VOL. 36, NO. 24 © 2020 CRAIN COMMUNICATIONS INC.

ASKED & ANSWERED Dandapani on how the city can help save hotels PAGE 11 OFF SEASON Businesses near Yankee Stadium are struggling without fansPAGE 3

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FAREWELL Fairway’s Harlem store, and possibly others, is closing PAGE 5

PPP PRIMERHere’s how to get your loan forgiven PAGE 6

DON’T BANK ON ITBanks may shutter some branches, giving landlords another headache PAGE 10

HALF-BAKED� e city’s $3 million plan to help restaurants is getting bad reviewsPAGE 4

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As the city reopens, businesses large and small are plotting their comeback, making accommodations for workers and customers alikePAGE 13

NEXTNEXTNEW YORK

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JUNE 29, 2020 | CRAIN’S NEW YORK BUSINESS | 3

MLB, as well as Belmont and the U.S. Open, returning without spectators offers little local help

Bars and shops near Yankee Stadium facing ‘extinction’ without baseball

Yankee Tavern has been around long enough that Babe Ruth occa-sionally capped o� a victory by buying a round for the bar. But af-ter 93 years, the business is at risk

of closing its corner location in the Bronx, steps from the stadium’s right-� eld gate.

Joseph Bastone, whose family has owned the tavern for half a century, said he is losing $5,000 a week without the Yankees home games that pack the bar.

“I’ll have 300 people in here before games start,” Bastone said, “then another 150 to 200 after. � at’s all lost.”

As sports slowly return throughout the city—kicked o� by the Belmont Stakes June 20—the events are unlikely to help the local economy much until fans can safely return.

From the days of Ruth, businesses on 161st Street could rely on the Yankees to show up each spring and play through to the fall, driv-ing enough visitors and revenue for the sea-sonal arrangement to work. Yankees Opening Day alone can generate more than $11 million in local spending, according to estimates from the city.

Covid-19 has already cost the Yankees more than 30 home games. Major League Baseball and the players have reached a deal to return for spring training by July 1, but games will re-turn without the fans that keep the shops and

restaurants near the stadium in business.� e 161 Street Business Improvement Dis-

trict, which represents many of the merchan-dise shops and bars near the stadium, re-ports there are at least 20 locally owned businesses in the vicinity that are months behind on their rent.

“� ey are on the brink of extinction if they don’t get help quickly,” said Cary Goodman, executive director of the BID. “Most of these businesses make all their money in a short window in the summer when there is baseball or soccer.”

Little aid� e 161st Street

businesses have received little aid during the shutdown, out-side of 10 merchants who have received fed-eral Paycheck Protection Program loans.

Most did not qualify for the city’s Covid-19 small-business grants, Goodman said.

� e city’s Small Business Services commis-sioner, Jonnel Doris, was expected to visit the district June 25, along with local Council-woman Vanessa Gibson, to discuss ways to help. But the visit was rescheduled the night before, Goodman said, “typical of how the city has treated the neighborhood for way too long.” An SBS spokeswoman said the depart-ment is still working out details of the meet-

ing. Gibson said on Twitter that her o� ce was working to get o� cials there soon.

City Councilman Mark Gjonaj of the Bronx, who leads the small-business committee, is pushing for a $500 million fund to help busi-nesses struggling during the pandemic.

� e SBS spokeswoman said the depart-ment has distributed more than $73 million to 4,000 � rms since the start of the pandemic.

Bastone said he is pushing for the city to help businesses such as his by providing rent

assistance and for-giving the com-mercial rent tax that is typically passed along to the tenant.

� e U.S. Open is still on for the end

of August, but with none of the more than 700,000 spectators who attend each year.

Minus the fans, this year’s tournament will generate nowhere near the estimated $400 million in spending it did in 2014. � at loss will sting Queens even more than missing Mets home games and the visitors from Bel-mont, local o� cials say.

“Most of the hundreds of thousands who come for the U.S. Open, they come from all over the world,” said Rob MacKay, director of marketing and tourism for the Queens Eco-nomic Development Corp.

“Every hotel is fully occupied for the week

before and two weeks of the tournament,” he said.

Hard ballBack in the Bronx, the BID has pushed for

the Yankees to rescue the businesses fre-quented by so many of the team’s fans. � e team, valued at $5 billion by Forbes last month, could o� er loans or help cover part of those businesses’ rent until games return.

“� ese small businesses create the ambi-ence and environment of coming to a ball-game,” Goodman said. “But they are on the verge of collapse, and the Yankees can help.”

He said he had not received a response from the team's management.

� e Yankees worked together with the busi-nesses at the end of 2019, when it appeared a new merchandise deal with Nike would limit the ability of Bronx stores to sell jerseys. � e team helped get Nike to make an exception for the local retailers to keep selling o� cial gear—a huge win.

But that victory has prompted some stores to purchase thousands of dollars’ worth of new merchandise—and now they are without customers to sell it to.

Goodman said the Bronx Bombers need to step up for the sake of the businesses in the borough. “We’ve been completely aban-doned,” he said.

� e Yankees did not respond to a request for comment. ■

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BY RYAN DEFFENBAUGH

CORONAVIRUS ALERT

“THESE SMALL BUSINESSES CREATE THE AMBIENCE OF COMING TO A BALLGAME”

OFF BASE:Many small businesses near sports venues such as Yankee Stadium are hurting.

P003_CN_20200629.indd 3 6/26/20 2:36 PM

The reopening of Mark Lu’s South Bronx restau-rant made for two mile-stones. June 15 marked the three-year anniver-

sary for his Italian tavern, Porto Sal-vo, and the � rst day in three months he had a customer.

When other restaurants jumped to o� er takeout following the city’s shutdown, Porto Salvo struggled to call back the workers that were laid o� when the pandemic hit. Robust unemployment bene� ts and fear of

Covid-19 made staying home the better option for Lu’s four employ-ees. Unable to sta� to-go services, he decided to go dark.

� e Bronx restaurateur managed to resta� since the city entered phase one, but � nancially, the shut-down has been devastating. Like the overwhelming majority of the city's restaurants, Lu couldn’t make May's rent. He owes taxes, as well as money to vendors and the State Li-quor Authority.

On June 11, Mayor Bill de Blasio released a $3 million plan to help owners like Lu.

� e Restaurant Revitalization Program extends $30,000 to 100 family-owned restaurants in com-munities hit hardest by Covid-19—mainly in minority neighbor-hoods—to pay their employees $20 an hour for a minimum of six weeks, then $15 an hour going for-ward.

� e stimulus doesn’t o� er enough money, said Alfredo

Angueira, who owns three Bronx restaurants. For an owner with a skeleton sta� , such as Lu, the pro-gram’s maximum award can sus-tain four full-time employees for just over two months. � is doesn’t factor in rent, overhead and taxes.

“Underfunding is just as danger-ous as not giving them any money,” Angueira said.

If restaurants reopen without a su� cient stimulus and consumer spending remains low, they could be forced to close again, perma-nently, he said.

“It’s honestly putting a Band-Aid on a bullet wound, and it’s just going to be insu� cient,” Angueira said.

� e program was built to extend an additional lifeline to resaurant owners,

many of whom are nearing the end of their loans under the Paycheck Protection Program, but the stimu-lus’ rules make it a liability for some.

Reimbursement comes later� e $30,000 isn’t doled out up-

front. Approved applicants can re-ceive a quarter of their total award in advance, but they have to pay the remainder out of pocket, then wait for reimbursement.

Under normal circumstances, restaurants operate on notoriously thin pro� t margins. � e initial im-pact of Covid-19, documented in March by the National Restaurant Association, showed that New York restaurants made 58% less year-over-year.

After three months of scraping by on takeout alone—if that—fronting $22,500 isn’t an option for many.

“We don’t have money right now,” Lu said. “We’re running on loans.”

� e mayor said business owners would receive reimbursement within two weeks of request, but many of them are leery of spending when a sudden spike in cases could send business tumbling again.

“We don't even know if the sec-ond wave is coming," Lu said. “It's just so much uncertainty for us to be putting so much money out of pocket.”

For some restaurateurs, their need outweighs the risk.

Brooklyn restaurant owner Mu-tale Kanyanta submitted one of the 288 applications the mayor’s o� ce had received as of June 19 for his restaurant, Locals, in Fort Greene, a neighborhood that was not listed as a targeted high-needs zone.

Kanyanta would prefer relief with no strings attached, but he’s not in a position to be picky: He was denied PPP money and economic injury disaster loans and, like Lu, didn’t have the means to o� er takeout or delivery.

“Obviously, it'd be great to get all the money in advance, but I just need to get open and � gure it out,” Kanyanta said.

In an era of racial reckoning, the stimulus does o� er New York City restaurants the chance to reinvent themselves as egalitarian. � e pro-gram, co-sponsored by One Fair Wage, a nonpro� t hoping to end tipped minimum wage, incorpo-rates a pay bump for waitsta� , who are disproportionately women of color.

Tipping pointEven after restaurants exhaust

their reward, they’re required to pay employees $15 an hour, a $5 raise they have � ve years to meet. Cur-rently tipped restaurant work is one of the few occupations that doesn’t pay the $15-an-hour minimum.

In states where higher minimum

wage for waitsta� had been enact-ed, the poverty rate for Black and brown women was one-third lower than those living in states with the $2.13 federal tipped minimum wage, a study by the National Wom-en’s Law Center found.

Some owners are on board with the raise. Angueira saw the pay in-crease as an inevitable benchmark and preemptively adopted it. Lu said fewer customers have meant less in tips for his service sta� .

He’s already had to supplement his servers’ pay to meet the mini-mum, so $15 an hour isn’t a stretch.

“You can't ask workers to come back for subminimum wage when tips are down 75% to 90%. It's just not going to happen,” said Saru Ja-yaraman, president of One Fair Wage.

Still the NYC Hospitality Alliance, a group representing restaurants citywide and a vocal critic of One Fair Wage, says the program’s deci-sion to include a future-looking pay structure in a time of economic un-certainty is unfair to owners.

“You shouldn't put small-busi-ness owners who’re in the midst of a crisis in a situation where they may agree to something, because they're in severe � nancial distress, that they would never agree to under normal

circumstances,” said Andrew Rigie, who heads the restaurant group.

� e mayor defended the pro-gram's goal of helping underserved neighborhoods and workers most a� ected by the virus.

“Participating restaurants are committed to helping create more equitable places  and making their meals accessible to vulnerable community members,” spokes-woman Laura Feyer said.

Getting in the wayEven for those the program could

help—restaurants with the means to front most of the award—bureau-cracy will get in the way, Angueira said.

“I appreciate that they’re looking at minority-owned businesses, es-pecially in these areas,” Angueira said. “But I am a minority business owner and a lot of us are very mom-and-pop and hand-to-mouth and don't have the back-o� ce paper-work, � nancial documentation that is going to be necessary for this.”

Similarly sick of top-down poli-cies, Lu suggested the mayor's o� ce try a novel approach:

“If you really want to help the city, have a representative come to us and say, ‘OK, what is that you need?’” Lu said. ■

4 | CRAIN’S NEW YORK BUSINESS | JUNE 29, 2020

Vol. 36, No. 24, June 29, 2020—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for bimonthly in January, July and August and the last issue in December, by Crain Communications Inc., 685 Third Ave., New York, NY 10017. Periodicals postage paid at New York, NY, and additional mailing of� ces. Postmaster: Send address changes to: Crain’s New York Business, Circulation Department, PO Box 433279, Palm Coast, FL 32143-9681. For subscriber service: call 877-824-9379; fax 313-446-6777. $3.00 a copy; $129.00 per year. (GST No. 13676-0444-RT) ©Entire contents copyright 2020 by Crain Communications Inc. All rights reserved.

CORONAVIRUS ALERT

Eateries in hard-hit neighborhoods say grant fund has too many � aws

BY SUZANNAH CAVANAUGH

Mayor’s restaurant rescue plan falls short of the mark

“UNDERFUNDING IS JUST AS DANGEROUS AS NOT GIVING THEM ANY MONEY”

MA

RK

LU

PORTO SALVO, an Italian tavern in the South Bronx

New Crain’s data offering makes market research easierLET’S FACE IT: DATA IS KEY.

Data helps us � nd important connections—con-nections that lead to valuable insights and drive busi-ness. With that in mind, Crain’s New York Business is pleased to announce that we’re launching a new-and-improved—in fact, an entirely reimagined—data o� ering.

Found at CrainsNewYork.com/data-lists, the new o� ering allows data members to create and export their own custom lists from across the entire Crain’s database. � ey can � lter those lists by executive title, industry, company size and more.

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And our data membership includes print and digital access to the award-win-ning journalism we produce.

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ever before.It’s also just the beginning. Crain’s New York Business is commit-

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Invitation to Prequalify and to BidRehabilitation and Flood Mitigation of the New York Aquarium, Brooklyn, NYTurner Construction Company, an EEO Employer, is currently soliciting bids for the Rehabilitation and Flood Mitigation of the New York Aquarium from subcontractors and vendors for the following bid packages:

BP #34 Electrical Manhole EMH-2 including excavation & concrete work (Bid, Payment & Performance Bond Required)

Only bids responsive to the entire scope of work will be considered and, to be successful, bidders must be prequalified by Turner. Certified M/WBE and Small Business (13 CFR part 121) companies are encouraged to submit.

In order to receive the bid packages, potential bidders must submit a complete Subcontractor/Vendor Prequalification Statement. Prior prequalification submissions that remain current will be considered as previously submitted or may be updated at this time. All bidders must prequalify by the bid deadline July 16, 2020 and submission of a prequalification statement not later than July 2, 2020 is strongly encouraged. All bidders must have an acceptable EMR, and will be subject to government regulations such as 44 CFR and Federal Executive Order 11246. Successful bidders will be required to use LCP Tracker compliance verification software. Note that while this is a New York City prevailing wage project, union affiliation is not required for BP#34.

To obtain further information about contracting opportunities and/or the pre-qualification package and bid solicitation package/s, please contact Macarena Bermudez (mbermudez@tcco.com or 212-229-6000.)

The date for the virtual public opening at the Turner Construction Company office located at 375 Hudson Street, New York, New York, is July 17, 2019 at 11 am.

NoMad luxury sales offer glimmer of hope for market

Bullish New Yorkers are buying their way into an uncertain future and giving hope to the

city’s sluggish residential real estate market.

Four condos at Madison House, an un�nished luxury development in the NoMad neighborhood, went under contract in the past month at market prices, said Leonard Inzi-rillo, a Douglas Elliman real estate agent who helped broker the deals collectively worth at least $6 million.

“I feel very encouraged,” Inzirillo said, “because of the sales that we have achieved during di�cult times with our o�ce being shut down.”

�e 200-unit tower, which is be-ing developed by JD Carlisle, has made $75 million in sales to date and is expected to sell out at more than $700 million. More than 15% of the building has been claimed.

�e in-contract units cost be-tween $1.4 million and more than $5 million, although the penthouse

hit more than $25 million. In a sign of a resurging market,

the Madison House units were not discounted, Inzirillo said, and the buyers are local.

Sales dropManhattan condo sales at those

prices fell an average of 70% in May, compared to the same month last year, according to an Elliman re-port, although the biggest sales gap was for homes between $5 million and $10 million.

�e building’s design may be more appealing in a pandemic-rid-den city where going out in public is a risk, Inzirillo said. A shared out-door area, 11-foot ceilings and enormous windows are things that people are realizing they want, now that they’ve spent so much time at home, he said.

Buyers looking at properties out-side the city are going to regret it, Inzirillo said.

“Once they’re there, they’re go-ing to realize they miss New York,”

he said. “Everybody wants to be on this tiny island.”

Madison House is still under con-struction, and residents won’t be able to move in until at least sum-mer 2021, said Evan Stein, the de-velopment company’s CEO. �e buyers who have already snapped up units signed the deals after only virtual showings and seeing render-ings of the building, he said.

In March the pandemic stopped construction in its tracks, Stein said. Builders stopped work for about 90 days and went back to the project after the city leaped into phase one.

�ough the project is now three months behind schedule, Stein doesn’t think the pandemic has hampered sales opportunities.

“�e more di�cult the selling en-vironment is, the more this build-ing will stand out,” he said.

Like his buyers, he’s betting on the city bouncing back in no time. “Am I going to sit and worry all day about selling these units? No,” he said. “I strongly believe in New York City.” ■

BY NATALIE SACHMECHI

REAL ESTATE

Some Fairway Market locations closing

Fairway Market’s location in Harlem is closing for good, and stores in Brooklyn, Queens and Nassau County

could shut down within a month, according to public documents and a person close to the matter.

