Con Edison by law must sell energy that it purchases at cost. e utility points the nger at the global energy crisis, fueled by the war in Ukraine, shooting up already high natural gas costs for U.S. consumers. New Yorkers pay for those rising energy costs in their bill along with a rate set by the state Public Service Commission for use of the
ASKED & ANSWERED How Central Park is studying climate change PAGE 13 REAL ESTATE Top property sales, outerborough projects and an heir’s deal PAGE 16 PAGE 19 BUSINESS FARMSBATTERYSITESUNDERUSEDTURNINGSPOTLIGHTINTOPAGE35 CRAINSNEWYORK.COM | SEPTEMBER 19, 2022 NEWSPAPER VOL. 38, NO. 32 © 2022 CRAIN COMMUNICATIONS INC.
Utility rms warn of 30% jump in heating bills this winter
SPECIAL REPORT NEGLECTFATAL
he state’s largest utility company is warning customers to expect a spike in their energy bills this winter due to a surge in natural gas prices.
T
Homeless New Yorkers with serious mental illness keep falling through the cracks despite billions in spending
BY MAYA KAUFMAN
onths before Martial Simon pushed Michelle Go to her death in front of a subway train, his mind had been seized by an unusual toothache.
ere do not appear to be any records of his whereabouts after that, meaning he likely was living on the street. On Jan. 15, he resurfaced underground. In the Times Square subway station that morning he walked up to 40-yearold Go, a stranger, and shoved her into the path of an incoming R train.
2022
Despite Simon’s tenuous grasp on reality, the hospital discharged him a few weeks later, in July 2021. He had been hospitalized for ve months. Workers escorted him to an apartment building in the Bronx, where he could live with on-site services. ey left him with a 30-day supply of medication and a next-day appointment with a psychiatrist. He never showed. In all, he spent hardly two hours in his new home. He left only a trace of his presence: a brown paper bag stu ed with his medications.
Simon was con ned at the time to the Bronx Psychiatric Center, a state hospital. A nurse o ered to connect him with a dentist, but he refused. e dentist was working with the FBI, which was using satellites to loosen his teeth, he said.
HOMELESS CRISIS Only a small proportion of homeless New Yorkers have a serious mental illness, but the outcomes are failsseveredisproportionatelywhenthesystemtohelpthem.See NEGLECT on page 4 See HEAT on page 34
BUSINESS AS USUAL: People sleeping on the street is a common sight in New York’s commercial corridors.
BY CAROLINE SPIVACK
tomers who use 583 kilowatt hours monthly are estimated to see a $44 rise, from $194 last winter to $238, or a 23% spike.
ENERGY & UTILITIES
tomers could pay an average of $460 a month on their heating bill from November to March, up from about $348 during the same time last year—a 32% jump. Supply costs are expected to account for $90 of the $112 increase, with delivery charges making up some $22, according to Con Edison’s gures. e company expects large commercial customers using 10,800 kilowatt hours per month to see an increase of $706, or a 28% jump, on their heating bill from an average of $2,524 last season to an estimated $3,230. Smaller commercial cus-
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Con Edison projects that city cus-
M
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Other prolific real estate devel opers including Vornado Realty Trust, Thor Equities and SL Green have expressed interest in develop ing casinos in areas such as Herald Square, Times Square and Coney Island. The gaming commission will require them to partner with a gaming operator such as Wynn, MGM or Hard Rock to do so.
NYCHA head Russ stepping down after three-year tenure marked by highs and lows ESTATE
in opening a casino near Citi Field, his team’s home stadium, and is re portedly working with Hard Rock.
REAL
Mark your calendar to hear Keechant L. Sewell, commissioner of the New York City Police Department, interviewed live onstage by Crain’s New York Business Editor-in-Chief Cory Schouten. Find out how the NYPD is tackling a Covid crime wave, what officers are seeing on beefed-up patrols in the subway and how the agency is working to enable a safe return to the office—a top concern for business leaders. 9:30 a.m.
In a statement last Thursday, the Housing Authority announced a re structuring plan that would split the roles of chairman and CEO.
RUSS
oor communication led the Metropolitan Transportation Authority to spend $3 million more than planned on signal up grades along the elevated J, Z and M lines, according to an audit issued last week by the agency’s Office of the Inspector General.
regory Russ, the head of the New York City Housing Au thority, will step down as CEO after three years, capping a wave of transformational legisla tion passed recently in his tenure even as reports emerged this month that water at NYCHA’s Jacob Riis houses tested positive for arsenic.
Stephen Ross, Related’s founder and chairman, and Vornado CEO Steven Roth each have donated $69,700—the maximum allowable amount—to Gov. Kathy Hochul’s campaign. A six-member commu nity advisory board consisting of appointees from the mayor, gover nor, local City Council member, borough president, state senator
he Related Cos., the devel oper behind Hudson Yards, is planning to bid on a li cense with gaming hospi tality giant Wynn Resorts to build a casino on Manhattan’s West Side, the company announced Thursday.
On Sept. 9, NYCHA received a statement from the lab that con
Audit: Poor planning led MTA to spend needlessly
New Yorkers—more than 350,000 residents—across nearly 178,000 apartments within 335 housing de velopments, according to NYCHA’s website.Hesuccessfully pushed for state legislation with the NYCHA Public Housing Preservation Trust bill, passed in June, which is expected to finance repairs of 25,000 units and address a $40 billion capital shortfall.Russwas also an advocate for the legislative package that Gov. Kathy Hochul signed into law during the June session. The legislation aims to promote transparency within the Housing Authority by establishing a public, searchable database for residents’ maintenance requests and complaints. It would also re quire the Department of Buildings and the Department of Housing Preservation and Development to keep online records of unresolved building code violations at NYCHA properties.“Iwillremain a resource and
During his tenure, Russ champi oned notable legislation that prom ised change for the beleaguered agency that houses around 1 in 16
ducted the Sept. 1 tests confirming that the arsenic findings were false. More than 100 follow-up tests through a different lab have since confirmed that the water is safe to drink, but NBC New York reported last Monday that some residents have initiated a joint lawsuit against NYCHA.
The statement said separating the roles would align NYCHA with the operating structure of public housing authorities nationwide.
partner to Lisa, the NYCHA team, NYCHA residents and the city,” Russ said in the state ment. “My com mitment to NYCHA remains as strong as ever, and as we strengthen the au thority and deliv er the Public Housing Preser vation Trust to gether, I feel con fident in the future of NYCHA.”
Time:DETAILS 8 to
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General Counsel Lisa Bova-Hiatt will serve as interim CEO, and a na tional search for a permanent CEO is under way. Russ will remain as chair of NYCHA’s board.
In June 2021, during a $25 mil lion infrastructure project on ele vated transit lines in Brooklyn and Queens, officials said they discov ered that metal trays carrying signal cables at 12 stations were danger ously corroded, creating a safety risk of debris possibly raining down on the streets below. The discovery led to a $2.9 million project add-on to replace 6,440 feet of the equip ment.But auditors under acting MTA Inspector General Elizabeth Keat ing found that transit officials had actually known about the issue for five years. Pressure to keep costs down by overlooking the worndown trays led to the agency shell ing out more than if the work had been factored into the original proj ect, according to the audit.
BY CAROLINE SPIVACK
T
Related Cos., Wynn partner for Hudson Yards casino bid
NATALIE SACHMECHI
The state’s Gaming Commission plans to award up to three licenses for casinos in New York, and Mayor Eric Adams has asked for at least two of them to be for projects in the city. No other casinos with gaming tables exist in the five boroughs.
Location: 180 Central Park CrainsNewYork.com/PB_SewellSouth
In its official response to the au dit, the MTA said it is complying with all seven of the inspector gen eral’s recommendations to improve communication and the capital project process. ■
“MTA capital designers inten tionally excluded cable trays from the contract scope of work, almost certainly because of budget con straints,” the audit states. “Given the MTA’s planned increase in con struction projects over the next sev
This month the city announced that test results from Sept. 1 showed traces of arsenic in the water system at the Riis complex in the East Vil lage, following resident complaints of cloudy tap water in August.
BY SHELBY ROSENBERG BLOOMBERG
2 | CRAIN’S NEW YORK BUSINESS | SEptEmBER 19, 2022 Vol. 38, No. 32, September 19, 2022—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for no issue on 1/3/22, 7/4/22, 7/18/22, 8/1/22, 8/15/22, 8/29/22 and the last issue in December. Crain Communications Inc., 685 Third Ave., New York, NY 10017. Periodicals postage paid at New York, NY, and additional mailing offices. Postmaster: Send address changes to: Crain’s New York Business, Circulation Department, PO Box 433279, Palm Coast, FL 32143-9681. For subscriber service: call 877-824-9379; fax 313-446-6777. $140.00 per year. (GST No. 13676-0444-RT) ©Entire contents copyright 2022 by Crain Communications Inc. All rights reserved. EVENTS CALLOUT OCT. POWER13BREAKFAST
Related’s push with Wynn is the first such deal to go public. If a li cense is secured, their casino would go next to the Javits Center in the western rail yard, the second phase of Related’s 28-acre Hudson YardsResortsdevelopment.WorldatAqueduct Race track in Queens, which offers a racetrack and slot machines but no gaming tables, is a likely recipient of one of the licenses. Mets owner Steve Cohen has expressed interest
A potential Hudson Yards casino would likely take three or four years to build, according to a December 2021 proposal from Wynn.
and local Assembly member will decide which applications can move forward. A separate board appointed by the Gaming Commis sion will then decide whether the applicant gets a license.
“As New York City emerges from the pandemic, the western yards provides the ideal site for a resort that will reinvigorate our tourism economy and provide billions in tax revenues for the city and state,” Jeff T. Blau, Related’s CEO, said in a statement.Anofficial request for applica tions for the casinos has not yet been released by the state. ■
Arsenic scare
eral years, strengthening these pro cedures will be especially important.”Thebureaucratic stumble, audi tors found, resulted in a more than 10% bump to the original contract cost and was incorrectly labeled as needed because of a “field condi tion”—jargon for an unexpected is sue discovered during construc tion. The classification meant the MTA was not required to assess what went wrong or improve its procedures to learn from the error.
ENNISBUCK
The mix-up is the latest example of an expensive oversight for an agency that is infamously troubled by cost overruns and for which ev ery penny must be spent wisely as budget deficits balloon because of a sluggish ridership recovery from theThepandemic.MTAplans to spend $51.5 billion for its 2020–24 capital pro gram on a series of infrastructure improvements, including signal upgrades, accessibility work and the expansion of service in north ern Manhattan through phase two of the Second Avenue subway. En suring those projects are complet ed as efficiently as possible is key to the agency’s financial health.
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When Goldstein walked into Bellevue that day, it was about 16 months before he would
After 19 years behind bars on a murder charge, Goldstein was released from prison in 2018.
are e ective for many with serious mental illness, but the organizations that run them are often hamstrung by limited funding, chronic sta ng shortages and layers of bureaucracy that keep supply straining to meet demand. For individuals like Simon, who do not respond to traditional treatments, they are no better than Band-Aids, bound to slip o sooner rather than later.
O cials built mammoth, state-run institutions to hold the poorhouses’ many residents, and the hospitals quickly became dumping grounds for society’s most marginalized. Mistreatment and abuse were rampant.
ENNISBUCK
Driven by mounting hospital expenses and growing support for community-based care, state lawmakers that same year encouraged counties to develop local mental health service plans. e state instructed hospitals to start slashing beds. Eventually the federal government jumped on the bandwagon and in 1963 committed funding for community mental health centers across the U.S.
e pandemic has worsened both homelessness and mental health conditions among New Yorkers, making a dire situation even more urgent. e longer the homeless wait for housing, the likelier their condition will worsen; research shows that homelessness exacerbates mental health issues and that housing is among the best treatments. Other key breakdowns in the system include:
Buoying the deinstitutionalization movement was a series of legal rulings that bolstered patients’ protections against involuntary hospitalization and a rmed their right to refuse treatment. States are now required to treat mentally ill people in the “least restrictive” setting.
● Hospitals often do not notify patients’ community providers or shelters when they discharge homeless patients experiencing a mental health crisis, e ectively leaving them on the street and magnifying the chances they will fall through the cracks.
GO
● Hospitals rarely refer patients to state psychiatric hospitals, because that means keeping the patient admitted until a bed opens up—often months at a minimum.
From hospital bed to homeless
4 | CRAIN’S NEW YORK BUSINESS | SEPTEMBER 19, 2022
“If we’re hoping to dramatically improve outcomes going forward,” said Dr. Je rey Brenner, chief executive of the Jewish Board of Family and Children’s Services, the state’s largest social services nonpro t, “this infrastructure will never deliver that.”
New York quickly strayed from that vision.
Rewind the tape of Simon’s story, replace the name and press play. It is 1997, and Andrew Goldstein has walked into Bellevue Hospital’s emergency room.
ese problems extend to patients who have a home, but they are particularly acute for those without one. If a hospital pushes them out, they have no place to go. When they have nowhere to live, community providers struggle to nd them and help them.
Hopper’s team ultimately found no signicant di erence between mental health patients who were under a court order and those who were not. Nonetheless, state lawmakers reacted to Webdale’s death in January 1999 by codifying the pilot. ey named it Kendra’s Law, after the victim of the man who never made it into the program. e program, called assisted outpatient treatment, or AOT, is intended to make sure recipients participate in treatment and are closely monitored. If they stray from their treatment plan, they can be hospitalized involuntarily. About 3,500 people statewide have an active court order for mental health treatment, including just over 1,600 in the city, according to stateSimondata.was brie y under an AOT order, a person familiar with his case said. Still, hospitals discharged him even with evidence that he was unstable and unlikely to stick to his treatment.
ENNISBUCK
Many hospitals refuse to admit seriously mentally ill patients, instead doling out medication to subdue their symptoms and immediately cutting them loose. Some keep lists of particularly violent patients who should be automatically transferred elsewhere. In academic literature, the vicious cycle has its own name: transinstitutionalization or the institutionalEvencircuit.when patients manage to get a bed and a referral to a community program, hospitals often fail to coordinate a hand-o to the next set of providers. at thrusts many homeless New Yorkers onto the streets with little to no Communitysupport.programs
● A state database that providers use to track psychiatric patients is consistently three months out of date.
Mental hospitals proliferated in the 1800s in response to horri c conditions in county poorhouses that warehoused the mentally ill. ey were the product of a growing consensus that patients long derided as insane and incurable were, in fact, su ering from a treatable
Dr.condition.omasStory
than 250 patients each, with linear wings to a ord patients sunshine, comfort and privacy.
e state at the time cared for about onefth of the country’s 559,000 psych hospital residents. But hospitals’ swelling censuses were about to nosedive.
shove Kendra Webdale, a stranger, into an oncoming N subway train. She was killed instantly.Bellevue’s doctors had a chance to intervene, maybe more so than anyone else Goldstein had seen in his pleas for help. ey were piloting a program involving court-ordered mental health services for psychiatric patients who had a history of being hospitalized against their will and of not complying with treatment.Goldstein ended up at Bellevue twice during the pilot, meaning he should have been assessed twice as a potential participant, said Dr. Kim Hopper, a medical anthropologist who co-wrote a study on the pilot’s e ectiveness and discovered the overlap. For reasons that remain unclear, he was either never assessed or was deemed ineligible.
e shift was facilitated by the discovery of antipsychotic drugs, such as chlorpromazine, in the 1950s. e new class of medications revolutionized the approach to patients with serious mental illness, a designation that covers any disorder that substantially interferes with someone’s life and ability to function. Instead of exiling patients to faraway state institutions, doctors could instead use medications to quickly stabilize patients and send them home. ere, the new community-based programs would take charge of their care.
● Community programs meant to prevent hospitalization among patients with serious mental illness, such as assertive community treatment (ACT) and intensive mobile treatment (IMT), have waiting lists as long as a year and hundreds awaiting a spot.
When the tragedy made the headlines, it set o a political restorm about the city’s homelessness and mental health crises. But it wasn’t surprising to the countless health care workers who would have recognized Simon’s name because they had tried to help him. He was hospitalized at least two dozen times for symptoms of his schizophrenia over more than two decades, said people familiar with his case. e hospitals knew he stopped taking his medication and stopped seeing his doctors when he was on his own, and they discharged him anyway.
NEGLECT
● One attending physician may unilaterally
Nonetheless, the hospitals expanded to keep pace with a ballooning number of patients. Patient-to-sta ratios became so skewed that the hospitals could provide little more than custodial care, not the individualized treatment plans originally envisioned.
For decades New York has slashed psychiatric beds and diverted patients with serious mental illness to community-based programs that support patients with teams of providers who see them multiple times a week. ese intensive programs are intended to reduce reliance on hospitals, but hospitals remain the de facto gatekeepers for the rare open spot—if patients can get the hospital to admit them in the rst place.
decide whether a patient should be admitted to the hospital or discharged, without any way for community providers who regularly work with the patient to appeal the decision.
is article is based on interviews with more than 50 mental health care and homeless services providers, nonpro t executives, hospital workers, academic experts, advocates, current and former health o cials, and New Yorkers with a diagnosed serious mental illness who are or were homeless. Many spoke to Crain’s on condition of anonymity to share sensitive information without fear of retaliation or stigma. All of them described a system in crisis.
Goldstein was living with schizophrenia. He had a tendency to attack strangers in public and health care workers in the hospitals where he kept going for help. Each time he was given medication and discharged, a 1999 New York Times investigation found.
Simon was arrested four years later on a murder charge. Unlike Goldstein, he was deemed un t to stand trial, although that determination can be revoked at any time. Simon is committed inde nitely to the Kirby Forensic Psychiatric Center, a state-run, maximum-security facility on Wards Island.
Experts emphasize that only a small proportion of homeless New Yorkers have a serious mental illness, but they are disproportionately visible, in part because the consequences of the systemic failures to help them are more severe.
For most of U.S. history, hospitals have been the only or the dominant provider of mental health care. What has changed is who is admitted and how they were treated.
Kirkbride, a Quaker physician, sketched out the prototype: no more
Pilgrim State Hospital on Long Island, which opened in 1931 with 100 patients, peaked at nearly 14,000 by 1954. It even had its own police and re departments—a village unto itself.
FROM PAGE 1
HOMELESS
The cycle repeats
ANDREW, who asked that his last name not be used, lives in a Brooklyn building with on-site services that his assertive community treatment team helped him nd. He moved there in August, after a seven-month hospital stay. CRISIS
“The standing line or joke—although it’s not funny—is that it’s easier to get into Harvard than it is a state psychiatric center”
“They just hold you, pump you full of med
“It’s safe to say that it’s been a loss leader for a long time,” Burke said.
Hospitals are supposed to admit psychiat ric patients who pose a risk of harming them selves or others. Instead they often dole out sedatives or other calming medications, then cut the patients loose as quickly as a few hours later. That can have disastrous effects for people in crisis and those around them, particularly when patients are homeless and have no place to go. In some cases, the conse quences are life-changing.
