Friday, April 11, 2008
Lehman Swap Burns New Jersey Residents With Loss
Lehman Swap Burns New Jersey Residents With Loss
Bloomberg, 23-Feb-08
By Michael Quint
Every month, when Anthony Smith of Trenton, New Jersey, pays his Public Service Electric & Gas Co. bill, part of the money covers a $201.3 million loss from a bet the utility made with Lehman Brothers Holdings Inc.
``I just look at the fees and say, `Damn, I don't even know what that is,''' Smith, 31, said of the charges listed in the fine print on the back of his monthly statement.
PSE&G's 2 million customers pay extra because executives of the Newark-based utility and state regulators left them on the hook for a gamble that backfired eight years ago. The so-called forward interest-rate swap involved a promise to exchange interest payments with Lehman as the power company prepared to sell $2.5 billion of bonds.
While borrowers routinely use swaps to reduce risks, this one was unusual because it was a win-win situation for PSE&G shareholders. The electric company would get paid by New York- based Lehman if interest rates rose and made its borrowing costs too expensive. PSE&G's customers, not its investors, would foot the bill if interest rates declined.
``It was irresponsible and not in consumers' best interest,'' said Adam Garber, consumer advocate at the New Jersey Public Interest Research Group.
PSE&G arranged the swap in 1999 while preparing for New Jersey to open its electricity market to competition. The plans included a bond sale to cover the costs of making the transition.
New Jersey's Board of Public Utilities approved the borrowing and allowed the utility to add a special fee, called a ``securitization transition charge,'' to customers' bills that would cover the costs of selling the debt, arranging the swap, and making principal and interest payments.
Other Alternatives
The utility's Treasurer Morton A. Plawner said PSE&G, now owned by Public Service Enterprise Group Inc., proposed the swaps after the company and bankers at Lehman considered other hedging arrangements. They decided that the forward rate swaps were the best way to ensure the debt offering could go ahead even if rates rose, he said.
PSE&G could have protected itself from rising rates with an interest-rate cap that wouldn't have left customers vulnerable to losses, said Robert Brooks, the SouthTrust Professor of Financial Management at the University of Alabama in Tuscaloosa. A cap would have placed a ceiling on bond yields in exchange for a single payment with no additional cost if rates fell.
Mark Beyer, chief economist for the utilities board, and Herbert Tate, the former president of the three-member panel, said they approved the swap based on a recommendation from New York-based Bear Stearns Cos., the fifth-biggest U.S. securities firm by capital.
Unique for Utilities
``We relied on the advice and expertise of Bear Stearns, our financial adviser,'' said Tate.
J. David Rush, senior managing director at Bear Stearns and adviser to the New Jersey regulators, declined to comment. Amany Attia, a Lehman banker who worked on the deal for the fourth- largest U.S. securities firm by market value, didn't return a telephone call seeking comment.
While states including Texas and Illinois sold similar bonds to prepare for deregulation, they didn't agree to a forward interest rate swap like PSE&G's in New Jersey. The strategy wasn't used again in the state.
``When utilities borrow or spend money that ratepayers are obliged to pay for, it is the responsibility of regulators to make sure that those costs are prudently incurred,'' said Timothy Brennan, professor of public policy and economics at the University of Maryland, Baltimore. Brennan wasn't familiar with the PSE&G forward swap loss.
Eight Parts
Swaps are a type of interest-rate derivative, a market that has grown to more than $250 trillion as thousands of borrowers from companies to small towns used the contracts to lower debt costs and protect against rising interest rates. Derivatives are financial contracts whose values are derived from changes in the value of stocks, bonds, loans, currencies or commodities.
The forward swap required PSE&G to make fixed-rate payments to Lehman at a future date in exchange for receiving floating rates based on the London interbank offered rate.
The PSE&G contract with Lehman included eight arrangements that matched parts of the proposed bond sale. The largest was tied to $456.9 million of bonds due in 2015. PSE&G agreed to pay Lehman 7.379 percent on that amount in exchange for floating- rate payments equal to three-month Libor, the rate for wholesale deposits between banks.
`Looked Like Heroes'
The agreement was initially profitable for PSE&G as interest rates rose. Yields on benchmark five-year Treasuries climbed as high as 6.81 percent in May 2000 from 5.97 percent when the swap was put in place in October 1999, as a booming economy prompted the Federal Reserve to boost rates.
``We all looked like heroes,'' said Tate.
When interest rates began falling amid slowing U.S. growth and a slump in share prices, the value of the utility's contract plunged. Tate said the board stuck with the arrangement ``because that was our guarantee the bonds would be sold.''
By the time of the sale in January 2001, the 7.379 percent PSE&G agreed to pay was 1.175 percentage points more than the 6.204 percent calculated market rate and the utility owed Lehman $49.4 million for just one part of the forward swap.
