To be eligible for this ranking by revenueof the 40 largest
private companies in New York City, a company must have its headquarters in
one of the five boroughs. Employment figures are companywide;if a local figure
is given, it represents the company's employment in the city.
NEW YORK LIFE INSURANCE COMPANY
51 Madison Ave., New York, 10010
Revenue: $25.6 billion
CEO: Sy Sternberg
Though many financial firms suffered in the past year, New York Life had
double-digit sales increases in its life insurance and asset management
divisions. Life insurance sales in the United States grew by 41 percent. The
jump preceded the Sept. 11 attacks, after which many people bought or added to
their life insurance policies.
"When the market shifted down, people shifted from asset accumulation to
asset protection," said spokeswoman Karen Finkston Payes.
Aided by the purchase of McMorgan & Co. last year, the firm's asset
management business increased by 20 percent in 2001. New York Life offers
annuities mutual funds, including its own family of MainStay funds.
In the coming year, New York Life plans to expand into China and Vietnam,
adding to its current Asian operations in Hong Kong, Indonesia, South Korea,
Taiwan and Thailand. Domestically, it plans to unveil its latest round of
television and print advertising that focuses on the 157-year-old firm's
stability and global expansion.
730 Third Ave., New York, 10017
Revenue: $24.2 billion
Industry: Financial services
CEO: John H. Biggs
In a year filled with corporate scandals, activist pension firm TIAA-CREF
stepped up its efforts to spur better corporate governance at companies in
which it invests. These include a major push to secure the right of
shareholders to approve stock option plans, as well as efforts to encourage
"It is clear that dilution from stock option plans is a major concern for
institutional and small investors," said senior vice president Peter C. Clapman.
TIAA-CREF, which stands for Teachers Insurance and Annuity
Association-College Retirement Equities Fund, is one of the nation's largest
private pension systems. It also offers mutual funds, life insurance and other
financial services. It has more than $260 billion in assets under management.
The firm was hit hard by the stock market slide, with its revenue dropping
to $24.1 billion, from $38.1 billion last year. To combat the slowdown in
business, TIAA-CREF launched its first-ever branding campaign last fall in
national magazines such as Fortune and Money, and in local publications and
broadcast stations in Boston and Detroit. It is expanding the program this
spring to Pittsburgh; Raleigh-Durham, N.C.; and Seattle. Using the tagline
"Managing money for people with other things to think about," it hopes to
extend its reach to state governments and K-12 schools.
1301 Avenue of the Americas, New York, 10019
Revenue: $22.3 billion
Industry: Accounting and consulting
CEO: Samuel A. DiPiazza Jr.
Employees: 160,000; local, 6,700
By the numbers, PricewaterhouseCoopers, or PwC for short, had a decent
year. It had a 7.6 percent rise in global revenues for its fiscal year that
ended June 30, 2001. In the United States, the accounting firm had revenues of
But there were some bumps along the way. PwC had planned to spin off its
consulting unit in an initial public offering. Instead, it recently reached an
agreement to sell the 30,000-employee unit to IBM Corp. for $3.5 billion in
cash and stock. That deal is expected to close Sept. 30.
The sale comes amid heightened concern about the industry's ethics: Some
critics see a conflict of interest if the same firm that audits a company's
books is generating millions in fees by providing business consulting to firms.
In speeches and a recently published book titled "Building Public Trust:
The Future of Corporate Reporting," PwC's chief executive, Samuel A. DiPiazza
Jr., called on public companies to provide more relevant and reliable
information to help restore the public's confidence in accounting.
DELOITTE TOUCHE TOHMATSU
2 World Financial Center, New York,
Revenue: $12.4 billion
Industry: Accounting and consulting
CEO: James E. Copeland Jr.
Employees: 95,000; 3,150 local
Global revenues for the accounting firm increased 10.7 percent for its
fiscal year that ended May 31, 2001. In the United States, the company's
revenues totaled $6.13 billion last year.
Deloitte & Touche, as the U.S. firm is commonly known, has made a
commitment to have its headquarters in lower Manhattan as part of various
incentives that New York has been offering to businesses. The firm began moving
in to its offices in 2 World Financial Center on "tax day" - April 15 - and
completed its relocation on Sept. 9.
In addition, the firm has been trying to institute its own set of reforms
as part of the public debate about the direction of the accounting profession,
said Bill Frieda, vice chairman of the U.S. firm. The firm is considering
appointing a chief ethics officer, reevaluating its pay arrangements and has
even suggested that the federal government appoint an accounting board to
dissect failed companies. The firm separated its consulting practice into
Deloitte Consulting in February.