Single-room-occupancy housing was plentiful, so tens of thousands of patients dis charged in the initial deinstitutionalization wave flocked to them. But supply plummeted in the 1970s as longtime residents fled their new neighbors and developers converted the units into apartments. Former state hospital patients very rapidly found themselves with out a home. The crises of mental health and homelessness had not so much intersected as Generalcollided. hospitals, meanwhile, saw their psychiatric admissions rise as state institu tions emptied. The venue had changed, but the dilemma had not.
It would not continue for long. Those hos pitals also began cutting beds. Officials point ed to the new focus on community care; the beds, as it happened, were also deeply un profitable.TodayNew York operates about 3,300 beds across 22 state mental hospitals. But the pa tients didn’t disappear. Instead, a grueling c ycle in and out of hospital emergency rooms, shelters, jails and other facilities—the institutional circuit—took off with full force.
David Diaz showed up at Mount Sinai Beth Israel’s emergency room in 2021, saying he wanted to hurt himself or somebody else and asking for help. He had access to a weapon, heDiaz’ssaid. medical history by then would have shown bipolar and schizoaffective disorders, a history of suicide attempts and frequent hospitalizations since he was in grade school. At the hospital this time he was given an anti depressant with sedative effects, then a doc tor told him the hospital had no reason to admit him. So the hospital didn’t. He was there for a matter of hours.
for an inpatient unit in a city hospital said she was the unit’s only doctor on the day she spoke with Crain’s. The unit had 23 patients at the time. An employee at Health + Hospitals/ Lincoln said it could operate only one of its two inpatient psychiatric units because of understaffing.Incaseswhen hospitals consider a patient dangerous, whether from evidence or stigma, the hurdles to care rise even higher.
● Emergency room doctors should be required to get a second opinion on decisions not to admit psychiatric patients who are under an active court order to receive mental health treatment through Kendra’s Law, ACT providers suggested.
Komla Agblami, an assistant assertive community treatment team leader with Ser vices for the UnderServed, a nonprofit, de scribed one client who showed up at the emergency room in early July during a psy chotic episode. He was denied admission. Five days later he went to a different ER. It happened again. The ACT team’s psychiatrist evaluated him and determined he needed to be hospitalized, this time sending him to Health + Hospitals/Kings County. The third hospital cast him out too but never told Ag blami’s team. By the time he found out, his client had disappeared.
“We tried our best,” Agblami said, “but the hospital didn’t listen.”
State budget for mental hygiene, per fiscal year
Hospitals can nonconsensually admit pa tients who are a risk to themselves or others, but psychiatrists must get approval from a judge in their borough’s dedicated mental health court. NYU Langone’s Frankle said the process often takes weeks; Brooklyn’s court meets just once a week. Some hospitals are unwilling to wait.
September 19, 2022 | CrAIN’S NeW YOrK bUSINeSS | 5
The situation has reached such a crescen do that state Attorney General Letitia James’ office has started investigating hospitals’ treatment of psychiatric patients.
on page 6
Then, in early August, Agblami got a call from Weill Cornell Medical Center. His client had fallen into the subway tracks and was electrocuted. He was intubated with third-de gree burns and remains in the hospital.
Today there are 5,749 hospital beds for psy chiatric patients statewide, not counting staterun institutions or residential treatment cen
● Mental health courts should meet more frequently and continue remote hearings, said Dr. Gordon Frankle, chief of psychiatric services for NYU Langone–Brooklyn.
● The state should expand its loan forgiveness program for social workers, said Nadia Chait, the Coalition for Behavioral Health’s associate director of policy and advocacy.
NEW YORK CAN IMPROVE its mental health care system for people who are homeless and living with serious mental illness with more housing, more hospital beds and higher reimbursement rates for mental health care, experts say. Other changes they suggest:
● The city should further invest in flexible models free from strict documentation and staffing requirements, such as intensive mobile treatment and Pathway Home, which helps individuals transition from hospitals to the community, said Dr. Jorge Petit, pres ident of Services for the UnderServed.
Access denied
Dr. Gordon Frankle, chief of psychiatric services for NYU Langone Hospital–Brook lyn, said its 35-bed inpatient psych unit is typically at capacity and needs more beds. He said patients have been staying longer than they did before the pandemic—just over two weeks, on Psychiatristsaverage.said one factor squeezing ca pacity is the months-long wait for a bed in one of the state’s mental institutions, which typically only take referrals from hospitals.
See
One patient, whose story was shared with Crain’s by someone familiar with the case, was denied admission by a city hospital even after Department of Homeless Services offi cials called him an “imminent risk” to others in his shelter. A hospital official said in writ ing that the patient was resisting treatment, and the hospital could not risk endangering staff and other patients by holding him for the weeks-long wait for a court order. He was discharged, and his whereabouts are now unclear.
NEW YORK’S BUDGET FOR MENTAL HYGIENE HAS VASTLY INCREASED IN RECENT YEARS
MENTAL HEALTH EXPERTS SHARE SOLUTIONS
Alison Burke, vice president of regulatory and professional affairs for the Greater New York Hospital Association, a hospital lobby ing group, said hospitals have long been un derpaid for treating the psychiatric patients theyMedicareadmit covered approximately 75% of hospitals’ costs for a psychiatric stay as of 2019, according to the most recent available data. Medicaid, which foots the bill for most psychiatric hospitalizations in the city, covers about 64%.
Yet some newly discharged patients found little success with the new, unstructured and still sparse outpatient model. The new drugs didn’t always work, and insurance didn’t al ways cover treatment. In many places, not enough programs emerged to fill the void. Those that did often focused on patients with less serious forms of mental illness.
She said hospitals only slashed empty beds, but mental health care advocates blame financial incentives for the cuts, amid a broader trend of hospital consolidation. New York hospitals earned about $88,000 in net revenue per psych bed in 2018, according to an analysis by the New York State Nurses Association. Across all areas, they made about $1.6 million per bed.
icine and hope for the best,” Diaz said.
ters. But the state said 15% are offline due to repurposing during the pandemic, construc tion, staffing shortages or other reasons, whit tling the number of available beds down to about 4,900—a decrease of roughly 18% since 2000. Fewer than half of those are in the city.
Capacity constraints are amplified by widespread staffing shortages. A psychiatrist
● Intensive mobile treatment teams should have dedicated housing specialists, said Bielkis Santos, a social worker with the Institute for Community Living.
● Advocates and former officials call for increased reliance on peer counselors, who have gone through a similar ordeal as the clients they help.
SOUrCe: New York State Open Budget $12B$10B$8B$6B$4B 20231995 $10.8B HOMELESS CRISIS
Dozens of providers and experts who spoke to Crain’s pointed to underfunding, limited bed capacity and staff shortages as reasons why hospital care is often out of reach.
Current and former hospital psychiatrists said the decision to admit a patient typically falls to the emergency department’s attend ing psychiatrist. When someone shows up at a hospital asking for help, federal law dictates that hospitals must stabilize them, but it does not specify how or to what extent. Psychia trists said they tend to admit patients only if they are a danger to themselves or others, yet nothing holds hospitals accountable to that standard.Asaresult, community providers said hos pitals do the bare minimum to send patients on their way. Many said hospitals rarely noti fy them when their patients show up at the ER or are discharged. A state-run database tracks psychiatric hospitalizations, but providers said much of the information is three months out of date, rendering it useless to search for missing patients or find out what happened during a recent hospital stay when patients lack discharge paperwork.
“The standing line or joke—although it’s not funny—is that it’s easier to get into Har vard than it is a state psychiatric center,” said Bob Hettenbach, who previously was chief executive of two state mental hospitals and a regional director for the state Office of Mental Health.Asked for the average wait time for a state hospital bed, James Plastiras, a spokesman for the Office of Mental Health, did not pro vide a specific figure. “The target time frame for admission is two weeks or less, and most are admitted during this time,” he said.
● The city should expand street outreach programs that do not depend on people to come inside to get care, then create more Safe Haven beds to quickly bring them off the streets, said Amie Pospisil, chief operating officer of Breaking Ground. —M.K. NEGLECT
Shelter ACT teams, for example, can take direct referrals from speci c homeless shelters, but there are just 10 among the state’s 113 teams.
“I think a lot of it is by choice,” said the former chair of psychiatry at a hospital that operates a psychiatric emergency room. “And let’s be real: Nobody wants to deal with a psych patient.”
On a sunny day just after the Fourth of July, Tyler had gone four months without a hospital visit. Before Santos started working with him late last year, he had been hospitalized 20 times in a two-year span. Now she is paying the corner one of her nal visits.
NEGLECT CRISIS Nobody with a psych patient
Tyler had been approved for a housing voucher and a Bronx apartment in a complex for residents like him who struggle with substanceSantosuse.asked him if he wanted to take anything with him from the shelter. No, Tyler said. He wants to start over.
”
One hospital social worker said she has largely stopped referring patients to ACT unless they have a court order, because it has become a fruitless endeavor.
Long before he snagged a spot on an ACT team, Andrew, who asked that his last name not be used, said he contemplated committing a mass shooting, then killing himself. He had been in and out of the hospital dozens of times for schizophrenia. His mind was so scattered that he kept losing his keys and would sleep under the BQE.
“And let’s be real:
Hospitals also le the vast majority of AOT petitions, which require substantial medical records. Patients on a court order jump to the front of the line for services they might not otherwiseSecuringget.aspot
What changed? Last year Health + Hospitals/Kings County kept him for four months to get an AOT order for him. at won him priority for a spot on an ACT team, entitling him to six monthly check-ins and a team of
Home, at last
Chronic sta ng shortages are already unraveling the existing system, as nonpro ts are forced to cut services and remaining workers accumulate even larger caseloads.
In response to the allegation, a Health + Hospitals spokesman said care teams determine which hospital would be “most therapeutic” for a patient, and patients who do not respond well to a particular sta member may be assigned to another one.
Waiting game
A social worker who works with psychiatric patients at another city hospital said it keeps a short list of patients to not admit because they stalked or attacked speci c workers there. “If we had to admit them, we would, but we would rst try to transfer them out,” the person said.
Nonpro ts’ wages for mental health providers, which depend on government funding, are so low that some cannot a ord housing and live in shelters, said Amy Dorin, president and CEO of the Coalition for Behavioral Health. e state recently approved a 5.4% pay increase for the social services sector, but providers said in ation e ectively negates it.
“I hope to be part of the new you,” she said. Santos o ers to take him to dinner after he’s moved in. She said they will talk about budgeting so he can make rent each month. Tyler isn’t concerned. He uses a hand to hoist himself up in his motorized wheelchair, the one Santos’ team got him.
“I ain’t going back, no,” he said. “I’m going forward.”■
Some providers described hospitals’ failures as willful neglect. During meetings this year that the state held with stakeholders to discuss the matter, a nonpro t executive familiar with the conversations said ER doctors acknowledged not admitting homeless patients because they felt it would be useless— that the patients would just end up back on the streets and deteriorate further.
bandwidth or the required medical records to complete the burdensome referral process. Some incorrectly stated that they cannot make referrals. One psychiatrist, who previously worked for a nonpro t that runs shelters, said caseworkers rarely made referrals because they said they didn’t know how. Adding another wrinkle, many programs list multiple hospitalizations as one of their eligibilityerecriteria.areexceptions.
on an ACT team or intensive mobile treatment team otherwise takes six to 12 months, according to a recent report by BronxWorks and the Center for Urban Community Services. e city Health Department, which oversees local waiting lists for those programs, was unable to provide current data before publication. One provider briefed on recent waiting list numbers said that more than 700 adults were waiting for ACT team spots earlier this year. e program’s total capacity is just over 8,000 statewide.
Last year the city earmarked $65 million to launch 25 more intensive mobile treatment teams, which visit clients twice weekly and are speci cally designed to serve people with “a high degree of transience,” such as those living on the street. O cials said the new teams would be enough to serve 675 more people, eliminating the program’s waiting list. A new pilot program is supposed to serve as a “step down” for IMT clients ready for a lower level of care. But IMT teams are still struggling to meet demand amid a sta ng crunch and limited capacity of just 837 spots citywide, according to data from June.
sis are incarcerated rather than given the treatment they need. e psychiatrist quit after the nonpro t’s shelter sta refused an offer to get training in crisis management and de-escalation.Evenwhenhomeless New Yorkers manage to jump through the mental health care system’s many hoops, they run up against the city’s shortage of a ordable housing. e situation is even tougher for those with serious mental illness, many of whom need more support than the city’s supportive housing units can provide. Community providers such as Santos, the IMT social worker, help clients apply for housing and vouchers to pay for it, but the inde nite wait for an apartment erects yet another barrier to treatment.
e men who hang out at Longwood and Southern Boulevard in the Bronx all know Santos, the social worker. at’s where she meets with Tyler, who has spent seven years in a nearby shelter. He spends his summer on that corner, outside a tax services agency where the shade keeps him cool and the occasional whoosh of the door opening sends a breath of air conditioning.
“Most of us have second jobs,” she said.
“NYC Health + Hospitals will admit patients as clinically appropriate,” the system said in a statement. “H+H does not deny admission based on a patient being considered unsafe.”
“For you to be stable,” she said, “your whole life has to be stable.”
e men also know to call Santos when Tyler gets hospitalized, because they know the hospital will not. It’s as if they too are part of his treatment team.
ENNISBUCK
e chief executive of a nonpro t that operates mental health shelters, who requested anonymity, said its sta vacancy rate is so high (about 20%) that it might have to reduce on-site psychiatric and primary care services to raise salaries for open roles.
Hospitals can expand access to care and ease the strain on inpatient units with specially licensed psychiatric emergency rooms, which can hold patients for observation for up to 72 hours. But few have opened one.
wants to deal
Bielkis Santos, a social worker with the Institute for Community Living, said her Bronxbased IMT team is two employees short, so it could not enroll its full 27-person caseload. Santos said pay is staggeringly low and turnover exceptionally high. (Advocates said salaries for social workers and mental health counselors are about $45,000 to $60,000.) She works at a restaurant on the weekends to help make ends meet.
professionals to advocate for him. at is what the team did after he ended up at New York-Presbyterian Westchester, which attempted to discharge him. e ACT team fought back. As a result, he spent seven months there, in a program for people with psychotic disorders and a history of frequent hospitalizations. e hospital had resisted referring him to the program, insisting it wasn’t a good t. Andrew said it was a godsend. By the time he was released, his ACT team had found him an apartment, where on-site sta members make sure he takes his medication.“is is like a new beginning for me,” he said.New York has spent decades building out a system of specialty programs designed to keep patients with serious mental illness in the community and out of hospitals. Ironically, patients rarely get a spot without a hospital’sSocialhelp.workers, case managers and other providers who work at shelters or elsewhere in the community said they rarely have the
It is unclear how much more capacity New York needs, because there is limited data on the number in need. e city estimates that 250,000 adults have a serious mental illness, or 3% of the total population. Among the homeless population, which totals about 60,000 living in city shelters or on the streets, the National Alliance on Mental Illness’s New York chapter estimates that 1 in 6 lives with serious mental illness.
One psychiatrist, who worked for a nonpro t that provides homeless and mental health services, said shelter sta members were overburdened and ill prepared to work with residents with serious mental illness. Instead, they were quick to call 911 and pass the buck, increasing the risk that residents in cri-
SANTOS, at right, a social worker on one of the Institute for Community supportivehelpedmobileBronx-basedLiving’sintensivetreatmentteams,herclient,Tyler,ndanapartmentinhousing.
FROM PAGE 5 HOMELESS
6 | CRAIN’S NEW YORK BUSINESS | SEPTEMBER 19, 2022
Under Gov. Kathy Hochul, mental hygiene spending is expected to hit $10.8 billion this scal year, up 30% from what the state budgeted last year and twice what it spent the year before that. e state is adding 26 new ACT teams, increasing its spending on the program from $82 million to nearly $95 million. But sta shortages are so dire that one nonpro t executive said most of the city’s ACT
teams are temporarily barred from enrolling new clients. Other nonpro t o cials said new teams would su er the same issue, because the state did not provide enough funding per team. One person said the proposed budget per team was $90,000 under cost.
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president & ceo K.C. Crain group publisher Jim Kirk publisher/executive editor Frederick P. Gabriel Jr.
www.crainsnewyork.com/events manager of conferences & events Ana Jimenez, ajimenez@crainsnewyork.com senior manager of events Michelle Cast, michelle.cast@crainsnewyork.com
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,
ew Yorkers
More housing, greater accountability would ease city’s mental health crisis
Patients should make decisions with a highly quali ed physician who schoolcludinghas rigorous training—in-fouryearsofmedicalandthreetosevenyears of residency and fellowship training—compared to a non-physician without that level of expertise. e future of health care is team-based care—and physicians should be the leader of that team.
e study, which analyzed care provided by non-physicians at the Hattiesburg Clinic, found that NPs and PAs ordered more tests and referred more patients to specialists and hospital emergency departments than physicians.
MANY HOSPITALS REFUSE TO ADMIT SERIOUSLY MENTALLY ILL PATIENTS
N
Other peer-reviewed studies have found that non-physician practitioners order more diagnostic imaging than physicians do for the same clinical presentations. A study in the American Journal of Radiology that analyzed skeletal X-ray use for Medicare patients found a 400% increase in ordering by non-physicians who were primarily NPs and PAs.
navigate the city. ese interactions often are the most outward sign of the city’s egregious failure to care for people who are homeless and living with serious mental illness.
DR. PARAG MEHTA
Only a small proportion of homeless New Yorkers have a serious mental illness, but they are disproportionately visible. And when the system fails them, canconsequencesthebesevere.
A case in point: In January a man who had been hospitalized at least two dozen times for symptoms of his schizophrenia pushed Michelle Go in front of a subway train, killingSignsher.point to elected o cials taking the crisis seriously. Under Gov. Kathy Hochul, mental
editor-in-chiefEDITORIAL Cory cory.schouten@crainsnewyork.comSchouten, managing editor Telisha Bryan assistant managing editor Anne Michaud director of audience and engagement Elizabeth Couch audience engagement editor Jennifer Samuels data editor Amanda Glodowski digital editor Taylor Nakagawa art director Carolyn McClain photographer Buck Ennis
EVENTS
MedicalPresidentSociety of the State of New York
TO THE EDITOR: We agree with the concern expressed in “Study nds that nearly half of New Yorkers’ primary care providers are not physicians” (Aug. 31) that a shortage of primary care physicians in New York has resulted in an increased number of patients having a nurse practitioner or physician assistant as their primary care provider.
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A recent study reported by the American Medical Association nds that when non-physicians are permitted to practice independently, this di erence in training increases health care costs and patient safety risks. An examination of 10 years of cost data on 33,000 patients by the South Mississippi system’s accountable care organization of physicians and independently practicing PAs and NPs found that care provided to patients exclusively by NPs and PAs was much
When you remove the most highly educated and trained health care professional from the care team, you put patients at risk.
a second opinion on decisions not to admit psychiatric patients who are under an active court order to receive treatment, intensive mobile treatment teams should have dedicated housing specialists, and mental health courts should meet more frequently. e alternative is a worsening public-safety crisis that erodes the con dence of the workers and visitors who power our businesses and economy. ■
Overall, the cost to the clinic for care provided by non-physicians could translate to $10.3 million more in spending annually if all patients were seen only by non-physicians. e data also showed that physicians performed better on nine of 10 quality measures, including double-digit di erences in u and pneumococ-
cal vaccination rates.