Except for the Harlem location, all other Fairway stores in Manhat-tan will survive because they were acquired by a rival after the grocer �led for bankruptcy earlier this year for the second time. Neither Fair-way nor its bankruptcy lawyer, Sun-ny Singh of Weil Gotshal & Manges, returned requests for comment.

�e Harlem Fairway was set to begin a store-closing sale last week, according to a federal court �ling. It is expected to close no later than June 30, a �ling with the state Department of Labor shows. �e store has about 165 unionized em-ployees. Crain’s reported in April that the store was poised to close.

Fairways in Red Hook, Brooklyn; Douglaston, Queens; Plainview and Westbury, Long Island, are expect-ed to close by July 17, the company disclosed in its labor department �ling. A person close to the matter said a last-minute rescue is possible for the Brooklyn, Queens and West-bury stores. �e Plainview location was to begin a store-closing sale last week, according to a court doc-ument.

It’s a sad and perhaps surprising

end for the Fairway lo-cations, considering supermarkets experi-enced a huge jump in business after the lock-downs began.

“�e surge in sales was temporary and not a good indicator of the long-term prospects for the stores or the chain as a whole,” a person close to the matter said.

Customers moved onOnce the city’s most beloved gro-

cer, whose store openings were treated as major news, Fairway �led

for bankruptcy in January, its second Chapter 11 in four years. Customers had moved on to places like Wegmans or Whole Foods, and Fairway’s compara-ble-store sales fell 5% last year and its $66 million loss left it unable to service its formidable debt load. �e debt is a hangover from when a private-equi-ty �rm with no experience

in supermarkets bought Fairway from the founding family in 2007 for $150 million and tried to expand the business quickly.

Fairway’s �agship Upper West Side store was acquired this year as part of a $76 million deal with Vil-lage Super Market, which pledged to keep the name and also bought Fair-way’s Upper East Side, Chelsea, Kips Bay and Pelham Manor sites. �e

leases for Fairways in Woodland Park and Paramus, N.J., were ac-quired by Amazon, which is expect-ed to turn them into Whole Foods. A Georgetown, Brooklyn, Fairway was bought and will become a Key Food.

Fairway’s 35,000-square-foot Har-lem store opened in 1995 and was an early sign of the neighborhood’s renaissance. Its wide aisles and large inventory of everyday and gourmet items were a revelation to New York-ers accustomed to grocery shopping in cave-like conditions.

Village Super Market agreed to buy the parking lot but not the store, which made it harder for an-other buyer to step forward, and none did. �e location houses Fair-way’s corporate headquarters.

Rob Newell, president of the United Food & Commercial Work-ers Local 1500, which represents 2,300 Fairway employees, said management bungled the brand by failing to invest in stores and sta�.

“�ey took what was like no other market,” he said, “and made it like every other market.” ■

FLIC

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IN THE MARKETS

AARON ELSTEIN

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6 | CRAIN’S NEW YORK BUSINESS | JUNE 29, 2020

The tools you The tools you need to navigate uncertaintySmall businesses are scrambling to adapt to a di cult business environment. Crain’s Small Business Toolbox o�ers critical information and Toolbox o�ers critical information and resources to help those businesses not only survive, but thrive.

Crain’s Small Business

Crain’s Small Business

Crain’s Small Business

CrainsNewYork.com/crains-business-toolbox

The federal government has �nally o�ered some clarity on how mom-and-pop businesses can avoid re-

paying their bailout loan—a major sticking point in the Paycheck Pro-tection Program.

In the past month o�cials in the Small Business Administration and the Treasury Department have worked with Congress to make much-demanded changes to the law, which culminated in the PPP Flexibility Act, signed by President Donald Trump on June 5.

With all remaining PPP loan ap-plications expiring this week—June 30 is the last day to apply—here are the changes small-business owners need to know to receive forgiveness on current or future loans.

• The amount one is required to spend on payroll has shifted. �e �rst itera-tion of the PPP required small-busi-ness owners to spend 75% of the loan money they received on em-ployee payroll before it could be considered for forgiveness. After an outcry from small-business owners, who considered the stipulation re-strictive in light of a host of other operating costs, the revised PPP loan shifts that requirement to 60%.

Furthermore, even if a borrowing small-business owner uses less

than 60% of the loan amount on payroll, he or she will still be eligible to have a portion of the entire loan forgiven. �e other expenses that can be funded from the remaining 40% of the loan money and still be forgiven are rent, mortgage pay-ments, utilities and interest on loans. Expenses outside this realm are not forgiven.

• There is a new PPP loan forgiveness “safe harbor” rule. �is change in the loan terms protects businesses that were unable to hire employees back

to Feb. 15, or pre-Covid-19, levels from being penalized on their loan amount, as payroll is tied directly to the number of employees an owner can hire or had hired before the shutdown.

Businesses have been given an extension to Dec. 31 to hire back employees they had on sta� before February of this year. Basically the “safe harbor” rule applies to those small businesses that are still shut down. �ey can apply for a full PPP loan and not feel forced to hire back employees when they are not open.

�e rule has a second component. Businesses that hire employees back on sala-ries lower than before the pandemic—because of a de-cline in business activity or a lack of revenue—will not be penalized on their loan amount as long as they can document their drop in full-time employee salary was re-lated to Covid-19 restrictions.

• The requirement to use funds within eight weeks of receiving the loan has been moved to 24 weeks. �is is another im-portant change that could have rami�cations on how much forgiveness is allocated to small-business owners. Borrowers who applied for and received PPP funds after

June 5 will have 24 weeks (six months) during which they need to spend the money.

�ose who received money be-fore June 5 will still have eight weeks from the start of the loan to spend the money if they choose to, as they might �nd it advantageous to get it o� their books. �ese borrowers are o�ered the �exibility to receive the 24-week extension.

• The repayment terms have been ex-tended too. Small-business owners who received PPP money on or after

June 5 will now have �ve years to re-pay the amounts of the PPP loan that are not turned into a grant through the forgiveness provisions. �ose borrowers who received PPP money before June 5 must pay their nonforgiven portions of the loan back within two years, although they can work with the bank that provided the loan to get an exten-sion.

Furthermore, the SBA has amended the law to allow defer-ments on payments on principal, interest and fees associated with PPP loans to the date the SBA remits the loan to the bank. Previ-ously the period was six months from the date of the loan. �is amendment keeps the clock from ticking too quickly on when a bor-rower is expected to pay back these costs.

• The SBA offers an EZ-Application for eligible small-business owners. �is three-page PPP loan application simpli�es the paperwork process. It is available to small-business owners who either are self- employed or have no employees, did not reduce the wages of their employees by more than 25% or can prove they experienced a re-duction in business activity be-cause of the pandemic and did not reduce their business wages by more than 25%. ■

Here’s how to get your PPP loan forgivenSBA, Treasury Department worked with Congress to make much-demanded changes

BLO

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Vornado Realty Trust is weighing the sale of o�ce buildings in New York and

San Francisco co-owned by Presi-dent Donald Trump’s company, people familiar with the matter have said.

New York–based Vornado said it is exploring options to recapitalize 1290 Sixth Ave. in Manhattan and 555 California St., a prominent San Fransisco tower, according to a statement. �e company owns a 70% controlling interest in the part-nerships that own the buildings.

�e Trump Organization may also sell its stakes in the buildings, some of the people said. Represen-tatives declined to comment.

�e Trump Organization’s 30% stake in the buildings has been de-scribed as passive, meaning the business doesn’t actively oversee the properties. �e San Francisco building is home to tenants includ-ing Goldman Sachs Group, KKR & Co., Microsoft Corp. and McKinsey & Co.

Neuberger Berman and State Street Bank are among the tenants at 1290 Sixth Ave.

Trump’s ownership could add

complications to a potential deal. Critics have long faulted him for his refusal to sell his business when en-tering the White House.

Vornado, a major New York land-lord run by Steven Roth, has a part-nership with Trump in the San Francisco and Manhattan build-ings as the result of a series of trans-actions that began years ago. It started when Trump’s majority partners in a residential project on Manhattan’s West Side sold the de-velopment against Trump’s wishes.

Trump, believing the properties could have fetched more, sued his partners, including investors Henry Cheng and Vincent Lo, who then bought 555 California St. and 1290 Sixth Ave. In 2007, while his lawsuit was ongoing, Vornado bought the investor group’s 70% stake in the of-�ce buildings for $1.8 billion.

Vornado shares have dropped 27% since the beginning of March, with investors concerned Manhat-tan o�ce buildings face a long re-covery from the pandemic.

�e company is spending more than $2 billion to redevelop the area around Penn Station, hoping to draw tenants to an area that is typically bustling with commuters and tourists. ■

BLOOMBERG

CORONAVIRUS ALERT

BY BRIAN PASCUS

Vornado explores Trump building sales

P006_CN_20200629.indd 6 6/26/20 2:41 PM

How Telemedicine is Transforming Health Care

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8 | CRAIN’S NEW YORK BUSINESS | JUNE 29, 2020

president K.C. Crain

senior executive vice president Chris Crain

group publisher Mary Kramer

associate publisher Lisa Rudy

publisher/executive editor

Frederick P. Gabriel Jr.

EDITORIAL

editor Robert Hordt

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Christine Haughney (special projects),

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senior editor Telisha Bryan

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photographer Buck Ennis

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Jonathan LaMantia

reporters Suzannah Cavanaugh,

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Chaotic times become calm when people unify around a single purpose.

While protests are organized across the city by people seeking justice and fair treatment, entre-preneurs in the tech industry can take steps in their own businesses to focus on inclusion and diversity. Inclusion is more than a just action in an unjust world; diverse teams improve the quality of the work and generate more revenue.

� ere are numerous coding and graphic design schools in our city and state that have helped create the expansion we have seen in the sector. � ese institutions are why so many companies lease o� ce space in New York City, knowing that the talent they need is already here. Unfortunately, the data show our industry needs to do more to in-crease the number of minority and

female work sta� .� e technology and media in-

dustry in the city is one of the larg-est economic engines in the entire state. Around 291,000 people work in this sector, which accounts for roughly $124.7 billion in economic output. Of all the workers in the city’s high-tech industry, only 18% identify as Black or Latinx, and just 24% of them are female. Since the general New York City workforce is 37% Black or Latinx and 50% fe-male, tech industry demographics are literally half as diverse as the city itself.

Diversity is good for creativity and strong governance, and di-verse teams make more money. Di� erent backgrounds and experi-ences bring diverse perspectives that allow for assumptions to be challenged so better products can be made.

� is is true for a variety of proj-ects, but it’s especially true in mo-

bile applications or explainer vid-eos, where human interfaces and designs need to be intuitive for wide-scale audiences. Assembling a team with a breadth of cultural understanding is key to building successful tech projects for a glob-al marketplace.

Vital roleImmigrants play a vital role in the

national economy, especially in the tech industry. It should not come as a surprise that when immigrants are involved in high-skilled sectors, those teams are more productive. After my lawyer advised me that starting my own business was the best way for me to live and work in the United States, I had to challenge assumptions everywhere, and I made sure I was making the right moves to become successful. Im-migrant employees in media and technology bring that same tenaci-ty and drive to their workplaces.

Most creative processes start with a storyboard, where teams de-termine purposes and functions and the general � ow of informa-tion. You think about everything that can go wrong, so you can � x any issues before the � rst line of code is written.

Assumptions in algorithms are more likely to occur when every-one on the project has similar backgrounds—such as race, gen-der or religion—because they all think similarly. Homogenous teams stunt the creative process; diversi� ed workforces maximize creativity.

When the tech sector commits to true diversity, businesses will be better run and more productive, with teams that re� ect the world around them. ■

Caroline Petersen is the founder and creative director of Gallery Design Studio.

Diversity in the workplace will make tech companies truly thrive

OP-ED

BY CAROLINE PETERSEN

Anyone who has ever slurped an oyster at Cosenza’s Fish Market on Arthur Avenue knows how important

food is to New York City.Culinary monuments through-

out the � ve boroughs are arguably as iconic and important as Lincoln Center or the Statue of Liberty. A pastrami sandwich from Katz’s, perogies from Veselka, smoked salmon and scrambled eggs at Barney Greengrass, fried chicken and wa� es from Melba’s—we’d go on, but we’re making ourselves hungry.

And you get the point: � is is a food city.

Every business is su� ering because of the pandemic shut-down, but New York’s bars and

restaurants have been hit particu-larly hard.

According to the Bureau of Labor Statistics, a quarter-million jobs have been lost since March, and only 14,000 have returned so far. Most of these jobs are not particularly high-paying ones to begin with.

Restaurants operate on very tight margins; most of them don’t last even in good times, which these are certainly not.

All of this goes to say that the city’s eateries need help if they are going to survive. � ey must if New York is going to come back from this plague.

Now comes Mayor Bill de Blasio with his Restaurant Revitalization Program, a $3 million fund set up to assist 100 restaurateurs and their employees in areas heavily damaged by the outbreak, with $30,000 grants to keep them going. � is is an e� ort to help minority businesses weather the pandemic. � at’s a good thing.

Unfortunately, the program is going to fail because of the way it has been set up and all the strings

attached to it. Under the program (see

story on Page 4), restaurant owners must dig into their own pockets � rst. Only a quarter of the grant— $7,000 at most—will be doled out to businesses

enrolled in the program. � e city will reimburse eateries

for the rest of the cash within two weeks after they show the proper payroll records.

� e city’s restaurants have been limping along for the past three months on a trickle of business from take-out orders. � ey don’t

have a lot of loose cash sitting around.

If that weren’t enough of a burden, the mayor has further doomed his program by requiring eateries that participate to pay their waitsta� $15 an hour—$5 more than legally required for tipped sta� . We believe in waiters and waitresses earning a living wage, but currently this just puts more of the onus on minority businesses to solve a problem that the government is supposed to � x.

For this program to work, the mayor needs to dig deeper to � nd more money. � ree million dollars may sound like a lot, but

it’s a paltry amount in a city of more than 25,000 restaurants. � ey all need help.

Most restaurateurs we spoke to don’t disagree with paying their workers more, but now is not the time to force it.

Finally, for a mayor who prides himself on his egalitarian ethos, he should try to be a little more inclusive when casting about for solutions to business problems during the pandemic.

As Bronx restaurant owner Mark Lu told us: It would be nice if the mayor listened to what his constituents wanted instead of telling them what they needed. ■

Mayor’s restaurant rescue fund serves too small a portion

THE CITY’S EATERIES NEED HELP IF THEY ARE GOING TO SURVIVE

EDITORIAL

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P008_CN_20200629.indd 8 6/26/20 4:38 PM

JUNE 29, 2020 | CRAIN’S NEW YORK BUSINESS | 9

Crain’s New York Business will highlight Notable Women in Accounting and Consulting, which will publish as a section within Crain’s New York Business in the September 28 issue. This feature is a celebration of women executives working in accounting and consulting who have impacted New York City in major ways and honors their professional, civic and philanthropic achievements.

Nominations must be completed by the deadline, July 24, to be considered. Questions? Contact notables@crainsnewyork.com

NOMINATIONS OPEN

Nominate today at crainsnewyork.com/notableaccounting2020

NOMINATIONS CLOSING SOON!

The connection between the overconsumption of meat and the negative impact of

factory-farming practices on the health of consumers and the envi-ronment has been emphasized during the crisis we are living in.

�e pandemic shows us how fragile and weak our existing food chain is. Yet it is foolish to declare that vegetarianism is the solution.

It’s important to educate our-selves and be aware of the distinct di�erences between moderately consuming beef and poultry from small, sustainable farms and grab-bing burgers and fried chicken four to �ve times a week at fast-food restaurants. �e consequences are more than just the huge di�erence in taste and your personal health.

Factory farming breeds less �a-vorful and less nutritious meats, and its negative impacts on the en-vironment are well-documented. �e Environmental Protection Agency reported that agriculture was responsible for 9% of green-house gas emissions in the U.S. in 2016. Increased pollution, land degradation, climate change, wa-

ter shortages and loss of biodiver-sity are all proven results of large-scale, unsustainable farming.

Red meat, in particular, has come under �re for its environmental im-pact—livestock accounts for 14.5% of the world’s greenhouse gas emis-sions each year. It’s not surprising factory farming has given rise to some aggressive calls for people to eliminate meat altogether.

But jumping to this extreme will kill us.

For eco-conscious consumers considering a vegetarian diet, there’s a better alternative: moder-ate consumption of wholesome, sustainably raised meats that are good for you and the Earth.