PSE&G terminated the swap at the time of the bond sale, at which it paid an average interest rate of 6.48 percent. By that point, the loss on the agreement was $201 million.
Not Disclosed
The full loss wasn't disclosed at the time. The prospectus for the bond sale said that $125 million of the proceeds went toward financing costs, which included underwriting fees, legal expenses and about half of the charge on the swaps. The rest is still being paid by consumers.
As of June 30, customers still owed about $77.7 million for the swap losses, according to a letter from James T. Foran, general corporate counsel at PSE&G.
The costs of the bet were little noticed in the state. Joseph J. Seneca, a professor at Rutgers University's Edward J. Bloustein School of Planning and Public Policy and chairman of the New Jersey Council of Economic Advisors, wasn't aware of it. Nor was Michael Crew, a professor of finance and economics at Rutgers who is director of the university's Center for Research in Regulated Industries.
New Jersey Governor Jon Corzine, former head of Goldman Sachs Group Inc., who took office last year, declined to comment, said his spokesman, Brendan Gilfillan.
As he stood outside PSE&G's Trenton bill-paying center, Smith said he is no longer surprised by extra charges on his utility bill.
``I don't know and I don't pay attention, I just pay the bills,'' he said.
To contact the reporter on this story: Michael Quint in Albany, New York, at mquint@bloomberg.net .
Bloomberg, 23-Feb-08
By Michael Quint
Every month, when Anthony Smith of Trenton, New Jersey, pays his Public Service Electric & Gas Co. bill, part of the money covers a $201.3 million loss from a bet the utility made with Lehman Brothers Holdings Inc.
``I just look at the fees and say, `Damn, I don't even know what that is,''' Smith, 31, said of the charges listed in the fine print on the back of his monthly statement.
PSE&G's 2 million customers pay extra because executives of the Newark-based utility and state regulators left them on the hook for a gamble that backfired eight years ago. The so-called forward interest-rate swap involved a promise to exchange interest payments with Lehman as the power company prepared to sell $2.5 billion of bonds.
While borrowers routinely use swaps to reduce risks, this one was unusual because it was a win-win situation for PSE&G shareholders. The electric company would get paid by New York- based Lehman if interest rates rose and made its borrowing costs too expensive. PSE&G's customers, not its investors, would foot the bill if interest rates declined.
``It was irresponsible and not in consumers' best interest,'' said Adam Garber, consumer advocate at the New Jersey Public Interest Research Group.
PSE&G arranged the swap in 1999 while preparing for New Jersey to open its electricity market to competition. The plans included a bond sale to cover the costs of making the transition.
New Jersey's Board of Public Utilities approved the borrowing and allowed the utility to add a special fee, called a ``securitization transition charge,'' to customers' bills that would cover the costs of selling the debt, arranging the swap, and making principal and interest payments.
Other Alternatives
The utility's Treasurer Morton A. Plawner said PSE&G, now owned by Public Service Enterprise Group Inc., proposed the swaps after the company and bankers at Lehman considered other hedging arrangements. They decided that the forward rate swaps were the best way to ensure the debt offering could go ahead even if rates rose, he said.
PSE&G could have protected itself from rising rates with an interest-rate cap that wouldn't have left customers vulnerable to losses, said Robert Brooks, the SouthTrust Professor of Financial Management at the University of Alabama in Tuscaloosa. A cap would have placed a ceiling on bond yields in exchange for a single payment with no additional cost if rates fell.
Mark Beyer, chief economist for the utilities board, and Herbert Tate, the former president of the three-member panel, said they approved the swap based on a recommendation from New York-based Bear Stearns Cos., the fifth-biggest U.S. securities firm by capital.
Unique for Utilities
``We relied on the advice and expertise of Bear Stearns, our financial adviser,'' said Tate.
J. David Rush, senior managing director at Bear Stearns and adviser to the New Jersey regulators, declined to comment. Amany Attia, a Lehman banker who worked on the deal for the fourth- largest U.S. securities firm by market value, didn't return a telephone call seeking comment.
While states including Texas and Illinois sold similar bonds to prepare for deregulation, they didn't agree to a forward interest rate swap like PSE&G's in New Jersey. The strategy wasn't used again in the state.
``When utilities borrow or spend money that ratepayers are obliged to pay for, it is the responsibility of regulators to make sure that those costs are prudently incurred,'' said Timothy Brennan, professor of public policy and economics at the University of Maryland, Baltimore. Brennan wasn't familiar with the PSE&G forward swap loss.
Eight Parts
Swaps are a type of interest-rate derivative, a market that has grown to more than $250 trillion as thousands of borrowers from companies to small towns used the contracts to lower debt costs and protect against rising interest rates. Derivatives are financial contracts whose values are derived from changes in the value of stocks, bonds, loans, currencies or commodities.