"We're going to take a hard look at our internal policies and procedures
and we're going to push for improvement in every way we can," Frieda said in an
The firm has picked up about 224 clients as a result of the demise of
Arthur Andersen. It also has acquired a number of former Andersen practices in
other countries including the United Kingdom, Canada, the Netherlands and Spain.
345 Park Ave., New York, 10154
Revenue: $11.7 billion
Industry: Accounting and consulting
CEO: Eugene D. O'Kelly
Employees: 103,000; local 2,079
Accounting and tax firm KPMG saw its worldwide revenues increase 9 percent
for its fiscal year that ended Sept. 30, 2001; its American unit posted
revenues last year of $3.4 billion. In previous years, KPMG had included
revenues from its consulting division, but that unit became a public company in
In the United States, KPMG has added many of Arthur Andersen's former
partners and employees after the rival firm collapsed. KPMG said this summer
that 27 former partners and 174 staff members that Andersen had based in New
York City, Melville, Short Hills, N.J., and Stamford, Conn., had signed on.
In what is probably one of its more closely watched assignments, KPMG was
hired to re-evaluate the books for troubled WorldCom Inc., which announced this
summer that it had misstated more than $7 billion in profits in previous years.
ERNST & YOUNG
5 Times Square, New York, 10036
Revenue: $9.9 billion
Industry: Accounting and consulting
CEO: Richard S. Bobrow
Employees: 84,000; local 5,000
In one of the biggest changes to the theater district's landscape, Ernst &
Young moved into its new 37-story, 1.1-million-square-foot headquarters. The
Times Square building is now home for 4,000 employees of the firm.
Ernst & Young has been one of the leading beneficiaries of the fallout
from the problems that Arthur Andersen has faced in its role with
scandal-ridden Enron Corp. Ernst & Young has picked up more than 200 former
Andersen clients and has taken on 53 of 85 overseas practices of Andersen.
That could help bolster results at the firm, which saw worldwide revenues
grow 7.2 percent for its fiscal year ended June 30, 2001. In the United States,
the firm's revenues totaled $4.485 billion.
725 Fifth Ave., New York, 10022
Revenue: $8.5 billion
Industry: Real estate, hotels, gaming
CEO: Donald Trump
Employees: 22,000; 2,000 local
Real estate developer Donald Trump is spreading his wings at home in
Manhattan and further afield.
His Trump Organization, established in 1980 as the umbrella company for
many of his real estate affiliates, has begun converting the former Delmonico
Hotel on East 57th Street, acquired earlier this year, into luxury condos. His
skyscraper condo project near the United Nations, Trump World Tower, is selling
Out of town, Trump has lent his name and invested his money in a venture
with Florida developers Michael and Gil Dezer to build high-rise condos and a
hotel in Sunny Isle. In Chicago, the developer has teamed with the owner of the
Sun-Times newspaper to build an 86-floor office and residential complex called
Trump Tower Chicago.
Meanwhile, Trump, who already has golf courses in Palm Beach, Fla., and
Westchester, recently bought the 260-acre Ocean Trails golf course in Rancho
Palos Verdes, Calif., outside Los Angeles. The cliff-top, bankrupt course -
which lost three holes to the Pacific Ocean in 1999 - has lots for 75 homes.
THE HEARST CORP.
959 Eighth Ave., New York, 10019
Revenue: $4.3 billion
CEO: Victor F. Ganzi
A dearth of advertising because of the U.S. recession led this publisher in
January to close one of its most ambitious projects: Talk magazine. The joint
venture with moviemaker Miramax Films reportedly lost $54 million over two
Editor Tina Brown blamed the closure on the Sept. 11 terrorist attacks,
saying: "Unfortunately, we simply had to be realistic about the fact that 2001
and 2002 to date represent the worst period in memory for general interest
The Hearst Corp., controlled by its namesake family, also cut several
hundred jobs and eliminated an afternoon edition of its San Francisco
Chronicle, the flagship of its 12 daily newspapers.
Still, the publisher hasn't dropped plans to expand its headquarters near
Manhattan's Columbus Circle and to launch a magazine based on the Lifetime
cable television channel that it owns with Walt Disney Co. Hearst also has
stakes in the ESPN and A&E channels.
The company publishes such leading magazines as Cosmopolitan, Redbook and
O, the Oprah Magazine. In May, it purchased Veranda for an undisclosed amount.
ADVANCE PUBLICATIONS INC.