Sustainable farming actually bene�ts the environment and ex-pands the Earth’s natural resource base. Biodiversity is necessary for the planet to function at all levels. In animal husbandry, it means encouraging polyculture and rais-ing various species of domesticat-ed animals in a rotation on sylvo-pastures (pastures where biodiversity of plants and trees is encouraged). �e added bene�ts are plentiful, starting with sup-porting small farmers who work

hard to do what’s best for the ani-mals and the environment.

Essential animalsBiodiversity is key. We have ne-

glected it, privileging monocultures supported by chemicals while de-pleting the Earth of its necessary nutrients to renew itself. An essen-tial part of this circle of life is raising responsibly domesticated animals. If we were all to become vegetari-ans, ranchers and farmers would stop raising these animals that are key to biodiversity.

As a purveyor of meat, I have seen �rsthand during this crisis how consumers are looking more and more for better, tastier and healthier alternatives. In fact, the Department of Agriculture says de-mand for organic goods has shown double-digit growth since the 1990s. Chefs led the way by con-stantly searching for the best prod-ucts. And they are the ones who al-ready know that a happy cow is a tasty cow. Consumers and—again soon—restaurant chefs will contin-ue to celebrate the farm-to-table movement and take responsibility for the health of the environment.

We urgently need to reinvent a

food chain that will enable respon-sible small farmers and ranchers to raise their animals through re-spectful breeding and caring prac-tices. �at includes one controver-sial link: the processing facilities. Small local abattoirs need to be re-suscitated. �ey are not as e�cient as the humongous slaughterhous-es and have slowly disappeared. But they are local to the ranchers (shorter transportation, less stress to the animals) and close to their

local markets. We also need the last link on the

chain: an educated consumer. It is absolutely your prerogative wheth-er to eat meat. To save the Earth, however, we need to continue to eat the right meat. ■

Ariane Daguin is the founder, owner and CEO of food seller and manufacturer D’Artagnan, headquartered in Union Township, N.J.

Reinvent the food chain to empower small farms and ranches

OP-ED

BY ARIANE DAGUIN

AP

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10 | CRAIN’S NEW YORK BUSINESS | JUNE 29, 2020

A year ago JPMorgan Chase opened a 12,500-square-foot branch on Madison Avenue, complete with

state-of-the-art ATMs and a “digital advice bar.” It was a muscular show of faith in the future of branches, and the bank planned to open 400 more in cities where it has little re-tail presence.

“We’re going right at Bank of America, folks, in Charlotte—their hometown. I can’t wait,” Chief Exec-utive Jamie Dimon told employees at the ribbon-cutting ceremony.

�en Covid-19 hit. Now the 1,714 branches run by Chase and other banks that anchor commercial cor-

ridors around the city are looking obsolete—not to mention that they’re suddenly a luxury that revenue-squeezed institutions can no longer a�ord.

Morgan Stanley analysts said in a report last week that Wells Fargo, the nation’s largest retail bank with 5,300 locations nationwide, could close 10% of its branches. Other big retail banks could do the same, in-cluding Chase, which has 367

branches in the city. It and Bank of America combined have about 9,000 locations nationally.

Joys of digitalPast rumors of branches’ demise

have proved to be exaggerated. In-deed, across the �ve boroughs there are more branches—nine, to be exact—than before the �nancial crisis, according to Federal Deposit Insurance Corp. data. Even though most customers seldom visit these locations, banks have been reluc-tant to close them because they feel a visible street presence distin-guishes them from the scores of �n-tech startups o�ering checking ac-counts, credit cards and the like.

But rationalizing the need for branches is getting harder now that locked-down cus-tomers have been exposed to the joys of digital banking for the past three months.

“We believe this shift to digital service channels will enable branch reductions without losing share to �ntechs,” Morgan Stanley said.

Ira Robbins, chief executive of Valley Bank, a New Jersey–based lender with branches in the city, said he believes brick-and-mortar locations will remain important. But as customers grow more com-fortable banking online—Valley has seen a 170% quarter-over-quarter

rise in online bank-ing registrations—some branches will disappear.

“I believe the pace of branch closures will accelerate faster than forecast,” Rob-bins said.

If signi�cant numbers of branch-es close, it would be a big blow to land-lords, especially those who have seen retail tenants suc-cumb to Amazon.

Of�ce needsBut the post-

Covid-19 changes at banks might not be con�ned to street- level.

�ey also likely will have to do with reducing o�ce space in the future as they race to match costs with revenues that Morgan Stanley estimates will fall by 6% next year. Some may see drops of as much as 24%.

In such an environment, it is im-perative to cut costs, and o�ce space is a logical place to look, es-pecially when banks have discov-ered many employees can work from home.

“I think it’s surprised everybody, not just at State Street but else-

where, how e�ective one can be in work from home,” State Street Chief Executive Ron O’Hanley said in an April conference call. “And I would have to believe that over the medi-um and long term, you’ll see us having less space than we do to-day.”

It isn’t clear where State Street might look to cut space. �e institu-tion leases 106,000 square feet at 1290 Sixth Ave., an o�ce tower 70% owned by Vornado Realty Trust and

30% by the Trump Organization. �e weighted average cost for an of-�ce is $86.58 per square foot, ac-cording to a Vornado presentation last month. At that rate, State Street would pay $9.2 million in annual rent for a single o�ce.

Robbins said Valley Bank expects to cut o�ce space by 20%.

“Organizations need to rethink workplace strategy,” he said. “We will be more thoughtful in the use of o�ce space.” ■

Banks to close branches and reduce of�ce space as revenue fallsBY AARON ELSTEIN

Housing courts are back in business, but there’s a catch: Eviction proceedings

won’t start immediately.All new eviction cases �led in city

Housing Court will be postponed regardless of whether a tenant re-sponds, state Chief Administrative Judge Lawrence Marks has ordered, giving tenants more time to grapple with their new reality.

Originally, Gov. Andrew Cuomo’s moratorium put a stop to all evic-tions and shut down housing courts for the state.

As of June 20, however, only ten-ants who can prove they have suf-fered �nancially from the pandem-ic are safe from eviction proceedings until Aug. 20. Now that the �rst pro-tective layer of Cuomo’s plan has expired, everyone else is fair game, although the city won’t see the wave of evictions that tenants are worrying about just yet.

“It’s not like the �oodgates to the courts are opening at this moment,” said Richard St. Paul, executive di-rector of the New York City Small

Housing Association.It could take as long as a year be-

fore a tenant is actually evicted for nonpayment of rent, he said.

Twilight ZoneLandlords, already su�ering from

a wave of rent nonpayment during

the pandemic, expressed frustra-tion over the pause.

“New cases are going into the Twilight Zone—they aren’t going anywhere,” said Mitchell Posilkin, chief counsel at the Rent Stabiliza-tion Association. To �le cases, law-yers previously could go into the

courthouse and get it done quickly, he added.

Now Marks is requiring them to use snail mail, which could take a couple of weeks to get an index number, he said, and then they can try to serve the tenants with papers.

As for cases �led before the pan-demic hit, the court is o�ering only online hearings with a judge and only if both parties have legal repre-sentation.

Even with the stay and delays, tenants are worried they will be forced from their home with each step the courts take in the direction of reopening, housing-rights advo-cates say.

�e burden will fall on them to prove the �nancial hardship they’ve endured because of the pandemic, said Cea Weaver, a campaign coor-dinator at Housing Justice for All.

What makes more sense, she said, is banning evictions to provide relief for tenants and getting state resources for landlords to operate their buildings.

Some renters will have di�culty proving how the pandemic has hurt them �nancially, she said.

For example, immigrant work-ers—namely those who are undoc-umented or working for cash—typ-ically don’t have the paperwork to show that they are eligible for un-employment insurance, which is one of the requirements for avoid-ing eviction through August, Weav-er explained.

Either way, there’s no guidance in the language of the executive or-der about how to prove �nancial hardship, Weaver said.

“It’s total chaos,” she said.

No reservesMany of the property owners

who are members of the Small Housing Association have tried to negotiate payment plans with their tenants or applied for relief, while others are going to be taking their tenants to court, St. Paul said.

It’s unrealistic for them to contin-ue to give concessions to their ten-ants, he added.

“Most members of the group don’t have reserves in the capacity to have tenants not pay and stay longer than they’re supposed to,” St. Paul said. ■

Housing courts reopen; eviction cases resume with restrictionsBY NATALIE SACHMECHI

CORONAVIRUS ALERT

BU

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“THE PACE OF BRANCH CLOSURES WILL ACCELERATE FASTER THAN FORECAST”

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JUNE 29, 2020 | CRAIN’S NEW YORK BUSINESS | 11

The few hotels that are already open are doing hand sanitizer stations and temperature checks and providing personal protective equipment. If a customer walks in without a face mask, then hotels will provide one. Meeting spaces will operate at half or a third of what the

Almost every hotel in Manhattan has chosen to close while waiting out the pandemic, but Vijay Dandapani, CEO of the Hotel Association of New York

City, hasn’t missed a day of work. By lobbying the governor to keep hotels open (they were deemed essential) and helping inns navigate record low occupancy rates as tourists and business trav-elers stay away, Dandapani is working to guide the city’s battered hospitality industry toward its eventual recovery.

What are hotels thinking about right now?Well, the No. 1 thing on their minds is, How do we reopen? When do we reopen? We were among the �rst and most drastically affected. Revenue fell to 5% for the �rst week and still remains some 70% below what it was for the same period last year. The U.N. General Assembly’s annual meeting, which usually kicks off our fall business season, is not going to take place. New York City always had the highest occupancy other than Orlando of any city in the country, and those occupancy rates are simply not going to be there for a long, long time.

How are closed hotels preparing to reopen?Big brands have apps where you can check in ahead of time. You can also pick your room ahead of time, so you will bypass the front desk and go straight to the room.

ASKED & ANSWEREDnormal capacity would be so that you can maintain social safety.

What will hotel landlords do about the property tax bill they’ll get July 1? What happens if they can’t pay?A majority are going to default because they simply don't have the money. You can’t take blood out of a stone. I realize the city doesn’t have money, and the city’s had an erosion of revenue on a number of levels. Some of the hotels will catch up. Most of them have to work out something with the city. In the normal course of things, there is an interest rate of 18% if you default, and then there is a penalty rate on top of that. Then if a whole year goes by, the city initiates “in rem proceedings,” and the city’s lien takes precedence over any debt or any other lien on the hotel.

What do you think the city should have or could have done to help hotel landlords?We really believe they could have deferred taxes. It’s not really the city’s fault. I think the city’s trying and the federal government should step in because this is an industry that has 55,000 employees. That's massive. The city can help us by targeting our cash �ow problems on a temporary basis, but

certainly we are looking to advocate for the federal government to help.

What will the recovery look like?Recovery to levels somewhat close to what we had in 2019 is not going to happen until 2024—that’s four years from now. You’re going to see recovery next year from the horrible trench that we �nd ourselves in this year. Clearly, the moment we have a vaccine or a cure, you'll see travel come back pretty quickly. ■

VIJAY DANDAPANI Hotel Association of New York City

DOSSIER

WHO HE IS President and CEO, Hotel Association of New York City

AGE 62

GREW UP India

RESIDES Harlem

EDUCATION Bachelor’s in hotel management, Cornell University

NEW HOME Dandapani immigrated to the U.S. in 1985 to attend college.

PREVIOUS WORK In 2015, Dandapani assumed the role of chairman of the board at the Hotel Association; he became its president and CEO in 2017. Before that, he spent more than two decades at the helm of Apple Core Hotels, which operates four inns in the city. He’s been working in the industry for more than 30 years.

FATHER’S FOOTSTEPS His dad was a �ghter pilot in the Indian Air Force, and Dandapani enjoys �ying recreationally.

CO

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INTERVIEW BY NATALIE SACHMECHI

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NEXTNEW YORK

A FTER THREE MONTHS OF LOCKDOWN, New York City is starting to reopen—and not a moment too soon for most of us.

No one knows how long it will take for the city to get back to normal—if, in fact, it ever does. Because we have never been through an event like this before, there is no

blueprint to follow, and opinions vary on just what the city will look like six months, a year or even two years from now.

A lot depends on how soon treatments and a vaccine will be developed, which will give workers and consumers the con� dence to interact with one another again.

But New Yorkers have not been sitting idly by. From big business to small business, from the city and state governments to cultural institutions, New York has been planning its comeback all along.

This special issue on what’s next for New York highlights the steps businesses have been taking to recover. In addition to stories about the industries most affected by the pandemic, we asked some of New York’s top movers and shakers to tell us what they predict.

We also took a look back at how the pandemic unfolded, through both graphics and photos. Finally, we asked readers to tell us what they are grateful for after living through months of con� nement. Their responses may surprise you.

— Robert Hordt, Editor

JUNE 29, 2020 | CRAIN’S NEW YORK BUSINESS | 13

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As the city’s workforce starts trickling back into the barren o�ce buildings, the real estate industry is giving workspaces a post-pandemic makeover.

�e changes start with the guidelines for com-mercial buildings that the Real Estate Board of New York released on June 4. �ose guidelines called on landlords to stock up on cleaning supplies, spread out seating in com-mon spaces and require people entering a building to wear masks and have their temperature taken.

But landlords are betting that workers will want to return to the city’s o�ce buildings to collaborate in person, said Bill Rudin, REBNY’s chairman and Rudin Management’s CEO. Rudin is on Gov. Andrew Cuomo’s NY Forward advi-sory board, which worked on ways the city should reopen, including protocols for building reentry and managing con-struction sites.

“I think working from home will become part of the eco-system,” Rudin said. “But you still need to connect.”

Beyond the trade association’s brushstroke guidelines,

landlords, architects and even lawyers are hard at work to map out in greater detail what lies ahead, from density of o�ces to running lobby spaces, for the city’s workspaces.

Giving some space�e biggest thing on the minds of landlords as employees

return to work is how they will handle the new density re-quirements, said Antonio Argibay, the managing principal at architecture �rm Meridian Design. Rows of people work-ing closely together aren’t conducive to safe working condi-tions, he said, in these times or ever. His �rm never en-dorsed super dense o�ces, he said, and it’s more important now than ever to give people space.

“People supporting dense spaces touted it as collabora-tive and a good way to induce collaboration,” Argibay said. “I think collaboration happens when people have a certain level of comfort in their workplace.”

Argibay prefers distancing more than the plexiglass bar-riers that many experts suggest as a safety measure. In new-er �oor plans he’s working on, he doesn’t have more than

four people sitting in a cluster. He prefers smaller confer-ence rooms, which keep out large groups, and large confer-ence rooms stamped with adequate distance markers.

Common spaces and perksLandlords are trying to �gure out what to do about the

common areas and public amenities they invested in exten-sively in recent years. At Park Avenue Plaza, owner Ken Fisher of Fisher Brothers removed the seating in the build-ing’s glass atrium. He is rethinking a luxury gym he built at another tower.

“I’m not saying that amenities are gone forever,” Fisher said, “but there’s going to be changes in the ways people interact.”

Fisher is considering automatic doors, voice-activated elevators and ultraviolet light in heating, ventilating and air-conditioning systems. Letting in more fresh air will be great for the building, said Fisher, pandemic or not. Some of his tenants have asked for thermal testing, which he’s seri-ously considering. Each testing unit can run several thou-sand dollars. Argibay is a fan of under-�oor cooling, which moves more slowly than a central air system, but won’t blow potential contaminants into the air.

Tenants, however, shouldn’t expect these changes to be implemented on their �rst day back, Fisher said. In the meantime, he said, more old-school methods, such as marking spots where people should stand in elevators and hiring an elevator operator to push buttons for passengers, will be used.

Pacing the returnCompanies are contemplating staggered shifts, which

could take a number of forms, said Richard G. Leland, a real estate attorney at Akerman. Some people could come in Mondays and Wednesdays, he said, while others would come in Tuesdays and �ursdays. Fridays could be remote days for all, for fairness.

Staggering would reduce tra�c and occupancy levels in a building and help people inside keep an appropriate social distance; at the same time it would reduce elevator conges-tion, now that only a few people are allowed in elevators at the same time.

�e real estate industry understands a resurgence in cas-es in the fall or the discovery of a vaccine will bring more changes. It is trying to remain open to all possibilities. But Fisher believes many of these changes are for the long-term bene�t of the building.

“Are these going to be permanent changes?” Fisher said. “It depends on how long the hangover from this lasts.” ■

14 | CRAIN’S NEW YORK BUSINESS | JUNE 29, 2020

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Opening the of�ce doorsREAL ESTATE

BY NATALIE SACHMECHI

“COLLABORATION HAPPENS WHEN PEOPLE HAVE A CERTAIN LEVEL OF COMFORT IN THE WORKPLACE”

Landlords take extraordinary measures to ensure safe reopening

David Orowitz’s new hotel rising above West 47th Street promises to be a sight in itself. �e facade will have an 18,000-square-foot LED sign, and all 669 rooms will overlook Times Square. In addi-

tion to retailers and restaurants, an outdoor stage 30 feet above street level will allow performers to sing their own lullaby to Broadway.

