Crains New York - May 21, 2012 - (Page 1)
Council defies mayor, scares business leaders
STORY, P. 2; EDITORIAL, P. 10
VOL. XXVIII, NO. 21
Face it, says Greg David: Facebook IPO reveals city’s flaws as a tech center. P. 11
MAY 21-27, 2012 PRICE: $3.00
Renegade CEO bucks Albany to save his hospital
Sorry, Jamie: There’s a new No. 1 in town.
Exhibitors fight Javits teardown
Group resists move to Aqueduct, but protest letter to Cuomo goes unanswered
BY LISA FICKENSCHER
A powerful group of businesses in the trade-show industry has coalesced to fight Gov. Andrew Cuomo’s plan to tear down the Jacob K. Javits Convention Center to ensure they have a voice in the final decision. After nearly six months of intense meetings and conference calls, senior executives of companies that produce the vast majority of the shows at the Javits Center took a bold public stand, sending a letter to the governor late last month stating their opposition to the demolition of the Far West Side facility. The letter was also distributed to some 600 officials, including state and city legislators.
See EXHIBITORS on Page 30
Why Charlie Rangel could lose his seat
THE INSIDER, PAGE 8
Hopes rising along B’klyn waterfront in Sunset Park
NEIGHBORHOODS, PAGE 7
Matchmakers find their own chemistry P. 33
● ANNE FISHER Tapping into human emotions pays dividends P. 33 ●
MOVERS & SHAKERS Real estate veteran’s surprising switch P. 34 GAEL GREENE Dragonfly lands on UES P. 35
has pushed aside JPMorgan Chase as NY’s biggest public company, according to the latest Crain’s INSIDE ranking.
THE LIST Our annual review of the New York area’s largest publicly held companies, ranked by their 2011 revenues. P. 15 IBM Inside Big Blue’s brain trust, which pulled in more than 6,180 patents last year, the most ever by a single company. No wonder the stock price has more than doubled in the past five years.
The dish on Grand Central
Restaurateurs invited to pitch their tents in two never-used retail spaces in the terminal
BY THERESA AGOVINO
For the first time in nearly 25 years, the Metropolitan Transportation Authority is looking to fill never-beforeavailable retail spaces in Grand Central Terminal. The two spots—one in the cavernous, marble-clad Vanderbilt Hall, the other on a balcony that’s used for storage but overlooks the eastern end of the food market with views down 43rd Street to the United Nations—
See GRAND CENTRAL on Page 29
BY MATTHEW FLAMM
NEW YORK, NEW YORK __________________________6 SMALL BUSINESS ______________________________________9 VIEWPOINT ___________________________________________________10 FOR THE RECORD ___________________________________25 CLASSIFIEDS ______________________________________________26 REAL ESTATE DEALS _____________________________31 THE WEEK ON THE WEB _____________________32 HOT JOBS ______________________________________________________33 EXECUTIVE MOVES _________________________________33
WHAT’S UP (AND DOWN) at News Corp., CBS, Bed Bath & Beyond, Vornado Realty, MasterCard, Jones Group, Revlon and others. P. 15 BACK TO JPMORGAN Chase’s woes have some local bank rivals circling. In the Markets. P. 4
See VERIZON on Page 32
In the current period of economic uncertainty and slow growth, the ordinary consumer does without many things. A cellphone isn’t one of them. The ever-evolving device at the center of people’s lives and businesses has fueled demand for data and propelled the telecommunications sector’s growth. And no company has spent more time at the forefront of that fiercely competitive industry than Verizon Communications Inc. The strength of its wireless unit explains why Verizon Communications has taken the No. 1 slot on Crain’s annual ranking of the New York area’s biggest publicly traded companies based on revenue. The telecom giant holds the position for the first time, with 2011 revenues of $111 billion, up 6% from the prior year. It overtakes JPMorgan Chase and Citigroup, both of which continued to be buffeted in the
Table of Contents for the Digital Edition of Crains New York - May 21, 2012
Crain's New York - May 21, 2012
Council Defies Mayor, Scares Business Leaders
Renegade Ceo Bucks Albany to Save His Hospital
Back to JPMorgan Chase’s Woes Have Some Local Bank Rivals Circling. in the Markets.
New York, New York
Hopes Rising Along B’klyn Waterfront in Sunset Park
Why Charlie Rangel Could Lose His Seat
Ibm Inside Big Blue’s Brain Trust, Which Pulled in More Than 6,180 Patents Last Year, the Most Ever by a Single Company. No Wonder the Stock Price Has More Than Doubled in the Past Five Years.
The List Our Annual Review of the New York Area’s Largest Publicly Held Companies, Ranked by Their 2011 Revenues.
What’s Up (And Down) at News Corp., Cbs, Bed Bath & Beyond, Vornado Realty, Mastercard, Jones Group, Revlon and Others.
For the Record
Real Estate Deals
The Week on the Web
Matchmakers Find Their Own Chemistry
Anne Fisher Tapping Into Human Emotions Pays Dividends
Movers & Shakers Real Estate Veteran’s Surprising Switch
Gael Greene Dragonfly Lands on UES
Crains New York - May 21, 2012