950 Fingerboard Rd., Staten Island,
Revenue: $4 billion
CEO: Samuel I. Newhouse Jr.
This publishing giant was hit hard by the advertising drought caused by a
prolonged U.S. recession and the Sept. 11 terrorist attacks. It closed 66-year-
old Mademoiselle magazine and nearly shuttered the 135-year-old Jersey (N.J.)
Journal until several unions agreed to job cuts.
"It's been a tough year on the advertising front. ... The events of Sept.
11 made [ad sales] even more difficult and we had to cut it," spokeswoman
Maurie Perl said, referring to the Mademoiselle shutdown.
Still, Advance remains the No. 2 magazine publisher with GQ, Vanity Fair,
The New Yorker and other titles under its Conde Nast division. It owns Women's
Wear Daily and 25 daily newspapers, including the Staten Island Advance, The
Star-Ledger in Newark, N.J., and The Plain Dealer of Cleveland. Advance also
has a stake in cable television in partnership with AOL Time Warner.
In early 2002, Advance purchased Modern Bride magazine for $52 million and
Hemmings Motor News, which now is part of a unit that publishes about 40
business news weeklies.
Advance, which is controlled by the Newhouse family, plans next year to
unveil a teen version of its popular Vogue magazine with an initial circulation
of 450,000 copies.
9777 Queens Blvd., Rego Park, 11374
Revenue: $3.8 billion
Industry: Real estate development, oil and natural gas, and entertainment
CEO: Samuel J. LeFrak
Employees: 16,200; local 2,500
This diversified real estate company, among the largest based in Queens, is
profiled in the Queens Top 25.
277 Park Ave., New York, 10172
Revenue: $3.3 billion
Industry: Poultry and pork production;
CEO: Paul J. Fribourg
Employees: 14,500; local, 60
An integrated poultry and pork producer and cattle feeder, ContiGroup Cos.
operated as Continental Grain Co. in the United States from 1921 until 1999,
when it sold its commodity marketing business and turned its primary focus to
The company's international operations include a range of animal feed and
meat processing plants in Latin America and China.
Recently, ContiGroup's Wayne Farms poultry business teamed up with the U.S.
Department of Agriculture to develop a product that reduces the incidence of
salmonella in poultry, which a company spokesman says promises to make an
important contribution to food safety in the industry.
MCKINSEY & CO.
55 E. 52nd St., New York, 10022
Revenue: $3.3 billion
Industry: Management consulting
CEO: Managing director: Rajat Gupta
Employees: 12,000 worldwide, 750 in New York
One client that this high-end consulting firm may wish it had turned away
is Enron. McKinsey has a client roster of top businesses that includes about 60
percent of the Global 500. Nevertheless, it found itself critically profiled
in both Business Week and the New Yorker for its work with Enron in areas such
as strategy and human resources. McKinsey is known for its "War for Talent"
research and advice, which focuses on hiring and rewarding top performers,
which Enron took to heart.
"McKinsey did not advise Enron on its financial structuring or reporting,
nor did we create Enron's culture," said Andrew Giangola, a spokesman for
The firm has plenty of high-profile clients left, including Delta, the
German conglomerate Siemens Corp. and Johnson & Johnson. McKinsey was even
called in by both the New York City police and fire departments to assess
performance on Sept. 11, which the firm did on a pro bono basis. In the past
year, the New York office has dedicated hundreds of hours to the help the city
rebuild and recover.
ROSENTHAL & ROSENTHAL
1370 Broadway, New York, 10018
Revenue: $2.9 billion
Industry: Factoring and finance
CEO: Stephen J. Rosenthal
Lowered interest rates continue to squeeze profits at Rosenthal &
Rosenthal, which lends money to merchants by using their receivables as
security. Recent efforts to expand into car and limousine services and office
cleaning have achieved "mild success," according to chief financial officer
The company's core business remains in apparel and textiles. Trouble at
Kmart and Ames - the former is in bankruptcy and the latter is going out of
business - has trickled down through Rosenthal's manufacturing and wholesale
clients. "It affects us from a volume point of view," Prizor said. "We took
losses. Our clients took losses. ... We just hope there aren't any more lurking
499 Park Ave., New York, 10022
Revenue: $2.8 billion
CEO: Lex Fenwick
Employees: 8,200; local, 3,120
Its founder and namesake now may be mayor of New York City, but this
financial media company continues to pursue an aggressive expansion strategy.
Bloomberg LP has added more radio and television stations to its
broadcasting operations. In August, it reached a first-ever agreement with The
International Herald Tribune to produce a four-page section of business news
for the paper's Asian editions.