“We’re on the most attractive corner of the Western Hemisphere,” said Orowitz, an executive at developer L&L Holding.

But the coronavirus has forced Orowitz to rethink some plans. Ventilation systems may have to change to improve air �ow. Guests probably won’t use keys to enter their rooms, which may be cleaned less often during their stay. Windows may be recon�gured so they open.

Orowitz, a former Trump Organization executive who helped turn the Old Post O�ce and Clock Tower in Wash-ington, D.C., into perhaps the world’s most famous hotel, is fortunate to have time on his side. His hotel isn’t expect-ed to open until 2022, and he doesn’t think any design changes will a�ect the project’s $2.5 billion price tag sig-ni�cantly.

“Obviously we’re evaluating things,” he said.So are the rest of the city’s hoteliers, who are grappling

with existential questions, such as how do you make these public spaces, from which peo-ple constantly come and go, safe? How many hotels does the city need when the number of visitors is way down? How do you square leaving guests alone in an industry called hospitality?

“Many discussions are going on,” said Vijay Dandapani, chief executive of the Hotel Association of New York City (see Asked & Answered, page 11).

For now, the only certain thing is a city with nearly 123,000 hotel rooms will soon have more. �is year eight new hotels with nearly 2,000 rooms are expected to open, PwC found. Next year an additional 25 hotels are expected, and an additional eight for 2022-23.

“If there’s one bright light coming out of this economic shock for existing Manhattan hotel operators, it’s that the supply of both existing hotel rooms and those under devel-opment is expected to decrease in the near term,” PwC Managing Director Warren Marr said.

Finding alternativesIt’s possible that hotels will be converted for other uses,

which could help the city’s housing shortage. But hoteliers

Reopening the innHOSPITALITY

BY AARON ELSTEIN

Owners grapple with ways of making their hotels safe WORKING TOGETHER, SIDE BY SIDE

IN THE PAST THREE months, Covid-19 has created fundamen-tal shifts in the way people do business. From new health and wellness protocols to staggered start times to working from home, we have all adjusted to focus on the safety and well-be-ing of our fellow New Yorkers.

As the curve continues to �atten and as we slowly reopen our city, however, I believe that

people will want to return to the of�ce.Why? To solve problems—big and small—we

need interaction, collaboration and coordination. Now more than ever, working together and being together help us effect change and innovate. This is not exclusive to business. If we are to begin to address the large-scale systemic racial and economic inequalities that exist in our country and city, we can do so only by sitting next to each other, engaging, listening and understanding. We cannot do this separated from one another in the privacy of our homes.

Cities exist for a reason—they offer unparal-leled opportunities for engaging with a diversity of people, cultures, thoughts and ideas that can’t be beamed into a home of�ce. They are the economic engines that power modern economies, and despite all the previous crises we have overcome, they have grown.

A new survey from the architectural �rm Gensler shows that the overwhelming majority of people want to work in the of�ce for most of their week; only 12% of U.S. workers want to work from home full time. The report also found that people want more space for social distancing and an assigned workspace.

The of�ce is the place where mentorship occurs, where young people learn business and social skills. It is also where companies build brand loyalty and culture. The commercial real estate services �rm Cushman & Wake�eld reports that 70% of Gen Z and 69% of millennials are encountering challenges at home, compared with 55% of baby boomers. Younger workers develop business know-how by being with people, observing them and working to-gether as part of a team. We cannot do any of that alone, within our own four walls.

Believe it or not, New York City has bucked the trend and major deals are still getting done. Earlier this month, social media giant TikTok committed to 232,000 square feet at One Five One in Times Square—a blockbuster move that’s indicative of the bigger countertrend at play.

The CEOs of Microsoft and Google agree that the future of work won’t be entirely remote. Will the of�ce of the future be different?

The answer is yes: Companies may need more space, and workplaces will seek to reduce density. On the other hand, we are optimistic that the of�ce building will always be a central hub for creativity, innovation and entrepreneurship.

On almost every Zoom meeting I have been on, all the participants say they can't wait to get back to work and be together again. It will take time, and there will have to be a bridge period, but New Yorkers will be back.

Bill Rudin is co-chairman and CEO of Rudin Management Co. and chairman of the Real Estate Board of New York.

BILL RUDIN

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four people sitting in a cluster. He prefers smaller confer-ence rooms, which keep out large groups, and large confer-ence rooms stamped with adequate distance markers.

Common spaces and perksLandlords are trying to �gure out what to do about the

common areas and public amenities they invested in exten-sively in recent years. At Park Avenue Plaza, owner Ken Fisher of Fisher Brothers removed the seating in the build-ing’s glass atrium. He is rethinking a luxury gym he built at another tower.

“I’m not saying that amenities are gone forever,” Fisher said, “but there’s going to be changes in the ways people interact.”

Fisher is considering automatic doors, voice-activated elevators and ultraviolet light in heating, ventilating and air-conditioning systems. Letting in more fresh air will be great for the building, said Fisher, pandemic or not. Some of his tenants have asked for thermal testing, which he’s seri-ously considering. Each testing unit can run several thou-sand dollars. Argibay is a fan of under-�oor cooling, which moves more slowly than a central air system, but won’t blow potential contaminants into the air.

Tenants, however, shouldn’t expect these changes to be implemented on their �rst day back, Fisher said. In the meantime, he said, more old-school methods, such as marking spots where people should stand in elevators and hiring an elevator operator to push buttons for passengers, will be used.

Pacing the returnCompanies are contemplating staggered shifts, which

could take a number of forms, said Richard G. Leland, a real estate attorney at Akerman. Some people could come in Mondays and Wednesdays, he said, while others would come in Tuesdays and �ursdays. Fridays could be remote days for all, for fairness.

Staggering would reduce tra�c and occupancy levels in a building and help people inside keep an appropriate social distance; at the same time it would reduce elevator conges-tion, now that only a few people are allowed in elevators at the same time.

�e real estate industry understands a resurgence in cas-es in the fall or the discovery of a vaccine will bring more changes. It is trying to remain open to all possibilities. But Fisher believes many of these changes are for the long-term bene�t of the building.

“Are these going to be permanent changes?” Fisher said. “It depends on how long the hangover from this lasts.” ■

JUNE 29, 2020 | CRAIN’S NEW YORK BUSINESS | 15

Opening the of�ce doorsLandlords take extraordinary measures to ensure safe reopening

David Orowitz’s new hotel rising above West 47th Street promises to be a sight in itself. �e facade will have an 18,000-square-foot LED sign, and all 669 rooms will overlook Times Square. In addi-

tion to retailers and restaurants, an outdoor stage 30 feet above street level will allow performers to sing their own lullaby to Broadway.

“We’re on the most attractive corner of the Western Hemisphere,” said Orowitz, an executive at developer L&L Holding.

But the coronavirus has forced Orowitz to rethink some plans. Ventilation systems may have to change to improve air �ow. Guests probably won’t use keys to enter their rooms, which may be cleaned less often during their stay. Windows may be recon�gured so they open.

Orowitz, a former Trump Organization executive who helped turn the Old Post O�ce and Clock Tower in Wash-ington, D.C., into perhaps the world’s most famous hotel, is fortunate to have time on his side. His hotel isn’t expect-ed to open until 2022, and he doesn’t think any design changes will a�ect the project’s $2.5 billion price tag sig-ni�cantly.

“Obviously we’re evaluating things,” he said.So are the rest of the city’s hoteliers, who are grappling

with existential questions, such as how do you make these public spaces, from which peo-ple constantly come and go, safe? How many hotels does the city need when the number of visitors is way down? How do you square leaving guests alone in an industry called hospitality?

“Many discussions are going on,” said Vijay Dandapani, chief executive of the Hotel Association of New York City (see Asked & Answered, page 11).

For now, the only certain thing is a city with nearly 123,000 hotel rooms will soon have more. �is year eight new hotels with nearly 2,000 rooms are expected to open, PwC found. Next year an additional 25 hotels are expected, and an additional eight for 2022-23.

“If there’s one bright light coming out of this economic shock for existing Manhattan hotel operators, it’s that the supply of both existing hotel rooms and those under devel-opment is expected to decrease in the near term,” PwC Managing Director Warren Marr said.

Finding alternativesIt’s possible that hotels will be converted for other uses,

which could help the city’s housing shortage. But hoteliers

may prefer to turn their buildings into o�ces, because apartment rents and sale prices could be under pressure for a while.

“If your rental income is sliding, why convert to another use that’s not working well?” Dandapani said.

He added that it’s unlikely many hotels would slash pric-es as they did after 9/11. Back then New York had the world’s sympathy; until recently it was one of the hottest spots for the coronavirus. Indeed, for the more than 60 Manhattan hotels that closed when the pandemic hit, the question is whether it’s worthwhile to reopen at all.

Worker impact�e owners’ decisions will a�ect the lives of tens of thou-

sands of laid-o� hotel workers. Many worry that reopened hotels will slash what’s become a major source of mid-dle-class jobs. Enabling guests to check into their rooms using an app could prove a good way to promote social dis-tancing, but hotel sta� remain necessary to identify sick guests and get them medical help.

“�ere’s no question in my mind some hotels will take advantage of technology to reduce sta�ng,” a hotel union o�cial said.

Industry o�cials say some hotels are contemplating an end to room service and minibars, although others see those as important amenities for guests wary of dining out.

“If hotels are safer for workers, they’ll be safer for guests,” said Rich Maroko, general counsel at the New York Hotel and Motel Trades Council.

Letting air inWhenever guests start com-

ing back, new hotels and per-haps older ones will look di�er-ent. �e most noticeable change

may be one that Orowitz is looking into: windows that open.�at feature disappeared in the 1950s, when Lever House,

among other state-of-the-art buildings, provided hermeti-cally sealed environments to keep out pollution. Covid-19, however, highlights the risks of people breathing recirculat-ed air and droplets.

Because many Manhattan hotels and o�ce towers are quite wide, creating open windows could be destabilizing when air rushes through one side of the building, said Hen-rik Schoenefeldt, a professor of sustainable architecture at the U.K.’s University of Kent. �ose buildings may have to design new �ltration systems that pull air and water drop-lets up to the ceiling, Schoenefeldt said.

“Natural ventilation is much less expensive,” he said. “If you can combine Covid-19 with a sustainability agenda, we create better buildings.” ■

Reopening the innHOSPITALITY

BY AARON ELSTEIN

NEW YORK NEEDS THE HOSPITALITY INDUSTRY

NEW YORK CITY IS the greatest city in the world.

That does not mean we don’t have challenges.

We are living at the epicen-ter of a global pandemic while experiencing recent mass protests that call for reforming systems that have pained and deprived people of color for generations.

This serious time calls for introspection from each of us individually and from the business and civic community collec-tively. With so many of us hurting for so many reasons, how can we move forward?

Some comfort can be taken and con�dence gained by looking at our past. Whether it was in the 1970s, when the city was on the verge of �nancial collapse, or in 2001, when the twin towers were destroyed, or in 2012, when Super-storm Sandy hit, a common theme emerges: New Yorkers come together and work through the issues, and our city emerges stronger.

Travel and tourism is one of the city’s larg-est and most important industries, employing hundreds of thousands of women and men, many of whom are people of color and immigrants looking for their piece of the American dream. It generates hundreds of millions of dollars in tax revenue that support essential services for all New Yorkers.

In the aftermath of 9/11 many predicted the city would never recover. I was honored to serve as chairman of New York Rising, a task force created at the time to help revive our economy through tourism. As a city, we quickly appreciated the emotional healing that culture, restaurants, events and visitors provide. That need for healing is once again palpable.

Travel and tourism led the way to our city’s recovery. This time we are challenged different-ly. Our restaurants, shops, theaters, museums and cultural attractions have been shuttered for months. Like then, their revival is critical. Reopening will bring back visitors, and more im-mediately, it will restore our neighborhoods’ spirit and vitality. It will allow a lot more people to get back to work.

This renewal is essential to New York City’s re-covery. The Coalition for New York Hospitality and Tourism Recovery, recently announced by NYC & Co., our city’s of�cial destination marketing orga-nization, was created to help the city rise again.

As a group, we represent some of the city’s most signi�cant economic engines and job creators, but also its heart and soul. The �ve-bor-ough coalition, which includes hotels, restaurants, cultural and performing arts institutions, Broad-way, theaters and attractions, sports organiza-tions, retailers, as well as medical and public health experts, is uniquely positioned to help New Yorkers, and eventually the world, reconnect safely with the city we love.

Diversity is our strength. Together, we can shape a brighter and more equitable future for all as we recommit ourselves to the promise of New York—a place of opportunity that offers some-thing for everyone and a place where everyone is truly welcome.

Jonathan Tisch is chairman and CEO of Loews Hotels & Co. and co-chairman of Loews Corp.

JONATHAN TISCH

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Owners grapple with ways of making their hotels safe

“IF HOTELS ARE SAFER FOR WORKERS, THEY’LL BE SAFER FOR GUESTS”

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16 | CRAIN’S NEW YORK BUSINESS | JUNE 29, 2020

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As New York begins to reopen from the Covid-19 lockdown, the city and the state face multi-billion-dollar holes in their budgets.

�e city expects a $9 billion shortfall in reve-nue in the next two years.

“We’re going to be in a horrible budget situation for years,” Mayor Bill de Blasio has said.

Albany’s �scal house is in no better order. State reve-nues are projected to be $8.1 billion less than they were in 2019, and Gov. Andrew Cuomo said state tax revenues would not return to their March level until 2024.

But to city and state budget experts, even these grim projections seem optimistic.

“I don’t think it’s unreasonable to say we are going to lose $15 billion in projected tax revenue and even closer to $20 billion,” Nicole Gelinas, an urban economics and �nance expert at the Manhattan Institute, said of the city’s budget.

Unchecked, the �nancial crisis will get worse, said E.J. McMahon, research director at the Empire Center for pub-lic policy.

“�e government spending side, left alone, increases ev-ery year. Spending is not stationary,” McMahon said. “Ev-erything goes up. Everything is designed to increase.”

Slow return�e state has built-in spending obligations to health

insurance for its employees, pension contributions, debt service, school aid, Medicaid and mental health pro-grams.

Even before the pandemic, the state was facing a $6 billion budget gap because of Medicaid expenditures. Cuomo had closed the gap by cutting expenditures un-der the government-subsidized health program. But by delaying cuts until the pandemic is over, the problem looms down the road.

It is optimistic, the experts say, to think the �nancial picture will be rosier by then.

“�ings are not coming back the same way as before this started,” said Stephen Berger, an investment banker who helped steer the city through the late-1970s �scal crisis.

Commercial real estate, a major source of tax revenue for the city, will take a massive hit, because the work-from-home environment has led companies to rethink their o�ce needs, Berger said.

�e retail sector, already in trouble before the out-break, will experience a death spiral for years as stores shutter and consumers continue to order online, Berger predicted.

Many out-of-work New Yorkers have left the city, he noted, an exodus that could create chaos throughout all sectors of the economy.

“It won’t happen all at once, but it will have a major impact on city activities and an enormous impact on rev-enues,” Berger said.

Borrowing options�e mayor and the governor have pressed the federal

government for aid. But the divided Congress and the Trump administration have yet to come to the rescue.

As the city waits for help, de Blasio has asked the state to grant him as much as $7 billion in borrowing authority to meet operating expenses. So far Albany has refused.

Borrowing would be irresponsible, said Berger, who was appointed executive di-rector of the Financial Con-trol Board in 1976.

“You understand that debt has to be paid for, and who is going to pay for it? �e fu-ture,” he said. “�ere is no-body who is going to pay for

it who has a voice or a vote in that borrowing.” �e experts say that before the city starts taking on

debt or makes the case for federal aid, de Blasio, who has increased his budget by $20 billion since taking o�ce, must take an ax to spending.

“I would like to see a hard-ass budget that shows how much can be taken out of present spending,” Berger said before getting in a dig at the mayor’s well-documented �tness routine: “If you can’t take $4 billion or $5 billion from the city budget, then you should stay in the gym in Brooklyn.”

A full-service wage freeze across the city’s union work-force, caps on all executive salaries and furloughs of non-essential municipal employees are in order, the Manhat-tan Institute’s Gelinas said.

“We really have to go down to the bone in terms of e�-ciency before we can cut frontline services,” she said.

