$13.2$0.0$1.1

JosephBae 1 KKR&Co.Inc.(KKR) $559.6 $0.3$24.7$0.0$0.0$476.3$0.0$58.4

15 GeorgeRoberts 3 KKR&Co.Inc.(KKR) $67.5 $0.3$0.0$0.0$0.0$0.0$0.0$67.2

31 RichardHandler

RobertReffkin CompassInc.(COMP) $89.9 $0.4$0.1$0.0$0.0$89.2$0.0$0.2

32 JeffreySolomon

AnthonyCasalena SquarespaceInc.(SQSP) $84.1 $0.2$0.0$0.0$0.0$83.5$0.0$0.3

28 LaurenceFink

DanielGlaser Marsh&McLennanCompaniesInc.(MMC) $21.5 $1.5$0.0$7.0$6.3$6.5$0.0$0.2 DanielSchreiber 5 LemonadeInc.(LMND) $21.5 $0.4$0.0$0.0$21.0$0.0$0.0$0.1 SandeepMathrani WeWorkInc.(WE) $21.3 $1.5$10.8$0.0$0.3$8.7$0.0$0.0 MarcHolliday SLGreenRealtyCorp.(SLG) $21.1 $1.3$0.0$1.7$0.0$18.1$0.0$0.1 JaneFraser 6 CitigroupInc.(C) $20.5 $1.3$6.4$1.6$0.0$11.2$0.0$0.1

DavidKenny NielsenHoldings(NLSN) $13.8 $1.3$0.0$2.3$1.5$8.7$0.0$0.0

30 MarioGabelli

JohnWren OmnicomGroupInc.(OMC) $20.0 $1.0$0.0$10.9$0.0$8.1$0.0$0.0

KennethMoelis Moelis&Co.(MC) $14.4 $0.4$5.1$0.0$0.0$8.8$0.0$0.0

RANKCEO NAME COMPANY (TICKER)

RobertReffkin CompassInc.(COMP) $89.9 $0.4$0.1$0.0$0.0$89.2$0.0$0.2

60 MichaelBarrett

27 JenniferWitz

32 JeffreySolomon

MarioSchlosser OscarHealthInc.(OSCR) $60.8 $0.4$0.0$0.1$0.0$60.2$0.0$0.1

ShaiWininger 5 LemonadeInc.(LMND) $21.5 $0.4$0.0$0.0$21.0$0.0$0.0$0.1

LachlanMurdoch

RobertThomson NewsCorporation(NWSA) $23.0 $3.0$0.0$10.0$0.0$9.1$0.5$0.4 JoshuaPeirez SterlingCheckCorp.(STER) $22.7 $0.7$0.0$1.1$16.0$4.0$0.0$0.9

MartinSchroeter

MorrisGoldfarb G0IIIApparelGroup(GIII) $24.9 $1.0$0.0$7.5$0.0$16.2$0.0$0.3

RobertThomson NewsCorporation(NWSA) $23.0 JoshuaPeirez SterlingCheckCorp.(STER)

$17.6 $1.5$0.0$2.9$0.0$12.6$0.0$0.5 $17.4 $1.5$2.0$6.4$1.0$6.3$0.0$0.2 $17.0 $0.9$0.0$4.0$5.1$6.5$0.0$0.4 Organon&Co.(OGN) $16.8 $1.1$0.0$1.5$6.0$7.7$0.0$0.5 MetLifeInc.(MET) $16.6 $1.4$0.0$4.7$1.2$8.7$0.4$0.3 VivekShah ZiffDavisInc.(ZD) $16.4 $1.0$0.0$1.9$0.0$13.5$0.0$0.0 JohnWeinberg EvercoreInc.(EVR) $16.3 $0.5$5.5$6.0$0.0$4.3$0.0$0.0 S&PGlobalInc.(SPGI) $16.1 $1.0$0.0$4.6$0.0$9.8$0.0$0.8 MastercardIncorporated(MA) $16.1 $1.0$0.0$3.0$2.3$9.6$0.0$0.2 RodneyMartin VoyaFinancialInc.(VOYA) $16.0 $1.2$0.0$4.6$0.0$9.9$0.0$0.3 NoelWallace ColgatePalmoliveCo.(CL) $15.5 $1.3$0.0$2.6$4.5$6.4$0.0$0.6 AndreCalantzopoulos 10 PhilipMorrisInternationalInc.(PM) $15.3 $1.3$0.0$1.7$0.0$12.3$0.0$0.0 JoshuaSapan 11 AMCNetworksInc.(AMCX) $15.3 $2.0$0.0$5.3$0.0$7.8$0.0$0.1 KennethFrazier 12 Merck&Co.Inc.(MRK) $15.2 $1.5$0.0$2.8$3.2$7.4$0.0$0.3 LeeOlesky TradewebMarketsInc.(TW) $14.8 $0.8$0.0$9.6$0.0$4.4$0.0$0.0

31 RichardHandler

LisaUtzschneider

StephenRusckowski QuestDiagnosticsIncorporated(DGX) $14.6 $1.2$0.0$2.7$2.6$7.6$0.0$0.4

MarcHolliday SLGreenRealtyCorp.(SLG) $21.1 $1.3$0.0$1.7$0.0$18.1$0.0$0.1

MarkPearson EquitableHoldingsInc.(EQH) $14.2 $1.2$0.0$4.5$0.0$8.0$0.0$0.4

HowardLutnick BGCPartnersInc.(BGCP) $19.8 $1.0$0.0$11.0$0.0$7.8$0.0$0.0

YanceySpruill DigitalOceanHoldingsInc.(DOCN) PeterWeinberg PerellaWeinbergPartners(PWP) $71.8 $0.5$15.7$0.0$0.0$55.6$0.0$0.0 GeorgeRoberts 3 KKR&Co.Inc.(KKR) $67.5 $0.3$0.0$0.0$0.0$0.0$0.0$67.2 HenryKravis 3 KKR&Co.Inc.(KKR) $67.5 $0.3$0.0$0.0$0.0$0.0$0.0$67.2

66 KevinAli

28 LaurenceFink

67 MichelKhalaf

29 WilliamMagnuson

65 CarlosRodriguez AutomaticDataProcessingInc.(ADP)

JamesLevin 2 SculptorCapitalManagementInc.(SCU) $145.8 $0.0$4.0$0.0$0.0$76.0$0.0$65.8

AlbertBourla PfizerInc.(PFE) $24.4 $1.7$0.0$8.0$7.1$6.2$0.0$1.4

DavidGilboa WarbyParkerInc.(WRBY) $103.6 $0.5$0.0$0.3$3.5$99.2$0.0$0.1

71 MichaelMiebach

StephenSqueri AmericanExpressCo.(AXP) $25.5 $1.5$8.0$0.0$2.9$12.5$0.0$0.5 RamonLaguarta PepsiCoInc.(PEP) $25.5 $1.5$0.0$10.2$0.0$8.7$4.4$0.6 MorrisGoldfarb G0IIIApparelGroup(GIII) $24.9 $1.0$0.0$7.5$0.0$16.2$0.0$0.3

DanielSchreiber 5 LemonadeInc.(LMND) $21.5 $0.4$0.0$0.0$21.0$0.0$0.0$0.1 SandeepMathrani WeWorkInc.(WE) $21.3 $1.5$10.8$0.0$0.3$8.7$0.0$0.0