The forward swap required PSE&G to make fixed-rate payments to Lehman at a future date in exchange for receiving floating rates based on the London interbank offered rate.
The PSE&G contract with Lehman included eight arrangements that matched parts of the proposed bond sale. The largest was tied to $456.9 million of bonds due in 2015. PSE&G agreed to pay Lehman 7.379 percent on that amount in exchange for floating- rate payments equal to three-month Libor, the rate for wholesale deposits between banks.
`Looked Like Heroes'
The agreement was initially profitable for PSE&G as interest rates rose. Yields on benchmark five-year Treasuries climbed as high as 6.81 percent in May 2000 from 5.97 percent when the swap was put in place in October 1999, as a booming economy prompted the Federal Reserve to boost rates.
``We all looked like heroes,'' said Tate.
When interest rates began falling amid slowing U.S. growth and a slump in share prices, the value of the utility's contract plunged. Tate said the board stuck with the arrangement ``because that was our guarantee the bonds would be sold.''
By the time of the sale in January 2001, the 7.379 percent PSE&G agreed to pay was 1.175 percentage points more than the 6.204 percent calculated market rate and the utility owed Lehman $49.4 million for just one part of the forward swap.
PSE&G terminated the swap at the time of the bond sale, at which it paid an average interest rate of 6.48 percent. By that point, the loss on the agreement was $201 million.
Not Disclosed
The full loss wasn't disclosed at the time. The prospectus for the bond sale said that $125 million of the proceeds went toward financing costs, which included underwriting fees, legal expenses and about half of the charge on the swaps. The rest is still being paid by consumers.
As of June 30, customers still owed about $77.7 million for the swap losses, according to a letter from James T. Foran, general corporate counsel at PSE&G.
The costs of the bet were little noticed in the state. Joseph J. Seneca, a professor at Rutgers University's Edward J. Bloustein School of Planning and Public Policy and chairman of the New Jersey Council of Economic Advisors, wasn't aware of it. Nor was Michael Crew, a professor of finance and economics at Rutgers who is director of the university's Center for Research in Regulated Industries.
New Jersey Governor Jon Corzine, former head of Goldman Sachs Group Inc., who took office last year, declined to comment, said his spokesman, Brendan Gilfillan.
As he stood outside PSE&G's Trenton bill-paying center, Smith said he is no longer surprised by extra charges on his utility bill.
``I don't know and I don't pay attention, I just pay the bills,'' he said.
To contact the reporter on this story: Michael Quint in Albany, New York, at mquint@bloomberg.net .
Sunday, February 17, 2008
Ramen breaks out of the package
Ramen breaks out of the package
Noodle bars crop up around the city
By Ben Muessig
Special to amNewYork
In the East Village, it’s hard to walk a block without passing a noodle bar. Considering that these low cost eateries serve tasty fare in huge portions, it’s no surprise that they’ve become so popular. After all, only a noodle bar make slurping soup a life-changing experience.
Kampuchea Restaurant
78 Rivington St. (at Orchard St.)
212-529-3901
$15-$19
This downtown Pan-Asian bistro has an extensive menu that highlights Cambodian, Vietnamese and Laotian cuisines. You’ll find vermicelli, egg noodles, flat noodles, wheat noodles and vegetable noodles served in chicken, beef, pork and vegetable broths. Try unique toppings such as mussels, fresh water prawns, Berkshire pork, braised brisket or Chinese eggplant.
Sobaya
229 E. 9th St., Ste. 3 (bet. Second and Third Aves)
212-533-6966
$9-$18.50
Sobaya offers 24 varieties of soba — a Japanese noodle made from buckwheat. This East Village eatery serves cold soba topped with shrimp and veggie tempura, or mushrooms and grated radishes. You can order hot soba soups with fried bean curd or grated yams. If the grayish soba noodles aren’t your favorite, try any of their delicious udon dishes.
Super Taste
26 Eldridge St. (at Canal St.)
212-625-1198
$4.50-$6
Super Taste doesn’t look like the other noodle bars on this list. It doesn’t have mood lighting, sleek modern furniture, or ambient music. Whether you order in or take-out, your food comes in a plastic bowl. No matter the aesthetics, Super Taste’s soups are topnotch. The Chinatown destination specializes in hand-pulled Lanhzou noodles, which it makes from scratch and serves in a spicy broth with beef and vegetables.
Minca Ramen Factory
536 E. 5th St. (bet.Aves A and B)
212-505-8001
$8.50-$12.50
At Minca, a bowl of miso ramen starts with a creamy broth. Fatty cuts of pork, kernels of corn and a hardboiled egg float on the surface. Beneath the accoutrements, you’ll uncover some of the most authentic Japanese noodles in the hemisphere. Minca’s wheat noodles are the perfect compliment for the smooth, filling soup.