At the state level, the Empire Center’s McMahon rec-ommends, all public-sector salaries should be frozen for two years. He advocates for cutting school aid to the wealthiest districts and laying o� or furloughing workers who are nonessential.

“You have to reduce the workforce,” he said. “It’s not pleasant, but you have to do it.” ■

Budget troublesPOLITICS

BY BRIAN PASCUS

CORPORATIONS ARE CRITICAL TO NYC

BIG BUSINESS does not com-mand much affection in New York’s political circles, but that will have to change if our city is going to accelerate its recovery from the economic consequences of the Covid-19 outbreak.

Throughout the pandemic pause, Wall Street and other large �rms successfully main-tained operations and payrolls by moving swiftly to a remote work

from home model. Manhattan was hollowed out, yet the �nancial system and global commerce continued to function.

What the Covid-19 experience proved is that New York’s largest companies and their employees do not have to be here.

So why should we care? For one thing, the �nancial and professional

services, media, information and real estate entities that make up the corporate sector directly employ 1.2 million New Yorkers and are responsible indirect-ly for an additional 2.1 million jobs in small business and construction.

They are a major source of the tax revenue that funds the city budget. Finance and insurance account for 35% of the city’s business income taxes; professional services follow closely behind at 31%. Finance represents 20% of all private-sector wages in the city and employs most of the top 1% earners, who pay 43% of all city personal income taxes.

In the near term, big companies will not �ee the city. They have leases or own buildings here, and they are part of an ecosystem of professional and personal relationships that cannot easily be replaced or replicated. Corporate leaders have homes here and are heavily engaged with the boards of the city’s great cultural, educational and medical institutions. Most are committed New Yorkers.

The same may not be true of corporate employ-ees, at least half of whom are millennials without long-term ties to the city. Surveys by the Partnership for New York City indicate that only about 10% of corporate workers plan to return to the of�ce during the summer; that number builds up to 30% by the end of the year. Many have settled elsewhere, in larger, cheaper living accommodations, and plan to come back only when they feel safe and can social-ize in favored gathering places.

It will be months before a coronavirus vaccine is available and fear of disease subsides. In the inter-im the restaurants, retailers, vendors and service businesses throughout the city that depend on the corporate of�ce workforce are in severe jeopardy.

We need action now.Employers and commercial building owners are

ahead of the game. They have retro�tted their of�ces and instituted protocols that guarantee a healthy workplace. Similarly, the MTA has done everything in its power to provide a clean and safe commute.

But the package of incentives is incomplete.Public of�cials and community and civic leaders

need to signal loudly that corporate workers are valued and will be welcomed back. Assurances that New York is committed to a stable and more com-petitive personal income tax structure would help, along with a �rm commitment to plans for reopening schools in the fall. It is critical that crime is under control, which became a question a few weeks back, when looting took place.

The timely restoration of the more than a million jobs and $9 billion in city tax revenue that was lost to the pandemic is an enormous challenge, but New Yorkers can rise to the challenge if we unify around a plan that draws upon all our strengths, including the talent and resources of our corporate sector.

Kathryn Wylde is president and CEO of the Partnership for New York City.

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“THINGS ARE NOT COMING BACK THE SAME WAY AS BEFORE THIS STARTED”

City and state of�cials contend with a dire future as New York reopens

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CRAIN’S: How can employers and employees protect against infection in shared indoor and outdoor spaces?

MICHAEL MCGUIRE: Fortunately, there are lots of guidelines that have been made available by both the Centers for Disease Control (CDC) and local governments and states. As we reopen, we need to continue following the guidelines about social distancing, wearing masks and continuing to wash our hands.

We’ve provided our employers with links to all the local, state and CDC sites so they have one place to get information. ProtectWellTM, a new smartphone app that we’ve launched with Microsoft, allows employees to screen themselves for Covid-19. They

can answer some questions and receive direction based on those answers. Do they need to get a test? Do they need to notify their employer or see their doctor?

CRAIN’S: What can employers do to help prevent the spread of Covid-19 at work?

MCGUIRE: You need to give employees lots of information about how they should interact with other employees—make the guidelines clear. Companies should have lots of hand sanitizer in common areas and high-contact areas. We need to continue cleaning of�ces, with a focus on high-contact areas like doorknobs, handrails, computers, phones, printers and elevator buttons. To help employees feel comfortable about returning to work,

employers should decide how many people can be in an elevator. They should require people to wear masks in common areas. And, obviously, they should keep the of�ce sanitized.

CRAIN’S: What are other factors to consider as you bring employees back to work?

MCGUIRE: You want to make sure people are comfortable with coming back. That’s really important. If you are high risk, or if you are living with someone who is high risk, maybe it’s not safe to come back. As an employer, you need to consider options for those employees, including remote or telework options.

Much of the focus of these last few months has been on physical health. But the pandemic has also affected

mental health. We’ve been through an unprecedented period, which has caused a lot of stress and anxiety. Employers need to think about how they are supporting employees on a behavioral health basis.

We’ve got an emotional support line set up through our partners and UnitedHealth Group Optum. That number is available 24/7 to all of our members. It’s staffed by mental health professionals, who can support folks as they deal not only with the physical part of Covid-19 but also the behavioral health stress of the last three months. And, of course, going back to work means more stress: how do we get comfortable with being in an of�ce again? So you need to support your employees

emotionally, even as you begin discussions about returning to work.

CRAIN’S: What have we learned about how employers can empower their workforces to stay healthy, whether they’re continuing to work remotely or transitioning back to the of�ce?

MCGUIRE: What we’ve learned is that there are a lot of ways to access medical care. You used to assume that if you needed care, you would either go to the emergency room, urgent care or your primary care physician. But we’ve found that you can access a physician on your phone, your iPad or your computer. Virtual doctor visits and telephonic visits weren’t used much in the past. Now folks are accessing these services — not just for Covid-19, but for anything that typically you see the doctor for. And physicians took to it, too. Doctors’ of�ces without telehealth capability quickly got telehealth capability so they could keep in touch with their patients and help them avoid the urgent care center or the emergency room.

We’ve also learned you can use telehealth for mental health services, as well as some physical therapy, occupational therapy and speech therapy. Once you use a service like that, you’ll typically use it again. As a result, employers need to think about their telehealth bene�t design.

CRAIN’S: How can employers be proactive in getting their employees access to telehealth services?

MCGUIRE: Like anything else with bene�ts, it’s about communication. Employees need to know what’s available to them in terms of physical

and mental health hotlines and telehealth capabilities. You want to make sure your employees recognize that they’ve got those options at their disposal. It’s really just staying in front: communicating often and communicating simply. Don’t overcomplicate it.

You also really need to continue promoting wellness, in general, to your employee population.

Encourage them to establish a relationship with a primary care physician if they don’t have one already. When Covid-19 �rst hit, we heard, “If you think you have it, go to your primary care physician and ask for a test.” Well, if you didn’t have a primary care physician, how did you access that test? This is an opportunity to increase employee engagement in their health moving forward.

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How to protect your employees as workplaces reopen

Even as the novel coronavirus persists in many areas of the United States, much of the country has been opening back up. Employees are returning to the workplace, and for many, life is regaining a certain degree of normalcy. But it can’t be the same as it was. Employers have a

responsibility to consider new workplace policies to reduce the spread of Covid-19. At the same time, they may be extending work-from-home options to accommodate workers with special health risks or simply because they’ve learned that working from home doesn’t hurt productivity.

Crain’s Content Studio turned to Michael McGuire, chief executive of�cer of UnitedHealthcare of New York, to learn how employers can help protect employees’ health in this new normal.

“EMPLOYERS NEED TO THINK ABOUT HOW THEY ARE SUPPORTING EMPLOYEES ON A BEHAVIORAL HEALTH BASIS.”

18 | CRAIN’S NEW YORK BUSINESS | JUNE 29, 2020

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Before the pandemic, the Tenement Museum on the Lower East Side had a revenue model that was the envy of its peers. �e museum paid for 75% of its yearly expenses from ticket sales, events and pro-

grams. In an industry where other nonpro�ts rely on do-nors and government grants, it was self-sustaining, said Morris Vogel, the museum’s president.

But that business model changed drastically when the coronavirus shut o� these income sources and the muse-um had to turn to philanthropists. In three months it more than doubled its donors, from 2,000 to 5,000, Vogel said. �e museum now aims to generate half of its yearly operat-ing budget through donations and grants.

“To other organizations that weren’t as able to bring in a paying public, we looked like rock stars,” Vogel said. “Now we’re in a place where even if the public wants to, we can’t take their money.”

While the outbreak may have shocked the revenue model for most businesses, it delivered an especially strong blow to cul-tural institutions—they are scheduled for the later phases of reopening, and they depend on tourists, who won’t soon return in the same numbers. �e coro-navirus is forcing art institutions to �nd revenue in new places, and they expect the changes in the revenue model to be-come permanent.

�at means Vogel is looking to monetize parts of the busi-ness that he never considered, such as putting up a paywall on its website.

“It doesn’t matter if it’s phase one or phase four. It’s a mat-ter of people aren’t coming,” Vogel said, adding museum goers may be a particularly cautious crowd.

New money sourcesIt’s not just the Tenement Museum contemplating these

changes. Before the pandemic, the Queens Botanical Garden was

working on growing earned revenue to $1 million a year by hosting weddings, implementing admission fees and boost-ing gift shop sales, said Regina Minerva, the garden’s visitor services manager.

Now, she said, the goal is to �nd new ways to �nance businesses that visitors would have paid for.

“It’s �ipped us on our head,” Minerva said, referring to the pandemic.

“In every aspect we’re hurting a little bit, and we’re trying to �ip our business model because even when we do open

up our doors, it will be in a reduced capacity,” she said. Take the virtual tours and remote classes the garden of-

fers to schools. �e $150 cost was cut to $60. Department of Education grants are making up the di�erence, said Annie Tan-Detchkov, the garden’s director of education.

In addition, garden o�cials are applying for a compost-ing grant to cover expenses at the farm they keep on their 39-acre lot.

But there are strings that come with new money sources. Losing earned revenue means a loss of autonomy, said

Susan Lacerte, the garden’s director. Grants and donations usually come with obligations or are designated for certain programs, she explained, but with earned revenue, organi-zations themselves decide how to spend the money.

Losses for everyoneEven wealthier institutions, such as the Metropolitan

Museum of Art, are rethinking their business approaches.While the Met bene�ts from the earnings of a $3 billion

endowment, 46% of the Met’s operating budget comes from earned revenue sources, according to its most recent �-nancial �ling. �e coronavirus cost the museum nearly $150 million in lost revenue with ticket and retail sales, said Ken-neth Weine, a museum spokes-man.

Once the museum reopens, Weine said, social distancing measures and a slump in tourism will keep earned revenue down.

�e pandemic has been “tremendously impactful,” he said. “We’ve never been closed longer than three days. We’re going on three months.”

�e Met is trying to �nd ways to o�set the decline in tourism. �e museum was once the No. 1 destination for Chinese tourists, Weine said. Seventy-�ve percent of its yearly visitors aren’t even from New York, he noted.

“We need to reintroduce the Met to New Yorkers,” he said.

Long-term recoveryRepresentatives of nearly a half-dozen museums who

spoke with Crain’s said reopening doors wouldn’t even be-gin to overcome the hit to earned revenue.

“We’re expecting, and I think many museums are, that we will probably be in the 20%-25% capacity zone for social distancing reasons alone,” said Adam Weinberg, the Whit-ney’s director.

Reopening won’t be about making money for quite some time, he said, adding that the museum could even lose money when it reopens to a smaller public. ■

Changing the landscapeARTS & CULTURE

BY GWEN EVERETT

TO THRIVE, BROAD-WAY AND NEW YORK NEED EACH OTHER

NEW YORK CITY HAS long been the epicenter of commerce, cul-ture and innovation, welcoming all who seek to know more, be more and dream more.

Most recently we have be-come the center of the Covid-19 pandemic and an economic cri-sis that has practically brought the city to a standstill. I know that New York, with the contin-ued support of elected of�cials and a revival of the fabled “I Love New York” campaign, will

rise beyond this crisis.Tourism is one of the city’s hardest-hit industries,

with projections showing a 20% decrease in inter-national visitors for some time. This sector sustains thousands of people who work in restaurants, hotels and attractions including Broadway.

Our most recent research report indicates that Broadway directly and indirectly sustains 97,000 local jobs. In our last complete season, Broadway was responsible for an econom-ic impact to the city of $14.7 billion, with attendance topping the combined attendance of the New York metropolitan area’s 10 professional sports teams: the Mets, Yankees, Rangers, Island-ers, Knicks, Liberty, Giants, Jets, Devils and Nets.

We will need time—months or possibly years—to rebuild our audiences. We are working with elected of�cials on the local and federal levels to advocate for the substantial �nancial support required to reopen existing shows, launch new productions and subsidize some of the losses we have sustained.

Broadway is a vital cultural and economic part of this city and New York’s greatest cultural export, important to communities across the country and recognized around the world as the best in live entertainment.

We all need Broadway to come back—and to do that, New York has to come back.

NYC & Co. has been leading these efforts, and support from the Empire State Development Fund will be essential. This support will bring new life to the "I Love New York" campaign, which will remind the world of the wonders that New York has to offer, including the best performers in an industry ready to welcome everyone back to our theaters and our hometown.

Broadway stands ready to support this cam-paign.

Charlotte St. Martin is president of the Broadway League Inc.

CHARLOTTE ST. MARTIN

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“IT DOESN’T MATTER IF IT’S PHASE ONE OR PHASE FOUR. IT’S A MATTER OF PEOPLE AREN’T COMING”

For months Adina Perullo has been waiting to have a surgery that could save her life.

Perullo, a 36-year-old mother of two from Levit-town, planned to have an operation in early April to

remove her ovaries to prevent ovarian cancer. About a week before her procedure, Perullo was told by her doctor that North Shore University Medical Center in Manhasset had postponed all elective surgeries to divert resources to the pandemic. All across the state, hospitals ceased nonurgent surgeries to comply with a March 23 order from Gov. An-drew Cuomo.

Some patients needing operations deemed safe to post-pone, such as those to address heart problems, cancer or hernias, have been waiting months for treatment.

Last year Perullo underwent a double mastectomy after doctors found she had stage-two breast cancer and testing showed she had a mutation in the BRCA-2 gene that puts people at higher risk for several cancers.

“I’ve seen it go from nothing to something virtually over-night,” Perullo said. “�at’s where my fear lies.”

�e state Department of Health granted New York City hospitals permission to resume nonurgent surgeries June 8—Long Island and Westchester facilities got the green light in late May—but the busiest facilities have thousands of pro-cedures to schedule. Perullo is working with her doctor to �nd a date for surgery.

Hospitals had been able to perform medically necessary surgeries with wide discretion as to which should be per-formed. �at discretion was needed to avoid adverse e�ects. A study from the Annals of Oncology, published online in May, found evidence that modest delays in surgery could signi�cantly a�ect a patient’s chance of survival. It noted the need for “rapid attention to any backlog already accrued.

Hospitals were balancing performing surgeries with pre-serving sta� and supplies for Covid-19 care. Every patient undergoing and recovering from surgery would lead to the higher use of protective equipment, which was in short sup-ply, and a need for an operating-room ventilator.

Manhattan’s Hospital for Special Surgery, known for its proli�c knee, hip and other joint surgeries, said in late May that it had a backlog of about 7,000 patients.

At the peak of the crisis, New York’s operating rooms were mostly dormant. HSS dropped to as low as 8% of its total op-erating-room capacity during that period. It performed about 35,000 surgeries last year.

Louis Shapiro, its CEO, said the orthopedic hospital creat-ed a system for classifying elective surgeries in mid-March ahead of the executive order to halt procedures.

After �rst working to accept non-Covid-19 patients from other hospitals, HSS made the decision in April to admit positive patients as well, converting its operating rooms into intensive care units.

“�ese are patients who were canceled for surgery back in March, and what may have been elective then is no longer elective because their condition has deteriorated,” Shapiro said. “�ousands of patients we canceled months ago started to come back slowly.”

As HSS opens up more of its operating rooms, the hospital has needed to thoroughly disinfect areas that served as care sites for Covid-19 patients and replace the anesthesia ma-chines, which had been converted into makeshift ventila-tors for critically ill patients.

All patients must test negative for the virus ahead of their operation.

Finance factor�e drop in surgeries also led to a �nancial hit to hospitals

that rely on that revenue, particularly from orthopedic and cardiac procedures, to stay solvent.

Elective hospital admissions can make up 30% or more of a hospital’s revenue, according to an analysis by researchers at Weill Cornell Medicine in the medical journal JAMA.

