Crains New York - December 3, 2012 - (Page 1)

CRAIN’S NEW YORK BUSINESS ® VOL. XXVIII, NO. 49 CULINARY SCHOOLS reel in younger students PAGE 45 WWW.CRAINSNEWYORK.COM DECEMBER 3-9, 2012 PRICE: $3.00 Another bankrupt Brooklyn hospital Interfaith Medical Center to file for Chapter 11 this week BY BARBARA BENSON Crushed by long-term debt and expenses that far outstrip revenue, Interfaith Medical Center will file for bankruptcy this week,making the Brooklyn facility the 11th city hospital or health system since 2005 to go belly up. Behind that grim statistic is a common story: New York City hospitals on the financial ropes can no longer count on a bailout from Albany.For years,the See INTERFAITH on Page 44 Nuts for The Nutcracker The ballet’s not just a holiday mainstay, it’s plum cash that no dance company can live without BY THERESA AGOVINO THE FUTURE OF NYC Mortgage break’s loss feared NYC homeowners deduct $16K, well above U.S. average BY ANNIE KARNI “America’s favorite tax deduction”— that of interest on mortgages up to $1 million—saves homeowners thousands of dollars a year. Supporters tout it as a subsidy central to the American Dream since 1913. But as Washington lawmakers debate how to narrow the budget deficit, the deduction has come under scrutiny as a giveaway to the rich and to the real estate industry. Phasing out the deduction—as the U.K. did— See LOSS on Page 42 istockphoto Black Friday not only kicks off the start of the holiday shopping season, it also marks the beginning of the annual run of The Nutcracker at the New York City Ballet.And it turns out that discounted cashmere sweaters and sugarplum fairies have much in common: They are both cash cows. Just as retailers count on holiday CRACKIN’ NUT shoppers for a big chunk of their Number of Nutcracker annual sales, the ballet compa- productions per year in ny generates 45% of its year- New York City ly revenue, or about $12 2010 14 productions million, from the extravaganza. “It is very important to us,” said Katherine Brown, executive director 2011 17 productions of the New York City Ballet. “I just couldn’t imagine us not doing it.” The Lincoln Centerbased dance company’s ver- 2012 22 productions sion is without question the city’s most lavish rendition of the classic tale, with more than 120 performers sashaying across the David H. Koch Theater stage during the fantasy that’s famous for a Christmas tree that grows onstage. But it’s far from the only one. In fact, it’s one of 22 productions in the city this year, up from 17 last year and 14 in 2010, according to the New York City Department of Cultural Affairs. The ballet’s proven See NUTCRACKER on Page 6 best places towork in NYC NEWSPAPER HOW AWESOME IS YOUR COMPANY? CRAIN’S REVEALS THE COOLEST IN 2012. HINT: IT TAKES A LITTLE MORE THAN FOOSBALL TO KEEP EMPLOYEES HAPPY PAGES 13-22 http://WWW.CRAINSNEWYORK.COM

Table of Contents for the Digital Edition of Crains New York - December 3, 2012

Crains New York - December 3, 2012
In the Boroughs
In the Markets
The Insider
Business People
Opinion
Greg David
Report: Best Places to Work
Classifieds
For the Record
Small Business
Real Estate Deals
New York, New York
Source Lunch
Out and About
Snaps

Crains New York - December 3, 2012

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