“Better regulation” in 10 graphs – updated version october 2016
Manhattan Does It Better Updated
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Transcript of Manhattan Does It Better Updated
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Creating a product that has never been
produced before means being the first
responsible for blazing a pathway to
success. Daniel Yaghoubi and Reuben
BenJehuda are headed down that path
with the inception of Pop Bar in May
2010. They are the purveyors of fine
stick house gelato and sorbetto the
first to introduce the product to the New
York City market. Stick house is a
unique Italian artisanal process that
creates hand-crafted gelato on a stick
in small batches of twenty four units.
Neither Reuben nor Daniel has had any
formal training as a ptissier, but when
they decided on their concept they
perfected their recipes through the age
old method of trial and error.
Once ready to open their
first store, they considered
a wide swath of
Manhattan
Neighborhoods. Their
Real Estate Services
Advisor, had found their
current location on
Carmine Street when the
former tenant, Beard
Papas Cream Puffs,
permanently shut their
doors. They said they
were undaunted by the
failure of another artisanal
dessert shop in the same
location because they felt
strongly that their product
would touch a larger
demographic then Beard
Papas ever had. Before
opening, they laboriously
studied the foot traffic
near 5 Carmine and
found that the
demographic
encompassed various
groups including tourists,
straphangers on their way
to and from local subway
stations, neighborhood
residents, NYU students,
but especially those that
appeared to be taking
leisurely after meal strolls
from the myriad dining
CONTD.
Frank Cuneo Inside Vertical Living July 2011 | Manhattan Real Es
5 Carmine Street, between Sixth Avenueand Bleecker Street. (212) 255-4874 www.pop-bar.com
establishments on Bleecker,
Carmine, Bedford, and
Downing
At this point the partners are
also not sweating their
competition in the
neighborhood (which
includes Grom Gelato and
LArte del Gelato amongst
others) as they believe theyoffer a memorable, fun,
and personable experience
that other gelaterias are
unable to replicate.
Within their partnership, roles
were divided based on
natural talent and
inclination. Both must still
approve of all decisions but
Daniel generally takes the
lead on design while Reuben
spearheads the
financials. Jokingly put by
Reuben, Daniel likes to
spend money and I try to
save it.
Even though their roles were
divided on paper, when it
comes down to it, [we each]
have to be able to do every
job, and when the store
opened they regularly
worked up to 14 hours per
day to build their business.
Because their core product is
intrinsically seasonal,
introducing items that will be
popular in the colder months
is important. However,
Daniel and Reuben are
adamant that such additions
should never distract from
their core product, but
rather, compliment it. Theyexperimented with coffee
but found that it interrupted
operations, resulting in lines
for the popbars while each
drink was prepared. They
have found that a better
compliment is the popular
hot chocolate on a stick
which is made with Belgian
chocolate and available in
dark chocolate and
caramel flavors.
Through their first winter
season they have learned
an important lesson about
their businessthere is still a
high demand for frozen
artisanal desserts, but
consumers tend to enjoy
them in different places,
namely home.
With this insight they have
begun pursuing external
sales to other gourmet
retailers as well as t
consumers interest
having them at we
birthday parties, Ba
Mitzvahs,
corporate events,
special occasions.
Additionally, they a
offering pre-made
Packs and miniP
the store. The Vari
intended to be tak
to enjoy and consi
pack of pops with
flavors that are pa
a custom designed
bag for convenien
travel. The miniPop
the size of the origi
are generally mad
Daniel and Reuben
Tips to small busine
Youre never going
100% right. Get it 1
in your head, but b
for things to chang
fast. And of course
have to love your p
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In 1938 the original Bowlmor
Lanes opened its doors in the
heart of Greenwich Village at
110 University Place. During the
golden age of bowling from
the '40s to '60s, Bowlmor Lanes
was at the forefront of the
bowling revolution, hosting the
prestigious Landgraf
Tournament in 1942 and one of
the first televised bowling
tournaments in 1955. In 1958,
Vice President Richard Nixon
famously bowled at the lanes.