DanielGlaser Marsh&McLennanCompaniesInc.(MMC) $21.5 $1.5$0.0$7.0$6.3$6.5$0.0$0.2

AnjaliSud VimeoInc.(VMEO) $18.8 $0.6$0.6$0.0$2.3$15.3$0.0$0.0 PaulHennessy 7 VroomInc.(VRM) $18.3 $0.5$0.0$0.0$0.0$17.8$0.0$0.0 MagniteInc.(MGNI) $18.3 $0.6$0.0$0.7$1.5$15.5$0.0$0.0 8 PelotonInteractiveInc.(PTON) $17.8 $1.0$0.0$0.0$16.8$0.0$0.0$0.0

HansVestberg VerizonCommunicationsInc.(VZ) $20.3 $1.5$0.0$3.8$0.0$14.5$0.0$0.5

StefanLarsson PVHCorp.(PVH) $14.7 $1.3$0.0$5.2$1.6$6.4$0.2$0.0

64 PhilippeKrakowsky TheInterpublicGroupofCompaniesInc.(IPG)

ManishJoneja 9 BARKInc.(BARK) $17.8 $0.3$0.8$0.0$16.7$0.0$0.0$0.0

NeilBlumenthal WarbyParkerInc.(WRBY) $103.6 $0.5$0.0$0.3$3.5$99.2$0.0$0.1

RobertDavis 15 Merck&Co.Inc.(MRK) $13.7 $1.3$0.0$2.8$2.8$6.3$0.2$0.2 IrwinSimon TilrayBrandsInc.(TLRY) $13.7 $0.1$13.2$0.0$0.0$0.0$0.0$0.4 91 IvanKaufman ArborRealtyTrustInc.(ABR) $13.4 $1.2$5.9$0.0$0.0$6.3$0.0$0.0

70 DouglasPeterson

RichardJohnson FootLockerInc.(FL) $14.5 $1.2$0.0$4.2$1.6$6.4$1.0$0.1

57 BrianHumphries CognizantTechnologySolutionsCorporation(CTSH)

AdenaFriedman NasdaqInc.(NDAQ) $20.0 $1.3$0.0$5.8$0.0$12.9$0.0$0.1

61 JohnFoley

FabrizioFreda TheEstéeLauderCompaniesInc.(EL) $66.0 $1.7$0.0$7.3$5.2$50.4$0.7$0.7

JaneFraser 6 CitigroupInc.(C) $20.5 $1.3$6.4$1.6$0.0$11.2$0.0$0.1

ThomasGibbons TheBankofNewYorkMellonCorporation(BK) $14.1 $1.3$0.0$3.6$0.0$9.1$0.0$0.1

JamesDimon JPMorganChase&Co.(JPM) AnthonyCasalena SquarespaceInc.(SQSP)

MarcHolliday SLGreenRealtyCorp.(SLG) $21.1 $1.3$0.0$1.7$0.0$18.1$0.0$0.1 JaneFraser 6 CitigroupInc.(C)

63 ArvindKrishna InternationalBusinessMachinesCorporation(IBM)

RalphIzzo PublicServiceEnterpriseGroupIncorporated(PEG) $14.2 $1.4$0.0$3.6$0.0$9.1$0.0$0.1

22 DozyMmobuosi

AlbertBourla PfizerInc.(PFE) $24.4 $1.7$0.0$8.0$7.1$6.2$0.0$1.4

MichaelCorbat 13 CitigroupInc.(C) $14.1 $0.3$0.0$0.0$0.0$13.8$0.0$0.0

AlanSchnitzer TheTravelersCompaniesInc.(TRV) $19.9 $1.3$0.0$6.5$4.6$6.9$0.5$0.1

ThomasPolen Becton,DickinsonandCo.(BDX) $14.2 $1.2$0.0$2.4$4.1$6.2$0.2$0.1

CharlesLowrey PrudentialFinancialInc.(PRU) $19.8 $1.2$0.0$6.4$0.0$11.3$0.8$0.1 BristolMyersSquibbCo.(BMY) $19.8 $1.7$0.0$3.4$0.0$14.0$0.0$0.7

September 5, 2022 | CrAIN’S NeW YOrK bUSINeSS | 13 35 36 RamonLaguarta PepsiCoInc.(PEP) $25.5 $1.5$0.0$10.2$0.0$8.7$4.4$0.6 37

PeterZaffino 4 AmericanInternationalGroupInc.(AIG) 42 ShaiWininger 5 LemonadeInc.(LMND)

PeterZaffino 4 AmericanInternationalGroupInc.(AIG) $21.9 $1.5$0.0$8.0$2.9$9.4$0.0$0.2

COMPENSATIONTOTALIN2021 INSALARY2021 INBONUS2021 PLANNONEQUITYINCENTIVEIN2021 AWARDSOPTIONIN2021 AWARDSSTOCKIN2021 COMPENSATIONDEFERREDIN2021 COMPENSATIONOTHERIN2021 JosephBae 1 KKR&Co.Inc.(KKR) $559.6 ScottNuttall 1 KKR&Co.Inc.(KKR) $523.1 SueNabi CotyInc.(COTY) $283.8 DavidZaslav WarnerBros.DiscoveryInc.(WBD) $246.6 DavidSteinberg ZetaGlobalHoldingsCorp.(ZETA) $216.5 $0.8$0.7$0.8$0.0$214.0$0.0$0.3 StephenSchwarzman BlackstoneInc.(BX) $160.3 $0.4$0.0$0.0$0.0$0.0$0.0$159.9

RonaldKramer GriffonCorporation(GFF) $19.7 $1.1$0.0$8.5$0.0$9.6$0.0$0.4 $19.7 $1.2$0.0$4.1$0.0$14.1$0.0$0.3

55 GiovanniCaforio

RobertBakish ParamountGlobal(PARA) $20.0 $3.1$0.0$16.8$0.0$0.0$0.0$0.1

87 BrianDuperreault 14 AmericanInternationalGroupInc.(AIG) $14.0 $1.1$0.0$1.4$5.5$5.7$0.0$0.3

PabloLegorreta RoyaltyPharma(RPRX) $49.5 $8.0$0.0$0.0$0.0$0.0$0.0$41.5 JoshuaSilverman EtsyInc.(ETSY) $40.6 CarynSeidman Becker ClearSecureInc.(YOU) TingoInc.(TMNA) DavidSolomon TheGoldmanSachsGroupInc.(GS) DexterGoei AlticeUSAInc.(ATUS) $38.3 $0.8$0.0$1.0$18.1$18.5$0.0$0.0 IntegralAdScienceHoldingCorp.(IAS) $35.8 $0.5$0.8$0.0$34.4$0.0$0.0$0.0 JamesGorman MorganStanley(MS) $34.9 $1.5$8.4$0.0$0.0$24.6$0.0$0.5 SiriusXMHoldingsInc.(SIRI) $32.6 $1.7$6.1$0.0$9.5$15.0$0.0$0.3 BlackRockInc.(BLK) $32.6 $1.5$11.3$0.0$0.0$18.8$0.0$1.0 BrazeInc.(BRZE) $29.3 $0.4$0.5$0.0$28.5$0.0$0.0$0.0 GAMCOInvestorsInc.(GBL) JefferiesFinancialGroupInc.(JEF) CowenInc.(COWN) FoxCorporation(FOXA) $27.7 $2.3$0.0$10.5$2.8$8.0$2.9$1.3 KyndrylHoldingsInc.(KD) $26.4 $1.0$0.3$2.0$4.2$18.8$0.0$0.1