Hospitals resuscitate thousands of delayed elective surgeries

HEALTH CARE

BY JONATHAN LAMANTIA

Governor OKs facilities to resume backlog of �nancially lucrative operations

Cultural institutions reinvent their revenue streams

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97KNUMBER OF local jobs supported by Broadway, both directly and indirectly

$14.7BECONOMIC impact of Broadway to New York City

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JUNE 29, 2020 | CRAIN’S NEW YORK BUSINESS | 19

up our doors, it will be in a reduced capacity,” she said. Take the virtual tours and remote classes the garden of-

fers to schools. � e $150 cost was cut to $60. Department of Education grants are making up the di� erence, said Annie Tan-Detchkov, the garden’s director of education.

In addition, garden o� cials are applying for a compost-ing grant to cover expenses at the farm they keep on their 39-acre lot.

But there are strings that come with new money sources. Losing earned revenue means a loss of autonomy, said

Susan Lacerte, the garden’s director. Grants and donations usually come with obligations or are designated for certain programs, she explained, but with earned revenue, organi-zations themselves decide how to spend the money.

Losses for everyoneEven wealthier institutions, such as the Metropolitan

Museum of Art, are rethinking their business approaches.While the Met bene� ts from the earnings of a $3 billion

endowment, 46% of the Met’s operating budget comes from earned revenue sources, according to its most recent � -nancial � ling. � e coronavirus cost the museum nearly $150 million in lost revenue with ticket and retail sales, said Ken-neth Weine, a museum spokes-man.

Once the museum reopens, Weine said, social distancing measures and a slump in tourism will keep earned revenue down.

� e pandemic has been “tremendously impactful,” he said. “We’ve never been closed longer than three days. We’re going on three months.”

� e Met is trying to � nd ways to o� set the decline in tourism. � e museum was once the No. 1 destination for Chinese tourists, Weine said. Seventy-� ve percent of its yearly visitors aren’t even from New York, he noted.

“We need to reintroduce the Met to New Yorkers,” he said.

Long-term recoveryRepresentatives of nearly a half-dozen museums who

spoke with Crain’s said reopening doors wouldn’t even be-gin to overcome the hit to earned revenue.

“We’re expecting, and I think many museums are, that we will probably be in the 20%-25% capacity zone for social distancing reasons alone,” said Adam Weinberg, the Whit-ney’s director.

Reopening won’t be about making money for quite some time, he said, adding that the museum could even lose money when it reopens to a smaller public. ■

Changing the landscape

For months Adina Perullo has been waiting to have a surgery that could save her life.

Perullo, a 36-year-old mother of two from Levit-town, planned to have an operation in early April to

remove her ovaries to prevent ovarian cancer. About a week before her procedure, Perullo was told by her doctor that North Shore University Medical Center in Manhasset had postponed all elective surgeries to divert resources to the pandemic. All across the state, hospitals ceased nonurgent surgeries to comply with a March 23 order from Gov. An-drew Cuomo.

Some patients needing operations deemed safe to post-pone, such as those to address heart problems, cancer or hernias, have been waiting months for treatment.

Last year Perullo underwent a double mastectomy after doctors found she had stage-two breast cancer and testing showed she had a mutation in the BRCA-2 gene that puts people at higher risk for several cancers.

“I’ve seen it go from nothing to something virtually over-night,” Perullo said. “� at’s where my fear lies.”

� e state Department of Health granted New York City hospitals permission to resume nonurgent surgeries June 8—Long Island and Westchester facilities got the green light in late May—but the busiest facilities have thousands of pro-cedures to schedule. Perullo is working with her doctor to � nd a date for surgery.

Hospitals had been able to perform medically necessary surgeries with wide discretion as to which should be per-formed. � at discretion was needed to avoid adverse e� ects. A study from the Annals of Oncology, published online in May, found evidence that modest delays in surgery could signi� cantly a� ect a patient’s chance of survival. It noted the need for “rapid attention to any backlog already accrued.

Hospitals were balancing performing surgeries with pre-serving sta� and supplies for Covid-19 care. Every patient undergoing and recovering from surgery would lead to the higher use of protective equipment, which was in short sup-ply, and a need for an operating-room ventilator.

Manhattan’s Hospital for Special Surgery, known for its proli� c knee, hip and other joint surgeries, said in late May that it had a backlog of about 7,000 patients.

At the peak of the crisis, New York’s operating rooms were mostly dormant. HSS dropped to as low as 8% of its total op-erating-room capacity during that period . It performed about 35,000 surgeries last year.

Louis Shapiro, its CEO , said the orthopedic hospital creat-ed a system for classifying elective surgeries in mid-March ahead of the executive order to halt procedures .

After � rst working to accept non-Covid-19 patients from other hospitals, HSS made the decision in April to admit positive patients as well, converting its operating rooms into intensive care units.

“� ese are patients who were canceled for surgery back in March, and what may have been elective then is no longer elective because their condition has deteriorated,” Shapiro said. “� ousands of patients we canceled months ago started to come back slowly.”

As HSS opens up more of its operating rooms, the hospital has needed to thoroughly disinfect areas that served as care sites for Covid-19 patients and replace the anesthesia ma-chines, which had been converted into makeshift ventila-tors for critically ill patients.

All patients must test negative for the virus ahead of their operation.

Finance factor � e drop in surgeries also led to a � nancial hit to hospitals

that rely on that revenue, particularly from orthopedic and cardiac procedures, to stay solvent.

Elective hospital admissions can make up 30% or more of a hospital’s revenue, according to an analysis by researchers at Weill Cornell Medicine in the medical journal JAMA.

� e changes hospitals made to elective surgeries, “while needed to respond to the Covid-19 pandemic, potentially threaten the � nancial viability of hospitals, especially those with preexisting � nancial challenges and those heavily reli-ant on revenue from outpatient and elective services,” the authors wrote.

� e federal Cares Act included $175 billion in funding for hospitals and other facilities to o� set the costs of caring for Covid-19 and losing revenue from postponing surgeries. But more funding targeted toward smaller and independent hospitals may be needed as those facilities typically have less � nancial liquidity.

Its unclear whether pent-up demand for treatment will lead to higher revenue for health systems.

Several city health systems including Northwell Health and New York–Presbyterian, reported losses of more than $120 million in the � rst quar-ter of the year, as they spent more to prepare for Covid-19 while canceling procedures

in the last two weeks of March.Patients could continue to put o� some less time-sensi-

tive procedures, especially as the number of New Yorkers with job-based insurance fell in recent months.

Northwell Health saw its surgery volume return in waves as its Long Island and Westchester hospitals received per-mission to schedule nonurgent procedures weeks ahead of its city hospitals.

� e health system worked to ensure it could accommo-date social distancing in waiting areas, Michael Dowling, CEO of Northwell, said.

“Recovery, as people call it, is in many ways more di� cult than managing the crisis itself because we have to come back in a di� erent way and make sure when we bring back surgery and other procedures, we do it safely,” Dowling said. “� e world is going to be quite di� erent in every single med-ical facility going forward.” ■

Hospitals resuscitate thousands of delayed elective surgeries

HEALTH CARE

BY JONATHAN LAMANTIA

COVID-19 CAN MAKE US STRONGER, MORE RESILIENT

I’VE BEEN ASKED by many peo-ple both inside and outside of health care, what will our world look like after the pandemic? What will be the impact on busi-nesses? What will be the toll on health care? And most impor-tantly, how will this change us and our communities?

Regardless of your profes-sion or societal status, the pandemic has been an unrelent-ing experience with a high price tag. Whether it has been the

loss of a job, education, socialization or even loved ones, Covid-19’s expensive tally has spared no one. But as we have seen numerous times before, we will be stronger and more resilient because of this.

In the days after Superstorm Sandy, confusion reigned about a pathway forward. The overwhelming devastation in 2012 crippled housing and com-munities, which were washed away in a few hours overnight. While the effects could be felt years after the storm, we are now far safer and much better prepared to handle another natural disaster.

We need to move forward with the same cau-tious optimism and con� dence in the wake of the coronavirus pandemic.

Despite what we’ve lost, no crisis should go to waste. We need to rebuild safely and smartly and take advantage of the great opportunity to reemerge as the community that we want to and should be.

The pandemic has uni� ed us in ways few would have thought possible. In New York, for instance, competing health systems pulled together to share resources and best practices, recognizing that we have a shared responsibility to preserve the public’s health.

The very best of humanity has been and contin-ues to be demonstrated. Community support has showered our health care workers each night with a deafening clap out. Organizations have offered food and supplies to those in need. There’s a newfound commitment to our neighbors and families that hasn’t been seen in years.

Covid-19 may have changed our perspectives, fears and desires. It certainly has in health care.

Speaking for Northwell Health, where we have treated more Covid-19 patients than any other health care provider in the U.S., we have seen ex-ceptional unity among our staff and a shared sense of pride and commitment to a focused mission— despite the emotional trauma endured on the front lines. We have both suffered and bene� ted from it while knowing we will never again be the same.

Recognizing that our lives are changed forever is an essential part of the recovery process.

Persistence and creativity are among the many important lessons we have learned during the pan-demic. Forced to respond to rapidly moving targets, our innovative 3D-printing researchers and clinicians transformed more than 300 sleep apnea machines into ventilators, avoiding a potential shortage.

The same ingenuity was shown by 3D print-ing nasal swabs in response to an overwhelming demand for Covid-19 diagnostic tests. To handle a huge surge in patient volume, we increased capacity in our hospitals by creating nearly 200 beds a day, eventually adding nearly 2,000 in 10 days.

All of these incredible feats underscore what can be accomplished during an emergency.

Michael Dowling is president and CEO of Northwell Health, New York’s largest health care system and private employer.

MICHAEL DOWLING

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“THE WORLD IS GOING TO BE QUITE DIFFERENT IN MEDICAL FACILITIES GOING FORWARD”

THE PERULLO FAMILY

Governor OKs facilities to resume backlog of � nancially lucrative operations

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NEXTN E W YO RK

Dr. Charles Brunicardi, senior vice president and dean of the College of Medicine at SUNY Downstate Health Sciences University, de�nitely un-

derstood the need for his students to maintain their education during the pandemic.

SUNY Downstate is the only academic medi-cal center that serves the 2.6 million residents of Brooklyn. Most of its patients are people of color with underlying health conditions.

“�e Covid-19 pandemic has really had a tre-mendous adverse e�ect on the underrepre-sented population in Brooklyn,” Brunicardi said. “It opens the door for increased studies in social determinants of health, disparities of health and genomic health in Brooklyn.”

New coursework will be part of the new nor-mal that SUNY Downstate is anxious to return to. So will innovations in the way students learn.

Hybrid programsIn March medical schools were shut down as

a result of the pandemic, and faculty and stu-dents transitioned to remote learning. Earlier this month Gov. Andrew Cuomo said that medical schools statewide could reopen June 22.

SUNY Downstate has worked diligently to design hy-brid programs combining virtual sessions with in-person learning. Later this year students will start clinical rota-tions again, including some—such as those in the inten-sive care unit—that will involve Covid-19 patients.

�e safety of SUNY Downstate’s 820 medical students has been the top priority in all of the changes, Brunicardi said.

Because medical students don’t have the training to care for patients during their four years of medical school, their redeployment has not been allowed anywhere during the crisis, particularly when weighed against the risk of their potential exposure. However, residents and fel-lows have been some of the greatest heroes of the pandemic.

At SUNY Downstate, about 1,000 residents and fellows across more than 50 programs were redeployed to emer-gency departments, ICUs and internal medicine �oors to help ease some of the surge, said Dr. �eresa Smith, di-rector of graduate education.

�ough many residents and fellows are starting to re-turn to their regular departments as Covid-19 cases trend down, Smith refers to the coming weeks and months as a pendulum.

“We need to anticipate another surge, whether that is when stay-at-home orders are rescinded or in October, when there could be another peak that coincides with in�uenza season,” Smith said. “We need to be able to go back to full redeployment at any point in time.”

Out of those 1,000 residents, 3% contracted the dis-ease, Smith said. She attributed the low infection rate to personal protective equipment and regular training.

Dr. David Muller, dean for medical education at the Icahn School of Medicine at Mount Sinai, said caring for Covid-19 patients has already become the new normal.

“It is going to be part and parcel of the practice of med-icine forever,” Muller said.

One parallel to the current pandemic is the beginning of the HIV/AIDS epidemic, he said. In the early days of that crisis, there was not much information, and it was terrifying. Now everyone wears gloves when drawing blood. And everyone will wear PPE when caring for Covid-19 patients going forward.

Muller said medical students are slated to return to campus, and coursework will involve a mix of remote

and in-person sessions for the time being. �ird- and fourth-year students will return to clinical rotations.

Telemedicine will need to be a signi�cantly larger part of the curriculum, he said.

However, the focus is not only on coursework.“�e other important reason that we want students to

be on campus [is that] we know that a huge part of what students do is outside the curriculum,” Muller said. “�ey want to interact with the doctors in the emergency room, the operating room. �ey want to �nd role models and explore career opportunities.”

Dr. Melvin Rosenfeld, se-nior associate dean for medi-cal education at NYU Gross-man School of Medicine, said a phased return of students based on their year of study has begun.

“Parents have entrusted us with their children, and we

take that responsibility very seriously,” Rosenfeld said.Vaccines will be one part of the existing curriculum,

which will be expanded as a result of the pandemic, he said.

�ere also needs to be an even greater focus on study-ing the factors that contribute to a person’s health, in-cluding access to healthy food, he said.

“It’s important that people understand why the social determinants of health a�ect so many di�erent things,” Rosenfeld said. “While it was part of our curriculum be-fore, it will be made even more robust.”

Getting creativeLeaders at SUNY Downstate concur that lessons

learned during the pandemic will enhance students' skill sets.

Residents and fellows have gotten creative to continue with their specialty studies. For example, the surgery team was missing out on some of their procedures when everything started shutting down, Smith said. So they went around the ICU and put in chest tubes and IVs. �ey did all the technical procedures they could.

�e anesthesiology team assisted when there was a shortage of respiratory specialists, she added. And the orthopedics team helped �ip patients onto their belly for better oxygenation and ventilation, which will be useful training for completing spinal surgeries down the line.

“�e skills that they learn during this time are phe-nomenal and [ones] they will take with them in their fu-ture careers,” Smith said. “�ey're going to be leaders in their �eld.” ■

Pandemic reshapes how medical students learn

EDUCATION

BY JENNIFER HENDERSON

“THE SKILLS THEY LEARN DURING THIS TIME ARE ONES THEY’LL TAKE WITH THEM”

HARNESS TECH FOR GOOD OF NEW YORK

WE HAVE A CHOICE IN NEW YORK.

The past few months have shed even greater light on the drastic shortcomings and ineq-uities in our civic, economic and social infrastructure. We now have the opportunity to choose between rebuilding our city and state using the same complex patchwork of municipal and so-cial processes that have existed

for decades, or we can reinvent the processes by building more collective accountability, embracing and inviting technology and a new class of entrepre-neurs to build a future together.

In the past 15 years we have seen monumental innovation in New York’s private technology sector in software, cloud computing, health care, data, direct-to-consumer products and marketplaces, to name a few. But despite these gains, we now need more innovative work that connects the private sec-tor to the public sector to serve residents better.

One way to put it: How much of the city’s 2021 budget proposal of $89.3B could we ultimately save if we substituted longer-lasting solutions for interim payment planning and incremental savings?

The choice to harness technology in government infrastructure is the choice to signi�cantly improve the quality of human lives in the immediate term and across critical areas, such as food access and distribution, criminal and social justice, health care and immigration.

We have the opportunity to create a municipal services network that doesn’t just offer services for services’ sake, but rather one that prioritizes intelligence and connectivity, allowing one service to inform the next—ultimately painting a more complete picture of each resident’s needs and how best to ful�ll them.

We could start together in a few areas.We could examine procurement processes and

centralization (touching the $20 billion of goods a year from outside contractors) to see where tech-nology might unlock ef�ciency.

We could forge partnerships between smaller companies and city and state governments to pro-vide key services to residents with greater ef�cien-cy. (Think Department of Motor Vehicles processes, jury duty administration, Medicare and Medicaid en-rollment, food stamps and unemployment bene�ts.)

We could together build new frontiers in edu-cation, an area where virtual classrooms make technology an absolutely necessity. We could launch tech-focused job training programs, harnessing resources, talent and lessons from the technology sector to help more New Yorkers access it. There is signi�cant opportunity to increase the speed and intentionality around partnerships among govern-ment and private-sector technologists.