Through the 70's and 80's
Bowlmor Lanes was home to
the top bowlers in the sport and
became a regular hangout for
village hipsters. But towards the
90's, as the popularity of
bowling as a sport declined, so
did the condition of the
bowling alley. In 1994, Darden
Business School Graduate Tom
Shannon attended a birthday
party at the then dilapidated
and financially strapped
Bowlmor Lanes. The young
entrepreneur was instantly
inspired by its character and
history. Shannon, although not
knowing right away what kind
of challenges the current
owners of Bowlmor Lanes were
dealing with, knew that this was
the type of place he wanted to
use his creativity and instincts to
transform. After three years of
research and planning on how
to build a viable business out of
bowling, Shannon secured
financing and purchased
Bowlmor Lanes. His vision - to
inject the tired business with hip
design elements, dramatic
architecture and a complete
remodel of the internal
operations. In essence,
Shannon's goal was to make
bowling cool again. By 1999,
Bowlmor Lanes became the
highest-grossing bowling alley in
the United States. Today it
stands as the longest
contiguously running bowling
alley on the East Coast.
Following the incredible success
of Bowlmor Lanes in New York
City, Shannon knew that he
could bring the Bowlmor
concept across the country
and in 2001, STRIKE
Bethesda opened to
accolades in suburban
Washington, D.C. a year later,
STRIKE Long Island was
unveiled, a cavernous
underground space housing 35
lanes of bowling, a full-service
restaurant and four bars. In
November 2004, the 34
lane STRIKE Miami opened in
the Dolphin Mall in the Doral
section of the city, featuring a
giant, state of the art sports
themed restaurant. STRIKE
Cupertino (Silicon Valley) ,
CA opened in the summer of
2007 and STRIKE Orange
County, CA opened in the
summer of 2008. In the fall of
2010, Bowlmor Lanes plans to
unveil its most ambitious project
to date InTimes Square. All
properties now operate under
the Bowlmor Lanes name.
Frank Cuneo Inside Vertical Living July 2011 | Manhattan Real Es
Men - No baggy jeans and/or attire, work boots, baseball caps, athletic gplain white t-shirts, clothing with offensive or discriminatory contentWomen - No baseball caps, work boots, clothing with offensive or discrimin
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Frank Cuneo Inside Vertical Living July 2011 | Manhattan Real Estate is a Life
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Frank Cuneo Inside Vertical Living July 2011 | Manhattan Real Es
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5/9Frank Cuneo Inside Vertical Living July 2011 | Manhattan Real Es
AT first glance, 255Hudson Street looks likea typical SoHocondominium, with a
soaring glass facade,million-dollar listingsand a chic designerlobby. But despitehaving housedentertainment figureslike Bethenny Frankeland Kirsten Dunst, thisbuilding has more incommon with aconservative ParkAvenue co-op than acelebrity-friendlydowntown high rise.
The condominium, justnorth of Canal Street,has a 13-pageapplication thatrequires buyers toprovide multiple yearsof tax returns, bankstatements, andpersonal and businessreferences. Tell me
how this is muchdifferent than buying ina co-op? said abroker whorepresented an Italianman who bought a
one-bedroom in thebuilding earlier thisyear.As a foreigner, the
buyer lacked much ofthe necessarydocumentation andhad to spend weekshaving his paperworktranslated into Englishand converted intodollars before he couldclose.I now tell all my clientsthat condoapplications are simplyco-op applicationswith the word condoslapped on them, TheBroker said.David Adler, the boardpresident at 255Hudson Street, who isalso the chiefexecutive and founderof BizBash Media,defended thebuildings vettingprocess. Our board
application is asstandard as theycome for condos rightnow, he said. We dobest practices and ourmanagement
company advises us ifthey see any redflags.In the wake of the
recession, anincreasing number ofcondominium boardsare hoping to weedout financiallyquestionable buyersby requiring extensiveapplication packages.Demands can includeyears worth of federaltax returns, detailedlists of all assets andliabilities, several lettersof references, andeven board interviews.These buildings arewaging a war ofattrition, forcingpotential residents tosupply extensivedocumentation in thehopes that those whoappear to be afinancial risk will walkaway of their own
volition.Existing condominiumsbuying in a newbuilding is still arelatively simpleprocessare turning
to this strategybecause they have noreal power to reject anapplicant. The only
tool at their disposal isthe right of first refusal,which allowscondominium boardsthat are unhappy witha buyer to purchasethe unit themselves ordesignate a buyer forthe same price. Butfew buildings canafford to do so.It is a bullying strategycondominiumbullying, said AdamLeitman Bailey, aManhattan real estatelawyer. If acondominium has aquestionable buyer,theyll just keep askingfor more and moreinformation, draggingthings out, until thebuyer walks away.But condo boards say