CEO

April

2020 18

14 | CRAIN’S NEW YORK BUSINESS | SEptEmBER 5, 2022 Join us to hear from Keechant L. Sewell, Police Commissioner of the New York City Police Department. Find out how the NYPD is tackling a post-Covid crime wave, what officers are seeing on beefed-up patrols on the subway, and how the agency is working to enable a safe return to the office, a top concern for business leaders. Thursday, Oct. 13 | 8-9:30 AM BREAK FA ST CRAIN’S NEW YORKRKFABUSINESSSTBUSINESSRegister Now! CrainsNewYork.com/PB_Sewell Keechant L. Sewell Police Commissioner New York City Police Department Register Here Be where news happens 81 KennethMoelis Moelis&Co.(MC) $14.4 $0.4$5.1$0.0$0.0$8.8$0.0$0.0 82 RalphIzzo PublicServiceEnterpriseGroupIncorporated(PEG) $14.2 $1.4$0.0$3.6$0.0$9.1$0.0$0.1 83 ThomasPolen Becton,DickinsonandCo.(BDX) $14.2 $1.2$0.0$2.4$4.1$6.2$0.2$0.1 84 MarkPearson EquitableHoldingsInc.(EQH) $14.2 $1.2$0.0$4.5$0.0$8.0$0.0$0.4 85 ThomasGibbons TheBankofNewYorkMellonCorporation(BK) $14.1 $1.3$0.0$3.6$0.0$9.1$0.0$0.1 86 MichaelCorbat 13 CitigroupInc.(C) $14.1 $0.3$0.0$0.0$0.0$13.8$0.0$0.0 87 BrianDuperreault 14 AmericanInternationalGroupInc.(AIG) $14.0 $1.1$0.0$1.4$5.5$5.7$0.0$0.3 88

DavidKenny NielsenHoldings(NLSN) $13.8 $1.3$0.0$2.3$1.5$8.7$0.0$0.0 15 Merck&Co.Inc.(MRK) $13.7 $1.3$0.0$2.8$2.8$6.3$0.2$0.2 $0.1$13.2$0.0$0.0$0.0$0.0$0.4 $0.5$0.5$0.0$0.0$11.9$0.0$0.0 $12.4 $1.5$0.0$2.4$3.4$5.1$0.0$0.0 $12.4 $0.7$1.2$0.0$0.0$10.1$0.0$0.4 $12.3 $0.5$5.6$0.0$0.0$6.1$0.0$0.1

99 RobertSteers 18 Cohen&SteersInc.(CNS)

RANKCEO NAME COMPANY (TICKER) COMPENSATIONTOTALIN2021 INSALARY2021 INBONUS2021 PLANNONEQUITYINCENTIVEIN2021 AWARDSOPTIONIN2021 AWARDSSTOCKIN2021 COMPENSATIONDEFERREDIN2021 COMPENSATIONOTHERIN2021 1 JosephBae 1 KKR&Co.Inc.(KKR) $559.6 $0.3$24.7$0.0$0.0$476.3$0.0$58.4 2 ScottNuttall 1 KKR&Co.Inc.(KKR) $523.1 $0.3$24.7$0.0$0.0$442.2$0.0$56.0 3 SueNabi CotyInc.(COTY) $283.8 $3.5$0.0$0.0$0.0$280.2$0.0$0.0 4 DavidZaslav WarnerBros.DiscoveryInc.(WBD) $246.6 $3.0$4.4$22.0$202.9$13.2$0.0$1.1 5 DavidSteinberg ZetaGlobalHoldingsCorp.(ZETA) $216.5 $0.8$0.7$0.8$0.0$214.0$0.0$0.3 6 StephenSchwarzman BlackstoneInc.(BX) $160.3 7 JamesLevin 2 SculptorCapitalManagementInc.(SCU) $145.8 8 NeilBlumenthal WarbyParkerInc.(WRBY) $103.6 $0.5$0.0$0.3$3.5$99.2$0.0$0.1 8 DavidGilboa WarbyParkerInc.(WRBY) $103.6 $0.5$0.0$0.3$3.5$99.2$0.0$0.1 10 RobertReffkin CompassInc.(COMP) $89.9 $0.4$0.1$0.0$0.0$89.2$0.0$0.2 11 JamesDimon JPMorganChase&Co.(JPM) $84.4 $1.5$5.0$0.0$52.6$25.0$0.0$0.3 12 AnthonyCasalena SquarespaceInc.(SQSP) $84.1 $0.2$0.0$0.0$0.0$83.5$0.0$0.3 13 YanceySpruill DigitalOceanHoldingsInc.(DOCN) $82.5 $0.5$0.0$0.8$0.0$81.2$0.0$0.0 14 PeterWeinberg PerellaWeinbergPartners(PWP) $71.8 $0.5$15.7$0.0$0.0$55.6$0.0$0.0 15 GeorgeRoberts 3 KKR&Co.Inc.(KKR) $67.5 $0.3$0.0$0.0$0.0$0.0$0.0$67.2 16 HenryKravis 3 KKR&Co.Inc.(KKR) $67.5 $0.3$0.0$0.0$0.0$0.0$0.0$67.2 17 FabrizioFreda TheEstéeLauderCompaniesInc.(EL) $66.0 $1.7$0.0$7.3$5.2$50.4$0.7$0.7 18 MarioSchlosser OscarHealthInc.(OSCR) $60.8 $0.4$0.0$0.1$0.0$60.2$0.0$0.1 19 PabloLegorreta RoyaltyPharma(RPRX) $49.5 $8.0$0.0$0.0$0.0$0.0$0.0$41.5 20 JoshuaSilverman EtsyInc.(ETSY) $40.6 $0.6$0.0$1.1$3.6$35.3$0.0$0.0 21 CarynSeidman Becker ClearSecureInc.(YOU) $40.3 $0.4$0.0$0.1$0.0$39.8$0.0$0.0 22 DozyMmobuosi TingoInc.(TMNA) $40.3 $0.3$0.0$0.0$0.0$40.0$0.0$0.0 23 DavidSolomon TheGoldmanSachsGroupInc.(GS) $39.5 $2.0$9.9$0.0$0.0$27.4$0.0$0.3 24 DexterGoei AlticeUSAInc.(ATUS) $38.3 $0.8$0.0$1.0$18.1$18.5$0.0$0.0 25 LisaUtzschneider IntegralAdScienceHoldingCorp.(IAS) $35.8 $0.5$0.8$0.0$34.4$0.0$0.0$0.0 26 JamesGorman MorganStanley(MS) $34.9 $1.5$8.4$0.0$0.0$24.6$0.0$0.5 27 JenniferWitz SiriusXMHoldingsInc.(SIRI) $32.6 $1.7$6.1$0.0$9.5$15.0$0.0$0.3 28 LaurenceFink BlackRockInc.(BLK) $32.6 $1.5$11.3$0.0$0.0$18.8$0.0$1.0 29 WilliamMagnuson BrazeInc.(BRZE) $29.3 $0.4$0.5$0.0$28.5$0.0$0.0$0.0 30 MarioGabelli GAMCOInvestorsInc.(GBL) $29.2 $0.0$0.0$0.0$0.0$0.0$0.0$29.2 31 RichardHandler JefferiesFinancialGroupInc.(JEF) $28.9 $1.0$12.0$0.0$15.7$0.0$0.0$0.2 32 JeffreySolomon CowenInc.(COWN) $28.6 $1.0$16.0$0.0$0.0$8.4$0.0$3.2 33 LachlanMurdoch FoxCorporation(FOXA) $27.7 $2.3$0.0$10.5$2.8$8.0$2.9$1.3 34 MartinSchroeter KyndrylHoldingsInc.(KD) $26.4 $1.0$0.3$2.0$4.2$18.8$0.0$0.1 35 StephenSqueri AmericanExpressCo.(AXP) $25.5 $1.5$8.0$0.0$2.9$12.5$0.0$0.5 36 RamonLaguarta PepsiCoInc.(PEP) $25.5 $1.5$0.0$10.2$0.0$8.7$4.4$0.6 37 MorrisGoldfarb G0IIIApparelGroup(GIII) $24.9 $1.0$0.0$7.5$0.0$16.2$0.0$0.3 38 AlbertBourla PfizerInc.(PFE) $24.4 $1.7$0.0$8.0$7.1$6.2$0.0$1.4 39 RobertThomson NewsCorporation(NWSA) $23.0 $3.0$0.0$10.0$0.0$9.1$0.5$0.4 40 JoshuaPeirez SterlingCheckCorp.(STER) $22.7 $0.7$0.0$1.1$16.0$4.0$0.0$0.9 41 PeterZaffino 4 AmericanInternationalGroupInc.(AIG) $21.9 $1.5$0.0$8.0$2.9$9.4$0.0$0.2 42 ShaiWininger 5 LemonadeInc.(LMND) $21.5 $0.4$0.0$0.0$21.0$0.0$0.0$0.1 43 DanielGlaser Marsh&McLennanCompaniesInc.(MMC) $21.5 $1.5$0.0$7.0$6.3$6.5$0.0$0.2 44 DanielSchreiber 5 LemonadeInc.(LMND) $21.5 $0.4$0.0$0.0$21.0$0.0$0.0$0.1 45 SandeepMathrani WeWorkInc.(WE) $21.3 $1.5$10.8$0.0$0.3$8.7$0.0$0.0 46 MarcHolliday SLGreenRealtyCorp.(SLG) $21.1 $1.3$0.0$1.7$0.0$18.1$0.0$0.1 47 JaneFraser 6 CitigroupInc.(C) $20.5 $1.3$6.4$1.6$0.0$11.2$0.0$0.1 48 HansVestberg VerizonCommunicationsInc.(VZ) $20.3 $1.5$0.0$3.8$0.0$14.5$0.0$0.5 49 THE LIST TOP-PAID CHIEF EXECUTIVES

