Vornado ceo out, roth in

Michael Fascitelli, the dynamic chief executive officer of Vornado Realty Trust, is stepping down to “take a break” from the company after four year atop the firm.

Chairman Steve Roth, who served as CEO for 20 years until Fascitelli took over in 2009, will step back into the chief executive role.

Both moves take effect on Apr. 16 and Roth said he expects the transition to happen “seamlessly.”

Fascitelli, 56, will remain on Vornado’s board, keep an office at the 888 Seventh Ave. headquarters and be available for “advice and counsel.”

The news rattled both the stock and the real estate world as the company owns more than 100 million square feet of offices and retail properties in the US and is one of the city’s largest office and retail owners.

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Michael Fascitelli

“Vornado has been my consuming passion for the past 16 years,” said Fascitelli on a conference call yesterday, praising Roth as a “great partner.”

Obviously suffering a cold, Fascitelli also said, “I am a firm believer of not being afraid to try something new.”

The CEO left McKinsey in 1985 for Goldman Sachs and then joined Roth at Vornado in 1996. “Now is the right time to take a break and try something different,” he added.

Fascitelli, an avid athlete and sportsman, has led an adventurous life out of the office.

In 2006, he hurt his foot while playing basketball and was in a cast when, weeks later, he took a tumble while riding a snowmobile that ventured into a hidden ravine in Utah — breaking a bone in his wrist.

Last summer, Fascitelli suffered a serious shoulder injury and sources said he was almost killed in a horrific auto accident when the hired driver of a car he and his wife were riding in had a heart attack, hit a truck and flipped the vehicle, leaving Fascitelli and his wife Beth, who suffered a concussion, trapped for more than an hour.

He is leaving Vornado as one of its highest-paid executives — having earned $64.4 million in 2011.

Roth said Fascitelli worked “like an animal” and had executed 172 transactions on more than $17 billion worth of properties, all of which were fueled by 125 capital markets transactions totaling over $27 billion, making an “indelible impact on Vornado.”

In addition to its real estate holdings, Vornado has sizable investments in Toys ‘R’ Us and JCPenney — deals that have dogged the company, which yesterday reported a $224.9 million loss on Penney and a $40 million on Toys.

“Mike is one of the smartest and well-respected people in our industry,” said Jared Kushner, a partner with Vornado at 666 Fifth Ave.

“He is a great partner and a great friend,” he added. “And somebody for everyone in our industry to look up to.”

Mitchell Konsker, vice chairman of Jones Lang LaSalle, agreed, saying, “He’s one of the class acts of our industry, and truthfully, has the utmost respect of his peers.”

Possible successors include SL Green’s Marc Holliday and Andrew Mathias, as well as Vornado’s own execs, including David Greenbaum and Mitchell Schear.

CBRE’s local president and dealmaker, Mary Ann Tighe, and Cushman & Wakefield’s former CEO, Bruce Mosler, who now leads its global brokerage, were also mentioned as candidates.

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Would-be convention center developers make pitches to Miami Beach residents

Developers on Wednesday presented Miami Beach residents with competing ideas for what the city’s Convention Center could look like after an overhaul.

It was the public’s first glimpse of what could become of the 52-acre site. Two heavy-hitting teams are competing for the project, which could cost up to $1 billion.

Both teams – Portman-CMC and South Beach ACE – stressed that the concepts presented Wednesday were only preliminary ideas.

Both teams’ proposals focus on creating lush greenscapes and ways to connect the enormous convention center with abutting neighborhoods – things that residents at a prior public meeting asked of the developers.

To do that, Portman-CMC, the team led by Portman Holdings, proposed several scenarios. In one, a diagonal plaza would grace the corner of the current convention center property, creating a string of parks to connect the center to the existing Miami Beach Botanical Garden and SoundScape Park.

The design focused on creating shade through both the buildings and landscaping, which is basically nonexistent now.

“This place is a black hole in terms of green, in terms of trees. We aim to change that," said Jamie Maslyn Larson, a Partner of West 8, the company partnering with Portman to landscape the project.

West 8 also worked on Miami Beach’s SoundScape Park, which features free outdoor movies and audio and video feeds of performances at the adjoining New World Symphony.

South Beach ACE, the team led by Tishman Hotel and Realty, proposed an underground parking area to hide idling trucks and buses – an issue that residents have complained about. Above the parking lot would be a rolling greenspace, and views of the now-ignored Collins Canal would be incorporated.