Momofuku Noodle Bar
171 1st Ave. (bet. E. 10th and E. 11th Sts)
212-777-7773
$9-$17
While foodies crowd Momofuku Ssam Bar, the original noodle bar continues to attract the crowds for its fantastic fusion fare. Momofuku’s noodles come in complicated broths that combine traditional Japanese ramen recipes with contemporary gourmet tastes. While some deride the eatery for breaking the rules of ramen a serving of Momofuku’s noodles will convert even the loudest of critics.
Noodle bars crop up around the city
By Ben Muessig
Special to amNewYork
In the East Village, it’s hard to walk a block without passing a noodle bar. Considering that these low cost eateries serve tasty fare in huge portions, it’s no surprise that they’ve become so popular. After all, only a noodle bar make slurping soup a life-changing experience.
Kampuchea Restaurant
78 Rivington St. (at Orchard St.)
212-529-3901
$15-$19
This downtown Pan-Asian bistro has an extensive menu that highlights Cambodian, Vietnamese and Laotian cuisines. You’ll find vermicelli, egg noodles, flat noodles, wheat noodles and vegetable noodles served in chicken, beef, pork and vegetable broths. Try unique toppings such as mussels, fresh water prawns, Berkshire pork, braised brisket or Chinese eggplant.
Sobaya
229 E. 9th St., Ste. 3 (bet. Second and Third Aves)
212-533-6966
$9-$18.50
Sobaya offers 24 varieties of soba — a Japanese noodle made from buckwheat. This East Village eatery serves cold soba topped with shrimp and veggie tempura, or mushrooms and grated radishes. You can order hot soba soups with fried bean curd or grated yams. If the grayish soba noodles aren’t your favorite, try any of their delicious udon dishes.
Super Taste
26 Eldridge St. (at Canal St.)
212-625-1198
$4.50-$6
Super Taste doesn’t look like the other noodle bars on this list. It doesn’t have mood lighting, sleek modern furniture, or ambient music. Whether you order in or take-out, your food comes in a plastic bowl. No matter the aesthetics, Super Taste’s soups are topnotch. The Chinatown destination specializes in hand-pulled Lanhzou noodles, which it makes from scratch and serves in a spicy broth with beef and vegetables.
Minca Ramen Factory
536 E. 5th St. (bet.Aves A and B)
212-505-8001
$8.50-$12.50
At Minca, a bowl of miso ramen starts with a creamy broth. Fatty cuts of pork, kernels of corn and a hardboiled egg float on the surface. Beneath the accoutrements, you’ll uncover some of the most authentic Japanese noodles in the hemisphere. Minca’s wheat noodles are the perfect compliment for the smooth, filling soup.
Momofuku Noodle Bar
171 1st Ave. (bet. E. 10th and E. 11th Sts)
212-777-7773
$9-$17
While foodies crowd Momofuku Ssam Bar, the original noodle bar continues to attract the crowds for its fantastic fusion fare. Momofuku’s noodles come in complicated broths that combine traditional Japanese ramen recipes with contemporary gourmet tastes. While some deride the eatery for breaking the rules of ramen a serving of Momofuku’s noodles will convert even the loudest of critics.
Worth the wait
Worth the wait
They don’t take reservations, so you better get to these haute spots early
By Karen Tina Harrison
Special to amNewYork
New Yorkers hate to wait … unless it’s to get into the restaurant du jour. In which case it’s all part of the fun. These blazing-hot eateries don’t take reservations, so go early or late, or give in to cooling your heels with fellow trend-setters.
Momofuku Ssam Bar
207 Second Ave.
212-254-3500
Entrees $10-$25
Momofuku Noodle bar
171 First Ave.
212-777-7773
Entrees $9-$17
momofuku.com
Chef David Chang is a wonder boy of New York cuisine. At his twin East Village hotspots, you can sample his quasi-Asian, quasi-NYC bites. You’ll feel very in the know chowing on the meat-centric menu.
Boqueria
53 W. 19th St
212-255-4160
boquerianyc.com
Tapas $4-$8
Decorated in organic modern style, this Flatiron hangout offers a wine bar, tapas bar, communal tables and sociable nooks. It’s an ultra-happening place, and chef Seamus Mullen’s Spanish tapas are tops.
The Spotted Pig
314 W. 11th St.
212-620-0393
thespottedpig.com
Entrees $16-$32
Chef April Bloomfield brought her belly-warming gastropub cuisine from Manchester, England to the West Village, where locals and foodies line up for her Roquefort burger and ricotta dumplings called gnudi.
Cantina
29 Avenue B
212-228-0599
cantinanyc.com
Entrees $16-$17
Globe-trotting DJ and restaurateur Jason Swamy has done up his East Village hipster magnet with sweet flea-market finds and an intriguing menu of Cuban dishes to munch on while you take in the scene.