93 ScottStephenson VeriskAnalyticsInc.(VRSK) $12.8 $1.0$0.0$1.1$2.6$7.9$0.1$0.1 94 RobertShafir 16 SculptorCapitalManagementInc.(SCU) $12.7 $0.5$2.7$0.0$0.0$0.0$0.0$9.4 95 BarryGosin NewmarkGroupInc.(NMRK) $12.6 $1.0$0.0$11.5$0.0$0.0$0.0$0.1 96 JoanneCrevoiserat 17 TapestryInc.(TPR) $12.5 $1.2$0.0$4.3$2.2$4.8$0.0$0.1 97 NoahGlass OloInc.(OLO) $12.4 $0.4$0.0$2.6$9.3$0.0$0.0$0.0 98 JohnHess HessCorporation(HES)

Source:Source: S&P Global Market Intelligence. Additional research by Amanda Glodowski. NewNewYorkYork areaareaincludes NewYorkCity andNassau,SuffolkandWestchester countiesinNewYork and Bergen, Essex,HudsonandUnion countiesinNewJersey.This ranking is based on Crain's mostrecentlist of the 150 largest publiclyheld companies in the NewYork area. Executivesneeded to hold theCEOtitle in fiscal year2021 for theirrespective companies. Executives maysharetheCEOtitleand/orhave additionaltitles. Compensation dataare derived fromcompanyfilings availablefromthe SEC.

BasesalariesaretakenasdisclosedfromtheSummary

89 RobertDavis

100 SethBernstein AllianceBernsteinHoldingL.P.(AB)

91 IvanKaufman ArborRealtyTrustInc.(ABR) $13.4 $1.2$5.9$0.0$0.0$6.3$0.0$0.0 92 PaulJacobson ThorneHealthTechInc.(THRN) $12.9

Compensation Tableandarenotannualizedfor executivesemployed forlessthan a fullfiscalyear. The mostrecentdataforcompanies with fiscalyearsending in March throughDecember arefor the year ended in 2021, andthemostrecentdataforcompanies with fiscalyearsending in JanuaryandFebruaryareforthe year ended in2022.Compensation andfinancial figures areexpressed in themillions. Rankings are compiledwith unroundednumbers. Somefigures statedas zerohavea valueunder $50,000. TotalTotalcompensationcompensationrepresentsthesum of basesalary, bonus, nonequityincentiveplans,grantdatefairvalue ofoption andstockawards, deferredcompensationand other compensation.Salarymay bepaid for a full or partial yearif the executive commenced employment duringtheyear. NonequityNonequity incentiveincentiveplanplanrepresentscashawardsearned in connection with short-andlong-term incentiveplanawards. OptionOption awardsawardsrepresenttheaggregategrantdatefairvalue of serviceandperformance-based option awards.StockStockawardsawardsrepresenttheaggregategrantdatefairvalue of serviceandperformance-basedstockawards. DeferredDeferredcompensationcompensationrepresentsthechange inpension plan/nonqualifieddeferredcompensationearnings.OtherOthercompensationcompensationrepresentsthevalue ofnonpensionbenefits and perquisites. 1 Became Co-CEO October 11,2021 2 BecameCEO April 1,2021 3 Left Co-CEOposition October 11,2021 4 BecameCEOMarch 1,2021 5 Became Co-CEOJuly21,2021 6 BecameCEOFebruary 26,2021 LeftCEO position May 9,2022 LeftCEO position February 9,2022 9 LeftCEO position January 10,2022 LeftCEO position May 5,2021 LeftCEO position August, 2021 LeftCEO positionJune30,2021 LeftCEO position Febuary 26,2021 LeftCEO position March 1,2021 BecameCEO July1,2021 LeftCEO position 1, CEO October 27, Left position March 1, 2022

2021 17 Became

90 IrwinSimon TilrayBrandsInc.(TLRY) $13.7

Weaver Cooperman,Brandon CPA, has more than 13 years of experience in public accounting. He specializes in audit and nonaudit assurance services for clients across the investment management industry, including public and private management companies, hedge funds, mutual funds and fund-of-fund clients. Brandon’s experience includes working on integrated audits with large, multi-national companies with investment strategies ranging in complexity. Brandon is a member of the NYSSCPA and the AICPA.