World-renowned architect Rem Koolhaas, part of the South Beach ACE team, called the current convention center a "serious problem" in the middle of the "idyllic" Miami Beach. His team’s design aims to correct that.

Tishman’s proposal also preserves the current Jackie Gleason Theater. Residents have debated whether the theater, which is not deemed historic, deserves to be preserved. The Tishman proposal would essentially remove a back wall of the theater to create a two-stage amphitheater.

Portman-CMC has not made a decision about whether the theater itself would stay, but spoke to preserving the legacy of Gleason himself. The team launched a website to get more resident feedback about its proposal: www.portmancmcmiamibeach.com.

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Broward commisioner withdraws pit bull ban proposal

Pit bull lovers came out in force on Tuesday to oppose a county commissioner’s effort to get the breed banned in Broward County.

After hearing dozens make emotional pleas, County Commissioner Barbara Sharief agreed to withdraw her proposal for a ban and work with experts to help keep neighborhoods safe from all dangerous dogs.

Read the full story at Sun-Sentinel.com.

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Rihanna Obtains Restraining Order From Obsessed Fan

Fearing for her safety, Rihanna has filed for and been granted a restraining order from an obsessed fan.

Pics: 10 of Rihanna's Sexiest & Most Scandalous Shots

The singer obtained a temporary order against Steveland Barrow, 31, on Tuesday in Los Angeles Superior Court. According to paperwork acquired by ET, Barrow broke into a residence adjacent to Rihanna's (believing it was hers) where he "removed various items from the home and slept in a bed."

When arrested, Barrow told officers that the songstress had invited him to her home where he had intended to distribute his poetry.

Video: Rihanna & Kate's Sexy V Shoot In Action

A judge is set to determine whether or not the order, which currently prohibits Barrow from coming within 100 yards of Rihanna, should be made permanent during a March 21 hearing.

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Bond brawl

It’s not quite Bush v. Gore 2.0, but the two legal protagonists of that epic showdown before the Supreme Court will be back at it today.

Lawyers Ted Olsen and David Boies will appear before a Manhattan US appeals court to argue over how $1.44 billion in Argentina debt should be paid.

Olsen represents billionaire hedge fund magnate Paul Singer, who claims he and other bondholder holdouts should be paid alongside those holders who agreed to a steep haircut during a debt restructuring.

Argentina President Cristina Kirchner has long insisted she will never pay “one dollar” to the Singer holdouts.

Boies represents the bondholders who agreed to the restructuring — and they oppose Singer, believing that Argentina will never go along with a pro-holdout ruling, thus putting their bonds at risk of default.

The bonds tanked last fall when the appeals court upheld a lower court ruling that said that Singer’s group must be paid whenever the exchange bondholders were paid.

After those bonds went into free fall in late November, about a dozen investment funds — mostly hedge funds — lined up opposite Elliott and three other hedge funds on its side.

The Bank of New York, the trustee agent for the bondholders, also protested being dragged into the fray.

The hearing is “critical for Argentine bond markets,” JP Morgan analyst Vladimir Werning said last night in a note to clients.

Market players — who are expected to flood the courtroom — “are going to try to read into the judges’ questions whether . . . they sympathize or are hostile to one side or the other,” Werning told The Post.

Longtime Argentina lawyer Jonathan Blackman will represent the South American country.

The appeals court is not expected to issue its final ruling for at least a month, and Argentina is likely to appeal any ruling that goes against it to the Supreme Court.

mcelarier@nypost.com

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Don’t get too personal on LinkedIn

Have you ever received a request to connect on LinkedIn from someone you didn’t know or couldn’t remember?

A few weeks ago, Josh Turner encountered this situation. The online request to connect came from a businessman on the opposite coast of the United States. It came with a short introduction that ended with “Let’s go Blues!” a reference to Turner’s favorite hockey team in St. Louis that he had mentioned in his profile. “It was a personal connection … that’s building rapport.”

LinkedIn is known for being the professional social network where members expect you to keep buttoned-down behavior and network online like you would at a business event. With more than 200 million registered users, the site facilitates interaction as a way to boost your stature, gain a potential customer or rub elbows with a future boss.

But unlike most other social networking sites, LinkedIn is all about business — and you need to take special care that you act accordingly. As in any workplace, the right amount of personal information sharing could be the foot in the door, say experts. The wrong amount could slam it closed.

“Anyone in business needs a professional online presence,’’ says Vanessa McGovern, the VP of Business Development for the Global Institute for Travel Entrepreneurs and a consultant to business owners on how to use LinkedIn. But they should also heed LinkedIn etiquette or risk sending the wrong messages.

