Crains New York - June 17, 2013 - (Page 1)

CRAIN’S NEW YORK BUSINESS VOL. XXIX, NO. 24 ® SMALL BIZ LOANS ARE BACK PAGE 7 WWW.CRAINSNEWYORK.COM JUNE 17-23, 2013 PRICE: $3.00 FORTUNATE 100 Now that’s a bonus, baby $27,549,883 (bonus pay) His ‘Seaport City’ idea has been floated before. How Sandy might make it happen Forget Dimon or Blankfein: NY’s biggest CEO bonus went to Ian Cumming. Who? BY ANNIE KARNI BY AARON ELSTEIN Over a career spanning 40 years, Ian Cumming carved out a reputation as one of Wall Street’s savviest but quietest investors.But Mr. Cumming’s recent retirement may be one of his smartest unheralded moves yet, given the size of the bonus he’s come away with and the trouble he’s left behind. Between 1978 and March 1 of this year, when he retired at 72, Mr. Cumming built Park Avenue-based conglomerate Leucadia National Corp. from essentially nothing to an enterprise sporting a net worth of $6.8 billion. That comes out to a compounded annual growth rate of 18.2%—about the same performance delivered over the decades by the legendary Warren Buffett. Mr. Cumming accomplished this remarkable feat by investing in dozens of companies in everything from mining, manufacturing and vineyards to real estate, casinos and even debt collecting. Last year, he capped off his career with one of his biggest scores ever, WILY ‘COYOTE’: During Ian Cumming’s tenure at Leucadia, he delivered close to the same annual growth rate as legendary investor Warren Buffett. $783,200 (base pay) patrick mcmullan, istockphoto Mayor Michael Bloomberg last week unveiled a proposal to build a Battery Park City-like neighborhood on the east side of lower Manhattan. The landfill or platform extension of the skinny isle, along with a levee, would serve as a protective barrier against flooding and sea-level rise but would also provide coveted land to build residential and office towers. “Call it Seaport City,” Mr. Bloomberg said in a speech Tuesday at the Brooklyn Navy Yard. “Yes, it would be expensive to build. But over time it could prove to be a great investment, just as Battery Park City has been.” Creating a new landmass from scratch— one that would fatten up Manhattan so it would extend to the current pier line—was the most ambitious proposal in a hefty report with 250 recommendations to protect New York City from storms and other ramifications of climate change. But the idea of building out a “Battery Park City East” is hardly new. In fact, it’s been pitched a number of times over several decades but has always died on the vine because of funding issues. In 1972, Gov. Nelson Rockefeller and Mayor John Lindsay proposed Manhattan Landing, a $1.2 billion community on platforms in the East River between the Battery and the Brooklyn Bridge. The plan was to create 9,500 luxury apartments, 6 million square feet of office space, a park, a 400-room hotel An antiflooding initiative with huge economic payoff potential See BONUS on Page 13 NEWSPAPER Mayor’s waterfront plan must overcome history THE LIST NEW YORK AREA’S FORTUNATE 100 PAGES 15-17 See WATERFRONT on Page 25 http://WWW.CRAINSNEWYORK.COM

Table of Contents for the Digital Edition of Crains New York - June 17, 2013

IN THE BOROUGHS
IN THE MARKETS
THE INSIDER
SMALL BUSINESS
BUSINESS PEOPLE
OPINION
GREG DAVID
FOR THE RECORD
REPORT: FORTUNATE 100
THE LIST
REAL ESTATE DEALS
CLASSIFIEDS
NEW YORK, NEW YORK
SOURCE LUNCH
OUT AND ABOUT
SNAPS

Crains New York - June 17, 2013