ARCHITECTURERDC

Sean Miller, CPA, has joined Anchin as a Family Office Support Senior Manager and member of the firm’s Private Client group. Sean specializes in delivering various accounting, tax and advisory services to family offices, financial services executives, payroll.services,functionsalsoindividualshelddevelopers,professionals,entertainmentrealestateownersofprivatelycompaniesandwealthyandfamilies.Heassistswiththeday-to-daysuchasbillpaymenttaxreportingand

September 5, 2022 | CrAIN’S NeW YOrK bUSINeSS | 15

PROFESSIONAL SERVICES Crowe LLP Matthew Reeves was promoted to managing director in consulting,LLP,servicesconsultingatCroweanaccounting,andtechnology firm with offices around the world. Reeves will be responsible for leading business development and go-to-market strategy for ServiceNow Cloud Solutions and assisting with the overall management of the group. He received a bachelor’s degree in business administration from The College of Saint Rose.

ACCOUNTINGAnchin

Raymond Haller, CPA, has joined Anchin as a Tax Partner in the firm’s Consumer Products group. He has over 25 years’ experience in tax planning and structuring, tax consequences, succession planning and tax structuring of mergers and acquisitions. His succession planning expertise ranges from inter-generational transfers of interests to ESOPs to buyouts. Ray has deep experience advising clients in the Manufacturing & Distribution, Construction, Real Estate, and Professional Services industries.

PEOPLE ON THE MOVE

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 / TECHNOLOGY

ACCOUNTINGAnchin

James D. Lockhart, CPA, J.D., LL.M, has joined Anchin as a Tax Partner in the firm’s Real Estate practice. He has over 20 years’ experience in public accounting advising real estate companies. His financial experience along with his legal background allows for a unique perspective. James has provided guidance on federal, state, local, personal, and business tax. He advises on investment and development due diligence, financing, tax and business structuring, and exit strategies.

Advertising Section

Virginia Maggiore, AIA, has been named Principal of RDC, a full-service, awardwinning architecture firm. Since joining RDC, Maggiore has built the firm’s Retail Store Rollout and Planning practice, adding notable retail and cannabis industry clients to the firm’s roster, and gained accolades for her work. She offers clients nearly 20 years of experience in the retail, wholesale, and international markets where she has successfully developed and implemented retail strategies for global brands.

LAWLatham & Watkins LLP

Peter L. Lohrey, PhD, CVA, CDBV, has joined Anchin as a Director in the Litigation, Forensic and ServicesValuationgroup. He has over 35 years of experience in the forensic accounting and valuation profession, specializing in fair value reporting matters, commercial damage calculations, and business valuations for tax and litigation purposes. Peter specializes in business valuations related to transactions, financial reporting, estate and gift taxes, bankruptcy, and commercial damage claims.

DailyPay DailyPay has named Stacy Greiner as Chief internalforwillroleOfficer.OperatingInhernewasCOO,GreinerberesponsiblebothexternalandOperationsat DailyPay, ensuring the Accenture.&inwithtrajectory.continueson-demand-payindustry-leadingprovideritsupwardgrowthGreinerjoinsDailyPayawealthofexperiencekeyleadershiprolesatDunBradstreet,Cisco,IBM,and

ACCOUNTINGAnchin

FINANCIAL SERVICES

Arthur Long has joined the New York office of Latham & Watkins as a partner in the asDepartment,Corporateandamemberofthe Capital Markets and Public Company Representation Practices and Financial Institutions Industry Group. Long focuses his practice on financial institutions regulation, advising on bank regulatory compliance matters and the regulatory aspects of M&A and capital markets transactions.

Lisa Simpson: “Dad, remem ber when you said going to Itchy & Scratchy Land would be too damn expensive?” Homer Simpson: “Oh, every thing’s too damn expensive these days. Look at this Bible I bought. Fifteen bucks!” The Bible that Homer bought in a 1994 episode of The Simpsons would cost $29.73 today, accord ing to the U.S. Bureau of Labor Statistics. Scripture may be as holy as ever, but thanks to inflation, you gotta pay double for it. Some think inflation has soared because Congress sent out too much pandemic relief, oth ers blame supply-chain bottle necks, and yet others suspect the culprit was Colonel Mustard in the ballroom with a revolver. Now, economists at the Federal Reserve Bank of New York have helpfully conducted an investigation into the causes of inflation. They concluded the core driver is strong consumer demand—not supplychain disruptions or changes in consumption patterns.“Sixty percent of U.S. inflation over the 2019–21 period was due to the jump in demand for goods,” wrote New York Fed economist Julian di Giovanni, “while 40% owed to supply-side is sues that magnified the impact of this higher demand.” Without supply bottlenecks, in flation would have been 6% instead of 9% at the end of 2021, di Giovan ni found. Because 6% is much high

ENNISBUCKAARON ELSTEIN IN THE MARKETS FEDERAL RESERVE BANK OF NEW YORK

What’s your secret sauce for getting clients? Oftentimes, tenants follow the bro ker, not the firm. I think clients want to hang out with me. When we have clients from out of town, almost ev ery tour is coordinated around where we eat lunch or some sick place in Brooklyn. We represent P.C. Richard & Son, and every meeting is in the after noon so we can go to happy hour. It just makes it more fun. My partner, Erin Grace, and I send a personal Christmas card to every single cli ent. We take different photos throughout the year that capture who we are and put it on the card.

H ilary Sievers’ path to the world of commercial real estate began with a Craigslist ad. After graduating from Boston College with a degree in communications and psy chology, she wasn’t sure what she was going to do. She spent the following sum mer bartending in downtown Boston, but she was drawn to a life in corporate America.Shefound a listing for a secretary role for the leasing team of shopping center developer the Wilder Cos. She got the job and earned $33,000 per year, but she quickly learned she en joyed working in retail real estate.

The data suggest Jerome Powell and company can’t expect signifi cant inflation relief should sup ply-chain congestion ease. “They will have to bring down in flation the old-fashioned way: rais ing rates to curtail demand,” Data Trek Research co-founder Nick Colas wrote in a report. “Curtailing demand” is an econ omist’s way of saying the Fed will tr y to slow the economy so that people have less money in their pockets. Usually that happens when workers lose their jobs.

How did you celebrate your first big deal?

The Bronx is such a foreign place to nation al retailers. Do you know how many people live in the Bronx and want to shop? It became apparent how much opportunity there is out there.We’re opening in Times Square, where tourists shop. There’s so much versatility to that client. They sell a lot of toys, and they’re filling that void. ■

Bart: “Can we go, Dad? Can we, can we, can we? Take it, Lis.” Lisa: “Can we?” Homer: “No, no, no, no, no, no, no, no, no. Ask your mother.” Bart and Lisa: “Yay!” ■ Fed finds the culprit behind high inflation

Hilary Sievers of JLL has a roster of retailers including Five Below, Whole Foods, Dick’s Sporting Goods and Taco Bell From Craigslist to closer: How one broker’s casual approach to dealmaking lands her clients SIEVERS

At JLL, when you gross over a certain amount of revenue, you get “Top Gun” recognition, which I got in 2018. I was very proud of my self and wanted to buy myself something and wear it every day. I bought a Cartier love bracelet. I said to myself, “Take a second and spend a little money on yourself and pause to recognize what you accomplished.”

“I had no idea this industry even existed,” she said. Sievers was also in a long-distance relationship with her soon-to-be husband, who was living in New York at the time, so she decided to make a move and found a job working as a junior broker at SRS Real Estate Partners. In 2015 she went over to JLL with several SRS colleagues. Sievers now represents Five Below, Whole Foods, Dick’s Sporting Goods, Taco Bell, Advance Auto Parts and even John Varvatos. “I would definitely call myself a jack-of-all-trades,” she said.

er than the Fed’s 2% inflation target, central bankers would have been raising interest rates even if there were no supply-chain issues.