Jimmy’s No. 43
43 E. 7th St.
212-982-3006
jimmysno43.com
Entrees $10-$22
Jimmy Carbone’s popular East Village lair boasts a way-cool crowd and cozy, cavernous atmosphere. And its style is backed up with a great beer list and chef Phillip Kirschen-Clark’s homey, yummy chow.
Bacaro
136 Division St.
212-941-5060
Entrees $12-$18
Frank DeCarlo’s latest haunt is this inviting Italian spot in Chinatown. Head straight for the seductive cellar, rustically elegant with wood beams, a chandelier and a marble bar.
Shorty’s.32
99 Prince St.
212-375-8275
shortys32.com
Entrees $18-$25
Chef Josh Eden, a Jean-Georges Vongerichten protégé, is behind this comfy 32-seater that serves New York comfort food with a smart SoHo twist.
They don’t take reservations, so you better get to these haute spots early
By Karen Tina Harrison
Special to amNewYork
New Yorkers hate to wait … unless it’s to get into the restaurant du jour. In which case it’s all part of the fun. These blazing-hot eateries don’t take reservations, so go early or late, or give in to cooling your heels with fellow trend-setters.
Momofuku Ssam Bar
207 Second Ave.
212-254-3500
Entrees $10-$25
Momofuku Noodle bar
171 First Ave.
212-777-7773
Entrees $9-$17
momofuku.com
Chef David Chang is a wonder boy of New York cuisine. At his twin East Village hotspots, you can sample his quasi-Asian, quasi-NYC bites. You’ll feel very in the know chowing on the meat-centric menu.
Boqueria
53 W. 19th St
212-255-4160
boquerianyc.com
Tapas $4-$8
Decorated in organic modern style, this Flatiron hangout offers a wine bar, tapas bar, communal tables and sociable nooks. It’s an ultra-happening place, and chef Seamus Mullen’s Spanish tapas are tops.
The Spotted Pig
314 W. 11th St.
212-620-0393
thespottedpig.com
Entrees $16-$32
Chef April Bloomfield brought her belly-warming gastropub cuisine from Manchester, England to the West Village, where locals and foodies line up for her Roquefort burger and ricotta dumplings called gnudi.
Cantina
29 Avenue B
212-228-0599
cantinanyc.com
Entrees $16-$17
Globe-trotting DJ and restaurateur Jason Swamy has done up his East Village hipster magnet with sweet flea-market finds and an intriguing menu of Cuban dishes to munch on while you take in the scene.
Jimmy’s No. 43
43 E. 7th St.
212-982-3006
jimmysno43.com
Entrees $10-$22
Jimmy Carbone’s popular East Village lair boasts a way-cool crowd and cozy, cavernous atmosphere. And its style is backed up with a great beer list and chef Phillip Kirschen-Clark’s homey, yummy chow.
Bacaro
136 Division St.
212-941-5060
Entrees $12-$18
Frank DeCarlo’s latest haunt is this inviting Italian spot in Chinatown. Head straight for the seductive cellar, rustically elegant with wood beams, a chandelier and a marble bar.
Shorty’s.32
99 Prince St.
212-375-8275
shortys32.com
Entrees $18-$25
Chef Josh Eden, a Jean-Georges Vongerichten protégé, is behind this comfy 32-seater that serves New York comfort food with a smart SoHo twist.
Asian Food
Stuff yourself on Asian fare
By Ben DiMatteo
Special to amNewYork, 6-Feb-08
If there was ever a day to splurge on Peking duck, it would be today, the dawn of the new year, according to many Asian traditions. As we enter the Year of the Rat, now is as good a time as any to stuff our beady, little faces with some good Asian grub. Want to know where to go? Consult our list below.
Best congee
Congee Bowery
207 Bowery
212-766-2828
Congee: $2-$7.75
Congee, a soupy rice porridge similar in texture to grits, is usually served as a breakfast dish, but we like it any time of day. The grand rocky outcrop overlooking the dining room (the Flushing location is more subdued). While the prices may seem high, the portions are large, and with each order you get a plethora of sauces and appetizers — including crab legs, clams and vegetables — that cover the table top. decor of this Lower East Side eatery lends an upscale air to the traditional Chinese-American comfort food. Our favorite is the the roast duck and meatball congee ($3.50). Since man cannot live on rice porridge alone, supplement your order with the delicious Shanghai-style juicy buns ($3.50).
Best dim sum
Park Asia
6521 8th Ave., Brooklyn
718-833-1688
$7/person on average
On Brooklyn’s 8th Avenue lies New York’s second Chinatown, though you won’t find hawkers selling baby turtles and Gucci knock-offs. The neighborhood has an old-world flavor, as well as some of the city’s best dim sum. Check out the modestly decorated Park Asia. As the cart touting goodies goes by, be sure to snag some crispy seafood rolls, taro dumplings and barbecue beef pastry. Bring an adventurous palate, because if you don’t have a solid grasp of the Chinese language you’re likely to bite into a crispy frog.
