Crains New York - September 17, 2012 - (Page 3)

IN THE BOROUGHS QUEENS Biz eyes kick from soccer But park advocates wary of Flushing Meadows stadium BY AMANDA FUNG In the nearly four decades that Alicia Uzcha has parked her Ecuadoran-food cart in Flushing Meadows Corona Park, next to a onetime ornamental pond and near several soccer fields, little has changed.Told recently, however, about tentative plans to build a 20,000-seat professional soccer stadium on the site of the pond, Ms. Uzcha immediately perked up. “It would be good for everyone,” she said. “The water Flushing smells bad, and Meadows [the stadium] Corona Park by the numbers would be good for business.” The prospect of a big new socTotal acres cer venue coming to Queens’ largest park— the site of two Annual visitors World’s Fairs— is winning the thumbs-up from Year key Men in everyone from Black scene soccer fans and filmed local business owners to community and Acreage of Nat’l elected officials. Tennis Center But already, park advocates are up in arms over the possible loss of public space for yet another sports stadium. Nearby, the U.S. Tennis Association took 42 acres out of circulation for its three stadiums, the last of which was completed in 1997. At this point, however, it looks as though soccer’s supporters have the upper hand. “The stadium will create jobs and bring money to the shops and restaurants in the area,” said Assemblyman Francisco Moya, a soccer fanatic who learned how to play at Flushing Meadows with his friends as a kid, and is today actively involved in negotiations to bring the stadium to the park. “It’s a win-win for Queens. Rarely does a project come along that is beneficial to the local community and city.” After three years of scouring the city for a site, Major League Soccer newscom PARK IT BARE MIDRIFF: Not for the flabby of abs, cropped tops are a big trend for spring, as seen in the show of Jason Wu. FOLLOW THE LINES: Vertical or horizontal, chunky or narrow, stripes were everywhere, especially on the runways of Michael Kors. TOPS, BOTTOMS: By going with separates, like blouses and skirts, design house Badgley Mischka offered more versatility. SHADY BUSINESS: Stark black and white left spring’s typical pastels in the dust, as seen at the show of Catherine Malandrino. Runway shows repeat the past Many Fashion Week looks lacked originality. Is a so-so spring ahead? BY ADRIANNE PASQUARELLI The New York Fashion Week runway extravaganza, which concluded last Thursday, brought out the stars (celebrities like Katie Holmes) and the stripes (a big sartorial trend). But most of the designs parading down the runways last week lacked originality. Without new styles persuading shoppers to open their wallets, designers might be in for a lackluster spring. Many highlighted trends were continuations of seasons past— those stripes were everywhere, especially on the catwalks of Marc Jacobs, whose show was relatively tame. Sporty looks, including cropped tops,T-shirts and pockets, were plentiful, as were separates— skirts and pants paired with blouses, for example, rather than dresses. Designers also included more black and white, rather than the traditional pastel and neon hues of spring. Despite DJ Repeat playing another set, some experts remained optimistic. “Talking about this from a trend standpoint, people get all bent out of shape that there’s nothing new, but from a retailer’s standpoint, it’s an indication of things that are working and what they’ll continue to do going forward,” said Maren Hartman, director of U.S. East Coast content at London-based trend consultancy WGSN. Another worry for the fashion industry emerged during the festivities. On Tuesday, smack in the middle of Fashion Week, high-end retailer Burberry warned that its sales growth has declined, fueling concerns that the luxury market is slowing down. The company said its full-year profit will disappoint investors; its shares, along with those of Prada and LVMH, plumSee FASHION WEEK on Page 23 1,255 8M 1997 42 Slim supply gives condo prices new pop Record rents, low interest rates help heat up market BY AMANDA FUNG Late last month, the developers of what will be the city’s tallest residential spire, now rising on Park Avenue, submitted a plan to increase asking prices for its 128 condominiums to an average of $5,800 per square foot. Not only is that a double-digit hike from the original price set just two months earlier, it comes three years before the 1,398foot tower is scheduled to be completed. According to the filing with the state attorney general’s office, a one-bedroom apartment will start at $4.96 million and a six-bedroom at $64.4 million. Experts say that such hikes of already astronomical prices for high-end housing are symptomatic of a phenomenon that is beginning to be felt across much of Manhattan. It is being driven by everything from people being priced out of the red-hot rental market to a lack of new building in recent years. “Prices will be pushed higher if there is no relief in terms of supply,” said Jonathan Miller, chief executive of appraisal firm Miller Samuel Inc. “It’s the basic law of economics.” So far this year, 432 Park Ave. is one of just 15 new condo projects whose offering plans were submitted to the attorney general’s office, which must approve them before sales can begin. Although several stalled condo projects have been revived this past year and new developments are in the works as construction lending loosens, the number of units projected to enter the market in the next few years is See CONDOS on Page 23 See SOCCER on Page 18 September 17, 2012 | Crain’s New York Business | 3

Table of Contents for the Digital Edition of Crains New York - September 17, 2012

IN THE BOROUGHS
IN THE MARKETS
THE INSIDER
BUSINESS PEOPLE
OPINION
GREG DAVID
SMALL BUSINESS
REPORT: REAL ESTATE
THE LIST
REAL ESTATE DEALS
FOR THE RECORD
CLASSIFIEDS
NEW YORK, NEW YORK
SOURCE LUNCH
OUT AND ABOUT
SNAPS

Crains New York - September 17, 2012