Unemployment remains quite low, but there are signs that de mand is cooling. Retailers such as Macy’s are stuck with lots of stuff they can’t sell, and Foot Locker re ported recently that margins would fall by more than 3 per centage points be cause shoppers are buying less-expen sive sneakers. Speaking ahead of the Fed’s regular late-summer chat fest in Jackson Hole, Wyoming, the Kan sas City Fed presi dent said there is “more work to do” when it comes to curbingAnyway,inflation.in the end the Simpsons did make the trip to Itchy & Scratchy Land. The amusement park cut prices in half, an inflation-friendly step that sparked a family discussion that went:

New York

My first big deal that sticks out was in 2017, when we signed Five Below at 530 Fifth Ave. GGP was the landlord, but now it’s Brookfield. It was a moment in time when GGP needed to transact and Five Below wanted an urban flagship. That was my first high-profile deal. We’ve since opened in Union Square, Times Square is under con struction, and we’ve done 10 or so new locations in Brooklyn and the Bronx all set around this splash on Fifth Avenue.

What was your favorite deal? My favorite was leasing Din Tai Fung [a Tai wanese restaurant chain] at 1633 Broadway. It’s a space that was vacant since before I moved to New York City—over a decade. It’s unique because it’s basically a glass cube that goes down to a 30,000-square-foot floor plate in the lower level. It’s at the base of the building where Para mount Group has its headquarters. They were very focused on having a Class A amen ity and something special for their building. We knew Din Tai Fung was looking to open a spot in New York, and we made a pitch. The lease was signed in March.

REAL ESTATE: THE CLOSER

SACHMECHINATALIE

A client is about to walk out the door. What’s your Hail Mary move to keep the deal intact? In person is the way to get things done. I did a lot of work with a Taco Bell franchisor that wanted to open more locations, in Nashville andWeFlorida.wereworking on a deal in downtown Nashville, and there were some complica tions. According to the zoning laws there, you’re required to have a stage for live music. Everyone was about to cancel the deal, so I just flew down there, met with the landlord and tried to get it done. If you see a path to something, just do it. Fly down there, have the meeting, and figure it out rather than saying, “Screw it, this is too complicated.” The Taco Bell there has a stage and live music now. What’s the most complicated deal you worked on recently?

Recently we signed a lease for Whole Foods in Stamford, Connecticut. The lease involved converting a piece of a former Lord & Taylor into a grocery store.We signed that lease last year after the property changed hands, and the new deal was a conversion of the existing building that didn’t require zoning approval. The level of detail surround ing the construction, the land lord work involved in the deal and the associated costs were complicated to navigate. You have to consider what Whole Foods is allowed to do on the property, what parking area they’re controlling, what other types of uses the landlord can put in the rest of the property, et Thecetera.rest of the building is a proposed office redevelopment on the other side of the prop erty.That was a marathon of a negotiation. Start to finish, I would say negotiations took a year and a half. Favorite client? I do love Five Below. They cross all ages, in comes and demographics. Everyone shops at that store. It’s cool to see the types of neighborhoods they can enter. We opened one in the South Bronx, and we have a lease out in Chelsea— how different could those two markets be?

ENNISBUCK

16 | CRAIN’S NEW YORK BUSINESS | SEptEmBER 5, 2022

resident Joe Biden recently announced his long-anticipated plan to forgive some federal student loan debt and extend the pause on student loan repayment for an additional four months.edecision will have a huge impact on the millions of student loan borrowers in New York. With an average debt of $38,400 per borrower, New York ranks eighth overall in the country behind Washington, D.C., Maryland, Georgia, Virginia, South Carolina, Florida and Illinois. Here’s what you need to know about the announcement.

Biden faced pressure to forgive more Loan forgiveness has become a tricky issue for the White House, as it tries to appeal to younger voters ahead of the midterm elections while also trying to present Democrats as good stewards of the economy. Members of the president’s own party have pressured him to eliminate a greater swath of debt, and many on the left had hoped to see more debt eliminated for those struggling the most. High-pro le gures including Sens. Chuck Schumer and Elizabeth Warren have called on the president to cancel $50,000 in debt.

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SEPTEMBER 5, 2022 | CRAIN’S NEW YORK BUSINESS | 17

Biden forgives $10,000 in student loan debt: 5 things to know

Who quali es and for how much? Biden’s plan e ectively eliminates $10,000 in federal student loan debt for individual borrowers with an annual income of up to $125,000, or for families ling jointly with a collective income up to $250,000.Bidenhas been hesitant to forgive debt for wealthier Americans, leading the administration to cap the eligible recipient pool to below that income Borrowersthreshold.whoreceived

How to get your debt forgiven e Education Department is already prepared to provide automatic debt relief to certain borrowers, according to a July report from Politico.e department plans to automatically apply the forgiveness to borrowers about whom it already has income information. All other borrowers must apply for the debt relief through studentaid.gov to self-certify their eligibility.

Pell Grants are eligible for forgiveness up toere’s$20,000.abit of confusion as to who, exactly, is eligible. Borrowers who went through private loan providers such as Navient won’t see their loans budge as Biden’s plan applies only to federal student loans; others have already dealt with confusion brought on by new rules and loan servicer transfers.

When will the pause on debt collection end?

Biden is extending the student loan moratorium, which has put a pause on debt repayments for more than two years, through December of this year. is will be the last extension of the moratorium that the president supports, according to Bloomberg.emoratorium was originally a Trump administration policy that came in response to the pandemic in March 2020. It was extended numerous times by the Trump and Biden administrations.

The relief is unprecedented Even before the recent announcement, Biden had already forgiven more student loan debt than any other president. His administration has eliminated $32 billion in payments over the course of Biden’s term by giving relief to borrowers deceived by malicious actors.A recent analysis by the Penn Wharton budget group, which is based out of the University of Pennsylvania and run by a top former Treasury o cial under President George W. Bush, estimates that a one-time maximum debt forgiveness of $10,000 per borrower would cost roughly $300 billion if the relief is limited to those with an income less than $125,000. e cost increases to $330 billion if the program is continued for a decade. at $10,000 gure has been oated by the Biden administration for a while now and for good reason: It’s the same amount he suggested as a presidential candidate in And2020.it’s not just about those fresh out of college. Years of accumulated interest push the amount of debt much higher for those who have been out of school longer and lugging that loan debt around with them.

Sen. Bernie Sanders called on the federal government to cancel all student debt in a tweet that echoed a message he’s been delivering for someRespondingtime. to the idea of forgiving $50,000, Wisdom Cole, national director of the NAACP’s Youth and College Division, said, “President Biden, we agree that we shouldn’t cancel $50,000 in student loan debt. We should cancel all of it. $50,000 was just the bottom line. For the Black community, who’ve accumulated debt over generations of oppression, anything less is unacceptable.”On the other side, some claim that student loan debt forgiveness is more likely to bene t higher-income borrowers while the poorest Americans won’t bene t at all from the move. Others say it will stoke ination further. ■ Bloomberg and Crain’sChicago Business’s Sophie Rodgers contributed to this report.