One of the biggest mistakes, McGovern says is getting too personal — or not personal enough.

Sending a request to connect blindly equates to cold calling and likely will lead nowhere. Instead, it should come with a personal note, an explanation of who you are, where you met, or how the connection can benefit both parties, McGovern explains.

Your profile should get a little personal, too, she says. “Talk about yourself in the first person and add a personal flair — your goals, your passion … make yourself seem human.”

Beyond that, keep your LinkedIn posts, invitations, comments and photos professional, McGovern says.

If you had a hard day at the office or your child just won an award, you may want to share it with your personal network elsewhere — but not on LinkedIn.

“This is not Facebook. Only share what you would share at a professional networking event,” she says.

Another etiquette pitfall on LinkedIn is the hit and run — making a connection and not following up.

At least once a week, Ari Rollnick, a principal in kabookaboo, an integrated marketing agency in Coral Gables, gets a request to connect with someone on LinkedIn that he has never met or heard of before. The person will have no connections in common and share no information about why they want to build a rapport.

“I won’t accept. That’s a lost opportunity for them,” Rollnick says.

He approaches it differently. When Rollnick graduated from Emory with an MBA in 2001, he had a good idea that his classmates would excel in the business world. Now, Rollnick wanted to find out just where they went and reestablish a connection.

With a few clicks, he tracked down dozens of them on LinkedIn, requested a connection, and was back on their radar. Then came the follow-up — letting them know through emails, phone calls and posts that he was creating a two-way street for business exchange. “Rather than make that connection and disappearing , I let them know I wanted to open the door to conversation.”

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Is this really the end of Cuba’s Castro brothers? Exiles say not so fast

On the streets of Miami, the announcement of a possible end to the Castro brothers’ rule was met with uncharacteristic silence Monday — no clanging of pots and pans in Little Havana and Hialeah.

No loud pronouncements on Spanish-language radio, either, about the news that President Raúl Castro planned to retire in 2018 and had named an heir apparent.

“There’s like, a little burnout about this subject with us,” said Alex Fumero, 30, a co-creator, editor and contributor of the poetry group Hialeah Haikus.

But the emotions were as strong as ever for Cuban-born U.S. Rep. Ileana Ros-Lehtinen, who believes this is just another sinister ploy by the Castro brothers.

“The fact that this possible retirement won’t take effect for years is just another in a long line of false propaganda tactics used by the regime to trick the masses and international community,” said Ros-Lehtinen, whose political career has been dedicated to opposing Castro.

“U.S. law states that no Castro may be in power, so this may be a ploy by the Cuban regime to attempt to normalize relations prematurely with the U.S.,’’ she said.

Miami radio commentator Ninoska Perez Castellon said five more years of any Castro is a long time. "This is just more of the same, and a cruel joke on a people enduring a 54-year-old dictatorship," she said.

Many like the idea of an end to the Castros, but they say it should have happened years ago.

“They’re giving up power too late and five years is too long to wait for them to actually do it,” said Francisco “Pepe” Hernandez, president of the Cuban-American National Foundation, a group that has long lobbied in Washington against the Castros.

“‘They’ve already done so much harm to the Cuban people. And the nerve to think they can name a successor, as if Cuba was their personal farm. The successor they named better be careful; those guys sometimes just disappear,” he said.

Cuban-born Marta Olchyk, a Surfside commissioner, said she was “glad that Raúl Castro said he is leaving in five years” although it would have happened anyway because of his age, she said.

“Cuba is slowly but surely moving away from communism,” said Olchyk, who left the island in 1960. “So, this is not earth-shattering news.”

Battle-weary Jose Basulto met the news with a cynical laugh.

“I have to laugh because this is so disrespectful, such an insult,” said Basulto, who took part in the 1961 Bay of Pigs invasion and founded the Brothers to the Rescue, a group that helped rafters fleeing Cuba find their way to U.S. shores.

Juan Clark, a professor emeritus at Miami Dade College and Bay of Pigs veteran, does not believe Raúl Castro actually will leave on his own in five years.

“I think many people were eager to see the end of the system and unfortunately that hasn’t happened,’’ said Clark, who has studied the exile community for many years.

Some “historic exiles” who came to the United States in the early days of the revolution have sworn they will never return as long as a Castro is in power.

Others, mainly those who have arrived after the Mariel boatlift in 1980, still have family on the island and travel there to help fledgling family businesses and might not even consider themselves exiles, Clark said.

