| Corporate Queens |
| A Peek At The
Borough’s Largest Public Companies |
| By Jeremy Olshan |
"Corporate" is generally not part of the
vocabulary used to describe Queens. The neighborhoods of this borough are primarily
residential – a refuge from the business megalopolis of Manhattan.
On the other hand, Queens has a rich industrial history, from Eagle
Electric to Pepsi to Bulova. So, why are so few "Fortune 500" companies located
here in Queens?
The reason is simple: The public companies that choose to build
their nests in Queens do so because this is where they began.
Queens’ corporate history is comprised of small companies
– run by dreamers – that made good.
With that in mind, here’s a sampling of some of the largest
public companies headquartered in Queens. What is perhaps most striking is the diverse
industries which they encompass, and the fact that while some of these companies have been
around for decades, others have been around only a few years.
Standard Motor
Products, Inc.
37-18 Northern Blvd., Long Island City
Industry: Motor vehicle parts
Nyse: SMP
Employees: 3,470
Revenues: $722 million |
| Shortly after the
invention of the affordable automobile, came the need for the affordable auto mechanic,
and, subsequently, affordable replacement parts. For more than 75 years, the company that
manufactured those parts, and the equipment necessary to replace them, has been Long
Island City’s Standard Motor.Today, the
company has divisions all over the country, but the headquarters are still in Queens. The
Long Island City plant is responsible for producing auto-ignition and electrical
replacement parts. The Standard/Hygrade division is also one of the leading manufacturers
of the computers used for engine management, anti-lock brake systems, climate control and
cruise control. The company also provides repair shop equipment, and auto accessories.
While revenues in 1996 were up nearly ten percent from the
year before, at $722 million, the company is trying to reposition itself to cope with the
changing market. |
Tower Air, Inc.
Hanger 17, JFK International Airport
Industry: Aviation
Employees: 1,750
Nasdaq: TOWR
Revenues: $500+ million |
| Established in 1983,
Tower Air has rapidly grown into a full-service airline that can effectively compete with
the aviation powerhouses. The company’s philosophy is to provide low-cost
unrestricted scheduled service, chartered passenger and cargo service in both domestic and
international markets.With a workforce of
1,750, Tower operates an fleet of 16 Boeing-747s, and offers scheduled flights from New
York to Athens, Las Vegas, Los Angeles, Miami, Paris, San Francisco, San Juan and Tel Aviv
The newly renovated Tower Air terminal at JFK Airport
boasts a comfortable, convenient and uncongested environment. It is one of the busiest and
fastest growing airlines at JFK, and it all started here in Queens. |
Western Beef, Inc.
57-05 Metropolitan Avenue, Ridgewood
Industry: Supermarkets
Employees: 1,800
Nasdaq: BEEF
1996 Revenues: $341 million |
| For a quarter of a
century, Western Beef has made a point of providing excellent supermarkets to
neighborhoods which had none. With three stores in Queens, 16 others in the metropolitan
area, and several more in the works, the grocery chain continues to expand. A company that is one of the most successful Queens-based ventures
of recent years, has also managed to provide great resources to low-income neighborhoods
throughout the area. The company makes a point of adapting each store to the particular
needs and desires of the community. This tradition began back in 1972, when the original
Western Beef opened in Ridgewood. |
Queens County Bancorp,
Inc.
38-25 Main Street, Flushing
Industry: Banking and Finance
Queens Employees: 279
Nasdaq: QCSB |
| Queens has always
been both a family of neighborhoods, and a neighborhood of families. So it is no surprise
that the borough’s first bank would specialize in multi-family mortgages. Chartered
by the state in 1859, Queens County Savings Bank continues to serve the people of this
borough. In fact, since the company went public in 1993, its value has appreciated
five-fold.Currently, the bank has 12
locations, 11 of which are in Queens. There are 2 branch offices and customer service
centers, including one in a 24-hour drug store. It is this type of experimentation that
has been the cause of the company’s great success.
In the four years since going public, Queens County’s
stock has split four times, with two of those splits occurring in 1997. |
Bulova Corp.
1 Bulova Avenue, Woodside
Industry: Watches, clocks and parts
Queens Employees: 430
OTC: BULV
1996 Revenues: $120.8 million |
| For over a century,
America has been on Bulova time. But not just America – the watches and clocks
designed and manufactured in Woodside, Queens, are worn all over the world – they
even accompanied astronauts to the moon.Founded
by Czech immigrant Joseph Bulova, the company pioneered the wristwatch and the clock
radio, with a simple credo: to provide an exceptional mix of artistry and technical
excellence.
Bulova is also known for producing the first radio
commercial in 1926. "At the tone, it’s 8 p.m.," said the announcer.
"B-U-L-O-V-A, Bulova watch time."
In 1941, right before a Dodgers-Phillies game, Bulova was
once again at the forefront of marketing, with the first ever television commercial.
Even though the company moved from its landmark building in
1986, its headquarters are still in Woodside. The company receives both financial and
management support from the Loew’s Corporation. |
New York Bancorp, Inc.
(Home Federal Savings Bank)
241-02 Northern Blvd., Douglaston
Industry: Banking and Finance
1996 Revenues: $278 million
NYSE: NYB
Employees: 487 |
| With 29 branches in
the metropolitan area, Home Federal Savings bank is one of the top lenders of home
mortgage loans. Fiscal year 1996 marked the first time that the company’s net
interest income exceeded $100 million.Based
in Douglaston, the company’s philosophy is to provide an array of financial products
and services that are useful, practical and fairly priced. |
Steven Madden, Ltd.
56-16 Barnett Ave., Long Island City
Industry: Women’s footwear
Queens employees: 20
Nasdaq: SHOO
1996 Revenues: $45.8 million |
| Despite the plethora
of great clothing stores in Queens, the borough is not usually considered to be a center
of fashion design. Most people – even those who wear their products – are not
even aware that one of the nation’s most popular new shoe designers is in Long Island
City. Established in 1990, Steve Madden shoes are designed to be reasonably priced
fashion-forward footwear for young women.The
company sells it shoes both wholesale, through major distributors like Macy’s,
Nordstrom and Dillards, as well as retail, at nearly a dozen locations. One of the newest
Steven Madden outlets is at the Queens Center Mall in Elmhurst.
Madden’s often clunky, but always comfortable, shoes
are targeted primarily at women aged 13 to 29. However, the reality is that they are worn
by women of all ages.
This past year, the company has undergone a rapid
expansion, taking on five licensees, and purchasing other brands such as David Aaron
Footwear. The company has also recently put out a whole line of clothing. |
News Communications,
Inc.
174-15 Horace Harding Expwy., Fresh Meadows
Industry: Publishing
Nasdaq: NCOM
1996 Revenues: $18 million |
| In a unique venture,
News Communications set out to provide a network of community newspapers that covers much
of New York’s metropolitan area, as well as Washington, D.C. It is the largest
publishing company of its kind in New York.The
dozens of individual papers, including the Queens Tribune, benefit from the shared
resources of the company, and the advertisers benefit from being able to reach readers all
over the city at affordable rates.
Since incorporating in 1988, News Communications has grown
to include the premier weekly newspaper groups in Manhattan, Queens, the Bronx, Brooklyn,
Long Island’s Nassau County and the Hamptons. |
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