they are merelydefending the interestsof existing residents. Inthe downturn, manyowners stoppedpaying common
charges, andcondominiums hadlittle recourse torecoup their money. In
case of a default, thecity is first in line torecover outstandingreal estate taxes orother charges,followed by themortgage lender. Thecondominium is third inline, and usually all itcan do is file a lienagainst the propertyand hope that it will berepaid when theapartment is sold.Because thecondominiums poweris limited, it is a matterof fiduciary duty to findstrong buyers, said CarlSeligson, the boardpresident of CarnegieHill Tower, at 40 East94th Street. In anygiven month, aboutthree apartments in
the 180-unit buildinghave not paid theirmonthly charges ontime; none havedefaulted, he said.Among the buildings
applicationrequirements are taxreturns, referenceletters and a full
description of all bankaccounts and assets. Itused to request boardinterviews, but weeliminated theinterview processbecause we didntthink it was necessary,Mr. Seligson said. Tolimit transient residents,the building alsorequires that sublets befor at least one year.Condo boardrequirements run thegamut. At the TimeWarner Center, wheremany buyers areforeign, it is notnecessary to submitfederal tax returns. Thebuilding does requirethat in addition togeneral liabilityinsurance of $1 million,
owners have a $5million umbrella policyto
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cover any unforeseencosts, like an accidental fireor damage incurred duringa renovation. On the UpperEast Side, 215 East 80thStreet has a 67-pageapplication that requiresthree business referenceletters and three personalreference letters for eachapplicant. And at Towerson the Park, acondominium at 110thStreet and Central ParkWest, the applicationpacket requires potentialowners to list all assets and
two years worth of taxreturns, to be certified byan accountant.
Some condo ownerspurchase through a limitedliability company or otherbusiness entity, and in thosecases a number of buildingsrequire that the principalpersonally guarantee someexpenses, such as monthlycommon charges and
assessments. In other casesa condo may require asecurity deposit, saidRonald H. Gitter, a real
estate lawyer. In the past,condominiums would justask for a simple financialstatement, said aseasoned broker, but now,due to the financial crisis,even the most exclusiveluxury buildings are askingfor supporting documents.Dani Bar-David wassurprised that he had tosubmit reams of financialinformation when hebought two Manhattancondominiums asinvestments. Mr. Bar-David,who lives and works in New
Jersey, bought units at 360East 88th Street and 372Central Park West, wherethe applications were 40pages and 60 pages,respectively. They wantedso much information, youwould think they were theones who were going toown the apartments, notme, he said.The Broker whorepresented Mr. Bar-David
in the purchases, agreed.The paperwork wasextensive, especially giventhese were condominiums,
he said. It is the condoboards, and not themanagement companies,that decide on the extentof the applicationpackage, said, thepresident of Cooper SquareRealty, which manages 372Central Park West and 360East 88th Street. Somebuildings are veryparticular, while others thatare mostly investor-ownedhave very generalrequirements, he said. Onthe whole, the generalflavor right now is that
condominiums are growingmore cautious.While it is still the exception,some condominiums areexecuting the right of firstrefusal more readily, saidStuart M. Saft, the chairmanof the Council of New YorkCooperatives andCondominiums, a tradeorganization. In the last 12to 18 months, Ive seen atleast 10 situations where the
board bought theapartment or designatedanother buyer to buy it,said Mr. Saft, who is also the
chairman of the law firmDewey & LeBoeufs globalreal estate department.A Seasoned broker said,The brokerage communityis in la-la land if they thinkthat just because its acondo, that every deal willgo through.When the broker isrepresenting sellers, he orshe makes potential buyerssubmit a detailed offerform, to ensure that theyare financially secure. Andevery time, without fail,where the property is a
condominium, the first thingwe get is an angrytelephone call from thebuyers broker telling ushow dare we ask all thisinformation.But it isnt just condos thatare being more cautious.Co-ops also arestrengthening theirrequirements, said BarbaraFox, president of FoxResidential Group. In fact,
the only building types thatdont have excessiveapplication processes arenew developments, brokers
say. Right now in New YorkCity, the only place thatyou are not being askedquestions is when you buyin new construction.
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vertical living
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