Best Peking duck
Peking Duck
House
28 Mott St.
212-227-1810
236 E. 53rd St
212-759-8260
Peking duck: $40
The subdued lighting and modern decor at both locations of this Chinese chain create a tranquil atmosphere. Grab a friend to split their signature dish, which comes sliced thinly and served with scallion pancakes, cucumbers and hoi sin sauce. If you can swing the $65 tab, try the steamed shark’s fin soup.
Best Vietnamese
Nha Trang
87 Baxter St.
212-233-5948
$4.75-$8.75
While the Lunar New Year is most often referred to as Chinese New Year, few people are aware that the holiday is also celebrated by the Mongolian, Korean and Vietnamese cultures. For some killer Vietnamese food, head to Baxter Street’s Nha Trang, where the portions are large, the tab is minimal and the service is lightning quick. The cornerstone of Vietnamese cuisine is Pho, a type of rice noodle in broth. The Pho Tai ($4.75) gets you a huge bowl with beef cooked just right. Locals go for the barbecue pork chop over rice ($5) and the squid, chili sauce and lemongrass ($8.75) is to die for.
Best Korean
Kum Gang San
138-28 Northern Blvd.,
Flushing
718-461-0909
49 W. 32nd St.
212-967-0909
Kalbi: $25.95
The secret of good Korean barbecue, or kalbi, is tender cuts of meat, especially beef short rib tips, marinated and grilled over an open flame. Kum Gang San in Manhattan takes the experience one step further, featuring a gleaming white grand piano perched on a rocky outcrop overlooking the dining room (the Flushing location is more subdued). While the prices may seem high, the portions are large, and with each order you get a plethora of sauces and appetizers — including crab legs, clams and vegetables — that cover the table top.
By Ben DiMatteo
Special to amNewYork, 6-Feb-08
If there was ever a day to splurge on Peking duck, it would be today, the dawn of the new year, according to many Asian traditions. As we enter the Year of the Rat, now is as good a time as any to stuff our beady, little faces with some good Asian grub. Want to know where to go? Consult our list below.
Best congee
Congee Bowery
207 Bowery
212-766-2828
Congee: $2-$7.75
Congee, a soupy rice porridge similar in texture to grits, is usually served as a breakfast dish, but we like it any time of day. The grand rocky outcrop overlooking the dining room (the Flushing location is more subdued). While the prices may seem high, the portions are large, and with each order you get a plethora of sauces and appetizers — including crab legs, clams and vegetables — that cover the table top. decor of this Lower East Side eatery lends an upscale air to the traditional Chinese-American comfort food. Our favorite is the the roast duck and meatball congee ($3.50). Since man cannot live on rice porridge alone, supplement your order with the delicious Shanghai-style juicy buns ($3.50).
Best dim sum
Park Asia
6521 8th Ave., Brooklyn
718-833-1688
$7/person on average
On Brooklyn’s 8th Avenue lies New York’s second Chinatown, though you won’t find hawkers selling baby turtles and Gucci knock-offs. The neighborhood has an old-world flavor, as well as some of the city’s best dim sum. Check out the modestly decorated Park Asia. As the cart touting goodies goes by, be sure to snag some crispy seafood rolls, taro dumplings and barbecue beef pastry. Bring an adventurous palate, because if you don’t have a solid grasp of the Chinese language you’re likely to bite into a crispy frog.
Best Peking duck
Peking Duck
House
28 Mott St.
212-227-1810
236 E. 53rd St
212-759-8260
Peking duck: $40
The subdued lighting and modern decor at both locations of this Chinese chain create a tranquil atmosphere. Grab a friend to split their signature dish, which comes sliced thinly and served with scallion pancakes, cucumbers and hoi sin sauce. If you can swing the $65 tab, try the steamed shark’s fin soup.
Best Vietnamese
Nha Trang
87 Baxter St.
212-233-5948
$4.75-$8.75
While the Lunar New Year is most often referred to as Chinese New Year, few people are aware that the holiday is also celebrated by the Mongolian, Korean and Vietnamese cultures. For some killer Vietnamese food, head to Baxter Street’s Nha Trang, where the portions are large, the tab is minimal and the service is lightning quick. The cornerstone of Vietnamese cuisine is Pho, a type of rice noodle in broth. The Pho Tai ($4.75) gets you a huge bowl with beef cooked just right. Locals go for the barbecue pork chop over rice ($5) and the squid, chili sauce and lemongrass ($8.75) is to die for.
Best Korean
Kum Gang San
138-28 Northern Blvd.,
Flushing
718-461-0909
49 W. 32nd St.
212-967-0909
Kalbi: $25.95
The secret of good Korean barbecue, or kalbi, is tender cuts of meat, especially beef short rib tips, marinated and grilled over an open flame. Kum Gang San in Manhattan takes the experience one step further, featuring a gleaming white grand piano perched on a rocky outcrop overlooking the dining room (the Flushing location is more subdued). While the prices may seem high, the portions are large, and with each order you get a plethora of sauces and appetizers — including crab legs, clams and vegetables — that cover the table top.