EDITORIAL
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EDITOR IMAGESGETTY ENNISBUCK
For decades New York has slashed its number of psychiatric beds and diverted patients with serious mental illness to community-based programs that support patients with teams of providers. e programs are e ective for many with serious mental illness when they o er the right combination of housing, pharmaceuticals and support. But the organizations that run them are hamstrung by limited funding, sta ng shortages and bureaucracy that keep supply short of demand, as reporter Maya Kaufman notes in her special report (see page 1).
ough such programs are intended to reduce reliance on hospitals, these facilities remain the de facto gatekeepers for the rare open spots. Many hospitals refuse to admit seriously mentally ill patients; instead, they dole out medication to subdue symptoms before cutting the patients loose. Some hospitals even keep lists of violent patients who should be automatically transferred elsewhere. at thrusts many homeless New Yorkers with mental illness onto the streets with little to no support and at risk of harming themselves or others.
hygiene spending is expected to hit $10.8 billion this scal year, up 30% from what the state budgeted last year and twice what it spent the year before that.
But there’s a lot more work to do. e problem must be tackled head-on with more housing, more hospital beds, higher reimbursement rates for mental health care and policy changes aimed at accountability. Emergency room doctors should be required to get
Patients deserve and prefer health care led by physicians. A recent AMA national survey found that it is important to 95% of patients that a physician be involved with their diagnosis and treatment
e solution to this problem, however, is to make New York a more welcoming environment for providing medical care, not further empowering various health care providers with far less training. New York trains the highest number of physicians in the U.S. Still, we cannot retain
them to practice in New York because, according to a WalletHub study, New York is the secondworst state for doctors to practice medicine.NewYork’s liability insurance costs and other practice overhead far exceed those of most other states in the country. According to data from the Association of American Medical Colleges, more than 50% of residents trained in New York have left the state.
Patients deserve to receive care from trained physicians
www.crainsnewyork.com/advertise senior vice president of sales Susan Jacobs account executives Kelly Maier, Marc Rebucci, Philip Redgate, Laura Warren people on the move manager Debora Stein, dstein@crain.com
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8 | CRAIN’S NEW YORK BUSINESS | SEPTEMBER 19, 2022
Moreover, studies have shown that treatment by non-physician practitioners is more costly to the health care system.
Policymakersdecisions.should take steps to ensure that New York is a more welcoming state to physicians rather than expanding access to care by those with less training.
LETTERS TO THE
more expensive than the care delivered by physicians.
Adapt to the future
Empty of ce towers
The truth about air rights in Brooklyn and Queens industrial neighborhoods OP-ED
As many New Yorkers continue to work remotely all or part of the time, there is less demand for o ces overall. And the M1 parts of the city—with fewer restaurants and amenities—just don’t have the appeal to lure workers back.
SEPTEMBER 19, 2022 | CRAIN’S NEW YORK BUSINESS | 9
e site’s lot is 120,000 square feet—which means it will have a projected oor-area ratio well below the zoned maximum of 5.
BY SHIBBER KHAN
Let’s stop kidding ourselves that the value of the properties in M1 zones in the outer boroughs is tied to the sites’ air rights. Right now building in the sky is a pipe dream for much of the current industrial
R
As developers, we must build in a way that makes sense economically, and right now it doesn’t add up to bring more o ce towers to industrial areas of the city—even if
areas in Brooklyn and Queens, and we need to start taking a more grounded approach. ■
BUILDING IN THE SKY IS A PIPE DREAM FOR MUCH OF THE CURRENT INDUSTRIAL AREAS The Policy and the Practical 32BJ Health Fund's Fall Conference Hospital Prices SEPTEMBERTHURSDAY, 22ND 9:00AM - 2:00PM 32BJ HEALTH FUND 25 W. 18th Street New York, NY 10011 Learn More and Register for the Health Fund Conference: 32BJHealthFundConference.com Rapidly increasing hospital prices are the biggest driver of escalating health care costs for employers, workers and local governments. They’re becoming a real impediment to business recovery post-COVID and a serious threat to the health and financial stability of workers and families. In partnership with City & State and the 32BJ Labor Industry Cooperation Fund, the 32BJ Health Fund is holding a major forum –“Hospital Prices: the Policy and the Practical” – with national policy experts and other stakeholders to discuss strategies to address hospital price increases. DaveRosettaHealthChase, Christin Deacon, JD ConsultingVerSan Vikas Saini MD, InstituteLown Vicki Veltri OfficeConnecticutJD,ofHealthStrategy RANDWhaleyChristopherPhD,Corporation SPEAKERS: IMAGESGETTY
Some of the worst nancial deals in New York City were made based on the promise of air rights, and while oor-to-area ratio is still a major factor in valuing real estate in the Manhattan core, it no longer makes sense to declare the air valuable above buildings in large swaths of Brooklyn and Long Island City that fall under M1 (light industrial) zoning.Butwhat happened? How did the air rights lose so much value?
area to create large set pieces and some o ce space on the upper oors. e project will cost an estimated $25.5 million and is slated for completion in 2024.
it’s the best way to use the air rights. We have to adapt to the future of work and understand that just because we can build an o ce in an industrial neighborhood doesn’t mean people will come.
eal estate brokers and building owners boast about the value of air rights, but the truth is that the air rights in our industrial corner of the real estate market in the outer boroughs have lost their luster.
Shibber Khan is principal at Criterion Group, a real estate developer in Astoria.
e studio’s main oor will have four stages, and there will be a mill
Hoping to secure more opportunities for industrial growth, the city under Mayor Bill de Blasio added two zoning amendments. One required a City Planning Commission special permit for new hotels within M1 districts, and the other restricted new self-storage facilities. ose regulations had a chilling e ect, making new hotels and storage businesses no longer viable zoning options, leaving o ces as the main vertical driver. But of course, the rules didn’t factor in a global pandemic.
Today many of the o ce towers in the M1 zones stand essentially vacant. According to recent gures, Brooklyn and Long Island City combined have more than 14.4 million square feet of o ce space available.Basedon the current landscape, we at Criterion Group submitted plans to build a 170,000-squarefoot lm studio at 22-09 Queens Plaza North in Long Island City. Film studios require 40-foot ceiling heights and an area for tractor trailers to load and unload heavy equipment. e stages must be isolated from noise and vibration—all of which makes the ground oor the most valuable real estate.
At the moment, the yield on the three-month bill is 3.1%. It started the year at less than 0.1% but has moved up because Fed Chairman Jerome Powell is raising rates ag gressively. Meanwhile the 10-year bond yield, which isn’t so sensitive
A caveat
10 | CRAIN’S NEW YORK BUSINESS | SEptEmBER 19, 2022 CMYCYMYCMYMCK Crain Ad v2 final.pdf 1 9/9/2022 1:27:04 PM
And did you notice how I used the date 1969? That’s because the three-month/10-year yield inver sion of 1966 did not lead to a reces sion. The New York Fed’s data series goes back to 1959, by the way.
T
The past isn’t necessarily pro logue, that’s true. But the past is never dead. It’s not even past. ■
here’s a saying that econo mists have predicted nine of the last five recessions. With that in mind, let’s take a close look at research from the Federal Reserve Bank of New York showing the likelihood of a reces sion in the next 12 months is 100%.
“Based on the last three decades of Fed Recession Model readings, the odds of a recession over the next 12 months are actu ally 100%,” said DataTrek Research co-founder Nick Colas.
EVERY TIME SINCE 1969 THAT THE FED PUT THE ODDS OF A RECESSION AT 25%, THERE’S BEEN A RECESSION
ENNISBUCK
Don’t believe it? Let’s examine the data.
The New York Fed tracks the difference in yields between the threemonth Treasury bill and 10-year U.S. bonds going back several decades. When the short-term bill yields more than the long-term bond, that’s an inverted yield curve and historically has signaled a recession is imminent.
Close to inversion
Now you know why that is incor rect.”Ican offer a few reasons why the Fed’s model could be wrong this timeForaround.starters, if the economy slowed significantly, the Fed might
IN THE MARKETS
“Some might say, ‘Oh, it’s only at a 35% to 40% chance of recession.’
start lowering interest rates, and the three-month bill’s yield would fall.
If the war in Ukraine were to end,
AARON ELSTEIN
Market has miscalculated in some significant way, although given how large and liquid the Treasury markets are, I wouldn’t put a lot of stock in that.
energy prices would probably fall sharply and help the economy, Colas said. It’s possible that Mr.
There’s a 100% chance of a recession in the next 12 months, according to the New York Fed
to Fed action, is hanging around 3.3%. The yield curve isn’t inverted yet, but it’s getting close, and the New York Fed officially pegs the odds of a recession in the next 12 months at However,25%.every time since 1969 that bond yields have led the Fed to put the odds of a reces sion at 25%, there’s been a recession. Every time. That’s including the 1973, 1990 and 2020 recessions caused mainly by external shocks to the economy.
regulation—it’s unstoppable. If you make it hard to use or ban it completely, innovation will simply happen somewhere else. Besides, proper regulation can create opportunity. For example, it makes it easier to enforce tax rules, so once all transactions are documented on the blockchain, the tax base will increase. Too often regulatory actions come from a place of fear and risk avoidance. Properly motivated regulation, on the other hand, attracts businesses, especially those that appreciate innovation.
banks and payment apps, to exchange value—debiting one person’s account while crediting another’s. Similarly, our individual digital identities are managed seamless.frommortgageConsideranddeposits,suchhavethearound-the-clockwillintermediary.havingtoownidentities.ofbothledgersinternetnetworks.intermediaries,throughlikesocialWithWeb3,theitself,viablockchainandprotocols,willensuretheexchangevalueandverifydigitalConsumerswilltheirassetsandbeableexchangevaluewithouttodependonanAndeverythinghappenimmediately,andaroundworld.Thesecapabilitiesramificationsforactivitiesasinterest-billingcurrencyexchangecollateralizedlending.thepainful60-dayprocess.Tenyearsnow,itwillbecloserto
CRAIN’S: What does the regulatory climate bode for the future of crypto in New York? Will regulation push such businesses away or draw them in?
CRAIN’S: How can New York attract crypto companies? What has to happen for it to become a global crypto hub?
ZUR: Regulatory clarity is key, but so is creating an environment that makes it easier for businesses to innovate and adapt to change. We need to regulate decentralized finance, and we need to regulate stablecoin that’s pegged to the U.S. dollar. Innovative Know Your Client and Anti-Money Laundering regulations are the first steps on a path to a increasedjustreasonableestablishingtaxes.theirinexchange-of-valuepseudo-anonymous,futurewhicheveryonekeepsprivacy,butalsopaysNewYorkisalreadyfavorableandregulation—weneedmoreofit.Thisclaritywillattract the businesses that will make New York a Web3 hub.
ZUR: locationuploadingphotos,peopleTodayeliminatesDecentralizationintermediaries.therearealotofcreatingcontent—videos—thenitalltoasinglefromwhereitcan be mass-consumed. The owner of that location, the controller of the platform, is the one in position to monetize that content. In Web3 you own your assets and identity, and value exchange is peer to
peer. That levels the playing field. Decentralization is always an equalizer. The same way the invention of the printing press made information more available (decentralized), and the creation of the middle class soon followed, the invention of the internet (Web 1.0 and 2.0) spread information even more widely and made it easier for nations like India and those in Africa to advance. Similarly, blockchain and Web3 will make “value exchange” a social and economic equalizer.
Crypto lays down roots in New York
September 19, 2022 | CrAIN’S NeW YOrK bUSINeSS | 11
CRAIN’S: From a consumer’s perspective, how are blockchain-based solutions poised to change financial services?
ZUR: Today’s monetary system uses intermediaries, like
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“Web3 and blockchain are inevitable, and the changes they bring will present opportunities for New York.”
The always-compelling story of blockchain continues to be written in real time. Through every up and down in the crypto market, however, supporters’ belief in the emerging technology as a powerful instrument of social good and financial-system disruption never wavers. Crain’s Content Studio recently convened a breakfast panel of crypto industry leaders to discuss the next chapter of this potentially ground-breaking technology, focusing notably on the role New York might play in that future. One of the panel participants, Chen Zur, EY Americas Digital, Emerging Technologies & Blockchain Leader, sat down with us separately to add context and color to the thoughts that he offered at the gathering.
CHEN ZUR: Cryptocurrency is only the first step for blockchain technology; in its core, blockchain allows us to manage our digital identity, our ability to own digital assets and exchange value between us. Blockchain, together with advancements in technologies like AR and VR, is an integral part of Web3— the next evolutionary step of the internet (the metaverse). Web3 and blockchain are an inevitable future, and the changes they bring present opportunities for New York. Once businesses bring their brands to Web3, they will be able to accept payment through new methods, create new ways to maintain customer loyalty, and monetize new experiences.
CHEN ZUR EY Americas Digital, Emerging Technologies & Blockchain Leader
CRAIN’S: How does the decentralization of crypto make it a social and economic equalizer?
ZUR: The New York Department of Financial Services is one of the most advanced regulators of Web3 technology in the world. It takes a long time to understand this technology and regulate it correctly. Because of DFS’s leadership, New York is positioned extremely well to quickly adapt to this change. Crypto is happening with or without
CRAIN’S: What do New York institutions stand to gain from the crypto sector’s growth in the region?
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Sweet Group LLC welcomes Danielle Grillo Pemberton as Director of Public Projects to expand its public works portfolio. Pemberton recently served as the NYPD Deputy Commissioner of Strategic Initiatives. She was previously with the NYC DOB and Mayor’s Office where she implemented large-scale reform initiatives, supported the Hurricane Sandy recovery and managed multimillion dollar capital programs. She has a Master of Urban Planning from NYU’s Robert F. Wagner Graduate School of Public Service.
Mirlande Telfort has joined Blank Rome’s Finance, Restructuring & Bankruptcy practice group as a partner in the New York office.
Charles Avolio has joined Shawmut, a $1.3 managementconstructionbillion firm, as head of major projects for its New York Metro region. Avolio’s hire is the next step in Shawmut’s aggressive growth plan to increase market share in large-scale projects, tapping into his 36 years of New York experience building major projects for top commercial developments, higher education institutions, and advanced technology facilities. Avolio will spearhead the pursuit and execution of large projects.
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Modern Meadow, a andofatcompanybiotechnologypurpose-drivenpositionedtheintersectionmaterialsciencebiology,withamission to be a catalyst for the wellness of people and the planet, announces industry veteran Catherine Roggero-Lovisi as the company’s new Chief Executive Officer. Catherine, as CEO, will further accelerate Modern Meadow’s next phase of growth while cementing its established position as a crossindustry leader in biofabrication innovation.
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With a strong focus on middle market financings, Mirlande represents private equity funds, banks, and other investors in complex debt financing transactions across a wide range of industries, particularly life sciences,
INDUSTRY ACHIEVERS ADVANCING THEIR CAREERS
McGuireBankingMirlandeproducts.manufacturing,healthcare,andconsumerPriortoBlankRome,wasapartnerinthe&FinancepracticeatWoodsLLP.
Kurnit
Levin.previouslybybothJournalPlayer”NationalIndustryabeyond.andcompaniesagencies,studios,forlitigationtransactionalhandlingandmatterscreatives,talent,networks,executives,teams,leaguesandintheentertainmentsportsindustriesandHehasbeennamed“SportsandEntertainmentTrailblazer”bytheLawJournal,a“PowerbySportsBusinessandisrankedforSportsLawandeSportsChambersUSA.HewasapartnerwithMintz HEALTH FishawackCAREHealth
CONSTRUCTION MANAGEMENT
Leina Braga has joined The Bachrach Group (TBG), a national recruiting firm headquartered in New York City with nearly five decades in the industry, as their Director of Marketing. With extensive experience in digital marketing, public relations, social media management, and graphic design, Leina enthusiastically drives marketing strategies that support TBG’s national footprint. Prior to joining TBG, Leina was Head of Business Development and Diversity, Equity, and Inclusion at Rhodes Associates. Before that, she led the International Recruitment Operation for Concordia College New York in India and Brazil, her home country. Leina holds a BBA and a master’s degree in Business Leadership and is trained in DEI in the workplace.
LAWHolland & Knight LLP
company’s global strategy forward and expand its technology-enabled products to solve the complex challenges biopharmaceutical, medical technology, and wellness clients face. He will work closely with colleagues across various lines of business to scale and integrate data and analytics globally.
It's very hard to talk about any silver lining from the pandemic given the appalling human toll of it. But I think it has really made the point that parks are essential urban infrastructure. Central Park has 40 million visitors in a normal year, and during Covid, when everything was closed, everyone flocked to their local park. I think what this has really done is focus our work on the sustainability of these spaces. We have spent 40 years restoring the park, and our big challenge right now is, how do we sustain it? We have a budget that’s over $100 million a year.
How has the pandemic changed things for parks?
■
GREW UP Rye, New York
ASKED & ANSWERED
It can’t be in lieu of public investment—these are public spaces that need to be cared for at a base level by the city. But I think making it easier for people to donate to 501(c)(3)s that support parks is something that the city can facilitate. Encourage “friends of” groups to be able to support their local park; do volunteer programs. The Central Park Conservancy started as a volunteer program. My advice to anyone who's living around a park is to join a group that helps improve it, whether that’s keeping it clean or keeping it well planted, and then be an advocate for appropriate levels of funding for that space.
This year the conservancy launched the Central Park Climate Lab. What are the benefits of using the park to study climate change?
President and CEO, the Central Park Conservancy AGE 70
Central Park Conservancy WHODOSSIERISSHE
In your view, what’s the greatest challenge the city’s parks face?
As president and CEO of the Central Park Conservancy, she leads the private nonprofit that raised 90% of the 2022 budget for the 843-acre jewel of the city’s park network. Smith, who served as NYC Parks’ assistant com missioner in the Bloomberg administration and came to the city after a 25-year career in finance and venture capital, is focused on charting a sustainable future for the site. Upkeep, as with all city parks, is the perpetual struggle. And that now comes with the added stress of understanding how green spaces are reacting to climate change.
Y
There’s been many studies in terms of the value of the tree canopy in the city and what that does to the city’s ambient temperatures. The tree canopy has been under a lot of pressure given the extreme storms and droughts that we’ve had.
RESIDES Upper East Side EDUCATION Bachelor’s in American Studies, Scripps College
ENNISBUCK
The whole point of the climate lab, really, is not only to measure the impact of extreme drought or extreme floods. It's really to create mitigation strategies so that the parks can be continually used. Then once we figure out some of these mitigation strategies, to share them with as many other parks as we can. I see the climate lab as an aspect of our plans to sustain Central Park, not only in managing its use and managing the way the park is kept clean and beautiful, but also its environmental
ou could say Elizabeth “Betsy” Smith is the steward of New York City’s backyard.
September 19, 2022 | CrAIN’S NeW YOrK bUSINeSS | 13 SOCIALI’llseduce you withmy big numbers 16 million New Yorkersturn me on every week New York City Radio. Trusted, loved and listened to, by communities all over the city. Visit NYCRadioAds.com for the start of something wonderful. I make advertisers very happy NYSBA-Dating-App-Crains-HalfPage-V2_FINAL.indd 1 9/12/22 10:47 AM
How can the private sector better support parks?