BY JACK GRIEVE EDUCATION

John Banks: “A lot of behind-the-scenes work” Banks is perhaps best known for his time as president of the Real Estate Board of New York, a powerful trade group. He lobbied on behalf of the board’s more than 17,000 members from 2015 to 2019. He was the first Black leader in the or ganization’s more than 100-year history.Hepresided over critical battles for his industry, including the 2017 renewal of 421-a, the controversial tax-abatement program that has sincePriorexpired.tohis work with REBNY, he served as vice president of govern ment and community relations at Con Edison for 15 years, and he served on the MTA board from 2004 to 2016. He lives in Pelham Manor, a village in Westchester County.

“The cost of allowing traffic to continue to paralyze the region is far greater than the $1 billion target a year to raise through the conges tion pricing toll,” she told Crain’s

The Metropolitan Transportation Authority held a series of public hearings, which began Aug. 26 and ended Aug. 31, to hear feedback on the recently released, 4,000-page environmental-impact assessment, outlining seven hypothetical tolling scenarios. The seven plans would charge motorists between $5 and $23, based on the type of vehicle and time of day. By early next year, the Federal Highway Administra tion is expected to decide whether a plan can take shape or if the matter requires additional study. If a plan is approved, that’s when the MTA-appointed Traffic Mobili ty Review Board comes in. The pan el is tasked with developing recom mendations for the toll structure, along with any exemptions, dis counts or credits, and presenting its suggestions and analysis to the MTA’s board for consideration ahead of a final vote. The review board is packed with prominent leaders in business and real estate, including one person who is a current MTA board mem ber and therefore also will cast a fi nal vote on the program. Although the review board’s guidance is advisory, its recom mendations are expected to carry weight with the MTA’s board, and its input could have a decades-long influence on the city.

“He’s not just a developer who’s looking to score big,” said Samuel Schwartz, a former city traffic com missioner who serves on the Re gional Plan Association board with Rechler. “He really cares about the city. He’s smart, and he knows the region.”Scissura added that Rechler has a depth of knowledge on tran sit-oriented development and that “he brings a unique perspective as someone who truly understands visionary planning.” ■

PRICING FROM PAGE 1

John Samuelsen: “Voice of the transit workforce” “My absolute priority is to be the voice of the transit workforce but also the voice of blue-collar New Yorkers,” Samuelsen told Crain’s. As the international president of the Transport Workers Union of Ameri ca, Samuelsen represents more than 150,000 members across the transit, railroad, airline, university, utility and service sectors. He for merly served as president of the city’s TWU Local 100, the union’s largestSamuelsenchapter.was appointed to the review board by Mayor Eric Adams, who completed the six-member panel a week after the MTA an nounced its five picks. From the moment Samuelsen, a former MTA board member who lives in Gerritsen Beach, Brooklyn, joined the New York City Transit Au thority in 1993, he has been a fierce advocate for workplace safety and worker rights. In the 1990s Samu elsen organized his fellow track workers to push for safer conditions, and he was elected shop steward. He went on to serve as chairman of the track safety committee and of the track division from 2001 to 2006. He also was acting vice president of the TWU’s Maintenance of Way De partment, where he represented 7,100 employees working on tracks, signals, power and critical services. Congestion pricing, Samuelsen said, is crucial to ensure that mass transit is adequately funded, and “if there are exemptions, it absolutely must be equitable for working peo ple.” He warned that there must be an “extremely large upfront invest ment in service enhancements” if it is to be successful. “If we’re going to create this mas sive disincentive for vehicular traf fic,” he said, “then there has to be a proportional incentive by way of increasing both the quality and quantity of service.”

As chairman and CEO of RXR Real ty, Rechler runs one of the largest owners, managers and developers of real estate and infrastructure in the metropolitan area. He leverag es that experience as leader of the independent, nonprofit Regional Plan Association, which focuses on research and recommenda tions to improve the quality of life and the area’s economic competi tiveness.Rechler, who grew up in Port Washington on Long Island, served as vice chairman on the Port Au thority’s board of commissioners from 2011 to 2016 and held an MTA board seat from 2017 to 2019.

WEISBROD

VELEZ BANKS WYLDE RECHLER

Elizabeth Velez: “She’ll ask tough questions” Velez is president of the 50-year-old Velez Organization, a second-gener ation construction firm started in 1972 by her father, Andrew Velez.

Carl Weisbrod: A “storied history” with the city Weisbrod, a pillar of municipal gov ernment for four decades, was se lected to serve as the review board’s chairman. A native of Fresh Mead ows, Queens, he launched his ca reer with the city as a lawyer with the Department of Relocation un der Mayor John Lindsay in 1970, and between the 1970s and the ’90s, he held a series of substantial government roles. Weisbrod is credited with revital izing Times Square, and in 1990 he created and led the city’s Economic Development Corp.—where he brokered a 99-year lease with the U.S. Tennis Association for Flush ing Meadows Corona Park. He also played a key role in shaping Lower Manhattan through redevelopment efforts and founded the Alliance for Downtown New York, the city’s largest business improvement dis trict.“Carl has a long and storied his tory with the city—he knows so much about it,” said Lisa Daglian, executive director of the Perma nent Citizens Advisory Committee to the MTA. She said Weisbrod’s ex perience with city planning and de velopment will play a vital role in his review board work. “He’s not an academic,” Daglian said. “He’s a hands-on person who has really gotten involved in mak ing the city a better place.” More recently, Weisbrod served as chairman of the City Planning Commission and director of the Department of City Planning in Mayor Bill de Blasio’s administra tion, and he was briefly on the MTA’s board. Currently he is a se nior adviser for real estate consult ing firm HR&A. Weisbrod, a longtime resident of Roosevelt Island, told Crain’s he was in “listening mode” during the public-comment period. He de clined to comment further.

This year Gov. Kathy Hochul ap pointed Velez, who lives in River dale, to the MTA’s board, meaning she also will have a vote on conges tion pricing’s final form. “I think she brings a toughness and a very clear capacity to cut through red tape,” said Carlo Scis sura, president and CEO of the New York Building Congress. “She’s also not someone who goes along with the flow. She’ll ask tough questions. She’ll want to know how this affects small-business owners and people who live outside of Manhattan.”

Scott Rechler: Familiar with “visionary planning”

September 5, 2022 | CrAIN’S NeW YOrK bUSINeSS | 19

SAMUELSONEXCEPTENNISBUCKPHOTOS,

Kathryn Wylde: A central business figure Wylde is a powerful force in the city’s business community (see page 10). She serves as president and CEO of the nonprofit Partner ship for New York City, whose 330 members are city business leaders. She and the partnership work with businesses and governments to establish a more robust econo my. The group in the 2000s pub lished one of the first studies on the benefits of congestion pricing. Wylde, who lives in Bay Ridge, Brooklyn, has spent time in Stock holm to observe how the Swedes implemented congestion pricing.

Here are the members of the Traffic Mobility Review Board:

“He’s done a lot of behind-thescenes work to broker agreements that probably nobody will ever know about,” Daglian said. “He re ally understands politics and gov ernment and gets how the public sector and private sector can work together—and what happens when they don’t.”

The Bronx resident is a champion of diversity and has led numerous ini tiatives—including in her role as chairwoman of the city’s Depart ment of Design and Construction diversity board in 2018—to help people of all backgrounds thrive in construction and other industries. Two years ago she became the first person of color and the second woman to chair the board of the New York Building Congress, a 100-year-old association with more than 250,000 members that works to promote the construction industry.