`Crazy Friday' Comes for New York Parents Seeking School Slots
`Crazy Friday' Comes for New York Parents Seeking School Slots
Bloomberg, 15-Feb-2008-02-15
By Beth Jinks
Parental anxiety in New York rises a notch for today's annual ``Crazy Friday'' as the city's private kindergartens issue decisions that may launch youngsters toward Harvard, Yale or Princeton, or not.
Letters, e-mails and phone calls from schools today will say ``accepted,'' ``rejected'' or ``wait-listed.'' Then the kindergarten shuffle begins, with parents balancing waiting-list spots at their top choices against acceptances at so-called safety schools.
Many parents submitted more than a dozen applications to raise their child's chances, according to New York education advisers. The application flood means some of the $28,000-a-year schools including Brearley, Spence, Collegiate and Dalton in Manhattan have more than 10 contenders for each desk, with competition fiercest for about 2,500 prized seats at the most- sought schools.
``Everybody wants to go the same 15 schools, but they don't have 500 kindergarten places. They have 30 to 60,'' said Amanda Uhry, who charges $15,000 to help families through the admissions process. ``It's like a parental feeding frenzy. You can't buy your way in. If you've got $5 billion, there's probably somebody who is applying who has $10 billion.''
The Trevor Day School in Manhattan had 600 applicants for 64 spots, up 15 percent from 2007, a trend repeated elsewhere, said Deborah Ashe, a board member of the Independent School Admission Association of Greater New York and Trevor's application director.
Legacy Kids
Some spots go to children graduating from the schools' preschool programs, others to ``legacy'' kids whose siblings or other relatives attended the same kindergarten. That leaves precious few spaces for parents trying to secure a kindergarten that will guarantee their child's prep-school path, according to Ashe and Uhry.
``Families are in the middle of the, `Where-am-I-going-to- get-in' panic, it's Crazy Friday,'' Cynthia Bing of the nonprofit Parents League of New York said in a phone interview. Her group doesn't charge to help families apply.
The ``panicked response'' has been building in recent years, Ashe said. ``We don't know if applications are going up because there's more people out there, or if there's just more panic out there.''
New York's five boroughs have 575,823 children younger than 5, according to the 2006 U.S. Census Bureau estimates, up 5.8 percent since 2001. Manhattan's under-5 population jumped 22 percent to 98,361 over the same period, reflecting high-paying jobs that keep more families in the city instead of moving to the suburbs, said Ashe.
Automatic Entry
The 2,500 slots are at 60 kindergartens of private schools that are members of New York's Independent School Admission Association. Acceptance grants children automatic entry into grade school, and can secure their place in the best private high schools. The association represents 127 New York private schools, including 112 in Manhattan.
Families must decide whether to accept admission offers by Feb. 27. If they decline, then those on the wait-list are offered the slot.
Some parents begin angling for the right kindergarten even before conceiving, Bing said.
Amanda Brokaw, a public relations executive, said she and her investment-banker husband are already studying schooling options for their 19-month-old daughter.
``I'm amazed that I'm dealing with this so early,'' she said. ``I grew up in Manhattan. Looking at the future, between the finances and competitiveness of getting in somewhere, it's causing anxiety. No sleepless nights yet, but anxiety.''
Brooklyn's Crazy, Too
It's not just crazy in Manhattan, said Ana Patel, who works for an international human rights organization and lives with her lawyer husband and 4 1/2-year-old son in Brooklyn. After applying to five schools, they won acceptance at a private kindergarten in Brooklyn Heights, where the child can continue through high school.
``You find yourself having the most inane conversations with other parents because it suddenly becomes a big deal whether they get in or not,'' Patel said. ``Do you call the head of development during the first round? Do you send her flowers? Do you send her a thank-you note? Is e-mail OK or should it be handwritten, or on some kind of stationary?''
Application fees, interviews and waiting lists are features of most private New York kindergartens, even those far down in preference lists. Parents submit essays explaining why they'll fit in with the school community, and toddlers take aptitude tests and have ``play dates'' with other hopefuls.
At first-come kindergartens, parents or their nannies line up before dawn on application day. Other schools began applicant lotteries to avoid the spectacle.
`Melissa Moms'
Uhry said that her business, Manhattan Private School Advisors, has doubled since 2005 to about 1,400 families and that 2009 will be the most competitive yet. The key, she said, is selling your family and customizing each application to fit the school's criteria.