The city should facilitate private investment in parks.
What has been the effect of climate change on public spaces?
ELIZABETH “BETSY” SMITH
GO-TO SPOTS Smith says some of her favorite spots in the park are places where you’re cut off from the city, such as the 4.2-mile bridle trail reserved for horseback riding, walking and jogging. “Going down the West Side is a beautiful sort of country road that makes you feel that you’re not in New York,” said Smith.
VORACIOUS READER When she’s not focused on the park, Smith can be found with her nose in a book. She just finished F. Scott Fitzgerald’s The Beautiful and Damned and is currently reading David Blight’s biography of Frederick Douglass, Prophet of Freedom
INTERVIEW BY CAROLINE SPIVACK
It’s hard not to say funding. The good news is that the city has a very extensive park system. The challenge is getting the funding to actually care for it in a way that makes it most useful to the public.
13 354
16 56
6 811 Seventh Ave. ColumbusHospitalityCircle $373 1,172,021MCR Hotels/Island Capital GroupHost Hotels & Resorts 4/19
10 255 W. 94th St. UpperMultifamilyWest Side $266 232,000Eugene Asset ManagementThe Related Cos. 4/20 Riverside Blvd. Side 367,786A&E Real Estate Holdings Equity Residential 4/7 W. Broadway 70,000Macquarie Asset ManagementPearlmark Real Estate Partners 2/2 E. 91st.St 164,384Stonehenge Partners/Stockbridge Capital Group Carmel Partners 2/1 W. 24th St. 212,134CBRE Investment ManagementGreystar Real Estate Partners 6/27 Fifth Ave. 132,542Top Rock Holdings/RJ Capital Holdings SL Green Realty 6/15 7th Ave. 142,204Midwood Investment & Development Northbrook Partners/BlackRock/DWS Group 3/15 W. 57th St. 203,585CSC Coliving Eldridge 5/9 Riverside Drive Side 226,100RCR Management DWS Group/Northbrook Partners/
9 79 Fifth Ave. GramercyOffice Park $276 345,751A&R Kalimian Realty The Kalimian Family 4/29
15 609
ChelseaMultifamily $120.5
UpperMultifamilyEastSide $128.2
7 Fifth Ave. MidtownOffice East $290 276,078RFR Realty/PMC Norges Bank Investment Management/ Nuveen 5/19
12 375
11 140
8 95 Morton St. HudsonOffice Square $288 216,512Meadow Partners RFR Realty 6/28
475
$266
ChelseaMultifamily $100
ColumbusHospitalityCircle $98.5
14 160
18 98
SoHoOffice $130
$90
BlackRock 5/9 19 1680 Madison Ave. Harlem/NorthMultifamily Manhattan $82 130,000Nuveen/Belveron Real Estate Partners/Nuevo El Barrio para la Rehabilitación de la Vivie/NCV Capital Partners Nuevo El Barrio para la Rehabilitación de la Vivie/Belveron Real Estate Partners/NCV Capital Partners/ Hudson Valley Property Group 3/7 20 125 W. 26th St. ChelseaHospitality $81 64,764Two Kings Real Estate CompanyWatermark Lodging Trust 6/15 21 167-171 Chrystie St. SoHoMultifamily $63.5 77,000HUBB NYC Be-Aviv 5/27 22 204 E. 75th St. UpperMultifamilyEastSide $61 4,320El Ad Holdings Thor Equities/Premier Equities4/29 23 251 W. 92nd St. UpperMultifamilyWest Side $60 132,975Lightstone Group Roxborough Apartments 3/2 24 59 W. 46th St. MidtownHospitality $59.5 100,678Manmeet Singh Apple Core Holdings 2/11 25 312-316 E. 30th St. GramercyMultifamilyPark $55.25 47,820BEB Capital AD Real Estate Investors 2/17 GEHRYBYYORKNEWOFCOURTESYCOSTARWIKIPEDIA
14 | CRAIN’S NEW YORK BUSINESS | SEptEmBER 19, 2022 THE LIST TOP PROPERTY SALES Largest commercial transactions in New York City through the first half of 2022, ranked by price THE 532-564FOURTOPWashington St. TRANSACTION PRICE $2.1 billion 1 Manhattan West TRANSACTION PRICE $1.25 billion 626 First Ave. TRANSACTION PRICE $837 million 8 Spruce St. TRANSACTION PRICE $930 million COSTAR SOURCE: CoStar Group with additional research by Amanda Glodowski. This list includes leases with terms of at least two years. For quality control purposes, CoStar only includes deals where representatives for both the tenant and landlord are known. For more information, visit costar.com or call 800-204-5960. 1-As reported by Crain’s New York Business AMANDA.GLODOWSKI@CRAINSNEWYORK.COM PROPERTYADDRESS NEIGHBORHOODTYPE SALE (MILLIONS)PRICE FOOTAGESQUARE BUYER(S) SELLER(S) SALE DATE 1 532-564 Washington St. HudsonOffice Square $2,100 1,295,000Google Oxford Properties Group/ CPP Investment 1/20 2 1 Manhattan West MidtownOffice $1,254 2,086,417Blackstone Real Estate Income TrustQatar Investment Authority Advisory (USA)/Brookfield Properties 3/14 3 8 Spruce St. FinancialMultifamilyDistrict $930 773,169 Blackstone 1 Nuveen/Brookfield/National Electrical Benefit Fund 6/15
4 626 First Ave. MurrayMultifamilyHill $837 922,828Black Spruce Management/The Orbach Group/Orbach Affordable Housing Solutions The Baupost Group/JDS Development Group 3/4
5 450 Park Ave. MidtownOffice East $445 337,000SL Green Realty Crown Acquisitions/Oxford Properties6/24
UpperMultifamilyWest
UpperMultifamilyWest
17 353
MidtownOffice $100.5
13 767 Fifth Ave. 124,626 Perella Weinberg Partners
CBRE Boston Properties/Sungate Trust CBRE Renewal and expansionMidtown
11 787 Seventh Ave. 130,296 Holland & Knight Colliers CommonWealth Partners CBRE New lease Columbus Circle
September 19, 2022 | CrAIN’S NeW YOrK bUSINeSS | 15
Largest transactions in Manhattan in the first half of 2022, ranked by square feet
Renewal Chelsea
17 510 Madison Ave. 81,555 Christian Dior Newmark Boston Properties Boston Properties Renewal Midtown East
New lease Gramercy Park
Renewal and expansionMidtown East
32 340 Madison Ave. 64,941 PNC Bank Newmark Blackstone/RXR Realty RXR Realty Renewal Grand Central
Vornado Realty Trust/Edward J. Minskoff Equities
37 9 W. 57th St. 59,595 Midtown Midtown
Cushman & Wakefield SL Green Realty/Hines/National Pension Service of Korea JLL
REPRESENTATIVETENANT LANDLORD(S)
12 11 W. 19th St.130,000 Tory Burch
16 425 Park Ave. 83,882 Citadel Investment Group Newmark L&L Holding Company/Tokyu Stay/Hotel Properties Limited L&L Holding Company LLC New lease Midtown East
SOURCE: CoStar Group with additional research by Amanda Glodowski. This list includes leases with terms of at least two years. For quality control purposes, CoStar only includes deals where representatives for both the tenant and the landlord are known. CoStar conducts research to maintain a database of commercial real estate information. For more information, visit costar.com or call 800-204-5960.
AMANDA.GLODOWSKI@CRAINSNEWYORK.COM
14 1 Columbus Circle109,511 PDT Partners CBRE The Related Cos. JLL New lease Columbus Circle
33 520 Eighth Ave. 62,257 Ripley-Grier Studios Cushman & Wakefield GFP Real Estate GFP Real Estate Renewal Midtown 34 9 W. 57th St. 62,200 Loews Corporation CBRE Solow Building Company JLL New lease Midtown
36 825 Seventh Ave. 60,494 New Alternatives for Children JLL
19 85 Broad St. 76,814 Berkshire Hathaway Specialty Insurance CBRE Ivanhoé Cambridge Newmark/JLL
5 100 Park Ave. 234,134 AlphaSights
Renewal and expansionFinancial District
Apollo Management CBRE Solow Building Company JLL New lease Plaza District 38 11 Penn Plaza59,329 Apple Savills Vornado Realty Trust Vornado Realty Trust New lease Midtown 39 80 Pine St. 58,814 National Urban League ARG Realty ConsultantsRudin Management Company Rudin Management Company/JLLRenewal Financial District 40 240 W. 40th St.58,302 Sessions Newmark Sioni Group LSL Advisors New lease
TOP OFFICE LEASES
Savills Mutual of America Life Insurance Company/Munich RE JLL
20 1 World Trade Center 75,538 Celonis Savills The Durst Organization The Durst Organization/NewmarkRenewal and expansionFinancial District
Cushman & Wakefield PGIM Real Estate/SL Green RealtySL Green Realty/Cushman & WakefieldNew lease Midtown East
Cushman & Wakefield Block Buildings Savitt Partners Renewal Chelsea
East 42 1 Park Ave. 53,942 NYU Langone Health Cushman & WakefieldVornado Realty Trust Vornado Realty Trust New lease Murray Hill 43 23 W. 20th St.50,351 The Simons Foundation Cushman & Wakefield Misela Real Estate Newmark New lease Chelsea 44 2 Park Ave. 50,017 Conductor Founders Newmark Morgan Stanley Cushman & Wakefield New lease Murray Hill 45 51 W. 52nd St.49,848 Canada Pension Plan Investment Board CBRE Harbor Group International CBRE New lease Midtown 46 277 Park Ave. 48,658 VISA CBRE The Stahl Organization Cushman & Wakefield Renewal and expansionMidtown East 47 575 Fifth Ave. 48,168 FirstService Residential New York Colliers Beacon Capital Partners/MetLife Cushman & Wakefield New lease Midtown 48 200 Park Ave 47,412 Clear Channel Outdoor CBRE Irvine Company/Tishman SpeyerTishman Speyer New lease Midtown East 49 2 Park Ave. 47,012 Delta Galil Newmark Morgan Stanley Cushman & Wakefield Renewal Murray Hill 50 666 Third Ave. 46,895 Jackson Lewis CBRE Tishman Speyer Tishman Speyer Renewal and expansionMidtown East
3 200 Fifth Ave. 283,814 Tiffany & Co.
8 2 Manhanttan West 160,062 Clifford Chance CBRE Brookfield Properties Cushman & Wakefield/Brookfield Properties New lease Midtown
31 135 W. 50th St.65,837 Signet Jewelers Savills UBS Wealth Management George Comfort & Sons New lease Columbus Circle
Newmark Boston Properties/Norges Bank Investment Management JLL
1 601-635 Lexington Ave. 329,879 The Blackstone Group
21 66 Hudson Blvd.74,432 NewYork-Presbyterian Och Spine Direct Deal Tishman Speyer Tishman Speyer New lease Hudson Yards
Vornado Realty Trust/Edward J. Minskoff Equities/Avison Young
25 799 Broadway70,711 Wellington Management JLL Columbia Property Trust/Cannon Hill Capital Partners JLL New lease Greenwich Village 26 1359 Broadway70,573 Progyny Inc. Newmark Empire State Realty Trust/Qatar Investment Authority Empire State Realty Trust/CBRERenewal and expansionMidtown
Cushman & Wakefield J.P. Morgan Asset Management CBRE Renewal Columbus Circle
CBRE Empire State Realty Trust/Qatar Investment Authority Newmark New lease Midtown East
15 220 E. 42nd St 85,522 UN Women JRT Realty Group/ Cushman & Wakefield SL Green Realty/Meritz Alternative Investment Management
Cushman & Wakefield Paramount Group Newmark Sublease Columbus Circle
18 1155 Sixth Ave. 76,984 Global Relay Colliers The Durst Organization The Durst Organization New lease Times Square
23 550 Madison Ave. 71,757 Hermès of Paris Savills Olayan America CBRE New lease Midtown East 24 711 Third Ave. 71,239 Phaidon International Cushman & Wakefield SL Green Realty JLL New lease Midtown East
27 375 Park Ave. 70,038 Clayton, Dubilier & Rice Newmark RFR Realty RFR Realty Renewal and expansionMidtown East
10 55 Water St. 138,374 MJHS
CBRE Retirement Systems of Alabama CBRE New lease Financial District
Renewal and expansionMidtown East
28 1325 Sixth Ave. 69,019 Park Hotel and Resorts CBRE Paramount Group Paramount Group Renewal Columbus Circle 29 151 W. 42nd St.68,308 Chicago Trading Company
REPRESENTATIVE(S)LANDLORD/SUBLANDLORD
Savills L&L Holding Company
CBRE The Durst Organization The Durst Organization New lease Midtown 30 1301-1315 Sixth Ave. 68,183 SVB Securities Savills Paramount Group JLL New lease Columbus Circle
DEAL TYPE NEIGHBORHOOD
2 1 Madison Ave. 327,928 IBM
ADDRESS SQUAREFEET TENANT
SL Green Realty/Cushman & WakefieldRenewal Grand Central
7 660 Fifth Ave. 221,764 Macquarie Group Limited JLL Brookfield Properties Cushman & Wakefield New lease Midtown
35 1301 Sixth Ave. 60,792 Foley Hoag
L&L Holding Company
41 757 Third Ave. 54,828 Berkley Insurance Company Newmark MEPT Fund JLL Renewal
THE LIST
New lease Columbus Circle
22 320 Park Ave. 73,992 Pzena Investment Management
6 125 W. 55th St.227,201 iHeartMedia
9 60 E. 42nd St.141,224 iCaptial Network
4 66 Hudson Blvd.263,762 HSBC JLL Tishman Speyer Tishman Speyer New lease Hudson Yards
Real estate heir Goldman finds a good deal on Park
An attorney for Chetrit did not return a request for comment.
Bistricer and Chetrit planned to reopen the historic, 187,200-squarefoot property as a luxury 302-room hotel with an expected opening date in 2013, but the project was mired in Intelligencerdelays. reported in 2019 that the building was still vacant ex cept for five rent-stabilized tenants. The owners offered them cash to move out, but they remained amid theTheconstruction.building’s general manager reportedly said the hotel would open in September 2019 with the existing tenants still in place. But it neverThatdid.year Chetrit bought out Bis tricer and by that time had accu mulated $112 million in loans,
In the 1980s the Goldmans con trolled 600 apartment buildings, office towers and parking garages, though the list would be carved up the same decade among Irving’s and Sol’s kids.
16 | CRAIN’S NEW YORK BUSINESS | SEptEmBER 19, 2022
which were combined into one loan owned by Cantor Fitzgerald’s lending arm, Cantor Commercial Real Estate, according to court doc uments.InApril Wells Fargo, as the trust ee for Cantor, sued Chetrit, alleging the company had defaulted on the mortgage loan and had not made a payment since August 2020, ac cording to a complaint filed in state Supreme Court in Kings County.
BY C. J. HUGHES
The Theo’s
635
hotels, have been converted to apartments. Others including the Hotel at New York City have been turned into homeless shelters or transitional housing for the home less.
A historic Brooklyn Heights hotel is headed to the auc tion block after its owner defaulted on a $112 million mort gage, according to a Uniform Com mercial Code notice published re cently.Developers David Bistricer of Clipper Equity and Joseph Chetrit of the Chetrit Organization pur chased the Hotel Bossert at 98 Montague St. for $81 million in 2012 from the Jehovah’s Witnesses, who were using it to house mem bers visiting New York City.
BY NATALIE SACHMECHI
Mayor Eric Adams is now plan ning to lease 11 other hotels around the city to use as shelters for home less families. The Row hotel near Times Square will be used as an in take center for migrants. ■
for low-income New Yorkers and had fallen into disrepair until the religious organization acquired it in 1988 and revamped it.
LISTING PRICE for unit No. 2 at Park Ave.
The suit alleges that the real es tate developer owes more than $126.7 million in outstanding debt.
restaurateur behind Saint
Goldman blood. In the early 1950s, brothers Sol and Irving began their record-setting careers by buying a pair of buildings in Carroll Gardens near where their parents had an Italian grocery store.
HOTEL BOSSERT
Listed with Serena Boardman of Sotheby’s, the Upper East Side apartment hit the market about a year ago for $11 million, meaning it traded at a 12% discount. The seller was Phyllis Berman, wife of the late Martin Berman, a co-founder of Palisade Capital
REAL
Today, Sol and Irving’s holdings are controlled by two companies. One is BLDG Management, whose president is Lloyd Goldman, a son of Irving. The other is Solil Manage ment, run by Jane Goldman, a daughter of Sol.
Hotel conversions
downtown restaurateur and heir to the real estate empire of Sol and Irving Goldman—a family once considered New York’s largest pri vate landlord—has purchased a Park Avenue home.
NO. 2 AT 635 PARK AVE. features a formal dining room and a gallery, among other amenities.
Chetrit Organization’s historic Hotel Bossert is heading to foreclosure auction after a decade of missed reopenings ESTATE
aisBar.trertmentsthebuildingolisherCanadian-bornManagement.newspaperpubConradBlackpreviouslywnedNo.2,whichisinaprewaratEast66thStreetcalledAdelaide.Ithasonly16apartacross13stories.BoardmanhadnocommentAdeveloperofrestaurants,RobGoldmanin2021createdtheendySaintTheo’sintheWestVillage,at340Bleecker,aswellasitsadjacentcocktaillounge,VenicePrincipeSoHo,anewventure,settoopenat450W.Broadwayinfewweeks.Developmentseemstobeinthe
RESIDENTIAL SPOTLIGHT COSTAR
For its part, BLDG has a stake in three properties at the World Trade Center and also in Chicago’s Willis Tower.Local BLDG residential proper ties include the Montana, at 247 W. 87th St.; the Blake, at 220 E. 63rd St.; and Summit New York, at 222 E. 44th St. BLDG also owns Gurney’s Resorts.Anemail sent to Robert Goldman was not returned by press time. ■
By 1960 the brothers were own ers of the Chrysler Building, though they lost it in 1975 after defaulting on loans. Still, by the 1970s the fam ily’s portfolio included about 400 New York buildings, according to news reports, making them the city’s largest non-institutional property owners.
and Venice Bar picks up a three-bedroom co-op on the Upper East Side $9.7M
A
It was built as a hotel in 1909 and became one of the borough’s most luxurious inns. In 1955 the building was the site of the victory celebra tion for the Brooklyn Dodgers’ only World Series win. It later became a single-room-occupancy building
Many other hotels in New York City were hurt by the pandemic and either were sold or never re opened. A handful, including the AKA Wall Street and the Park 79
REALTYINTERNATIONALSOTHEBY’S
Robert Goldman, who is Irving’s grandson, has snapped up a three-bedroom, four-and-a-halfbath co-op at 635 Park Ave. for $9.7 million, tax records show. The buy er was a trust created by Lloyd Goldman, Robert’s father, though Robert’s signature appears on the paperwork.Occupying the entire third floor of 635 Park, the unit, No. 2, features a living room with a fireplace, a for mal dining room, a library, a gallery and a staff room.