Approximately 170,000 Bloomberg terminals are used in stock brokerages and
newsrooms around the globe, up from 150,000 two years ago. The terminals
provide up-to-the-minute prices and analytical data on stocks, bonds and
financial instruments, as well as news and other information.
The company hopes to move into a new headquarters building in 2004, located
on the former site of Alexander's department store in Manhattan's Upper East
Side neighborhood. The company also wants to expand its operations in
Founder Michael Bloomberg relinquished the jobs of chief executive and
chairman of the board of directors when he made his bid for elective office.
However, he still owns 72 percent of the company with 20 percent more held by
To be eligible for this ranking by revenue of the 40 largest private
companies in New York City, a company must have its headquarters in one of the
five boroughs. Employment figures are companywide;
if a local figure is given, it represents
the company's employment in the city.
350 Park Ave., New York,
Revenue: $2.5 billion
Industry: Fertilizer, liquefied
petroleum, gas and
CEO: Ronald P. Stanton
Formed in 1965, Transammonia is one of the largest traders of fertilizer,
petroleum gas and petrochemicals in the world. The company moves about 2.3
million tons of ammonia around the globe each year, and shipped 300,000 metric
tons of liquefied petroleum gas in 2001.
In May, this company signed a "take-or-pay" agreement with the Bahwan
Trading Co., a Sohar, Oman-based company that produces urea, an ingredient in
fertilizers. The company said it would ship all 3,500 metric tons of urea
Bahwan produces each day.
Trammo Petroleum Inc. is among the latest additions to Transammonia's
stable. The subsidiary began work in March, opening a new crude oil operation
in Houston. In June, the company scooped up the West Coast refined products
marketing business of EOTT Energy Partners, a unit of the embattled Enron Corp.
MACANDREWS & FORBES
35 E. 62nd St., New York,
Revenue: $2.4 billion
Industry: Holding company for cosmetics (Revlon), financial services
(Golden State Bancorp) and cameras (Panavision)
CEO: Ronald O. Perelman
It has been a mixed year for Ronald Perelman, who uses MacAndrews & Forbes
to make investments in a number of companies. After more than two years of
litigation with investors in M&F Worldwide Inc., a licorice supplier he
controls, Perelman canceled a plan to sell to M&F his stake in Panavision Inc.,
a movie camera maker, for $128 million. The stock of Revlon Inc., meanwhile,
has lost more than half its value because of a string of quarterly losses, and
Moody's Investors Service has cut some of Revlon's debt ratings.
In May, however, Citigroup Inc. agreed to buy Golden State Bancorp, in
which Perelman owns a 31 percent stake, for $4.9 billion. Perelman and other
investors will get a combination of Citigroup shares and cash for their Golden
State stock, and Perelman will become one of Citi's larger shareholders.
RED APPLE GROUP
823 11th Ave., New York, 10019
Revenue: $2.2 billion
Industry: Food retailing
CEO: John Catsimatidis
Employees: 5,000; local, 1,200
When Al Gore came to solicit New York City donors in July, he hosted the
fund-raiser in the Fifth Avenue apartment of John Catsimatidis, Red Apple
Group's chairman and chief executive.
Catsimatidis purchased his first supermarket while still a college student.
He has built Red Apple into a company that also operates a real estate
division and owns United Refining, which supplies oil to 350 KwikFill gas
stations upstate and in Pennsylvania and Ohio.
Catsimatidis is majority owner of the publicly traded Gristede's Foods
Inc., which operates 50 supermarkets in Manhattan, Westchester and Long Island.
Despite losing its bid to purchase Kings Super Markets, Gristede's still
plans to expand into New Jersey.
STRUCTURE TONE INC.
15 E. 26th St., New York, 10010
Revenue: $2.1 billion
Industry: Construction management,
CEO: Anthony Carvette
Employees: 1,000 plus
When the Federal Reserve Bank of New York decided to place a
22,000-square-foot training center on the 10th floor of its headquarters in
lower Manhattan late last year, the bank turned to Structure Tone to do the
The company performs both interior and exterior construction management
services for a mixture of big-name clients, including Bloomberg, Merrill Lynch
and various Fortune 500 companies. It also provides design consulting for
financial service centers, hotels, research facilities and commercial office
Structure Tone did a great deal of work in Boston in the past year,
providing construction consulting for a Virgin Megastore, along with projects
at FAO Schwarz and the Harvard Club. Founded in 1971, the company is one of the
largest interior construction companies in the world, with offices in 11 U.S.