SAMUELSON

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QUICK STATS $147K THE PRICEAVERAGE of a taxi medallion in July 39 PURCHASEDMEDALLIONS , a 67% drop rom June 24 FORECLOSEDMEDALLIONS on, a 60% drop from the previous month SINCE TAXI MEDALLIONS’ 39% PRICE JUMP IN MARCH, THEIR VALUES HAVE REMAINED STAGNANT Average price per medallion SOURCE: TLC $150K$125K$100K$75K Jul ’22Jan ’21 Uber-taxi announceddealonMarch24 $146,795 ENNISBUCK

22 | CRAIN’S NEW YORK BUSINESS | SEptEmBER 5, 2022

Cabrera said that while the medallion’s peak prices were likely inflated, more relief from the city could help bolster the value, noting that the funds from last year’s announcement have yet to reach taxi drivers.

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While Uber said the change would be implemented during the summer, taxis are not yet available through the app. ■

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earlier this year that Uber would list all taxicabs on its app. While the initial momentum has been sustained throughout the summer, the values do not come close to previous peaks. After the unlikely deal in March, medallion prices increased by 34%. While average prices have hovered around nearly $145,000 since the deal was announced, the valuations are still a far cry from previous highs. Taxi medallion values peaked in 2014, where the average price for one surpassed $1 million, but after e-hail companies Uber and Lyft entered the city’s transit scene, medallion prices began to nosedive. By 2017 the value had been quartered, and in November 2021 the cost of some medallions was as low as $25,000.

Taxi medallion values sustain a big surge following deal to list on Uber, but are still nowhere near historic highs

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“I don’t think [the Uber-taxi partnership] is such a big deal,” he said. “I don’t think it’s going to help us.”

BY AMANDA GLODOWSKI

Former Mayor Bill de Blasio introduced a $65 million tax-relief fund for medallion owners last year, which was met with criticism by stakeholders because the funding left each medallion owner with just $20,000 in zerodebt restructuring and $9,000 in direct relief.

New

Taxi medallion prices enjoyed a theimmediatelyboostfollowingannouncement

A taxi medallion is a permit that allows a taxi driver to operate a taxicab. While yellow cabs have traditionally been required to hold one, the city allowed drivers who were employed by rideshare companies such as Uber and Lyft to work without one. Some medallion owners who shouldered massive loans to purchase the permit have found themselves in debt they are unable to pay off because the city has enabled rideshare apps to undermine the industry, Crain’s prviously reported.Sergio Cabrera, a member of the trade group Yellow Taxi United, is not hopeful that medallions will continue to significantly appreciate in value.

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Spices sell for about $9 (though sizes vary), on par with jars sold by upscale retailers. Cost savings come from cutting out importers, distributors, and sales and placement fees. For Frisch and Zohar, the growing demand has validated their relationships with growers. In 2016, for example, Frisch convinced a somewhat skeptical Guatemalan farmer to sell him 20 kilograms of cardamom.

When Ori Zohar and Ethan Frisch, co-founders of Fort Greenebased Burlap & Barrel, an e-commerce spice company, observed online sales picking up in 2020, they gured the customers buying bottles of wildgrown whole cumin seeds from Afghanistan and smoked pimentón paprika from Spain were the same city-dwelling young people picking up on other gourmet trends, from making sourdough bread to craft cocktails. To their surprise, they were wrong. e orders were coming from people in an older age bracket, outside of cities, who tended to cook three meals a day at home but didn’t have nearby specialty stores. “ e food e-commerce revolution is being powered by a di erent audience than you think,” Zohar said. “It’s not the TikTok generation.”e steady patronage of those home cooks increased Burlap’s sales by a factor of eight between 2019 and 2022, despite a drop-o of wholesale customers in March 2020, when restaurants shuttered. Back then, half of the rm’s revenue came from restaurants, so Zohar and Frisch were not sure they would be able to stay in business. But by May 2020, home cooks had more than made up for the lost wholesale orders. During the Great Recession, Zohar and Frisch met in New York City and became friends. Zohar was getting into the startup world, while Frisch, let go from a foundation position in foreign relations, started cooking at a Lower East Side restaurant. In the summer of 2010, they ran a politics-themed dessert cart called Guerrilla Ice Cream. en they moved on: Zohar to Silicon Valley, where he co-founded a mortgage technology company, and Frisch to Afghanistan via London, where he tasted the bright local cumin while documenting infrastructure projects in the Badakhshan province for a nongovernmental organization. As they kept in touch, Zohar was cooling on the cash-burning ways of startup life and Frisch was discovering a demand for the suitcases of cumin he’d bring back when he returned to the U.S. for visits. Chefs and acquaintances from his food-world days immediately loved the fragrant seeds. He called Zohar: “’Is there a business here?”

“We made a lot of promises early on,” he said, “and to be able to make those promises come to life, to realize them and become their biggest customers, helping them grow too— that has been really satisfying.” BY CARA EISENPRESS

SEPTEMBER 5, 2022 | CRAIN’S NEW YORK BUSINESS | 23 SMALL-BUSINESS SPOTLIGHT

Consistent demand Chefs embraced the avorful spices. Consumers, happy to have access to global ingredients, accounted for about 50% of sales by 2019. For Zohar, the consistent demand offered the chance to build a di erent sort of company. Burlap & Barrel has taken no outside investment. It is also a public bene t corporation, so the co-founders are legally responsible not just for shareholder value but also for ful lling a commitment to get their farmers the best deals. ey hire carefully to meet precise business needs and have been able to create exible, part-time and remote customer service and marketing jobs for staers who might not otherwise be in the labor market—military spouses and parents of young kids, for example. To add to their product lists, Frisch and Zohar travel the world and connect with their partner farmers in person. When the duo nd farmers who produce high-quality spices, they are able to pay anywhere from double to 20 times what a farmer would get on the commodity market, Frisch said. “We have a farmer-led pricing model,” he explained.

Using their own money to start, they cleared the furniture out of Frisch’s Brooklyn living room and lled every order by hand. Frisch would even drive to the airport to haggle with customs agents himself. In 2018 they moved to a ful llment center. ey now have two co-packers, in New York and Maryland, and a ful llment center in Reading, Pennsylvania.

ENNISBUCK

Committed home cooks’ repeat orders fuel Burlap & Barrel’s e-commerce ingredient business

COMPANY NAME Burlap & Barrel FOUNDED October 2016 FULL-TIME EMPLOYEES Six salaried employees (including the co-founders) and six part-timers FOUNDER Ethan Frisch and Ori Zohar SALES STRATEGY After discovering a healthy demand for directly sourced spices, Frisch and Zohar have committed to helping customers replace their entire spice drawers with Burlap & Barrel jars. “We were seeing customers one or two times a year,” said Zohar. “We wanted to go to three of four times a year.”

BURLAP AND Barrel’s Zohar (left) and Frisch travel the world to meet farmers.

■

REVENUE In 2021 Burlap & Barrel crossed $5 million in revenue. That milestone followed quickly from the previous one: in 2020 the rm crossed $1 million for the rst time.

FOCAL POINTS

“I told him, ‘We’ll be back,’ ” he said. Burlap now buys 6,000 kilograms from him at a time.

For Brooklyn rm, global variety is the spice of life

PRODUCT MIX Royal cinnamon, wild mountain cumin, Zanzibar black peppercorns and dozens of other spices, spice mixtures, salts, sugars and specialty products from around the world WEBSITE burlapandbarrel.com

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