45 $730MMYEARSEXPERIENCESFCOMPLETEDDEVELOPMENTBILLIONCOMPLETEDPROJECTVALUE20MM+SFINDEVELOPMENT&CONSTRUCTIONPIPELINE CAPPELLI ORGANIZATION | 7 RENAISSANCE SQUARE • 4TH FLOOR | WHITE PLAINS, NY 10601 914-769-6500 WWW.CAPPELLIORG.COM FROM CONCEPTION TO COMPLETION APPROVALS / BROWNFIELD CONSULTING / CONSTRUCTION FINANCING / DESIGN & DEVELOPMENT / MANAGEMENT & MARKETING A full-service development and construction company, we bring a unique and well-rounded perspective to every project we oversee
REAL ESTATE
Arch has been busy throughout the pandemic, often with boutique projects. Recent developments in clude 11 Greene St., a 31-unit luxu ry rental in SoHo where units are listed for $10,000 to $25,000 per month. And this year the company saw the opening of 550 Metropoli tan Ave. in Williamsburg, a 6-story, nine-unit offering. The national firm also owns rental buildings in Florida, Alabama and California.
18 | CRAIN’S NEW YORK BUSINESS | SEptEmBER 19, 2022 Full_Page_8.125_x_10_Ad_w_DJ_Arellano_Development_Services.indd 1 8/15/22 4:06 PM
the disappearance of a key tax in centive is forcing builders to go far ther afield, where land is cheaper.
Jeffrey Simpson, Arch’s managing partner, did not return a call for
Highs and lows
But things haven’t all been rosy. IBM, the main tenant at its 88 Uni versity Place in Greenwich Village, abandoned its 70,000 square feet at the 90,000-square-foot building in 2020, at the start of the pandemic, after just three years there. ■
Could the purchase be a first sign of developers seeking out cheaper land off the beaten path now that 421-a has expired?
Kings Highway, an area not typical ly associated with high-end resi dential projects.
Manhattan-based Arch Cos., which has luxury rental buildings in SoHo and Williamsburg, has purchased 1633 E. 16th St., near
A developer that tends to work in trendy neighbor hoods has snagged a de velopment site in Mid wood, Brooklyn, suggesting that
The 23,200-square-foot corner site, which was once home to a clothing store but has been vacant recently, cost $22.3 million, ac cording to a deed that appeared in the City Register last week. The seller was a shell company associ ated with ABCapstone, a firm that develops retail buildings in Brook lyn and Queens. ABCapstone paid $8.5 million in 2019.
MIDWOOD
The property, which is next to a CVS and close to subways, can sup port housing and stores, though likely not any structures that are taller than 3 stories, according to zoning maps.
Why ABCapstone flipped the site after owning it for just three years is not known. An email sent to the company was not returned. And
Arch’s recent pur chase has to do with the expiration of a state tax break known as 421-a is unknown. Developers have pre dicted that projects could be un tenable without the incentive, which abated property taxes and other fees in exchange for afford able-housing commitments. It ex pired in June after lawmakers de clined to renew it. Opponents of the break, which was conceived in the 1980s, when development was rarer in New York, say it was a give away to wealthy landlords.
BY C. J. HUGHES
1633 E. 16TH ST.
Arch Cos. buys Midwood site far from its usual trendy enclaves
THE pROpERtY, WHICH IS CLOSE TO SUBWAYS, CAN SUPPORT HOUSING AND StORES NO TALLER THAN 3 STORIES
comment.Howmuch
SEPTEMBER 19, 2022 | CRAIN’S NEW YORK BUSINESS | 19
President,
To make the grade, nominees were required to live in the city or the surrounding region, identify as ethnically Hispanic, have at least a decade of professional experience and hold a senior leadership role. Candidates were judged by their accomplishments in their elds, their ability to e ect change, and their e orts to advance equality in the workplace and elsewhere.
PRISCILLA ALMODOVAR CEO | Enterprise Community Partners
OLGA ABINADER
Chief of administration and nance | NYC Kids RISE
Murray Abeles oversees nances, operations, human resources and information technology systems at the nonpro t NYC Kids RISE, a scholarship and savings program. Abeles led negotiations with the Department of Education and the state comptroller’s o ce to secure program and technology agreements, and funding contracts that helped to provide incoming kindergartners in the city public school system with college and career savings accounts. e chief of administration and nance successfully advocated for Spanish language-access in the New York 529 college savings program. He sits on the board of Because Baseball, which aims to build cultural understanding between the U.S. and the Middle East.
Olga Abinader ensures that Matrix New World Engineering o ers services that are environmentally and socially conscious. e director of environmental review and land use planning leads an environmental, social and governance initiative and partners with a team of experts to expand the company’s services in the city. Abinader is a former director of the environmental assessment and review division at the city Department of City Planning, where she led hundreds of City Environmental Quality Review applications to support housing production and a ordability, economic development and sustainable communities. She regularly mentors Latinas looking to elevate their careers.
LYMARIS ALBORS
Lymaris Albors leads a team of experts in the nonpro t housing, health and social services sectors at the social services organization Acacia Network. e CEO has restructured the organization, expanded the executive leadership team and hired consultants to assess risk. Under her leadership, Acacia Network opened the Santaella Gardens development in the Bronx, which serves low-income adults. In addition, the organization created a welcome center for homeless New Yorkers and secured a federal grant to support the mental health of front-line health care workers. is year Albors was named a Power Woman of the Bronx by Schneps. She is on the board of the nonpro t Legal Action Center and on the board of trustees for Blythedale Children’s Hospital.
Hispanic New Yorkers, spread as they are across the city’s ve boroughs, have made countless contributions that are now embedded in the city’s cultural landscape—from the elevation of Spanish to a lingua franca to the ubiquity of Latin cuisines to the popularity of musical genres such as salsa.
HISPANIC HERITAGE MONTH runs from Sept. 15 to Oct. 15 each year. It’s a celebration of the art, history, dance, dress, theater, food and language that make up Hispanic culture. In few places across the nation are these festivities more apropos than in New York, which is home to nearly 2.5 million Hispanics. By some measures, that demographic is poised to become the single largest ethnic group in the city.
In honor of these contributions, Crain’s has chosen to honor 78 Hispanic leaders for their professional accomplishments and their records of powering change. ey come from a range of industries—from medicine to law, from nancial services to public relations—in a variety of leadership capacities. It is Crain’s pleasure to present them to readers.
In the commercial realm, Hispanics are punching above their weight, with Latino entrepreneurs in the U.S. opening businesses at nearly twice the rate of the nationwide average.
With 30 years of experience in nance, real estate and government, Priscilla Almodovar leads Enterprise Community Partners, a nonpro t dedicated to increasing housing supply and cultivating community resilience and equity. e president and CEO oversees the organization’s investment portfolio and policy advocacy. In a recent partnership with U.S. Bank, Almodovar helped direct $30 million to projects supporting racial equity in underserved communities. She has been named one of Fortune’s 50 Most Powerful Latinas and Hispanic Business Magazine’s 100 Most In uential Hispanics. Almodovar was appointed to a panel convened by Mayor Eric Adams and Gov. Kathy Hochul to support the city’s economic recovery.
ANDRES ANGELANI Cognizant Softvision
MURRAY ABELES
CEO | Acacia Network
At Cognizant Softvision, a creator of end-to-end digital products and solutions, Andres Angelani helps clients solve complex business challenges through team building, scaling e orts and the developing global talent communities. e CEO counsels clients on digital transformation initiatives and emphasizes the leveraging of technology, culture, recruiting and integrated partnerships in the pursuit of longterm, positive business outcomes. Angelani recently led the integration of six corporate acquisitions and the expansion of studios worldwide. He is a member of the Forbes Technology Council, and he is on the board of directors for Speedcast, a global communications and network service provider.
Director of environmental review, land use planning | Matrix New World Engineering
CEO |
Read on to learn how these impressive individuals drive a diverse city to new and exciting possibilities.
MAURICE BLANCO Partner, capital markets co-head David Polk & Wardwell
MARCELA BERMUDEZ GreenspoonPartner Marder
Latinpracticemarketsglobalco-headindustries.variousissuersAmericanLatininTheofthecapitaladvisesAmerican
Network.EY’sAmericasdiverseeventonboardingleadunderrepresentedprofessionalsBartholo,region’smembers,belonginggrowth,Hetechnology,improvementofferingtransformation,engagementsthanMarceloprofessionalmultinationalservicesgiant,Barthololeadsmore14,000professionalsinhelpingorganizationsoperate,innovateandtransform.ThevicechairoftheU.S.-Eastregionhassuccessfullyledclientincontrols,riskinitialpublicreadiness,processandinformationamongotherareas.workstodrivebusinesscultivateasenseofamongteamandacceleratetheeconomicoutput.whomentorsfellowfromgroups,helpsEYUnplugged,anandnetworkingforraciallyandethnicallyprofessionals.HeistheexecutivesponsorofLatinxProfessional
YAZMANY ARBOLEDA
and climate change, the general partner facilitates millions of dollars in philanthropic and venture capital that provide solutions for low-income and underserved families. Beja previously was head of Latin America Blue Microinsurance,Marblewhere she scaled commercially viable microinsurance ventures, and senior program officer at the Robin Hood Foundation. She supported, as a summer fellow, the Low Income Investment Fund, where she underwrote affordable housing loans and healthy food grants.
STEPHANIE ARTETACORPRON
heCommission,EngagementCivicNewartist”Ascommunities.acrossconnectionsthe“people’sfortheYorkCityleadsthe creation of products and services—such as branding, videos, graphics and workshop facilitation—that expand the commission’s storytelling tradition. Arboleda is involved with the People’s Bus, a mobile community center that brings education, art and resources to underserved areas and empowers communities through education around voting rights, language access, participatory budgeting and public funds access. Arboldeda is co-founder of the Future Historical Society, Remember 2019, and the Artist As Citizen Conference, all of which aim to positively affect communities.
At
The Hayes Initiative is an LGBTQ-owned and -operated public affairs firm where Taína providesBorrero public affairs guidance to a wide range of includingclients, the 9/11 Memorial & Museum and state Department of Labor. The senior vice president of strategy and business development leads business development efforts for the firm as it seeks to expand its roster of diverse clients. Borrero aims to elevate underserved voices by supporting Latino candidates for elected office and regularly providing counsel on Latino issues. She previously was senior adviser on Latino strategy and outreach to the state Democratic Party. She is on Manhattan Community Board 8, where she co-chairs the youth, education and libraries committee and the rules and bylaws committee.
Senior manager, head of career Knowledgesuccess House
Marcela Bermudez is dedicated to representing and counseling multinational companies and individual clientswithimmigrationglobalfocusesMarderGreenspoonpolicies.rulesimmigrationnavigatingandThepartneronbusinessa
concentration in Latin America. Bermudez has been involved in high-profile immigration matters, including working with Major League Baseball players and Formula 1 drivers. Under her leadership, her law firm elevates Hispanic Americans through its diversity council, its regional ambassador program and its hiring initiative for diverse lawyers. Bermudez is involved with the American Immigration Lawyers Association, where she often speaks on immigration issues.
At the city Department of Social Services, Maritere Arce leads a team that facilitates social services access for New Yorkers in need. The chief ombudsmancalltionscommunica-marketingmanagesaffairsexternalofficerandefforts,acenter,an office for homeless clients and a health insurance outreach initiative. In response to the pandemic, Arce was involved in efforts to develop a digital service strategy for meeting diverse community needs. She previously was manager of the state Department of Labor and a senior adviser for external affairs at Empire State Development. Arce is on the boards of the Harlem DevelopmentCommunityCorp.and the West Harlem Development Corp.
MARCELO BARTHOLO U.S.-East region vice chair EY EY, the
JOHN ARENAS Chairman, SerendipityCEOLabs
company’shealth-servicespoliciesoperationsclinicaloverseesArteta-CorpronStephanieMedicalRiversideGroup,andforthe
senior manager and head of career success there, Aviles was executive leader with Equus Workforce Solutions, where he helped Hispanic community members access employment, housing and mental health services. Aviles has led a successful developmentworkforceprogram operating
—U.S.
customers, vendors, employees and communities. Earlier in his career, Arenas founded Stratis Business Centers, a national shared executive suites company, and he was CEO of Worktopia, an on-demand booking system for workspaces and meeting rooms. He is on the boards of the Jay Heritage Center and the Rye Arts Center, which are committed to cultural, historical and early childhood arts enrichment, including programs for communities that are predominantly Hispanic.
Chief external affairs officer City Department of Social Services
David A. Aviles provides training and career support to tech professionals to close gaps in becomingagency.social-changeHouse,Knowledgeworkpipelineemploymenteducation-to-theinhisattheaBefore
IN
within the city’s public school system with the city’s Department of Youth and Community Development. He has been recognized by the Assembly and the mayor’s office for his dedication to public service. Aviles is on the boards of the Northern College’sImprovementManhattanCorp.andIthacaCXProgram. THE U.S. MILLION PEOPLE IDENTIFY AS HISPANIC OR LATINO, UP 23% FROM 2010, ACCORDING TO THE 2020 CENSUS CENSUS BUREAU
SOME 62.1
MARITERE ARCE
At Optum, the former
Yazmany Arboleda is dedicated to civic work and large-scale art projects that build
Interim vice president of operations, chief nursing officer
DAVID A. AVILES
“People’s artist,” New York City Civic Engagement Commission New York City
TANYA BEJA General AlleyCorppartner
corporate clients with respect to corporate governance and Securities and Exchange Commission matters. Internally at the firm, Blanco focuses on business development, associate retention, training and mentoring. He is a member of the diversity, equity and inclusion committee, and he heads the foreign temporary associate program. Blanco is on the New York City Bar Association’s Vance Center Committee, which focuses on global justice, legal ethics and pro bono work.
TAÍNA BORRERO
John Arenas leads Serendipity Labs, an international network of outsourced workplaces. The chairman and CEOresponsibleis for the strategy and execution of the missionnetwork’sand for delivering value to investors,includingstakeholders,
Optum (formerly Riverside Medical Group)
Arteta-Corpron, who specializes in family medicine, has been involved in efforts to improve operational procedures to ensure enforcement of state and federal standards. She is dedicated to supporting Hispanic populations, which she does primarily by planning and participating in community health and blood pressure fairs.
Senior vice president, strategy and business development Hayes Initiative
At the Davis Polk & Wardwell law firm, Maurice Blanco works on capital markets financings and debt restructurings by
medical practices, including staffing, quality control and employee training. The interim vice president of operations and chief nursing officer leads the advanced practice clinician onboarding process, and she has helped enhance Optum’s employee orientation program.
Tanya Beja launched and leads the social impact fund at the venture fund AlleyCorp, overseeing investmentsincubationsand in that mentalengagement,civicissuesfocusedcompaniesWorkingspace.withonsuchashealth
20 | CRAIN’S NEW YORK BUSINESS | SEptEmBER 19, 2022
Mario J. Garcia, MD Chief, Division of Cardiology Co-Director, Montefiore Einstein Center for Heart and Vascular Care Professor, Departments of Medicine and Radiology Montefiore Einstein For being honored in Crain’s New York Business 2022 Notable Hispanic Leaders in recognition of his influence and tireless dedication to the Latino community. Throughout his career, Dr. Garcia has led the development and implementation of the most advanced, noninvasive cardiac diagnostic technology used in hospitals worldwide—making significant research and clinical advancements to improve the diagnosis and treatment of heart disease. ¡Felicidades! Montefiore MarioCongratulatesEinsteinJ.Garcia,MD
FRANCISCA CRUZ Director, alliance development and JeventsStrategies
27
22 | CRAIN’S NEW YORK BUSINESS | SEptEmBER 19, 2022
Lillian Diaz is responsible for the overall administration and management of NurseAmericanmemberdiverseforseekingmentorspatient-centeredonhealthwhoandimplementeddevelopedpandemic-responsemodel,anursingexecutiveHospitals/Lincoln.patientservices—includingguestrelationsandtransportservices—andoversightofnursingpersonnelatNYCHealth+Thedeputydirectorandchiefexecutivehasdeployedshared-governancenursingcontributedtotheplan,patienttools,andnursingtownhallspeerreviewprocesses.Diaz,promotescommunityeducation,haspresentedculturalcompetencyandcare.SheHispaniccolleaguestoprovideopportunitieslearningandleadershiptopopulations.DiazisaoftheNewYorkandOrganizationsofExecutives.
ANA CEPPI Senior adviser, Hispanic Edelman
sits on the events committee. The firm’s director has secured coverage for clients in outlets such as The Wall Street Journal, CNBC and Fortune. She previously was Mayor Bill de Blasio’s press secretary. At the financial technology company Revolut, Cueto was head of public relations communicationsandfor its U.S. division. She is a former committee member for the Latino Commission on AIDS.
BelkinPartnerBurden Goldman
Nicole Cueto leads strategic communications work for fintech and decentralized finance clients as head of recruitingteam,newalsoBevel.relationsofcryptoblockchaintheanddivisionthepublicfirmCuetoleadsthebusinessassistsinand
HEATHER CRUZ Skadden,Partner Arips, Slate, Meagher & Flom
Deputy executive director, chief nursing executive NYC Health + Hospitals/Lincoln
Carmen Beauchamp Ciparick counsels Greenberg
—CONGRESSIONAL RESERVE SERVICE, NEW YORK STATE
HISPANIC OR LATINO POLITICIANS REPRESENT SIX OF NEW YORK STATE’S CONGRESSIONAL DISTRICTS
Francisa Cruz works on a health-related multilingual program at the statenationaland level at the developmentoffirm’sStrategies.affairgovernmentrelationspublicandfirmJ.Thedriectoralliance
At the public relations firm Edelman, Ana Ceppi focuses on communications strategies that help brands betterconsumersLatinoengage and leaders. The senior adviser has notablyvariousexecutivesC-suitecounseledinsectors,
MAGDA CRUZ
extensivefirmowners.propertycommercialresidentialforandThelawpartnerhas
At the law firm Skadden, Arips, Slate, Meagher & Flom, partner Heather Cruz counselsprivatedistributionstructureregardingadvisersinvestmentinternationalnationalrepresentsandandtheandof
group at the law firm is a member of the firm’s diversity, equity and inclusion initiative and part of Somos GT, the firm’s Latino affinity group. Ciparick has written court decisions on school funding, the separation of church and state, and the death penalty. She mentors junior attorneys at Greenberg Traurig and chairs the state Board of Law Examiners, which administers the bar examination for New York. Ciparick is on the board of directors of the Fund for Modern Courts.
SidleyPartnerAustin
Chair, women’s health department AdvantageCare Physicians
NICOLE CUETO BevelDirector
experience in rent-related regulation and real estate tax programs, and she has obtained successful outcomes in matters involving cooperatives and condominiums, tenant succession and tenant nuisance conduct. Cruz, who uses her legal skills to help businesses in underserved communities with their property affairs, is on the boards of the youth music organizations Brooklyn Youth Music Project and the Chamber Music Center of New York.