152-35 10th Ave., Whitestone, 11357
Revenue: $2.05 billion
Industry: Distributor of pharmaceuticals, medical and beauty care products
CEO: Stewart Rahr
This distributor of drugs, health and beauty items is profiled in the
Queens Top 25.
ICC INDUSTRIES INC.
460 Park Ave., New York, 10022
Revenue: $2 billion
Industry: Chemical manufacturing
CEO: John Farber
If you have ever bought something containing acetone, glucosamine, or
polypropylene, you have likely done business with ICC Industries. Founded in
1950, the company makes a variety of chemicals and plastics, and supplies
pharmaceutical companies with raw materials for drugs.
Two deals changed the structure of the company this year. In March, ICC
subsidiary Electrochemical Industries, an Israeli plastics company, said it was
delisting from the American Stock Exchange. The company said the move would
reduce costs. After delisting, Electrochemical said it would cease filing
financial statements with the SEC. ICC also increased its ownership in
Pharmaceutical Formulations, a New Jersey maker of over-the-counter drugs sold
as store brands. PFI agreed to convert its debt to ICC into common stock,
increasing ICC's stake in this publicly traded company to 87 percent.
The company has acquired similar businesses around the world. Subsidiaries
include Dover Chemical, ICC Trading, Primex Plastics, O'Neil Color &
Compounding, Pharmaceutical Formulations and Electrochemical Industries. Its
offices operate in locations ranging from Bombay to Israel to Milan.
RENCO GROUP INC.
30 Rockefeller Plaza, New York, 10112
Revenue: $1.9 billion
Industry: Steel, coal and vehicles
CEO: Ira Rennert
Renco Group is listed among the U.S. Defense Department's top contractors.
The holding company has a number of subsidiaries, including AM General, which
manufactures the Humvee for the military and the Hummer for civilians; coal
miner Rencoal; Doe Run, North America's largest fully integrated lead producer,
and Consolidated Sewing Machine.
Established in 1980, Renco Group is owned by Ira Rennert, whose Long Island
home is said to be double the size of the White House, with 29 bedrooms and 42
bathrooms, according to Hoover's Inc.
TISHMAN REALTY & CONSTRUCTION CO.
666 Fifth Ave., New York, 10103
Revenue: $1.64 billion
Industry: Construction management, real estate development and management
CEO: Daniel Tishman
Employees: 800; local, 450
Tishman, best known for managing the construction of some of America's
best-known buildings for other people, is close to finishing a highly visible
project of its own.
The company, which built the World Trade Center, spearheaded the recovery
effort after the Sept. 11 attacks and is managing the construction of a new 7
World Trade Center. On Oct. 16, it will open the 863-room Westin New York at
Times Square hotel at Eighth Avenue and West 43rd Street, adjacent to its E
Walk restaurant-entertainment-retail mall.
Tishman's realty unit owns eight hotels in the United States and the
Caribbean, and its hotel unit provides a range of services to 160 hotels. The
parent company, founded in 1898 to develop tenements on the Lower East Side,
has become a leading developer, building, property broker and real estate
335 Madison Ave., New York, 212-309-3400
Revenue: $1.47 billion
Employees: 9,000; 660 in New York
One expected growth area for this firm, which has 78 offices in 23
countries, is consulting with employers on how to maintain health-care costs.
Indeed, the firm's Web site features tips and information sections on both
health care and retirement issues.
Among its services: help with change management, communication, executive
and sales compensation, M&A and restructuring, and retirement services.
Towers Perrin has just formed the FutureWork Institute, a research and
advisory group, to focus on emerging demographic, technological and
generational issues. It will provide consulting in areas such as diversity,
workplace flexibility and the workplace of the future.
1 Penn Plaza, New York, 10119
Revenue: $1.35 billion
Industry: Engineering and construction
CEO: Thomas J. O'Neill
From highways and subways to bridges and tunnels, Parsons Brinckerhoff
specializes in providing engineering and construction services to keep
transportation systems safe and modern.
This year, the firm has been especially busy in New York, providing
consulting for the rebuilding of the Nos. 1 and 9 World Trade Center subway
stations and working with the Port Authority on an array of 9/11 reconstruction
projects. The company is also working closely with the Port Authority on Air
Train, a rail link between Kennedy Airport and the Long Island Rail Road's
Jamaica terminal. Overseas, the company won a contract to overhaul electrical
and telecommunications infrastructures in Bosnia and Herzegovina.
According to chairman Bob Prieto, Parsons Brinckerhoff will continue to
increase its staff and revenue steadily by 10 to 15 percent each year for the
foreseeable future. The company was founded in 1885 and designed New York
City's original subway.