Technology companies and new entrepreneurs are ready and willing to help, and we have been for a long time. But it will take an open-minded and committed reexamination of what is possible. It will take implementing these public-private partner-ships, relaxing red tape, and being honest with ourselves about which processes and laws are truly needed to protect residents and which are antiquat-ed and intended only to protect an industry.

Providing true innovation to deeply seeded pub-lic and social services necessitates that we think in a different way. The call to action could not be more urgent.

Kevin Ryan, an internet entrepreneur, co-founded AlleyCorp, MongoDB, Business Insider, GILT, Zola and Nomad Health, among several other companies.

KEVIN RYAN

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Residents and fellows have been some of the greatest frontline heroes

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■

hen the coronavirus pandemic hit, Jaye Fox, Director of Development

at Bronx Pro Group, was met with the stark reality that every small business was facing: the possibility of having to lay o� employees.

Although, for Jaye, she knew the impact of layo�s would a�ect more than the employees of Bronx Pro Group and their families. As developers, builders, and managers of a�ordable housing, furloughing their employees would mean ceasing a vital mission that would have a lasting a�ect on the communities they serve.

To retain their sta� and continue to build quality, a�ordable housing, Bronx Pro Group needed to secure a PPP loan.

RESPONSIVENESS AND PERSONALIZED SUPPORT WERE KEY.

Seeking immediate financial assistance, Bronx Pro Group simultaneously reached out to three banks — Flushing Bank, as well as two other banks, including a larger one. With unprecedented numbers applying for PPP loans, Flushing Bank worked closely with Bronx Pro Group to understand their needs and quickly secured their PPP loan.

Jaye Fox said, “Flushing Bank was the only one of the three banks that was able to answer our questions about the PPP from the informed perspective of an experienced SBA 7a lender. Their team was communicative, knowledgeable, and responsive throughout the process, and we are certain this is responsible for the success of our SBA application.”

Bronx Pro Group’s loan was just one of 343 PPP loans secured by Flushing Bank, for a total of $91,766,000 in PPP loans and counting. In fact, to date, Flushing Bank has successfully funded every PPP loan application, including those of customers and non-customers. Across industries and during the most trying of times, small businesses have once again realized the benefit of working with a local, community bank.

SMALL ENOUGH TO KNOW YOU. LARGE ENOUGH TO HELP YOU.

In the midst of the pandemic, when many midsize and large banks fell short serving customers, Flushing Bank upheld their community-based approach of “Small enough to know you. Large enough to help you.” Beyond PPP loans, their day-to-day services and commitment to the neighborhood proved ever important to individuals and families.

Through appointment banking, customers met with branch members, as needed, in which they continued to open new deposit accounts, as well as close

on traditional loans, including lines of credit and mortgages. Additionally, at a time when the health and safety of the community were never more vital, Flushing Bank launched a line of robust digital services. This digital transformation allowed customers to easily bank from the comfort and safety of their homes, any time of day.

Beyond financial services, Flushing Bank reached out to their community during the crisis and sent much-needed food donations to frontline healthcare workers.

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“Through this crisis, I’ve heard from other small business colleagues and it’s clear that we’ve been treated exceptionally well compared to their experiences with other larger national banks. Flushing Bank has been understanding, flexible, communicative, and helped us move quickly, securing both bank support to our existing loans and relief funds via government interventions.” –Matthew Viragh, Founder/Executive Director, Nitehawk Cinema

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22 | CRAIN’S NEW YORK BUSINESS | JUNE 29, 2020

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As the city’s 27,000 restaurants seek to reopen, they’re keeping a close and hopeful eye on what business they can bring back through outdoor seating.

Restaurants have responded quickly to Phase 2 of Gov. Andrew Cuomo’s economic reopening plan. Tables spilled onto parking lots and sidewalks on June 22, serving cus-tomers outdoors in spaces 6 feet apart and requiring din-ers to wear masks when they are not seated.

Further hope rests on Mayor Bill de Blasio’s plan for a “massive” expansion of outdoor dining, allowing restau-rants to open cafés on sidewalks, closed-o� streets, parks and parking lots with a self-certi� ed permit process. � at includes a pledge to close o� 100 miles of streets to cars and open up space for New Yorkers during the pandemic. Previously, these outdoor options were often too costly and bureaucratic for restaurants to pursue.

“People are going to be out and about, and businesses need to start generating income,” said Andrew Rigie, exec-utive director of the New York City Hospitality Alliance. “We need to recognize that reality and build a system for restaurants to open outdoors.”

Costs and bureaucracyRestaurant owners seem happy to comply with mea-

sures that bring back some of the nearly 145,000 New York-ers who work for their establishments. � e New York City Hospitality Alliance estimated that 67,000 restaurant work-ers lost jobs within the � rst weeks of the pandemic.

Almost all restaurants surveyed in May by the not-for-pro� t association said they are unable to pay their rent. A majority of restaurant owners do not think their business can survive with indoor capacity capped—as will be re-quired in a coming phase of the reopening.

To make up the di� erence, outdoor seating will be cru-cial. Before the pandemic, fewer than 2,000 restaurants

were permitted to o� er sidewalk dining, with most of these establishments located in Manhattan. � e mayor’s o� ce estimates that the total will rise to 5,000 due to the push for outdoor dining.

Sidewalk café limitsRestaurant owners note that sidewalk cafés are only a

small part of the solution, because they o� er limited space. Restaurants are typically allowed up to 4.5 feet o� their storefronts to set up tables, but they need to leave at least 8 feet of sidewalk clear.

� ose guidelines seem feasible in places like Midtown. But it is less workable in the outer boroughs and in resi-dential neighborhoods.

Each of the 5 Napkin Burger locations in the city has a sidewalk café of about 30 seats, compared with 100 inside. � e business will need to maximize the capacity of that

outdoor area within the state’s guidelines.“We are looking at 5-foot barriers between tables to see if

there is a solution there to get seats closer together,” said Robert Guarino, CEO of 5 Napkin Burger. “If that is safe and feasible, we would love to get as many seats as possible.”

At E’s Bar on the Upper West Side, owner Erin Bellard has set out about 20 seats each summer for the past eight years, part of an outdoor dining scene along Amsterdam Avenue. She is now able to serve those seats again, but is hoping to get more space on the street to make up for the decreased capacity required for social distancing.

“� ere have been talks about shutting down streets in restaurant-heavy avenues, and that would be amazing,”

Bellard said. “We could expand into the street to regain not only what our patio is losing in capacity, but the indoor seating we lost as well.”

What won’t come backMichael Dorf, owner of City Winery, said the company’s

Vineyard location at Pier 26 has expanded seating into Hudson River Park. But it will be a long time before the company’s hallmark—live entertainment—can return, given a prohibition until a later phase of the state’s reopen-ing.

“We are desperate,” Dorf said. “We are desperate to serve, start making money again and bring our sta� back to work.”

Restaurants outside of residential areas also need a re-turn of o� ce workers to bring back happy hour and lunch business. Adoro Lei, an Italian restaurant in Hudson Square, can set up about 20 seats outside. But � lling those tables is dependent on the return-to-work plan from busi-nesses that are expanding locally, such as Google and Dis-ney. According to a survey from the Partnership for New York City, businesses expect just 30% of their employees to return to the o� ce by the end of the year.

“Our busiest days are Wednesday, � ursday and Friday, from six to midnight,” said Michael DiBugnara, a restau-rant partner. “So we are hopeful that a lot of people will be coming back.”

Lost time� e best weather for outdoor dining may have already

passed. Serge Becker, who operates several city restau-rants, said he still would like to put tables outside in a park-ing lot near Miss Lily’s 7A Café in the East Village—even if it won’t make up for the lost business indoors.

“Hopefully we can just break even or whatever it is,” Becker said. “It is not the business perspective, but more just the spirit—we need to get some life back, get some en-ergy back.” ■

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New York City’s meetings and events industry prepares for a comebackWhen Covid-19 struck, many live events in New York City got cancelled or postponed.

Now, with the city reopening gradually, some meeting organizers are transitioning back into holding live events at city venues, while others are innovating in the area of virtual events and live-virtual hybrids.

“People crave people and they want to be together,” said Jessica Rothstein Berman, a certified meeting planner and vice president of sales and marketing for the Manhattan Center, an events, performance and production space in New York City.

Although the events world has not yet returned to its pre-Covid pace, Rothstein Berman has found that a growing number of clients are eager to bring people together under one roof in the near future—with some modifications.

“We have a number of events booked for the fall,” said Rothstein Berman. “They’re still planning on moving forward. Are they going to do it differently? Absolutely.”

With health and safety top of mind, the Manhattan Center has been putting enhanced

procedures in place to prevent the spread of the coronavirus. It is incorporating masks, social distancing, contactless check-ins, temperature checking, GBAC Star certification and additional sanitizing into events held at the venue.

“We’ve been very proactive with safety guidelines,” said Rothstein Berman. “At the end of the day, it’s going to come down to what people are comfortable with.”

For some clients planning live events, the Manhattan Center has been using its on-site broadcast facility to add a virtual component. Some, for instance, are holding live town halls where key stakeholders attend in person, but there is also a virtual component, so attendees may participate remotely if they wish. This has been helpful for nonprofit clients who rely on their events for fundraising and now have to meet their annual financial goals with a smaller number of attendees.

“We’re equipped to do that as a turnkey solution,” said Rothstein Berman.

Other players in the meetings and events space are also prepared for a resurgence of live events. “We would expect localized events to make a comeback in the short-term, especially if they can be held outdoors,” said Karen

Shackman, founder of Shackman Associates, a destination management company based in Manhattan.

Shackman is expecting a significant demand for venues in the New York City area. “For destination corporate-incentive bookings, this is the time to be planning for 2021, because once things really open up and meetings are perceived as safe for the health of attendees, the backlog will make it almost impossible to book anything at the last minute,” she said.

Event planner Alicia Schiro, founder and CEO of ACED IT Events in Manhattan, predicts that many clients will gravitate to larger spaces that allow for social distancing, once they’re ready to go back to live events.

“The largest spaces are probably going to be the busiest they’ve ever been,” said Schiro. “Typically, when you have 100 people, you would not want a space for 5,000. In the past, it would never make sense. Now it makes total sense. You can spread out.”

Schiro said that most of her clients, who are concentrated in the tech industry, are opting

for virtual events through the end of 2020, as we await a vaccine for the coronavirus. In the meantime, she is seeing a lot of innovation as clients embrace technologies such as Zoom. “I’m seeing more clients take the leap and do more digital and get really creative,” she said.

For one client recently, she arranged a cooking experience, run by a celebrity chef, and a mixology class. “We’re really trying to focus

on local restaurants and supporting those businesses,” she said.

These efforts are becoming more advanced, with some productions toggling between a livestream, a video and slides. To ensure the meeting quality is as good as possible, Schiro has been engaging an audiovisual company to ship recording equipment to celebrity chefs. “We’re getting more sophisticated,” she said.

“WE HAVE A NUMBER OF EVENTS BOOKED FOR THE FALL. THEY’RE STILL PLANNING ON MOVING FORWARD. ARE THEY GOING TO DO IT DIFFERENTLY? ABSOLUTELY.” Jessica Rothstein Berman, vice president of sales and marketing for the Manhattan Center

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Tracing New York’s journey through the pandemicA timeline of the battle against Covid-19BY GERALD SCHIFMAN

SECOND CORONAVIRUS CASE

The state reports its second coronavirus case: a New Rochelle lawyer who works near Grand Central Terminal.

FIRST PHASE OF FEDERAL RESPONSE

The federal government passes its �rst bill to �ght the pandemic: an $8.3 billion deal to fund research and development for vaccines, therapeutics and diagnostics.

NEW ROCHELLE CONTAINMENT ZONE

As New Rochelle becomes the temporary epi-center of the virus in the U.S., the governor announces that a containment zone will be created in the Westchester city from March 12 through March 25.

STATE OF EMERGENCY DECLARED

With the state’s caseload building, Gov. Andrew Cuomo declares a state of emergency as part of an effort to contain the spread of the virus.

TESTING PERMISSION GRANTED

The Food and Drug Administration grants approval to public and private labs to screen for Covid-19, allowing the state to ramp up testing.

STOCK MARKET HITS NADIR

The Dow Jones Industrial Average bottoms out at 18,592, a drop of more than 10,000 points from its February high.

COMFORT ARRIVES

The 1,000-bed USNS Comfort ar-rives in the city to help alleviate the strain on hospitals. While orig-inally planned to treat noncorona-virus patients, the Navy hospital ship is recon�gured to begin ac-cepting virus-infected individuals in a special ward a week later.

LIFE ON HOLD

Cuomo’s New York State on Pause policy goes into effect, requiring all nonessen-tial businesses to close and banning all nonessential gatherings. Despite being shuttered, the city goes on to become the epicenter of the world pandemic.

HOSPITAL EXPANSION

The governor mandates that hospitals expand capacity by at least 50%. With approximately 50,000 hospital beds in the state, the measure would have covered only a portion of the 140,000 beds projected to be needed.

SECOND PHASE OF FEDERAL RESPONSE

The second federal bill, the $104 billion Families First Coronavirus Response Act, is enacted into law. The legislation includes sick-leave provisions and unemployment bene�ts.

THIRD PHASE OF FEDERAL RESPONSE

The $2 trillion Coronavirus Aid, Relief and Economic Security Act is signed into federal law. As part of the legislation, the $669 billion Paycheck Protection Pro-gram is established to fund small-business loans.

FIRST CORONAVIRUS CASE

New York reports its �rst con�rmed Covid-19 case: a Manhattan-based health care worker.

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Tracing New York’s journey through the pandemic

STOCK MARKET HITS NADIR

The Dow Jones Industrial Average bottoms out at 18,592, a drop of more than 10,000 points from its February high.

JAVITS CENTER REPURPOSED

The Javits Center, which had been transformed from a convention hall into a hospital over�ow facility, is approved to treat Covid-19 patients.

CASELOAD HITS 100,000

The city eclipses 100,000 Covid-19 diagno-ses, a 53% increase from one week earlier.

PPP EXTENDED

The federal government authorizes a $484 billion bill to extend the Paycheck Protec-tion Program and provide more funds for hospitals and tests.

CASELOAD HITS 200,000

Although the spread of the virus has slowed signi�cant-ly, the city eclipses 200,000 Covid-19 diagnoses.

HOSPITALIZATION PEAK

The state reaches 18,825 hospitaliza-tions—the eventual apex of the pandemic’s �rst wave and signi�cantly less than worst-case projections.

DEATH TOTALS START TO FALL

There are 735 con�rmed and probable deaths from Covid-19 in the city. After this, daily fatal-ity counts drop as containment measures prove effective. More than 20,000 city residents even-tually will be lost to the disease.

REGIONAL STRENGTH

Amid pressure to reopen the economy, New York joins Northeastern states to create a regional reopening plan.

STATE BUDGET APPROVED

Cuomo and state legislators agree to a $177 billion budget plan for the coming �scal year. The budget includes a projected tax-revenue loss of $10 billion as a result of the virus and shutdown.

COMFORT ARRIVES

The 1,000-bed USNS Comfort ar-rives in the city to help alleviate the strain on hospitals. While orig-inally planned to treat noncorona-virus patients, the Navy hospital ship is recon�gured to begin ac-cepting virus-infected individuals in a special ward a week later.

MTA SANITATION

In a historic move for its 24/7 subway system, the city begins to halt service from 1 to 5 a.m. nightly for cars to be disinfected.

COMFORT LEAVES

With the worst of the virus’ �rst wave behind New York, the USNS Comfort leaves Pier 90 on the West Side. Fewer than 200 patients were treated on the vessel.

THIRD PHASE OF FEDERAL RESPONSE

The $2 trillion Coronavirus Aid, Relief and Economic Security Act is signed into federal law. As part of the legislation, the $669 billion Paycheck Protection Pro-gram is established to fund small-business loans.

TESTING BOOM

As its testing capacity continues to expand, the city performs 34,232 examinations for Covid-19, a 62% jump from one week earlier.

REOPENING BEGINS

Phase one of the city’s reopening commences, thanks to the implementation of a tracing pro-gram and diminished caseloads and hospitaliza-tions. Construction, retail and elective surgeries are among the business activities that resume.

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The city enters its second phase of reopening. Thousands of companies are permitted to welcome back employees to of�ces provided that social-distancing guidelines are followed.

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26 | CRAIN’S NEW YORK BUSINESS | JUNE 29, 2020

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Gratitude List Crain’s asked readers what they were thankful for and what they learned about themselves and others during the lockdown. Here’s some of what they said.

