Crains New York - January 28, 2013 - (Page 25)

INSIDE HELLUVA TOWN Source Lunch Former Port Authority chief Christopher Ward Applebee’s stands alone P. 26 When Applebee’s opens in Coney Island in May, it may not have much competition, at least initially. Surf Avenue, where restaurateur Zane Tankel is developing a $3 million Applebee’s franchise, took a beating during Superstorm Sandy. Many retailers, including Nathan’s Famous, the flagship of the iconic hot-dog chain at 1310 Surf Ave., remain closed. “There are only one or two stores that have reopened,” said Mr. Tankel. He signed a lease for the 10,000-square-foot space about two months before the storm. Though the building, which had Out and About The Music of Now P. 27 NOT BY THE BOOK: Lyss Stern’s luxury lifestyle website has drawn a large and loyal following. been empty for several years, did not flood, Mr. Tankel’s design plans are now focused on ways to seal the entrance to avoid water damage in the future. He is also considering several ideas to make the restaurant a destination in the neighborhood, including a huge fish tank that would separate the dining room from the bar area and a secondfloor patio with a long fireplace “to keep you warm as you look out at the ocean during the colder months.” —lisa fickenscher Art boom proves boon Killer maternal instincts Tastemaker Lyss Stern spots mommy trends like no on else, and her half-million well-heeled followers pay heed B buck ennis Those who are short on cash but long on Warhols have proved to be a boon to Borro. The company, which provides personal short-term loans collateralized by assets like fine art, jewelry and luxury cars, opened an office in Manhattan a year ago and lent out about $10 million in 2012. It took Borro roughly two and a half years to reach that level in Britain, where it was founded in 2008. In the U.S., about 55% of the loans’ value are derived from fine art, compared with 25% in the U.K., where jewelry and watches account for half the loans’ value. “I think people just have more art here,” said Paul Aitken, Borro’s founder and chief executive (below). He adds that there is also a tradition of lending against art in the U.S., where private banks have long provided the service. However, those banks typically will make loans for more than $1 million only, while Borro won’t go beyond that amount. Mr. Aitken said the service is attractive for a few reasons. Borro can make loans more quickly than banks and provides faster access to cash than selling a piece of art at auction. And if anyone defaults, the transaction doesn’t appear on a credit report. Borro just sells the item used for collateral. So far, it has kept about $100,000 worth of art when borrowers didn’t repay their loans. —theresa agovino WEB DIVA BY MIRIAM KREININ SOUCCAR efore the steamy trilogy 50 Shades of Grey got its U.S. book deal, Lyss Stern was already reading the novels and blogging about them—helping to start the word-of-mouth buzz among sex-starved moms that created an international phenomenon. ¶ At a party Ms. Stern threw for then-fledgling author E.L. James in New York, one of the guests happened to be an executive at Vintage Anchor, which ended up with the North American publishing deal. ¶ “Lyss is the prize billiard ball on the snooker table that touches all the other balls,” said Valerie Hoskins, E.L. James’ agent, in an interview from London. “She’s a very good networker with the right people.” ¶ Meet the founder of Divalysscious Moms, New York’s tastemaker for well-heeled mothers. Ms. Stern, an Upper East Sider who was raised in the affluent Five Towns of Long Island, has an uncanny knack for trend-spotting. And she’s turned that talent into a luxury lifestyle company with a large and loyal following of hedge-fund wives, socialites and high-powered female executives who depend on her advice for all their shopping and social needs. See MATERNAL on Page 26 1M NUMBER OF HITS that Divamoms.com gets per month $5M DIVALYSSCIOUS MOMS’ projected gross earnings for 2013 January 28, 2013 | Crain’s New York Business | 25 http://www.Divamoms.com

Table of Contents for the Digital Edition of Crains New York - January 28, 2013

Crains New York - January 28, 2013
In the Boroughs
In the Markets
The Insider
Business People
Opinion
Greg David
Alair Townsend
Report: The Business of Sports
The List
Classifieds
Small Business
For the Record
New York, New York
Source Lunch
Out and About
Snaps

Crains New York - January 28, 2013