SF HOLDINGS GROUP
373 Park Ave. S., New York, 10016
Revenue: $1.32 billion
Industry: Disposable cups, utensils
and food packaging
CEO: Dennis Mehiel
SF Holdings is less anonymous than it sounds. It owns Sweetheart Cup Co.,
and it makes disposable paper and plastic cups, plates, cutlery and food
packaging through a variety of subsidiaries. Sweetheart accounts for nearly 75
percent of sales and primarily sells to institutional food service customers
such as restaurant chains, school and office cafeterias, and airlines.
Another subsidiary, The Fonda Group, also sells to institutional customers,
along with supermarkets and warehouse clubs. In total, the company has 36
manufacturing facilities in North America.
What's more, chairman and chief executive Dennis Mehiel, who owns about 72
percent of the company, is running on the Democratic ticket for lieutenant
governor with candidate Carl McCall. The election is Nov. 5.
BARNES & NOBLE COLLEGE BOOKSTORES
33 E. 17th St., New York, 10003
Revenue: $1.2 billion
Industry: College bookstores
CEO: Max Roberts
Textbooks are flying off the shelves at Barnes & Noble College Bookstores
across the country. The chain added 46 stores last year, including one at Bronx
Barnes & Noble College Bookstores is the sister company of Barnes & Noble
Inc., the book superstore chain. The two companies are legally separate but
have a close relationship, often sharing suppliers and facilities and swapping
executives. Leonard Riggio, the owner of B&N College, is also chairman and
principal stockholder of the superstore chain. Similarly, Riggio is chairman
and a principal stockholder of wholesaler MBS Textbooks Exchange, which helps
B&N College stores offer students used texts at cheaper prices.
B&N College manages 450 college bookstores across the country, including
those at Harvard, Columbia, St. John's and Fordham. It typically opens 15 to 20
stores a year. Of the stores added last year, 23 were acquired from Wallace's
Bookstores, which was liquidated after filing for bankruptcy in early 2001.
"College enrollments are growing, and our business is consequently getting
larger," said marketing director Stan Frank. He added that B&N College
Bookstores' sales at existing stores continue to improve, and that revisions to
individual university store Web sites have allowed students to reserve books
SKADDEN, ARPS, SLATE, MEAGHER
AND FLOM LLP
4 Times Square, New York, 10036
Revenue: $1.155 billion
Industry: Law firm
CEO: Robert C. Sheehan
Employees: 3800 total, 1675 attorneys
When IBM acquired consulting firm PwC for $3.5 billion in July, the
company's officials called on the lawyers of Skadden Arps to make sure the deal
With 1,675 attorneys, Skadden Arps is one of the largest law firms in the
world. The company has established a robust corporate restructuring and
bankruptcy practice in recent years as its traditionally strong mergers and
acquisitions business has dwindled with the economy. "For being in the middle
of a recession, business has held up remarkably well," said Robert Sheehan, the
firm's executive partner. He added that the firm has been busy counseling
several clients through recent SEC and congressional investigations.
Skadden Arps has continued to expand its European practice over the past
year, growing its London office to 70 attorneys. The firm does business all
over the world, from Paris to Sydney to Hong Kong.
GOULD PAPER CO.
11 Madison Ave., New York, 10010
Revenue: $1.1 billion
Industry: Paper distribution
CEO: Harry Gould Jr.
Despite the dwindling number of pages being printed in newspapers and
magazines these days, Gould Paper continues to grow. The company's revenue
jumped 35 percent last year, ranking it as the third-largest distributor.
Company president Harry Gould Jr. said most of the company's recent growth
was the result of the Gould's acquisition of three WWF Paper Company
distribution plants, two in the United States and one in Europe. He added that
the company's revenue would continue to grow steadily, given Gould's ability to
gradually increase its market share year after year. Its customers include
commercial printers, book and magazine publishers, and the fine arts community.
But while business has been "healthy," Gould says his company is always
vulnerable as a distributor. "We live in the worst of all worlds because we
feel price pressures from both suppliers and customers," he said.
Paper prices have dwindled in recent months, but Gould said
industry-imposed price increases are expected in September and October. If the
raise sticks, it could benefit both suppliers and distributors.
CANTOR FITZGERALD LLP
135 East 57th Street, New York, 10022
Revenue: $1 billion
Industry: Financial services
CEO: Howard W. Lutnick
Employees: 900; local, 250
Cantor Fitzgerald LLP, a rough-and-tumble bond trading firm, is now better
known for the 658 employees lost on Sept. 11 than the business it's in.