BRUNO CASANOVA
Hector Javier Castro is a medical doctor with Hector Javier Castro MD Health Consultants.WorkingserviceensureprotocolsCastroorganizations,communitygroupsphysicianwithandcreatestoqualityand oversees the chambers.AmericanheeducationcreatingwhereSocietymemberpandemic.)importantcreateeducationprovidersforpreparesaccessofimplementationcreation,andmonitoringprojectsthataimtoimprovetocare.Inparticular,hetheLatinocommunityinteractionswithhealthcarethroughhealthprograms.(HehelpedahotlinetodisseminateinformationabouttheCastroisafoundingoftheInternationalofHealthEducation,hewasinvolvedinregion-specificpatientmaterials.Inaddition,helpsguidevariousLatinsmall-business
Bruno Casanova chairs the women’s health department at AdvantageCare Physicians, a primary and specialty
LILLIAN DIAZ
legalappealsnationalco-chairstrategy.litigationmattersappellateclientsTraurig’sonandTheoftheandissues
investment products, such as venture capital, real estate funds and infrastructure funds. Cruz is head of Skadden’s New York office, a member of its policy committee and chair of its 1L Scholar Program. She spoke at a New York State Bar Association webinar on the application of fair value concepts, regulatory developments and rules for investment companies. Cruz is on the board of advisers to the Viterbi School of Engineering at the University of Southern California.
MELISSA COLÓNBOSOLET
financial services, and recently helped create a value system for culture and marketing in media and data. Ceppi, who strives to amplify underrepresented voices, is a mentor to Latino high school students. She has received the Powerful Latinas in Entertainment Award from the Imagen Foundation and the Working Mother of the Year Award from Advertising Women of New York. Ceppi is on Syracuse University’s Newhouse Advisory Board.
Melissa Sisters.organizationchapterboardphysicalprisonersforcommittee,diversitySidleyColón-Bosolet,CitytheircommissioningwomenrecentlyforfirstbusinessrepresentsColón-Bosoletclientsinhigh-riskdisputesinfederalandstatecourts,arbitrationsandinternalinvestigations.TheSidleyAustinpartnercoordinatedandlaunchedthelawfirm’sinternalnetworkingeventdiversealumni,andsheledaprojecttohonorlawyersandjudgesbyandfeaturingportraitsintheNewYorkBarAssociation’soffices.whoco-chairsAustin’sNewYorkCityandinclusionhasbeenrecognizedherprobonoworktoprotectfromviolenceandabuse.SheisontheoftheNewYorkCityoftheyouthmentoringBigBrothersBig
100overseesCasanovaLongthepatientshalf-millionmorepracticecareservingthanaacrosscityandonIsland.nearlyhealthcare professionals who provide comprehensive, affordable and equitable OB/GYN care. He is part of a team responsible for addressing cultural competency issues in health care and developing educational content regarding diversity, equity and inclusion initiatives. Casanova mentors fellow professionals, and his medical and research expertise as a physician are featured in national and international medical journals. In addition, he regularly lends his medical expertise to local media outlets, among them News 12 Bronx and Westchester.
CARMEN CIPARICKBEAUCHAMP
At the law firm Belkin Burden Goldman, Magda Cruz co-heads the appellate practice and handles complexmatterslitigationin New York real estate disputes
and events tries to build and maintain Commerce.Hispanicmemberprofessionals,mentorsprofessionalstudentswhichExceeddesignedU.S.andpartners,relationshipscross-functionalinvolvingclients,governmentofficialsotherstakeholdersintheandPuertoRico.CruzandnowleadstheJSfellowshipprogram,introducesminoritytoapoliticalandnetwork.SheyoungLatinoandsheisaoftheNewYorkCityChamberof
HECTOR JAVIER CASTRO HJCMDConsultantHealth Consultants
Of-counsel, co-chair of the national appeals and legal issues group Greenberg Traurig
IVETTE FUENTES
the wealth gap among minorities, Fernandez partners with C-suite executives and research analysts to identify opportunities and drive successful outcomes. Ariel’s head of national accounts was a fellow at the Economic Club of New York, a nonprofit dedicated to social, economic and political issues. Fernandez co-chairs the diversity, equity and inclusion committee for the Money Management Institute. He previously was on the board of trustees of Bloomfield College.
Associate executive director Choice of New York
Lisa Flores is chief procurement officer and director of the mayor’s Office of Contract Services. She is responsible for managing the provisionoffice’s of policy vendorsassistanceasadviceoperationsandaswelltechnicalforand
MARILU GALVEZ
program. The senior benefits manager has provided guidance to human-resources partners and operational managers regarding 401(k) administration, the Family and Medical Leave Act, performance management and terminations. Fuentes has developed initiatives that promote holistic approaches to wellness by focusing on preventive prioritizingscreening,mentalhealth and leveraging population health analytics. In addition, she has created classes to help employees understand medical plans and investment vehicles.
agencies as they navigate daily procurement activities. In addition, Flores works to develop and execute strategic initiatives and partners.dollarsunlockedthetowithcity.thecommunicationtheanddiscussions,participatescommunications.externalSheinroundtablecommunityeventsone-on-onemeetings,withaimofimprovingchannelswithHispaniccommunityintheFloresrecentlypartneredthecitycomptroller’sofficeplanandexecutethe“ClearBacklog”initiative,whichbillionsofcontractualfornonprofitprovider
At the social organizationservicesChoiceof New York, Stephanie Fessendenoverseespeeradvocacy,self-helpservices,homelessoutreachandcommunityplacement.Choice’s
onfirmsmanagementownedminority-oneInvestments,Arielofthefirstassetfocusednarrowing
Marilu Galvez is the first Latina to fill the role of president and general manager of WABC-TV, a network-owned televisionstation.Galvezmanagestheflagshipbusinessunitandoverseeslocalpartnershipstoserve,informandconnect with diverse communities. She has been a key partner in the expansion of the mentorship program for Disney, which owns ABC. Galvez has worked to increase the Hispanic American community’s visibility by leading special broadcast productions of live events and ensuring representation in coverage and content creation. She is a corporate advisory council member for the Cuban American Alliance for Leadership and Education and a board member for the nonprofit Stomp Out Bullying.
Chief procurement officer, director Mayor’s Office of Contract Services
September 19, 2022 | CrAIN’S NeW YOrK bUSINeSS | 23
JOSEAN FERNANDEZ Head of national accounts Ariel Investments
Josean Fernandez is responsible for growing a multibillion-dollar book of business across some of the world’s largestinstitutions.financial At
associate executive director implements new program initiatives and expands existing services while working to provide housing and other basic needs to the homeless. These days Fessenden oversees services that support formerly incarcerated individuals, offering job training and educational support, among other assistance. She is a psychotherapist in private practice, specializing in depression, bipolar disorder and post-traumatic stress disorder. In a previous role at Choice of New York, she served disenfranchised populations and worked with people recovering from substance use disorder.
LISA FLORES
Senior benefits manager OTG Management
President, general manager WABC-TV
FESSENDENSTEPHANIE
The airport hospitality company OTG Management owns and operates airport restaurants, designs terminals and benefitsrelatedprocessesandtheFuentesfirm,services.informationprovidesAttheIvetteleadsstrategicoperationaltoits
EVELYN GELLAR Managing director Forest Hills Financial Group
GreateraCoalitionNeighborhoodvicehousingco-developingAffairsAssociationco-foundingHispanicLaGuerreandschool’sschoolsofeducationanneediestExcellenceEducationalhasraisedcapitalandprovidedleadershipinthebuildingofitselementary,middleandhighschooldivisions.TheschoolservesoneofYonkers’communities,offeringalternativetopublicfollowingtheclosuremanylow-costparochialinthearea.Asthefounderandchairmanthroughouthiscareer,hasservedthecommunity,theNeighborhoodforInter-CulturalintheBronxandaffordableinthatborough.HeispresidentofthePreservationofNewYorkStateandtrusteeoftheFoundationforaOpportunity.
racialclosingaimedequitybillionationimplement-strategyfirmwidegoverningandtheofa$30racialinitiativeatthewealth
ALICIA GUEVARA BigCEOBrothers Big Sisters of New York City
efforts.developmentprofessionaldiverse-initiativesculturestrategy,andHogan is a member of the firm’s global inclusion and diversity committee and the One Million Black Women Steering Committee. In these roles she guides in investing billions of dollars in efforts to narrow the pay gap for Black women. Hogan is on the Hispanic Scholarship Fund’s New York Advisory Council and Fordham University School of Law Center on Race, Law and Justice. She is a regular volunteer at the food pantry West Side Campaign Against Hunger.
CEO Alicia Guevara oversees all aspects of the organization and sets its direction to meet financial and results-driven goals. Guevara, its chief representative, advocates for fundraising to garner sector support. She is always brainstorming to find new opportunities to serve the city’s youth. Guevara is a member of the Columbia Board of Alumni Association and the National Leadership Council of Big Brothers Big Sisters. NEW YORK CITY RESIDENTS, ABOUT 25% SPEAK SPANISH (OR SPANISH CREOLE), MAKING IT THE MOST NON-ENGLISH LANGUAGE IN THE CITY YORK PUBLIC RADIO
founded Comunilife, a nonprofit that provides social services in the city. The nonprofit president and CEO develops programs to reduce health disparities facing the Hispanic community, and she has incorporated culturally and linguistically sensitive programming into services. In 2008 she opened Life is Precious, New York’s only suicide prevention program for at-risk Latina teens. Gil is a co-founder of the Latino Commission on AIDS, a member of EmblemHealth’s board of directors and a part of the President Carter Mental Health Task Force.
MEGAN HOGAN Chief diversity officer Goldman Sachs Group
MARIO GARCIA MontefioreCo-director Einstein Center for Heart and Vascular Care
gap. The head of community impact and managing director collaborates with all business lines and corporate functions— including diversity, equity and inclusion, and advocacyHispanicUnidosUS,corporateJPMorganmanyWorththegrowth.thatphilanthropicresponsibility—tocorporateincorporateandpolicyeffortsdriveinclusiveeconomicJannicellibuiltandledLatinaAmericanHighNetbusinessandmentorsLatinocolleaguesatChase.Sheisontheboardofadvisersofthenation’slargestcivilrightsandorganization.
OF
CAROLINA JANNICELLI Head of community impact, managing director JPMorgan Chase
—NEW
Chief Diversity Officer Megan Hogan is responsible for Goldman Sachs’ global diversity, equity and inclusion
Piñero has successfully created a marketing and public relations division to build awareness of MetroPlusHealth. She has insourced behavioral health services to ensure that mental health is prioritized, and she has worked with the plan’s CEO on organizational Associates,BlueManhattanGreaterHistory,AmericanHealthboardHernandez-Piñeropolicies.hasheldmembershipsatNYC+Hospitals,theMuseumofNaturaltheUnitedWayofNewYork,MarymountCollegeandNationalCrossandBlueShieldamongothers.
Eileen Guzzo oversees all marketing and client interaction for Donnelly & Moore, information-technologyanconsulting and recruiting firm. The presidentfirm’s and CEO runs daily sales meetings with recruiting staff, day-to-daymanages
responsible for the 1818 Family Office, the Center for Family Business, and the Center for Women and Wealth. George and her team provide advisory services around social issues, the pandemic and remote work, and volatile markets. She chairs the investment oversight committee, co-chairs the global inclusion council and serves on the capital partners privateequity investment committee. George created a sustainability framework to help clients align investments with their values.
KATHRYN GEORGE BrownPartnerBrothers Harriman
providing them with training in skills, systems and products. The managing director, a certified retirement-income and financial-services professional, is also a divorce financial analyst. Aiming to inspire the Hispanic community, Gellar speaks frequently at industry events. She is a national board trustee and a member of the diversity, equity and inclusion council for the National Association of Insurance and Financial Advisors.
EILEEN GUZZO President, CEO Donnelly & Moore
24 | CRAIN’S NEW YORK BUSINESS | SEptEmBER 19, 2022
At the private investment banking company Brown Brothers Harriman, Kathryn George focuses onpartnercompanybusiness.familyintersectionupissuesownersbusinesshelpingwiththatcropattheofandTheis
Rosa M. Gil is an advocate for vulnerable communities, overseeing the development and management of affordablehousingunitsandensuringthatlow-incomeandhomelessNewYorkershavesufficienthousingandhealthcare.Gil
MetroPlusHealth provides a nonprofit managed health care plan and develops programs to address Hernandez-SallyBoardhomelessness.andfoodhealth,determinantssocialofsuchasinsecurityChair
At the investment banking giant JPMorgan Chase, Carolina Jannicelli leads a team
Eduardo LaGuerre of the Charter School of
Garcia establishes standards for technology, diagnosis and patient treatment, focusing on the cardiovascular health of diverse communities. He has recruited dozens of Hispanic faculty members and worked to promote their professional development. Garcia conducts research to improve patient experiences and outcomes related to diastolic heart failure, cardiomyopathies and valvular heart disease, and he has written extensively on various aspects of cardiac imaging. He chairs the American Board of Internal Medicine Cardiovascular Exam Committee.
theseradiology.medicineprofessordivisioncardiologyofGarciaCare,VascularMarioischieftheandaofandInroles
ROSA M. GIL President, ComunilifeCEO
Evelyn Gellar assists in the overall marketing and growth and development of the Forest Hills Financial Group.tiesprofessionalbuildingprofessionals,femaleoftheespeciallyfocusesGellaronrecruitmentHispanicandtheirand
business activities and oversees general management of the firm. In addition, Guzzo leads initiatives, seminars and networking forums in support of the greater Latino business community. She was recently responsible for a cybersecurity scholarship program for young Latino students. Guzzo is a board member and information technology chair of the New York City Hispanic Chamber of Commerce.
Big Brothers Big Sisters is one of New York’s largest youth mentoring organizations,focusing on building fullachievegenerationsyoungerthatrelationshipssupportingandhelptheirpotential.
EDUARDO LAGUERRE Founder, chairman Charter School of Educational Excellence
In addition to being co-director of the Montefiore Einstein Center for Heart and
SALLY PIÑEROHERNANDEZBoard MetroPlusHealthchair
ALBERTO LOPEZ
NoiseCEO
September 19, 2022 | CrAIN’S NeW YOrK bUSINeSS | 25
initiatives that further the center’s aims in cancer care, research and education. In addition, the executive vice president and general counsel leads the government relations team to ensure that the interests of the cancer center and other health care institutions are considered in policymaking. He is on the advisory board of the Petrie-Flom Center for Health Law Policy, Biotechnology and Bioethics.
LATINO WEALTH IN THE U.S. HAS GROWN BY AN AVERAGE RATE OF 7% ANNUALLY FOR THE PAST 20 YEARS, MORE THAN DOUBLE THE RATE OF NON-LATINO—MCKINSEYWEALTHWHITE
Jorge Lopez Jr. leads members of the in-house legal staff Memorialat Sloan strategicprojectsagreements,varietyadviceasCancerKetteringCentertheyprovideonaofand
JORGE LOPEZ JR. Executive vice president, general Memorialcounsel Sloan Kettering Cancer Center
and guides staff members on fulfilling clients’ tax and financial needs. Lopez also works with partners at the firm to improve efficiency and talent retention. She has been instrumental in helping emerging Hispanic artists achieve their financial goals. Lopez teaches seminars aimed at empowering underserved communities to achieve long-term independence.financialShe is a member of the Entertainment, Media and Sports Association at New York University’s Stern School of Business.
company’s artistic director received an award for best choreography from the Berkshire Theater Critics in the summer of 2021, and he is credited with the company’s selection for performances at the Chelsea Factory and other notable venues this year. Since co-founding Calpulli in 2003, Lopez has developed and led school programs in an attempt to share cultural knowledge with hundreds of young people.
Alberto Lopez oversees Calpulli Mexican Dance Company, where he develops educational content and works with dancers, artists musiciansand to ensure cohesionartisticcompany’stheand to culture.MexicancelebrateThe
At the full-service marketing, advertising, venture studio and creative company Noise, Joe Laresca overseesAsoveralltheanddevelopment,andrelationshipsmanagesefforts,capital-raisingclientbusinessworksoncompany’svision.CEO,headof
Co-founder, artistic director Calpulli Mexican Dance Company
Congratulations to Kathryn George and all the 2022 Crain’s Notable Hispanic Leaders
JOE LARESCA
MARIA DEL PILAR LOPEZ
strategy and creative director, he is working to launch Noise Latin, a Spanish language division offering services in Spanish in an effort to raise awareness of Latin American culture. Laresca, who performs reggaeton and pop music under the stage name “Santi,” has appeared on Forbes’ 30 Under 30 list. He is an adviser at the luxury real estate agency Serhant, where he previously was head of marketing.
Director of business management and family office Citrin Cooperman
At the accounting firm Citrin Cooperman, Maria del Pilar Lopez oversees theThedevelopment.businessprofitabilityengagements,relationships,clientanddirectoroffirm’s business management and family office communicationsbuildswith clients
Global head of advancing Hispanics and JPMorganLatinosChase
OLGA LUCIA FUENTESSKINNER GlennPartnerAgre Bergman & Fuentes
practice at the law firm, Lozano is co-head of its Latin America group. She has served on the firm’s policy committee and has represented companies including Citigroup in major sales and acquisitions, among them a deal that Latin Lawyer named Public M&A Deal of the Year. Lozano leads a diverse team and mentors the firm’s visiting attorneys every year. She previously was director of Goddard Riverside, a nonprofit that provides underserved communities with education and housing.
JIRANDY MARTINEZ
Vice president, student finance and institutional effectiveness Berkeley College
SILVANA MONTENEGRO
Olga Lucia Fuentes-Skinner, who co-founded the law firm Glenn Agre Bergman & Fuentes, is a trial lawyer and a partner in the firm experiencewith in breachmalpractice,accountingsurroundinglitigationof
town halls and shares her expertise on travelHonduranwork,groups.mattersimmigration-relatedandlegalwithlargeprofessionalInherlatestprobonosherepresentsafamilyofasylumseekers.
At the international law firm Hunton Andrews Kurth, managing partner Walfrido Martinez steers the firm’s criminalwhite-collarlitigationbusinesscomplexpracticingstrategyimplementingenterprise,globalandand
aid programs. His two decades of experience in higher education have primed him to address student needs through initiatives such as a student success coaching program and a campus food pantry. The college vice president is a peer evaluator for the Middle States Commission on Higher Education. Moya recently moderated a panel on secondary education hosted by the New York State Association of Black, Puerto Rican, Hispanic and Asian Legislators.
overseeing immigration programs that include such matters as global workforce mobility, mergers and acquisitions, residence.immigrationdevelopment,policyfamilyandpermanentMunizparticipates
Founder and Chairman Henry R. Munoz directs and executes Cultural Productions’ mission of creating media, communica-tionsandeducationcampaignsthatadvancethoughtleadershipamongAmericanLatinos.This
In a decade spent at the Community Resource Center, Jirandy Martinez has developed initiatives that serveimmigrantempoweringmissionadvancesdirectorexecutiveThecommunity.immigrantthecenter’sitsofand
Jorge Montalvo plays a leading role on the managementexecutiveteamat Physician Affiliate Group of New York. The chief CenterCorrectionalthehospitalsaffiliatedPAGNY-operationsofficeroperatingoverseesatandRikersand
At the law firm Fragomen, Del Rey, Bernsen & Loewy, Julie Muniz works with clients across industries, includingparalegalsmanagersclient-serviceofmentorsleadsTheentertainment.healthenergy,careandlawpartnerandateamassociates,andin
defense. When the pandemic struck, Martinez worked to ensure employee job retention and to maintain the firm’s pro bono practice. He has been a leader in the firm’s diversity and inclusion initiatives, and National Law Journal named him to its 50 Most Influential Minority Lawyers list. Martinez received the U.S. Coast Guard Meritorious Public Service Award in 2021. He is a trustee of the Colonial Williamsburg Foundation and George Jackson Academy Middle School.