I’m in recovery for over 33 years, and the topic of gratitude is certainly my favorite. From the

time I entered recovery, it was always important for me to have a gratitude list. My list always begins with: ‘I’m grateful to be alive. I’m grateful to be clean and sober. And I’m grateful for my family, my friends, my career and my music.’ ” — Peter N.

I have more respect and admiration for my

autistic son, Matthew. My husband and I have had the task of teaching him about our world and the best ways to communicate, understand and participate in all our daily activities. I always knew that he worked hard, but I never really understood the fortitude and patience he devotes to being a part of ‘our world.’ He is an inspiration!” — Claudia

I am grateful to the scores of my college students who checked in on me regularly during the lockdown, not just with well wishes

but with genuine offers of assistance to me and to their classmates or families needing help. There is a lot of talk about how today’s college ‘kids’ don’t measure up to previous generations—I’ve been guilty of such grumblings once or twice myself out of frustration—but witnessing how 99.9% of my students handled the massive disruption to their studies and their lives, and how quickly they adapted, gives me great hope for better, brighter days ahead.”

— Marco DeSena, lecturer, Baruch College, City University of New York

During Covid-19, I have—like most people—been working from home. Every day I spend an hour

either jogging or bicycling around my town, Greenburgh, New York. I have cycled or biked on streets that I never appreciated before. I enjoy the landscaping, trees, � owers, architecture and beauty of the community more than I ever did. I even appreciate the deer and wildlife I encounter. I look forward to my daily hour of cycling- jogging, and after three months I keep looking for new streets to explore.” — Paul Feiner, Greenburgh town supervisor

I am grateful that University Settlement’s adult literacy program stepped up quickly to move our English as a

Second Language students from the physical classroom to the virtual classroom. In addition, recognizing the added work that would be involved, they increased our pay hours slightly. I am grateful that my class of low-intermediate students have stayed the course, despite losing their jobs and having to deal with homeschooling their children.” — Lynne Hayden-Findlay

I am grateful for my health. I did not catch the coronavi-rus, but I had some serious medical needs in the last

� ve months. NYU Langone Medical Center closed surgeries just before I was to have a stone removed from my kidney. I also had problems with my feet. Langone literally protected me from getting the virus. They made numerous exceptions to see me in off-hours. And yesterday, after several months, the procedure was complete, bringing an end to all of this. I saw in action our � rst responders pay attention to those in our community.”

— Barre Flynn, business manager, Onyx Healthcare Solutions

I have been grateful for the gift of time to connect

with family and friends (virtually and by telephone). I set up happy- hour dates with friends and col-leagues that I had not spoken to in several years. I am grateful for the time to take two courses online, one o� ered by Yale and another by Johns Hopkins. I am grateful for the time to read and to meditate and exercise daily. I have been conscious about using this time constructively as I am not sure when I will have two and a half months o� from work again.” — Michele August

I am grateful for the Visions staff, that they trust enough to share their feelings honestly about

systemic racism, the senseless murder of Black people and the deep hurt and despair over the lives lost from Covid-19 of so many people of color. [We have] a diverse staff representing people of color, people with disabilities and LGBTQ people, [and] we live in a world � lled with discrimination. I am grateful that we can work together to create a better, fairer and safer world.”

— Nancy D. Miller, executive director and CEO, Visions/Services for the Blind and Visually Impaired

“GRATEFUL FOR THE KINDNESS OF A NEIGHBOR WHO DELIVERED AND LEFT FRESH EGGS FROM HER HENS.” — Fran Gardner

“I AM A SENIOR WHO LIVES ALONE. I AM GRATEFUL FOR MY LITTLE TORTOISE, WHOM I CAN HOLD AND CARE FOR AND WHOSE ANTICS ENTERTAIN ME. HE GIVES ME COMPANIONSHIP AND A CHANCE TO TOUCH A LIVING BEING WITHOUT FEAR OF GETTING SICK.”

— Leona

“I AM GRATEFUL THAT WHEN I ASKED PEOPLE VIA SOCIAL MEDIA TO SEND PUZZLES AND WORD GAMES TO OUR HOMEBOUND TENANTS, I HAD BOXES IN MY OFFICE THE NEXT DAY. I AM GRATEFUL FOR THEIR KINDNESS IN THE TIME OF QUARANTINE.”

— Wilson Kimball, president and CEO, Yonkers’ Municipal Housing Authority

“I AM THANKFUL FOR EVERY NEW YORKER WHO STAYED ALL THE WAY THROUGH THIS CRISIS, SUPPORTING LOCAL MERCHANTS AND KEEPING A CORE COMMUNITY ALIVE IN OUR NEIGHBORHOODS. WHETHER YOU’VE BEEN IN THE CITY YOUR WHOLE LIFE OR JUST GOT HERE, IF YOU STAYED, YOU NOW HAVE THE ‘REAL NEW YORKER 2020’ BADGE, AND NO ONE WILL EVER DOUBT YOUR LOVE OF THIS CITY.”

— Nicholas Colas

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CRAIN’S: Projects that were shut down or slowed in the spring are now open again. How have the initial days of reopening gone so far?

GAVIN MIDDLETON: I think all of us who participate in New York construction have been both encouraged and heartened by what we have seen in these �rst few days back. The trades have shown a deep desire to return to work and abide by the new return-to-work plans that have been put in place by general contractors. Construction managers have been responsive to the guidelines provided by

state and city agencies and have carefully considered what a safe and ef�cient work environment should look like for this return. The high level of energy has been very noticeable on the job sites I have visited during the past few days, and we are encouraged by the daily number of tradespeople back at work and performing at high productivity levels even as they learn an adapted way of working. The numerous initiatives, including staggered starts in the morning, have greatly improved the safe vertical movement of workers and materials on our high-rise projects. Additional hygiene

protocols and wellness checks are being diligently enforced on all the jobs I have visited. New York City has responded positively, and there is a strong back-to-work push across job sites.

One thing we are learning here is that there is no one-size-�ts-all solution: Each construction site or work environment is affected very differently, depending on the logistics of the job, and all participants need to continue to work together to �nd unique solutions. While there is a natural and understandable wariness to resuming work during a pandemic, New York City’s

construction and development industries have stepped up across the board to deliver job-site environments that make workers feel con�dent returning to work.

CRAIN’S: What changes need to be made to buildings in the city to make traditional high-touch areas in of�ce environments safer for employees?

MIDDLETON: Concern around high-touch areas and communal of�ce items are a huge talking point in the industry on a national level, not just here. Lobbies, bathrooms, of�ce kitchens and elevators are being

targeted to be as hands-free as possible. We have numerous projects that are in the process of upgrading entry doors, security check-in screening, elevator operation, security turnstiles and card readers. New technology that uses facial recognition is being installed to help cut additional contamination possibilities and touchpoints. Bathrooms are being overhauled, especially in older buildings, throughout the city. Fixtures, bathroom stalls, soap dispensers, entry doors and hand-drying areas are being modernized to become hands-free.

CRAIN’S: Given the current �nancial uncertainties, what should owners be thinking about if they are contemplating construction projects?

MIDDLETON: If construction slows, there will be enormous opportunities to secure better pricing. Quality subcontractors in most key trades are looking for a 2021 backlog and beyond, so owners will have opportunities to assemble top-tier teams for their projects. We also are seeing a growing interest at all levels of the general contracting community for new projects. Key executives, superintendents and project managers are going to be available on the general contractor-construction manager side of the industry, and these highly regarded teams consistently deliver successful projects, which present a real value

proposition for owners who can advance work during this period of uncertainty.

We also will continue to see the consistent advancement of additional prefabrication for many components of the job off-site, in factory

and shop environments. The mechanical, electrical and plumbing trades are showing great creativity in this regard, and while the off-site shift was already underway before the Covid-19 pandemic, it will only accelerate, given today’s unique circumstances.

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Gavin Middleton, chief operating of�cer at Lehrer Cumming

Job sites and workplaces of the future with Lehrer Cumming

As New York City continues Phase 1 of reopening, the design, construction and development industries are mapping out how the future workplace will look and how buildings, regardless of their age, will need to change. To gather greater insight, Crain’s

Content Studio spoke with Gavin Middleton, chief operating of�cer at Lehrer Cumming, which advises owners planning or already involved in large-scale construction projects. It focuses on new building construction, major adaptive reuse and complex developments. Middleton is a design and construction executive with 25 years’ experience in North America, the Caribbean and Europe. His expertise is in managing logistically complex mixed-use programs from inception to �nal delivery and closeout.

Lehrer Cumming has 120 team members across �ve of�ces, working on behalf of clients undertaking more than $25 billion worth of construction in the academic, cultural, commercial, residential and health care �elds, as well as in the hospitality, retail and infrastructure sectors. It is a division of Cumming, a global project management and cost-consulting company.

“WE ARE ENCOURAGED BY THE DAILY NUMBER OF TRADESPEOPLE BACK AT WORK AND PERFORMING AT HIGH PRODUCTIVITY LEVELS.”

28 | CRAIN’S NEW YORK BUSINESS | JUNE 29, 2020

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Scenes from the pandemic Photographs by Buck Ennis

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JUNE 29, 2020 | CRAIN’S NEW YORK BUSINESS | 29

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30 | CRAIN’S NEW YORK BUSINESS | JUNE 29, 2020

PEOPLE ON THE MOVE

HEALTH CARE

Gorman Health Group

Kate Rollins, MSN, RN, has been named GHG’s Senior Vice President of Population Health & Clinical Innovations, where she will lead efforts to help clients improve clinical outcomes & quality while lowering costs. Kate is a Clinical Nurse Specialist with expertise in oncology, infectious diseases & a focus on caring for vulnerable populations. She has 20+ years of experience in clinical strategy development, program development, implementation, operations & performance management/evaluation.

TELECOMMUNICATIONS

Transit Wireless

Transit Wireless, a leading 5G neutral host �ber infrastructure company, announced that Julia Hanft has joined the company as general counsel. She will report directly to Melinda White, chief executive of�cer of Transit Wireless. Ms. Hanft will lead the legal organization and serve as corporate secretary to the Transit Wireless Members Committee.

To place your listing, visit crainsnewyork.com/people-on-the-moveor, for more information, contact Debora Stein at 917.226.5470 / dstein@crain.com

CONSTRUCTION

Clune Construction

Jake Tozour has recently been promoted to Vice President, Senior Project Manager at Clune Construction. Jake is involved in all phases of the project, from pre-construction through project close-out, and has trained staff to be capable and client-focused. Jake has been at the forefront of developing and growing the Banking and Healthcare divisions in New York.

CONSTRUCTION

Clune Construction

Jessica Doyle has been named Vice President, Regional Marketing – New York at Clune Construction. With 11 years of marketing experience in the AEC industry, Jessica is the leader of Clune’s marketing efforts within the New York region. In addition to her marketing experience, she also has a background in photography and architecture. She holds a Bachelor of Fine Arts Degree from New York University, and a Master of Architecture from Boston Architectural College.

FINANCIAL SERVICES

Dime Community Bank

John Romano has been promoted to Executive Vice President and Chief Retail Of�cer of parent company Dime Community Bancshares, Inc., and Dime Community Bank. In his new role, Mr. Romano will continue with responsibility for Business Banking and add reporting responsibilities for Retail Banking, Municipal Deposits, Operations and Support Department (OSD) and Facilities. John joined Dime in October 2017 as Senior Vice President, Business Banking with extensive community banking experience.

CONSTRUCTION

Clune Construction

Clune Construction is happy announce that Mike Garafola has been promoted to Vice President, Senior Superintendent. Mike has 25 years of construction industry experience, and played a key role in establishing Clune’s New York Mission Critical team. He has a Bachelor’s degree in Electrical Engineering from the New York Institute of Technology. Mike holds several professional certi�cations including the OSHA 10 Hour and 30 Hour, 4 Hour Scaffold Certi�cation, and Electrical Safety Certi�cate.

Gain the NYU education that will set you apart and empower you to build a stellar career.

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MS in Human Resource Management and DevelopmentThe MS in Human Resource Management and Development (HRMD) prepares students to become strategic business professionals with specialized expertise in e�ectively leading and managing talent in today’s global organizations. Taught by scholar-practitioners, the program o�ers concentrations in Human Capital Management; Global Talent Management; Learning, Development, and Executive Coaching; and Organizational E�ectiveness.

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FINANCIAL SERVICES

Dime Community Bank

Stuart “Stu” H. Lubow has been promoted to President of parent company Dime Community Bancshares, Inc., and Dime Community Bank. In his new role, Mr. Lubow, previously Chief Banking Of�cer with responsibility for the Business Banking division, will add reporting responsibilities for Retail Banking, Information Technology, Operations, and Marketing. Mr. Lubow has been a banking executive for over 40 years.

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PEOPLE ON THE MOVE

Crain’s People on the Move showcases industry achievers and their companies to the New York business community.

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POSITION AVAILABLEPOSITION AVAILABLETELECOMMUNICATIONS FORECLOSURE

SUPPLEMENTAL SUMMONS IN TAX LIEN FORECLOSURE–SUPREME COURT OF THE STATE OF NEW YORK, COUNTY OF NEW YORK – NYCTL 2018-A TRUST, and THE BANK OF NEW YORK MELLON as Collateral Agent and Custodian for the NYCTL 2018-A Trust, Plaintiffs, TAHIR, et. al., Defendants. Index No. 153231/19. To the above named Defendants –YOU ARE HEREBY SUMMONED to answer the complaint in this action within twenty days after the service of this summons, exclusive of the day of service or within thirty days after service is completed if the summons is not personally delivered to you within the State of New York. In case of your failure to appear or answer, judgment will be taken against you by default for the relief demanded in the complaint. Plaintiffs designate New York County as the place of trial. Venue is based upon the county in which the property a lien upon which is being foreclosed is situated. The forego-ing summons is served upon you by publication pursuant to an order of the Hon. Lucy Billings, J.S.C., entered on February 27, 2020. The object of this ac-tion is to foreclose a tax lien covering the premises located at Block 1010 Lot 1637 on the Tax Map of New York County and is also known as 157 West 57th Street, Unit 46B, New York, New York. Dated: February 27, 2020

Notice of Formation of PAB Special,LLC. Arts. of Org. filed with Secy. ofState of NY (SSNY) on 11/18/19.Office location: NY County. SSNYdesignated as agent of LLC uponwhom process against it may beserved. SSNY shall mail process to:the Company, 163 W. 74th St., NY,NY 10023. Purpose: any lawful activ-ities.

FOREX NURSERY LLC, Arts. of Org.filed with the SSNY on 04/20/2020.Office loc: NY County. SSNY has beendesignated as agent upon whom proc-ess against the LLC may be served.SSNY shall mail process to: Corpo-rate Filings of NY, 90 State St., Ste700, Office 40, Albany, NY 12207.Purpose: Any Lawful Purpose.

PUBLIC & LEGAL NOTICES

Notice of Qualification of CITIPACEHOLDINGS LLC Appl. for Auth. filedwith Secy. of State of NY (SSNY) on05/14/20. Office location: NY Coun-ty. LLC formed in Delaware (DE) on12/14/18. SSNY designated asagent of LLC upon whom processagainst it may be served. SSNY shallmail process to the LLC, c/o PintaCapital Partners, 485 Madison Ave.#202, NY, NY 10022. DE addr. ofLLC: Corporation Service Co., 251 Lit-tle Falls Dr., Wilmington, DE 19808.Cert. of Form. filed with DE Secy. ofState, Div. of Corps., PO Box 898, Do-ver, DE 19903. Purpose: Any lawfulactivity.

Notice of Formation of HEADY CREEK,LLC Arts. of Org. filed with Secy. ofState of NY (SSNY) on 05/21/20. Of-fice location: NY County. Princ. officeof LLC: 182 E 75th St., NY, NY10021. SSNY designated as agent ofLLC upon whom process against itmay be served. SSNY shall mail proc-ess to Corporation Service Co., 80State St., Albany, NY 12207-2543.Purpose: Any lawful activity. Notice of Formation of JDB Special,

LLC. Arts. of Org. filed with Secy. ofState of NY (SSNY) on 11/18/19.Office location: NY County. SSNYdesignated as agent of LLC uponwhom process against it may beserved. SSNY shall mail process to:the Company, 163 W. 74th St., NY,NY 10023. Purpose: any lawfulactivities.

Notice of Formation of MBB Holdings,LLC. Arts. of Org. filed with Secy. ofState of NY (SSNY) on 04/17/20.Office location: NY County. SSNYdesignated as agent of LLC uponwhom process against it may beserved. SSNY shall mail process to:400 E. 56th St., Apt. 11L, NY, NY10022. Purpose: any lawful activi-ties.

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