The firm buys and sells bonds - historically through the use of salesmen
who sit in front of computer screens in rows - and shout down phones. But many
of Cantor's Sept. 11 victims, who worked the phones, were not replaced as
Cantor Fitzgerald moves toward online trading.
Cantor owns a 55 percent stake in the publicly traded ESpeed Inc., an
online trading company. Cantor has been steering more of its telephone business
to ESpeed in recent years, analysts said.
Between the Cantor and ESpeed, the operation maintains markets a variety of
products from U.S. Treasury futures, repurchase agreements, interest rate
swaps to foreign exchange.
The firm was founded in 1947 by Bernie Cantor, who revolutionized bond
trading in 1972 by coming up with idea of distributing bond prices
Howard Lutnick took control of the company in 1996, when Bernie Cantor died.
230 Park Ave., New York, 10169
Revenue: $1 billion
Industry: Real estate, hotels
CEO: Leona Helmsley
The opening page to her hotel business Web site states bluntly: "Say what
you will, she runs a helluva hotel." But nowhere does Leona Helmsely's name
appear on the site - you can e-mail a letter to "You know who." Her spokesman,
Howard Rubenstein, says, "She's quiet. She's trying to disappear."
Helmsley, who inherited the real estate created by her late husband, Harry,
got plenty of bad publicity in 2001. Her former chief operating officer sued
Helmsley for $10 million, charging that the self-styled hotel queen illegally
fired him because he's gay. The case was settled, but the executive
subsequently sued her for libel and defamation. That case is pending.
Helmsley's holdings include a stake in the Empire State Building, six
Manhattan hotels and partnership interests in dozens of other properties.
"She's sold a few properties in the past year," said Rubenstein, declining to
M. FABRIKANT & SONS
1 Rockefeller Plaza, 28th Floor,
New York, 10020
Revenue: $1 billion
Industry: Diamond and jewelry
CEO: Matthew Fortgang
Founded in 1895 as a loose diamond wholesaler, family-owned M. Fabrikant &
Sons is one of the oldest jewelry companies in the world and among the largest
diamond wholesalers in the United States. Each year, the company buys and
processes more than 350,000 ounces of gold - nearly 11 tons - and sells more
than 1.6 million carats of diamonds. International operations include 20
companies located in 10 countries.
INTEGRA REALTY RESOURCES INC.
3 Park Ave., 39th Floor, New York, 10016
Revenue: $989 million
Industry: Real estate valuation
CEO: Raymond Cirz
Last year, Integra Realty Resources appraised the 99-year lease of the
World Trade Center. This year, the company is taking advantage of investors'
flight from stocks into the relative stability of real estate.
"The irony of our business is that times of economic downturn are better
for us," says company president Sean Hutchinson. With 50 offices nationwide,
the company known as IRR has begun expanding internationally with offices in
Mexico and Canada. A recent alliance with firms in the European Union reflects
the company's intentions to go global. "We've gone from being a domestic
commercial real estate valuation firm to being an international property
economics consulting firm," Hutchinson says.
600 Fifth Ave., 25th Floor, New York, 10020
Revenue: $953.8 million
Industry: Crop fertilizers and seeds
CEO: Francis P. Jenkins Jr.
Despite years of bad weather and tough markets in the agriculture industry,
this fertilizer and seed company managed to post a small gain in sales and
operating income in 2001. Nevertheless, the net loss nearly doubled to $8.88
million, and the company candidly says it was disappointed.
"It is virtually impossible to control bad weather," said chief financial
officer Paul Murphy, who added the company spreads its weather-related risk by
doing business in as many geographic areas as possible.
The company's ability to do as well as it did can be attributed to, in
part, the highly seasonal nature of its business. Roughly 70 percent of
Royster-Clark revenue is earned in its springtime second quarter, when farmers
traditionally stock up on supplies and equipment. Most of the weather-related
problems farmers face occur during the summer months.
WATCHTOWER BIBLE & TRACT SOCIETY
OF NEW YORK
25 Columbia Heights, Brooklyn, 11201
Revenue: $951 million
President: Don Adams
Employees: 3,181 in Brooklyn (volunteers)
There's no need to stop the presses at the Watchtower Bible & Tract Society
of New York now that the Supreme Court has upheld the constitutional right of
Jehovah's Witnesses to continue their door-to-door ministry.