26 | CRAIN’S NEW YORK BUSINESS | SEptEmBER 19, 2022
manages PAGNY’s staff. In addition, Montalvo leads negotiation and administration of the organization’s contract with NYC Health + Hospitals, and he supervises administrative standardization efforts, strategic marketing, government relations and community initiatives. In response to the pandemic, he built physician wellness centers to benefit health care workers.
WILL MOYA
Founder, chairman Cultural Productions
year Munoz partnered with the state Democratic Party to launch the Nueva York Initiative, a bilingual empowerment program that seeks to increase Democratic support and engagement among Spanish speakers. Munoz has championed private and public partnerships designed to support the city’s Latino community in the pandemic. He is the former and longest-serving finance chair of the Democratic National Committee. Munoz is the first Latino and openly gay man to serve as the DNC’s finance chair emeritus.
Head, Spanish language practice Skadden, Arps, Slate, Meagher & Flom
Executive CommunitydirectorResource Center
JORGE MONTALVO Chief operating officer Physician Affiliate Group of New York
ANA MELENDEZ
JULIE MUNIZ Fragomen,Partner Del Rey, Bernsen & Loewy
provide underserved families with bookbags. She was previously chief program officer of We Stay/Nos Quedamos, a nonprofit dedicated to selfdetermination and sustainable community development. Melendez, a recipient of the George Soros Open Society Institutes Fellowship, holds a position at a local nonprofit that provides resources for transitional housing programs that serve homeless individuals across the five boroughs.
American-bornfemalepartneratSkadden,Arps,Slate,Meagher&Flom.InadditiontobeingheadoftheSpanish-language
Managing partner Hunton Andrews Kurth
low-income families through programs, among them a fund for excluded workers in response to the pandemic and various supports for communities devastated by Hurricane Ida. Under Martinez’s leadership, a team at the center launched Building Our Future, a holistic workforce development program. Outside of work, she is on the members.supportingstakeholdersCommunity,launchWestchester.theHumanMamaroneck-LarchmontRightsCommitteandboardofNonprofitMartinezhelpedtheCoalitionforadiversegroupofdedicatedtoallcommunity
At Berkeley College, Will Moya leads and directs the departments of financial aid, accounts,student statefederalparticipationcollege’soverseeingeffectiveness,institutionalandtheinandfinancial
contract and fraud cases. Her most notable cases include a $725 million fraud and accounting malpractice matter and representation of an international food and lifestyle company in an internal investigation. Fuentes-Skinner chairs her firm’s pro bono and diversity committees. She frequently promotes the appearance of attorneys—especiallyfemale those of color—in nationwide.courtroomsFuentes-Skinner has been nominated to the boards of Learning Spring School and the New York Lawyers for the Public Interest.
At DOT Strategies, which works to support organizational and community leadership, CEO Ana Melendez providesMelendezstartedcompanySincebusinesses.andtoplanninganalysisstrategicandskillsorganizationssmallthewasin2019,has organized partneredengagementcommunityeventsandwithagencies
FORTUNE 500 COMPANIES HAVE HAD 41 LATINX CEOS SINCE 2000
Silvana Montenegro has spent 17 years supporting Latin American business in andunifiedprovideworksMontenegroChase,JPMorgancapacities.professionalvariousAttoavisionstrategyto
DOTCEO Strategies
HENRY R. MUNOZ
to
Paola Lozano, who specializes in mergers and acquisitions, is the first Latin
advance the unique priorities of the Hispanic and Latino communities, in line with JPMorgan’s $30 billion racial equity commitment. The global head of advancing Hispanics and Latinos was recently recognized by Latino Leaders Magazine, and she has been featured in Latina Style and El Tiempo Latino, on Univision and at professional summits and conferences. She previously was the investment banking company’s head of commercial banking talent, diversity and inclusion.
in
To support diverse senior talent, he created an internal pipeline at PAGNY. Montalvo has been recognized by City & State and Schneps Media.
—WHO RULES AMERICA
PAOLA LOZANO
WALFRIDO MARTINEZ
At Titan, an Percococo-foundermanagementinvestmentstartup,andCEOJoehasraisedtensofmillionsofdollarsover two funding rounds for platform,the which has includinginvestors,celebritynumerousJared
Adriana Quiñones-Camacho is responsible for the clinical direction of NYUpositionservefirstCamachoQuiñones-medicine,chiefHospital.Health’sLangoneTischAsofistheLatinatointhatat
ISABEL RAFFERTY Founder, CEO Canela Media
As a partner in the health care practice of McKinsey & Company’s New York healthbehavioralco-leadsdomainfirm’sconsultingtheMartinCarlosoffice,PardoleadsglobalMedicaidanditsdomain, supporting innovative treatments for mental health and substance use disorder. In support of organizationscommunitydedicated to the city’s most BenefitsMcKinsey’ssupportsthenetworkleadsadolescentdedicatedorganizationsconsultscommunities,vulnerablePardoMartinprobonoforvariousintheregiontochildhoodandmentalhealth.HetheHispanicandLatinoofconsultantswithinNewYorkoffice,andhekeyinitiativesatCenterforSocietalThroughHealthCare.
At the digital tech company Canela Media, founder and CEO Isabel Rafferty oversees all aspects of the company,Raffertyrelationships.brandformationandintroductionstohiringfinancesfromanddecisionsproducttheof recently led the launch of Canela.TV, Canela News and Canela Music, hosted two upfront presentations and secured tens of millions of dollars in venture capital funding. She has been recognized by E&Y, Adtech, Admonsters, AdExchanger, NYC TV Week and Cynopsis. Her work builds on a career of entrepreneurship and experience in launching a mobile advertising company. She supports Father Joe’s Villages in San Diego, which helps reduce homelessness, and California State University at San Marcos, where her goal is to boost academic success among Hispanic students.
September 19, 2022 | CrAIN’S NeW YOrK bUSINeSS | 27
ADRIANA CAMACHOQUIÑONES-
—MAYOR’S OFFICE OF IMMIGRANT AFFAIRS
CARLOS PARDO MARTIN McKinseyPartner & Company
Tisch Hospital, NYU Langone Health
JOE PERCOCO
Tisch. She partners with the hospital’s administrative, nursing and physicians arms to ensure quality and efficient patient care and satisfaction. As an associate professor at New York University’s Grossman School of Medicine, QuiñonesCamacho provides clinical education to residents, fellows and students.She treats her own patients for heart disease and helps manage their risk factors. Her work is credited with NYU Langone Health being named the No. 1 hospital in New York state and the No. 3 hospital in the nation, according to U.S. News & World Report’s annual Best Hospital honor roll.
Co-founder, CEO Titan
Chief of medicine
working to close the financial literacy gap and expand access to actively managed assets, an aim especially pertinent to the Hispanic population. He is credited with the retention of 100% of his employees since the pandemic struck.
MORE THAN 20 GROUPSETHNIC
Leto, Will Smith and Odell Beckham Jr. Percoco also launched Titan Crypto, the first actively AcrossavailablecryptocurrencymanagedportfoliotoU.S.investors.hisendeavors,Percoco is
REPRESENTIMMIGRANTSLATINOINTHECITY
JUAN RUBIO
managing partners to develop a people and growth strategy and business development. Reyes, who leads the firm’s financial services industry practice, provides a broad range of assurance and advisory services, functioning as business adviser for a range of clients in various industries. He is on the New York advisory council for the Hispanic Scholarship Fund, and he is involved with various professional associations and committees as a member of the New America Alliance. Reyes is a board member of the Hedge Fund Association.
homeownership counseling and education, eviction prevention, and services related to housing security and financial literacy. Rosado Abad is a major speaker and thought leader on affordable housing and homelessness issues in Westchester County and on Long Island. While expanding his organization into the city, Rosado Abad served on the boards of organizations, among them Nonprofit Westchester, the Priority and Strategy Council of the Human Services Council, and the William George Agency.
CEO guides a team of 10 employees and is responsible for fundraising and budgeting. In addition, Ramos works to build and maintain partnerships that lead to increased resources for the communities his organization serves. Since the pandemic, his efforts have led to the vaccination of tens of thousands of New Yorkers deemed “unreachable.” Ramos created a scholarship program that sent 20 young Bronx residents to college with financial assistance.
acrosstheinnovationdeliveringfocusesGroup,SolutionsStructuringAmericasCorporation’sandwhichontofirm’sclientsthe
At Crown Castle, one of the nation’s largest providers of shared DavidofYork.ofFoundationthecommunitypubliclyalmostlocalcommunities.technology$500formerparttheunderserveddisenfranchisedYorkpublichelpsTheindividualscommunicationsinfrastructure,AnaRuabuildspartnershipsandcoalitionstoensureconnectivityanddigitaloptimizationforbusinesses,andcommunities.headofgovernmentaffairsshapeCrownCastle’spolicyapproachinNewandaimstoequipandcommunitieswithtoolstosucceed.RuawasofateamthatimplementedGov.AndrewCuomo’smillionprojecttobridgegapsinruralShehasmetwithcommunityleadersacrossallNewYorkcountiestofundprojectsforneeds.RuachairsboardoftheYorkCollegeandsitsontheboardJuniorAchievementofNewShewasinthisyear’sclassthePartnershipforNewYork’sRockefellerFellowship.
DEBBIE SALAS-LOPEZ
ALEXANDER REYES CitrinPartnerCooperman
In the global transaction tax group Alvarez & Marsal Taxand, senior director Juan Rubio leads domestic and cross-borderprivate-equitytransactions.Rubio’smostrecentclientshaveincludedAmericanSecurities,LathamGroup,Tekni-Plex,Mill
Founder, president and CEO Oyate Group
28 | CRAIN’S NEW YORK BUSINESS | SEptEmBER 19, 2022
Goldman Sachs’ Fernando Rivera Saad is head of the Fixed Incoming Clearing
NAVARRA RODRIGUEZ
TOMAS RAMOS
President, chief medical officer AdvantageCare Physicians
EL MUSEO DEL BARRIO ON MANHATTAN’S MUSEUM MILE WAS FOUNDED IN 1969 TO CELEBRATE AND PROMOTE LATINO CULTURE, WHICH WAS OFTEN OMITTED FROM OTHER CULTURAL SPACES —NYC ARTS
AdvantageCare Physicians’ Navarra Rodriguez advances affordable, quality care for individuals, families,communitiesandbusinesses,especiallythosethatarehistoricallyunderserved.Thepresidentandchiefmedicalofficer
At the nonprofit Oyate Group, Tomas Ramos initiated and oversees all of its programming, from youth development and gun
RONALD ROSADO ABAD CommunityCEO Housing Innovations
has grown the practice—which serves a half-million New Yorkers across the five boroughs and on Long Island—to encompass 40 medical officers with more than 400 front-line workers and expanded social and lab services for patients.
ANA RUA
strategiesbusinessdevelopsand to motivate a team of employees.engaged The agency’s work in safe space design, public health, advocacy, and development,queer-leadershiphasearned him recognition from the LGBTQIA+ community on Capitol Hill, the State Department, the World Monetary Fund of D.C. and the United Nations. Roman, the bestselling author of Out of Space: Creating Safe Spaces in Unlikely Places, has more than 22 years of experience in social justice work. He is on the board of directors at Ark of Freedom Alliance, and he is an LGBTQIA+ commissioner for Newark, New Jersey.
Senior Alvarezdirector&Marsal Taxand
Rock Capital and Hill Capital, which have approximately $10 billion in combined value. He offers advice in the infrastructure, accountingthemmentoredBaruchProfessionalsAssociationrecruitmenteducationAccountants’StateincludingHispanicvariousRubiohealthmanufacturing,energy,consumer,andtechnologysectors.hasparticipatedininitiativeselevatingtheAmericancommunity,atvariousNewYorkSocietyofCertifiedPublichighschoolandcollege-events.ThroughtheofLatinoforAmericaandCollege,Rubiohasstudentsandhelpedreceivejoboffersatcityfirms.
Senior Vice President Debbie Salas-Lopez of Northwell Health, one of New York’s largest health care overseesHerdiversewell-beinghealthatentitiesoverseesproviders,aimedimprovingandforclients.departmentthe health system’s $1.4 billion in charity care and community benefit. Salas-Lopez led a faith- and community-based initiative, focused on underserved areas, essential workers and first responders, that offered free Covid testing and vaccinations at more than a thousand locations in the state. She recently supervised efforts focused on youth engagement, mental health and wellness, maternal health and substance abuse, among other social and medical issues. Salas-Lopez has been recognized by Modern Healthcare, the United Hospital Fund and the Hispanic Chamber of Commerce.
Business Council of Westchester. Rivera-Cheek emphasizes working with Hispanic students at her alma mater—the State University of New York at Stonybrook—and she speaks regularly to business and consumer audiences on topics that range from diversity, equity and inclusion to marketing to mentorship. Rivera-Cheek is a member of Chief, a private membership network focused on connecting and supporting women executives.
Managing director Goldman Sachs Group
presidentOyate’sbusinesses.supportinsecuritycombateffortspreventionviolencetotofoodandlocalfounder,and
Head of government affairs, New York and New York state Crown Castle
global currencies and emerging markets, credit, rates and commodities businesses. The managing director, who is also co-head of market strategy for Latin America, focuses on financing projects related to infrastructure, government and environmental, social and governance issues. He was awarded Project Finance International’s 2021 Americas Transport Deal of the Year for the firm’s transaction with Autopista Rio Magdalena 2. He was invited to the Council of Urban Professionals. He advises his alma mater, the Loyola University College of Business.
ELENA RIVERA-CHEEK
At the Out Agency, a consultancy focused on addressing the needs of the LGBTQIA+ community, founder and CEO Julio Roman plans
FERNANDO RIVERA SAAD
Alexander Reyes’ responsibilities for accounting and consulting firm Citrin Cooperman include developing and managing localcloselypartnerCoopermanCitrinthestrategyindustrycomprehensiveaacrossU.S.Theworkswiththeoffice
JULIO ROMAN Founder, CEO Out Agency
Integrating virtual visits in response to the pandemic, Rodriguez equipped her staff with resources to maintain vital care work, including diabetes and cancer screenings and childhood immunizations. She mentors aspiring clinicians and nurses, and she leads a culturalcompetency committee supporting EmblemHealth’s diversity, equity and inclusion strategy.
Founder, CEO Copy & Art
CEO Ronald Rosado Abad of the nonprofit Community Housing Innovations endeavors to provide homelessfirst-timehousing,permanenthousing,affordablehousing,supportivehousing,emergency
CEO Elena Rivera-Cheek founded Copy & Art as a creative agency in 2011. Her efforts for the award-winningCommerceChamberHispanictherecognitionearnedCounty,inwhichagency,isbasedWestchesterhaveherbyWestchesterofand
Senior vice president, community and population health Northwell Health
Latin America, worked on a team for the independent compliance monitor as appointed by the Department of Justice, and conducted a multiyear internal investigation into anti-money laundering controls at a New York stateowned bank. Smithline has been recognized by LatinVex and Chambers USA. She is active in the Cyrus R. Vance Center for International Justice and provides pro representationbonofor anticorruption initiatives. As a member of the Women’s White Collar Defense Association, Smithline strives to facilitate business opportunities for women in administrative fields.
MELISSA SANTOS
Senior managing director, head of segment and channel strategy Webster Bank
At Webster Bank, Melissa Santos is responsible for sponsoring client engagement
spoken on podcasts and panels discussing entrepreneurship.
Somos Community Care is a nonprofit pay-for-performance model health care network that under Chairman of the freeandCovid-19trilingualthanopenedleadershipRamonBoardTallaj’shasmore125sitesprovidedtestingfor 2 million people.
RUTI SMITHLINE
Sigo Seguros founder and CEO Nestor Hugo Solari has conducted major seed fundraising for the
NESTOR HUGO SOLARI CEO, founder Sigo Seguros
As co-chair of Morrison Foerster’s investigations and white-collar defense group, partner Ruti Smithline leads its Latin throughoutexpandhelpedSmithlinedepartment.litigationandforeignAmericadeskNewYorkhasthefirm
Partner, co-chair of investigations Morrison Foerster
Solariinsurance.accessaffordableincreasewherecompany,technologyinsuranceSpanishhehelpstocarhas
His efforts earned his company finalist status in the investment firm Angeles Investors’ 2022 Angeles 100 Award. Earlier in his career, at Goldman Sachs, Solari worked on transactions in Brazil, Mexico, Peru and Colombia. He provides job opportunities specifically within the Latin American community and volunteers with Sponsors for Educational Opportunity. Solari, who has mentored firstgeneration college students through America Needs You New York and New Jersey, is on the board of the Microfinance Club of New York.
Andres Sosa helps deliver landmark projects related to city housing. Sosa is responsible for Gilbane’s portfolio of includesmanagerandviceHisconstruction.residentialanddevelopmentmixed-usehigh-risepositionaspresidentareathe
Chairman, board of directors Somos Community Care
September 19, 2022 | CrAIN’S NeW YOrK bUSINeSS | 29
tochanneldistribution-segmentpartneringinitiatives,strategicexecutabledesigningstrategies,andandwithandleadersprovide thought leadership and oversight. The senior managing director was on the senior leadership team for a merger this year that helped Webster become one of the top 30 banks in the nation. Santos also helped launch Amigos at Webster, a business resource group she co-leads that focuses on developing programs that enrich the lives of colleagues, clients and broader communities. Among such efforts: a volunteering event at a food bank to combat food scarcity.
ANDRES SOSA Vice president, area manager Gilbane Building Company
In addition, Somos facilitated free health education and ran call centers in five languages. Pop-up vaccination site venues included public housing, churches and Yankee Stadium. Tallaj runs his own eponymous foundation, which through grants and scholarships, among other awards, funds Hispanic youth around the world who are studying medicine and health. A short documentary film, Dr. Tallaj, the Hispanic Physician Who Faced Covid-19 in New York, was nominated this year for a New York Emmy Award.
RAMON TALLAJ
oversight of preconstruction and construction services for Gotham Point South Buildings in Queens—which contain low-and engineeringarchitecture,YorkMentorandculturewhichOrganizingaBuildingheadquarterstheinvolvedandandunits—andmiddle-incomeluxurypropertiesofficespaceinManhattanBrooklyn.SosahasbeenintheconstructionofNewYorkTimes’andtheEYinTimesSquare.HeismemberofHispanicsLeaders@Gilbane,promotesHispanicandworkplaceinclusion,aboardmemberoftheACEProgramofGreaterNewinconnectionwiththeconstructionandfields.
