Westchester & Fairfield County Business Journal 022916

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WESTCHESTER & FAIRFIELD COUNTY

BUSINESS JOURNALS

FEBRUARY 29, 2016 | VOL. 52, No. 9

5 | DEVELOPER V. DEVELOPER

19 | GREENWICH REMAKE

YOUR ONLY SOURCE FOR REGIONAL BUSINESS NEWS

westfaironline.com

Landmarked mural still in peril BY JOHN GOLDEN jgolden@westfairinc.com

T

o cheers and applause from arts and historic preservation supporters, the Yonkers City Council approved landmark status for an acclaimed triptych of outdoor murals only hours after the city’s buildings department condemned one of the three downtown buildings on which artist Richard Haas painted his colorful historic panorama of the city on the Hudson nearly two decades ago. The 79-year-old artist, who had returned to his hometown Yonkers earlier in the day from travels in India, was in the council chambers on Feb. 23 when legislators by a 5-2 vote approved the Richard Haas Mural Historic District at 35 and 36

Main St. and 5 Riverdale Ave., at the heart of the city’s downtown redevelopment area. But the council’s action — which later was backed by Mayor Mike Spano with a pledge to sign the law creating the mural district — and the savor of victory for three Yonkers residents who applied for the landmarking designation and their numerous supporters were shadowed by the prospect that the centerpiece of the 14,000-squarefoot mural might still be endangered by demolition. At 36 Main St., a vacant commercial building owned by developer Nick Sprayregen and his Rising Development Yonkers LLC and slated for redevelopment as live-work lofts and retail and restau» MURAL, page 8

From left, Yonkers residents Susan Hoeltzel, Barrymore Scherer and Terry Joshi led a two-year effort to landmark the Richard Haas historic mural, partially shown in background. Photo by Bob Rozycki

Insurance brokers claim Obamacare hurting their industry BY REECE ALVAREZ

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ralvarez@westfairinc.com

ith the rollout of the Affordable Care Act, there have been winners and losers. “It has been a godsend for people who were unable to afford coverage without a subsidy,” said James

Newhouse, founder of Newhouse Financial and Insurance Brokers of Rye Brook. But for those working in the private insurance brokerage industry the ACA has been anything but a godsend. “For a lot of people it really has not panned out in a way that anybody had anticipated,” said

Newhouse, whose insurance and employee benefits firm serves Westchester and Fairfield counties. “I think there was a disconnect between what people were told to expect and what really ended up happening.” The sentiment that the ACA has not worked out the way people expected is one held by many in the industry, and understandably so, said Angela Mattie, professor and chair of health care management and organizational leadership at Quinnipiac University. “The brokers have been hit hard in this,” said Angela Mattie, professor and chair of health care management and organizational

leadership at Quinnipiac University. “Your broker used to be your educator and now you have individuals purchasing insurance and the Internet providing information. Yes you are disrupting the market — it’s is a whole different market.” This dramatic shift has not been well received by small private insurance firms, said Andrew Cavaliere, president of Keystone Financial Advisors in White Plains. “The result has been a tremendous loss of income, tremendous loss of clients,” he said. “Every broker in the health insurance business is taking a huge financial hit and most of us are not going to recover from it.”

Both personally and professionally, Cavaliere said he has been negatively impacted by the ACA — from losing his coverage and providers when they were needed most to significantly impacting his firm and its clients. “The resulting economic pressure of the mandates from the health law squeezed insurance companies to cancel coverages, alter coverages or get out of the marketplace all together,” he said. “This resulted in less choice for members. It resulted in lots of people losing their coverage — a vast majority of my clients lost their coverage.” » BROKERS, page 8


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