"We were very pleased with the decision," said spokesman J.R. Brown, adding
that while Jehovah's Witnesses "don't need any government to authenticate this
work ... it is comforting to know that this primitive version of Christianity
is still validated."
The society publishes 24 million copies of "Watchtower" and 21 million
copies of "Awake" to supply more than 6 million Jehovah's Witnesses.
565 Fifth Ave., New York, 10017
Revenue: $850 million
CEO: Robert R. Dyson
Dyson-Kissner-Moran invests in an array of businesses, holding stakes in
everything from an electronic sensor manufacturer (Optek Sensor Group) to a do-
it-yourself crafts distributor (Plaid Creative Group).
The holding company tends to acquire companies that have a significant
position in their specific industry. DKM officers recently invested in
Community Connect, which specializes in creating Internet communities. The
company is responsible for the creation of BlackPlanet.com, now one of the 10
most-visited Web sites, along with AsianAvenue.com and MiGente.com.
The company, founded by Charles Dyson in 1954, remains a family business.
His son, Robert, is chairman and chief executive. Robert Dyson did not return
phone calls for comment.
AND CLEARING CORP.
55 Water St., New York,
Revenue: $818 million
CEO: Jill M. Considine
As the world's largest securities depository and clearinghouse, Depository
Trust and Clearing Corp. clears and settles about $2 trillion each day. In
2001, it processed a total of 3.5 billion transactions valued at a total of
$250 trillion. This year's numbers will be significantly higher with the
addition of three subsidiaries: Government Securities Clearing Corp., MBS
Clearing Corp. and Emerging Markets Clearing Corp.
Depository Trust, a nonprofit formed as a utility by the securities
industry by integrating National Securities Clearing Corp. with The Depository
Trust Co., now handles all U.S. transactions including stocks, corporate,
municipal and government bonds, as well as mortgage-backed securities.
19-50 48th St., Astoria, 11105
Revenue: $790 million
Industry: Wholesale liquor distribution
CEO: Herman Merinoff
Details of this wine and spirits distributor can be found in the Top 25
J. CREW GROUP INC.
770 Broadway, New York, 10003
Revenue: $778 million
Industry: Sportswear retailing
CEO: Ken Pilot
J. Crew Group, makers of sports and casual wear, began as a catalog
retailer but now gets the bulk of its sales from a growing chain of stores.
Though retail is key to the company's current growth, it crossed a threshold
this year when Web sales surpassed catalog sales. On May 1, the company
announced the departure "by mutual agreement" of chief executive Mark Sarvary
and layoffs of 20 percent of its Manhattan headquarters staff. Sarvary's
replacement, Ken Pilot, former president of Gap International, joined J. Crew
in early September.
HORSEHEAD INDUSTRIES INC.
110 E. 59th St., New York, 10022
Revenue: $765 million
Industry: Zinc mining and manufacturing, environmental consulting
CEO: William Flaherty
Horsehead Industries Inc. filed for Chapter 11 bankruptcy in August, a
victim of plunging demand and prices for zinc. According to bankruptcy
documents filed in Manhattan, the company failed to meet its loan obligations
to J.P. Morgan Chase & Co. after worldwide zinc prices dropped to their lowest
levels in more than 100 years.
What's more, Horsehead recently began to pay for the environmental cleanup
of the area around its plant in Palmerton, Pa., which the Evironmental
Protection Agency found was contaminated with hazardous zinc, copper and lead.
Since taking over the site from Viacom in 1981, Horsehead has processed
electric arc furnace dust and other zinc-containing material at the facility.
Horsehead Industries operates four subsidiaries: Horsehead Resource
Development, Zinc Corp. of America, Sterling Resources and ZCA Mines. Combined,
the company is the largest zinc producer in the United States, with $200
million in revenue. Its bankruptcy petition listed assets at $215.6 million and
its liabilities at $231.2 million.
PEERLESS IMPORTERS INC.
16 Bridgewater St., Brooklyn, 11222
Revenue: $700 million
Industry: Wine and spirits distribution
CEO: John Magliocco
Almost all of Peerless' assets are liquid. The company is a distributor of
wines and spirits across New York and Connecticut.
Founded in 1943 and run by the Magliocco family, Peerless imports wines
from Australia, Chile and Western Europe. Its catalog also includes a variety
of spirits, including brandy, gin, rum, Scotch and vodka.
Peerless recently became the exclusive distributor of Diageo and
Schieffelin & Somerset products -- including Johnnie Walker, Smirnoff, Captain
Walker, and Dom Perignon - in New York. Chairman Anthony Magliocco Jr. said the
deal would provide efficiency and better service to customers.