President, general manager Univision New York
Artistic director, CEO Ballet Hispánico
Taveras led an internal audit for the New York metropolitan region to assess annual spending, which helped strategize local outreach. The company’s associate vice president has spoken at various industry events, coordinating one in which 125thanprogramandHispanicSchooltreasurerapartnerveteran-ownedservice-disabled,businessfirmswithpublicagencies.AsfoundingmemberandoftheNewYorkCityConstructionAuthority’sSociety,shedevelopedmanagedascholarshipthatbenefitedmore570cityhighschoolandcollegeminoritystudents.
A
philanthropicchampionsemployeesforopportunitiesbroadenbankand
BankPresidentofAmerica New York City
30 | CRAIN’S NEW YORK BUSINESS | SEptEmBER 19, 2022 websterbank.com
Roberto Yanez oversees all aspects of the New York television stations WXTV and WFUT and severalD.C.,Washington,Philadelphia,supervisesmanagergeneralpresidentUnivision’sstations.radioandalsoitsand
As director of diversity programs at AECOM, a construction engineering company,communityEnterpriseBusinessDisadvantagedWomen,Minority,withworkedTavaresDoreenhascloselytheto
José Tavarez oversees the delivery of Bank of America’s services across eight lines of business in the city. The bank’s New York City president leads initiatives to
DOREEN TAVERAS
EDUARDO VILARO
At the e-supply store Turtle & Hughes, Luis Valls delivers complex industrialsolutionsproductpower to the powerresidentialcommercial,treatment,wastewatertransportation,tristateand
efforts that affect the city and Westchester County. As the vice chair and head of wealth management advisory, Tavarez guides client offerings for individual wealth in partnership with global departments. In his 25 years of leadership, he has transformed large crossfunctional businesses, generated positive margins and ensured efficient operations. Tavarez was appointed to Mayor Eric Adams’ Business Leadership Council, where he has supported educational equity initiatives and public health programs. He is on the board of trustees for the Spence School and on the acquisitions committee of the Studio Museum in Harlem.
Webster Bank, the Webster Bank logo and the W symbol are trademarks of Webster Financial Corporation and Registered in the U.S. Patent and Trademark Office. Webster Bank, N.A. Member FDIC. © 2022 Webster Financial Corporation. All Rights Reserved.
Cleveland markets. Yanez is credited with initiating partnerships with state and local chambers of commerce to inform, empower and educate struggling small-business owners, including launching a new show featuring Hispanics.censuseffortswithincreatedresponseRecoveryYanezadministration-relatedbusinessguests.servedonNewJersey’sAdvisoryBoardintothepandemic,ataskforceondiversityhisoffice,andoversawatUnivisiontoincreaseparticipationamong
Associate vice president, director of diversity programs AECOM
authorities. In his 21 years at Turtle, Valls has helped drive the its growth and profitability by mentoring new employees and developing a sales model that combines strategic guidance with value-added engineering to produce safe and sustainable urban infrastructure. In response to the pandemic, Valls engaged employees in positive change management and accelerated a transformation.digitalThe president of Turtle’s electrical distribution division is a member of the Hubbell Distribution Advisory Council and a former member of the Eaton Distribution Advisory Council, major corporations in his industry.
Senior Managing Director, Head of Segment and Channel Strategy at Webster Bank
Congratulations to all this year’s outstanding honorees.
Congratulations Melissa Santos Crain’s New York Business Notable Hispanic Leader honoree
We applaud Melissa for her commitment to the Webster Amigos business resource group and her dedication to advancing opportunities for Hispanics and Latinos in our communities.
increase diversity in the professional services industries.
Artistic director and CEO Eduardo Vilaro is responsible for setting Ballet Hispánico’s creative vision and socialconversationlaunchedleadersLeadershipFame.inducteeAwardisParademarshalFoundation.“culturalbeingworkmajorincorporateddanceBAANDhelpingaccomplish-mentsleadership.thoughtfundraisingasfunctions,businessoverseesbranding.aestheticsexecutingandVilarosuchstrategy,andHisincludecurateanddevelopNewYork’sfirstfreeconcert,whichallfiveofthecity’sdancecompanies.HisledtoBalletHispániconamedoneofAmerica’streasures”bytheFordVilarowasgrandofthisyear’scityDanceAmonghisaccolades,hearecipientoftheRuthPageforchoreographyandanintotheBronxWalkofVilarocreatedtheLatinxSummitfornationaltotackleissuesandDiálogos,aexploringthearts,justiceandLatinxcultures.
ROBERTO YANEZ
LUIS VALLS President, electrical distribution Turtledivision& Hughes
JOSÉ TAVAREZ
Council, a collabora tive venture among 30 Fortune 500 firms that is co-chaired by Jamie Dimon, CEO and chairman of JPMorgan Chase. The Jobs Coun cil aims to hire 100,000 low-income New Yorkers by 2030, and it has already shipernReadinessthmitmentsapprenticeshipsecuredcomformorean1,000CareerandModYouthApprenticestudentsthisyear.
Adams and Schools Chancellor David C. Banks unveiled the Career Readiness and Modern Youth Ap prenticeship program, which ex pands career-connected learning opportunities for public school stu dents. The administration expects 3,000 students from more than 50 schools to participate in the multi year program. More than 500 stu dents will receive apprenticeship offers that earn between $15 and $25 per hour by the end of next year, the administration said.
BY BRIAN PASCUS
contribute $8 million to support the program in the next two years. Am azon, which famously spurned the city during its HQ2 headquarters bidding war in 2019, is also a part ner on the initiative.
A diverse group of CEOs and elected officials has expressed sup port for the program, including Kathryn Wylde, president and CEO of the Partnership for New York City; Michael Mulgrew, president of the United Federation of Teachers; Chancellor Félix V. Matos Rodrí guez of the City University of New York; Rep. Adriano Espaillat of Manhattan and the Bronx; and City Comptroller Brad Lander. ■
The Career Readiness and Mod ern Youth Apprenticeship is sup ported by the New York Jobs CEO
Chase, Amazon
M
“We are using the collective pow er of the Jobs Council to ensure that all students in New York City—no matter their background—get a fair shot and are prepared for the jobs of the future,” Dimon said. “It’s good for business and good for society.”Bloomberg Philanthropies will
ayor Eric Adams’ ad ministration last Mon day announced a pub lic-private partnership that will provide thousands of city public school students with paid apprenticeships and career-devel opment pipelines into some of the nation’s highest-profile financial and technology firms.
City partners with and other finance, tech firms to offer paid apprenticeships
“The Student Pathways to Eco nomic Security Initiative will pro vide students with the tools to de
‘Good for business’
NYCMAYORSOFFICE/FLICKR CITY HALL EXPECTS 3,000 StUDeNtS FROM MORE THAN 50 SCHOOLS TO PARTICIPATE ADAMS
September 19, 2022 | CrAIN’S NeW YOrK bUSINeSS | 31 Monday, October 17, 2022 The Glasshouse, New York glwd.org/goldenheartawardsCity Scan here to purchase tickets Hosted by Billy HumaHonoringPorterAbedinJessicaAlbaBellaHadidKarenPearl
“We’re excited to support the ex pansion of the Student Pathways to Economic Security Initiative, and to provide students in New York City the opportunity to gain critical workplace experience through paid apprenticeships at Amazon,” said Andy Jassy, the firm’s CEO.
sure to on-the-job skills training and help them leave the city school system with college credits and work experience.
POLITICS
The program is supported by JP Morgan Chase, Accenture, Amazon and Bloomberg Philanthropies, among other companies.
The program is expected to pro vide students with an early expo
velop their interests and put them on a road to financial indepen dence, while connecting some of our largest employers to the next generation of leaders,” Adams said last Monday from JPMorgan Chase headquarters in Midtown.
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Appl. for Auth. filed with Secy. of State of NY (SSNY) on 07/18/22.
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Arts. of Org. filed with Secy. of State of NY (SSNY) on 06/30/22. Office location: NY County. Princ. office of LLC: Zachary Hering, 10 Cuttermill Rd., Ste. 400, Great Neck, NY 11021. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC at the addr. of its princ. office. Purpose: Any lawful activity.
Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC, 347 5th Ave., Ste. 300, NY, NY 10016.
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Appl. for Auth. filed with Secy. of State of NY (SSNY) on 08/26/22.
Contact Suzanne Janik at 313-446-0455 or email: sjanik@crain.com Advertising Section
Purpose: To acquire, sell, manage, lease and develop real estate.
LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 07/20/22. Office location: NY County. LLC formed in Delaware (DE) on 07/08/22. Princ. office of LLC: 500 S. Buena Vista St., Burbank, CA 91521. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c/o Corporation Service Co., 80 State St., Albany, NY 12207-2543.
Notice of Formation of PERRY STREET 5 LLC
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Notice of Formation of PERRY STREET 7 LLC
Notice of Formation of PERRY STREET 6 LLC
Arts. of Org. filed with Secy. of State of NY (SSNY) on 11/22/21.
Notice of Formation of JPSF Ventures LLC. Arts. of Org. filed with NY Dept. of State on 8/2/22. Office location: New York County. NY Sec. of State designated agent of the LLC upon whom process against it may be served, and shall mail process to The LLC, c/o The Clark Estates Inc, One Rockefeller Plaza, 31st Fl, New York, NY 10020. Purpose: any lawful activity
Purpose: Any lawful activity.
Appl. for Auth. filed with Secy. of State of NY (SSNY) on 06/30/22.
Notice of Qualification of SPORTS CONTENT CREATION
Notice of Formation of 3923 CARPENTER AVE II LLC
Notice of Formation of 3923 CARPENTER AVE I LLC
Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC, 347 5th Ave., Ste. 300, NY, NY 10016.
SEPTEMBER 19, 2022 | CRAIN’S NEW YORK BUSINESS | 33
PUBLIC & LEGAL NOTICES
fictitious name: DigitalBridge Strategic Assets Fund, L.P. Duration of LP is Perpetual. SSNY designated as agent of LP upon whom process against it may be served. SSNY shall mail process to Corporation Service Co. (CSC), 80 State St., Albany, NY 122072543. Name and addr. of each general partner are available from SSNY. DE addr. of LP: c/o CSC, 251 Little Falls Dr., Wilmington, DE 19808. Cert. of LP filed with Secy. of State of DE, John G. Townsend Bldg., 401 Federal St., Ste. 4, Dover, DE 19901.
Arts. of Org. filed with Secy. of State of NY (SSNY) on 11/22/21.
Purpose: Any lawful activity.
Notice of Qualification of BEDFORD BRIDGE LLC
Purpose: Any lawful activity.
Purpose: Any lawful activity.
Arts. of Org. filed with Secy. of State of NY (SSNY) on 11/22/21.
Arts. of Org. filed with Secy. of State of NY (SSNY) on 08/08/22.
Purpose: Holding company.
DE addr. of LLC: 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Secy. of State, DE Div. of Corps., 401 Federal St., Ste. 4, Dover, DE 19901.
BROADWAY DYI LLC. Arts. of Org. filed with the SSNY on 06/28/22. Office: New York County. SSNY designated as agent of the LLC upon whom process against it may be served. SSNY shall mail copy of process to the LLC, 2250 Broadway, Apartment 10A, New York, NY 10024.
Customer preparation
ance over time.
“We actively want to see utilities be very flexible with deferred pay ment agreements,” Wheelock said. “There needs to be an understand ing that people are still working their way out of the pandemic and the larger arrears crisis.” ■
In the past two weeks the organi zation has received a surge of calls from residents and small business es fretting about the increases, Wheelock said. To compound mat ters, Con Edison has asked that the state approve an 11.2% increase in electric bills next year and an 18.2% increase in gas. The utility and state
Other local utilities are also warning consumers to brace for in creases. National Grid projects en ergy bills for its city and Long Island customers will spike 30%. Parts of upstate could even see a 40% uptick in their heating costs, National Grid estimates.Melanie Littlejohn, National Grid’s New York vice president for customer and community engage ment, acknowledged the “financial burden” the pricing will cause cus tomers and encouraged them to take rives.themeasurescost-savingbeforecoldweatherarBututilities’warningsarecoldcomforttoconsumerswhosufferedfinancialhardships
HEAT FROM PAGE 1
utility’s infrastructure. Supplychain problems have also made standard maintenance more oner ous and costly for utilities.
In the meantime, the state is working to help New Yorkers take advantage of existing discounts and in centives programs as it works toward decreasing the grid’s dependence on natural gas, the governor’s office said. Currently, the state gets roughly 70% of its energy from fossil fuels, with most home heating coming through natural gas. The state aims to change that with the goal of a carbon-free electricity sector by 2040.
creases in energy costs are a hard ship on our customers, which is why we want to let them know how we can help.”
BLOOMBERG
Con Edison is urging customers to prepare for the price bump with relatively simple energy-saving tips, including keeping heat vents unob structed, insulating hot-water pipes and warm-air ducts that pass through unheated areas, and en suring filters for hot-air furnaces and heat pumps are kept clean. Those who struggle to pay their bills can work with the utility on a pay ment plan to chip away at their bal
as a result of the pandemic and are still grappling with hefty utility debt. Since March 2020, the num ber of customers more than 60 days past due on their electric and gas payments has ballooned to more than a million and, as of mid-June, utility debt in the state is at more than $2.3 billion for residential and commercial customers, the PSC said.To reduce that debt, Gov. Kathy Hochul signed into law a $250 mil lion electric and gas bill relief pro gram that this summer began pay ing off utility bills accrued through May 1 for certain low-income households. The PSC has since
Tight budgets
regulators began discussions in July regarding the proposed rate in creases.ThePublic Utility Law Project is pushing for “as low as possible” rate increases and has joined with AARP to call on the state Department of Public Service to investigate wheth er local utilities are applying for federal funds recently made avail able through the Infrastructure In vestment and Jobs Act and the In flation Reduction Act.
“WE RECOGNIZE THAT THE INCREASES ARE A HARDSHIp ON OUR CUSTOMERS”
made $557 million avail able for the effort and is de veloping a second phase of the program.
34 | CRAIN’S NEW YORK BUSINESS | SEptEmBER 19, 2022 Nominate at CrainsNewYork.com/RELeaders NOMINATE NOW! Deadline is Sept. 23 Crain’s 2022 Notable Leaders in Real Estate recognizes top executives across New York’s real estate industry for their accomplishments over the last 18 months. LEADERS IN REAL ESTATE 2022
Laurie Wheelock, executive di rector at the nonprofit New York Public Utility Law Project, which advocates for the state’s utility con sumers, said she’s glad to see that companies are getting the word out ahead of winter, but she stressed her concern for the impact the surge will have on low-income New Yorkers, who are on an increasingly tight budget due to inflation.
“Energy customers across the Northeast are facing the same chal lenge due to increases in the cost of natural gas, which also drives up the cost of electricity,” Allan Drury, a Con Edison representative, told Crain’s. “We recognize that the in
“Gov. Hochul is deeply commit ted to affordable utility service and is continuing to take a serious look at this issue,” Katy Zielinski, a Hochul representative, said in a statement. She added that the state is “working hard to build a grid powered by renewable energy so that New Yorkers aren’t subject to the volatility of the global energy market.”During the winter, Con Edison customers saw their heating and electric bills double or triple. The utility was slammed by Hochul and advocates who said the energy in creases were predictable and that the company should have done more to warn consumers.
less than 10,000 square feet in the outer boroughs and on Long Island and builds out battery farms, some of which are paired with solar and electric-vehicle chargers. e local utility company connects the batteries to the grid and feeds that energy, which is stored from renewable sources, back to the grid when demand is highest.
needs of the program is a tricky undertaking.
In the case of the Pelham Gardens site, NineDot identi ed an underutilized triangular lot on Gunther Avenue that was in a highneed area for Con Edison. e land wasn’t actually on the market, but the startup pitched its vision to the owner and worked out a long-term lease. Typically, it takes three years from a lease signing for a site to bring power to the grid.
Drawing on the strategically-positioned batteries for peak demand also has the dual purpose of strengthening the local power grid by making it more reliable. But zeroing in on underutilized real estate that meets the
“We're a great tenant for a landlord because our typical systems will be in place for 25 years or longer,” said Ar n. “It's just a piece of equipment that sits there and produces rentButrevenue.”NineDot prefers to outright buy parcels from property owners.
In the past seven year, a mix of sweat equity, loans from the New York Green Bank and proceeds from the sale of past solar projects
BY CAROLINE SPIVACK
In January the company secured a game-changing $100 million from private equity rm Carlyle Group and plans to launch 1.6 gigawatt-hours of what it has dubbed clean energy systems by 2026. In August the company launched the city’s rst community-scale battery storage site in the Pelham Gardens neighborhood of the Bronx, and NineDot has a dozen battery storage projects set to come on line across the boroughs next year, with more than $7 million in projected annual revenue.
W
SEPTEMBER 19, 2022 | CRAIN’S NEW YORK BUSINESS | 35 SMALL-BUSINESS SPOTLIGHT
Seeing green
have sustained the company, which is based in e Urban Future Lab’s startup incubator space in Downtown Brooklyn.
‘A great tenant’
Clean-energy startup wants to turn underused properties into community battery-farm projects
“We want to replace peaker plants that tend to be old, ine cient, dirty, expensive to run and get icked on typically during the hottest days of summer,” said Ar n, referring to the fossil-fuel-reliant power plants peppered across the city. “We’re building a series of [batteries with some solar that will] collectively help replace the peaker plants from having to re up all kinds of noxious fumes.”
hen David Ar n co-founded the company that would become NineDot Energy in 2015, he sought to build on the popular lease nancing program for rooftop panels he created at California-based Solar City. NineDot, which at the time was named Certain Solar, started out developing products for the residential solar market, and then pivoted to the emerging eld of solar farms that could plug into community partners.e logistics of such an approach are obvious upstate, where space is ample, but how do you build large-scale solar in a city short on open areas? e solution, for Ar n and his co-founders, physicist and entrepreneur Adam Cohen and Boston University nance professor Nalin Kulatilaka, is that you instead adopt the business model to what’s available and the technologies best suited for the Entercity.NineDot Energy as a battery storage developer.Insteadof trying to cobble together swaths of land for solar farms, the Brooklyn-based startup buys or leases lots that are typically
operate projects.”
COMPANY NAME NineDot Energy FOUNDED 2015 FOUNDERS David Ar n, Adam Cohen and Nalin Kulatilaka EMPLOYEES 20 full-time employees REVENUE Expects 2023 revenue from its battery storage projects to exceed $7 million PRODUCT MIX Community battery storage along with solar and electricvehicle chargers WEBSITE nine.energy FOCAL POINTS Downtown Brooklyn’s NineDot Energy has a dozen sites set to launch across the city next year ENERGY’SNINEDOT Ar n and CohenENNISBUCK
“We’re not thinking in terms of decades,” Cohen said. “ ese could be century-long decisions we're making about energy infrastructure, and we want to continue to own and ■
To make the model pro table, NineDot lines up subscribers—local businesses and buildings—for the power it sends back to the grid and collects credits that generate value and reduce subscribers’ utility bills by an average of 5%, said Ar n.
“It’s a clean business model that gets people involved,” Cohen said. “From the subscriber perspective, there's no equipment to buy up front. ere's nothing to control and operate. So it’s a really nice sort of win-winwin for the planet, our customers and for new uses of land.”
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