``You don't want to look like every other person who lives on the Upper East or Upper West Side. The husband works on Wall Street, probably for Goldman Sachs, the wife doesn't work any more, her name is Melissa, she's 40 years old, has a 2-year-old kid and wears those pants with the word `Juicy' across the butt,'' Uhry said. ``You know how many of those `Melissa Moms' we see around here?''
Bloomberg, 15-Feb-2008-02-15
By Beth Jinks
Parental anxiety in New York rises a notch for today's annual ``Crazy Friday'' as the city's private kindergartens issue decisions that may launch youngsters toward Harvard, Yale or Princeton, or not.
Letters, e-mails and phone calls from schools today will say ``accepted,'' ``rejected'' or ``wait-listed.'' Then the kindergarten shuffle begins, with parents balancing waiting-list spots at their top choices against acceptances at so-called safety schools.
Many parents submitted more than a dozen applications to raise their child's chances, according to New York education advisers. The application flood means some of the $28,000-a-year schools including Brearley, Spence, Collegiate and Dalton in Manhattan have more than 10 contenders for each desk, with competition fiercest for about 2,500 prized seats at the most- sought schools.
``Everybody wants to go the same 15 schools, but they don't have 500 kindergarten places. They have 30 to 60,'' said Amanda Uhry, who charges $15,000 to help families through the admissions process. ``It's like a parental feeding frenzy. You can't buy your way in. If you've got $5 billion, there's probably somebody who is applying who has $10 billion.''
The Trevor Day School in Manhattan had 600 applicants for 64 spots, up 15 percent from 2007, a trend repeated elsewhere, said Deborah Ashe, a board member of the Independent School Admission Association of Greater New York and Trevor's application director.
Legacy Kids
Some spots go to children graduating from the schools' preschool programs, others to ``legacy'' kids whose siblings or other relatives attended the same kindergarten. That leaves precious few spaces for parents trying to secure a kindergarten that will guarantee their child's prep-school path, according to Ashe and Uhry.
``Families are in the middle of the, `Where-am-I-going-to- get-in' panic, it's Crazy Friday,'' Cynthia Bing of the nonprofit Parents League of New York said in a phone interview. Her group doesn't charge to help families apply.
The ``panicked response'' has been building in recent years, Ashe said. ``We don't know if applications are going up because there's more people out there, or if there's just more panic out there.''
New York's five boroughs have 575,823 children younger than 5, according to the 2006 U.S. Census Bureau estimates, up 5.8 percent since 2001. Manhattan's under-5 population jumped 22 percent to 98,361 over the same period, reflecting high-paying jobs that keep more families in the city instead of moving to the suburbs, said Ashe.
Automatic Entry
The 2,500 slots are at 60 kindergartens of private schools that are members of New York's Independent School Admission Association. Acceptance grants children automatic entry into grade school, and can secure their place in the best private high schools. The association represents 127 New York private schools, including 112 in Manhattan.
Families must decide whether to accept admission offers by Feb. 27. If they decline, then those on the wait-list are offered the slot.
Some parents begin angling for the right kindergarten even before conceiving, Bing said.
Amanda Brokaw, a public relations executive, said she and her investment-banker husband are already studying schooling options for their 19-month-old daughter.
``I'm amazed that I'm dealing with this so early,'' she said. ``I grew up in Manhattan. Looking at the future, between the finances and competitiveness of getting in somewhere, it's causing anxiety. No sleepless nights yet, but anxiety.''
Brooklyn's Crazy, Too
It's not just crazy in Manhattan, said Ana Patel, who works for an international human rights organization and lives with her lawyer husband and 4 1/2-year-old son in Brooklyn. After applying to five schools, they won acceptance at a private kindergarten in Brooklyn Heights, where the child can continue through high school.
``You find yourself having the most inane conversations with other parents because it suddenly becomes a big deal whether they get in or not,'' Patel said. ``Do you call the head of development during the first round? Do you send her flowers? Do you send her a thank-you note? Is e-mail OK or should it be handwritten, or on some kind of stationary?''
Application fees, interviews and waiting lists are features of most private New York kindergartens, even those far down in preference lists. Parents submit essays explaining why they'll fit in with the school community, and toddlers take aptitude tests and have ``play dates'' with other hopefuls.
At first-come kindergartens, parents or their nannies line up before dawn on application day. Other schools began applicant lotteries to avoid the spectacle.
`Melissa Moms'
Uhry said that her business, Manhattan Private School Advisors, has doubled since 2005 to about 1,400 families and that 2009 will be the most competitive yet. The key, she said, is selling your family and customizing each application to fit the school's criteria.
``You don't want to look like every other person who lives on the Upper East or Upper West Side. The husband works on Wall Street, probably for Goldman Sachs, the wife doesn't work any more, her name is Melissa, she's 40 years old, has a 2-year-old kid and wears those pants with the word `Juicy' across the butt,'' Uhry said. ``You know how many of those `Melissa Moms' we see around here?''
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