Crain's New York - March 18, 2013 - (Page 1)
CRAIN’S
NEW YORK BUSINESS
®
WWW.CRAINSNEWYORK.COM
VOL. XXIX, NO. 11
MARCH 18-24, 2013 PRICE: $3.00
So many
Chapter
11s, he
could
write
a book
Nonprofits
sell space
to prosper
Rising property prices
give groups chance to
transcend downturn’s
funding setbacks
BY DANIEL GEIGER
Late last week,when St.John’s University announced it will put the 10-story
TriBeCa home of its business school
on the block in a sale that could generate as much as $200 million, school officials signaled they thought the time
was right.
“Our sense of the real estate market
right now is that it’s extremely strong
and coming back even stronger,” said
Martha Hirst, St. John’s chief operating officer and treasurer, of the decision
to sell the building at 101 Murray St.
A growing number of nonprofits
are coming to a similar conclusion and
James McGown
buys, bankrupts
and bruises from
Village to B’klyn
See NONPROFITS on Page 28
Arena rivals
vie for NBA
All-Star gig
BY ADRIANNE PASQUARELLI
For nearly 140 years, P.J. Hanley’s served
beer to New Yorkers. In 2005, James McGown bought it. Late last month, Brooklyn’s oldest bar went bankrupt.
The Chapter 11 filing was Mr. McGown’s fourth separate bankruptcy petition in the past 12 months, and at least his
sixth since 2009, in a recurring strategy
the real estate developer, restaurateur and
bar owner has used to keep his checkered
collection of properties and retail businesses afloat.
Since 2008, he’s faced at least $50,000
in fines for two buildings in disrepair, according to city records, and attracted repeated community complaints and lawsuits from residents in both Brooklyn and
Manhattan. And to top things off, he’s
also been flagged for owning a TriBeCa
basement condo that newspaper tabloids
described as a “sex cave.”
Tip-off’s not until ’15,
but MSG, Barclays
already playing to win
Two years before the tip-off of the
2015 All-Star Game, a behind-thescenes game is playing out over which
of New York City’s two basketball arenas will get to hold the marquee event.
The NBA has all but announced
that the game will be in New York City
in 2015. One venue option for the
league is Madison Square Garden:
The home of the Knicks is the oldest
See ARENA on Page 27
village voice
BY CHRIS BRAGG
NEWSPAPER
NEXT WEEK
FUN WITH FILINGS: James
McGown’s many bankruptcy
petitions are not the only
reason he’s raised
neighbors’ hackles.
See BANKRUPTCIES on Page 26
REPORT REAL ESTATE
Big spaces are proving hard to fill
in today’s market PAGE 13
THE LIST
New! A ranking of NYC’s
top 25 landlords PAGE 16
http://WWW.CRAINSNEWYORK.COM
Table of Contents for the Digital Edition of Crain's New York - March 18, 2013
IN THE BOROUGHS
IN THE MARKETS
THE INSIDER
BUSINESS PEOPLE
OPINION
STEVE HINDY
GREG DAVID
REPORT: REAL ESTATE
real estate deals
THE LIST
FOR THE RECORD
CLASSIFIEDS
SMALL BUSINESS
NEW YORK, NEW YORK
SOURCE LUNCH
OUT AND ABOUT
SNAPS
Crain's New York - March 18, 2013
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