Cuban-Americans offered a variety of opinions through The Miami Herald’s Public Insight Network.

It was ho-hum news for some younger Cuban-Americans, known as the ABCs — American-born Cubans who learned to hate the Castros from older family members.

Lazaro Castillo of Orlando, who was born the year of the revolution, gave little credence to the announcement.

“Any change in the island has a meaning, and this particular change is another manipulation, and in order to maintain the dynasty,’’ he said.

Miramar resident Olga Perez-Cormier, an American-born Cuban, also felt it was no more than a ploy.

“I listen to this with my usual skepticism,’’ she said. “I wish both Castro brothers would hurry up and die, but apparently, it will never be that easy.”

Miami Herald staff writer Mimi Whitefield contributed to this report. It also includes comments from the Public Insight Network, an online community of people who have agreed to share their opinions with The Miami Herald. Sign up by going to MiamiHerald.com

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Joe Zee Names His Best and Worst Dressed Star at the Oscars

Who topped our list this year?

From Charlize Theron's white-hot Dior Couture gown to Jessica Chastain's nearly nude Armani Privé creation, Elle contributor Joe Zee counts down his top five best red carpet looks from the Oscars.

Pics: The 15 Best Oscar Dresses of All Time

Watch the video to find out who made the grade! Plus, Joe announces his pick for worst-dressed star from Sunday's ceremony.

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The devious diva

Talk to the dial tone, Martha.

The CEO of Macy’s said he was so shocked when Martha Stewart phoned him to admit she had cut a secret deal with JCPenney that he hung up on her.

“I don’t remember hanging up on anyone in my life,” Lundgren testified yesterday in a Manhattan Supreme Court trial over Stewart’s Penney pact, which she cut despite a preexisting licensing agreement with Macy’s. “I was sick to my stomach.”

In a tense phone conversation on Dec. 6, 2011 — the day before Stewart announced Penney had shelled out $38.5 million for a 17-percent stake in her company, and cut a 10-year, $200 million licensing deal — Lundgren said he repeatedly asked why she had pursued the tie-up behind his back.

WireImage

To hear Macy’s CEO Terry Lundgren tell it, Martha Stewart (above) — who jumped to JCPenney’s Ron Johnson — acted like a schemer from a classic film in their bubbling feud.

Stewart began responding in stilted language, saying she was bound by a confidentiality agreement with Penney, as if she were reading from text written by lawyers, Lundgren testified as part of Macy’s case.

“She said this was going to be good for Macy’s. I think that’s when I hung up,” Lundgren said, adding that he hasn’t spoken to Stewart since.

Sales of Martha Stewart-branded goods at Macy’s surged 8 percent last year, Lundgren said, pooh-poohing the notion that he would have considered dropping the line instead of suing to block the Penney deal.

Later, under cross-examination by lawyers for Stewart and Penney, Lundgren was grilled on the finer details of the Macy’s licensing pact.

Stewart should be able to open in-store boutiques inside Penney stores, for example, because some Macy’s stores have a Starbucks in them, lawyers argued, pressing the CEO.

Lundgren countered that Charles Koppelman, then chairman of Martha Stewart Living Omnimedia, had told him when they originally negotiated their deal that Stewart only wanted to build an upscale flagship store “in Times Square or on Madison Avenue” — not at a downmarket rival like Penney.

Stewart wasn’t the only one cozying up to Lundgren as a friend while also double-dealing behind his back, the executive testified.

Shortly after JCPenney CEO Ron Johnson made a splashy presentation to Wall Street on Penney’s turnaround plans, Lundgren said he wrote to Johnson to congratulate him.

“Thank you, Terry. Your note means a ton to me,” Johnson replied in an e-mail dated Jan. 27, 2012, which was submitted as evidence by Macy’s.

“I consider you a friend.”

At the same time, however, Johnson was trading snarky e-mails with colleagues about Macy’s — including one in which the former Apple exec said Macy’s management “look asleep at the wheel.”

While Stewart chatted and negotiated with Johnson and his JCP higher-ups, she put on a friendly face toward Lundgren, according to testimony.

For example, in October 2011, in the midst of her Penney talks, Stewart called Macy’s and begged Lundgren for a $10,000 VIP seat at a posh New York dinner honoring Ralph Lauren and Oprah Winfrey.

Lundgren, knowing nothing of her pending Penney double-cross, gave her a ticket.

Then, a few weeks later, just a few weeks before the Penney pact went public, Stewart asked for and got exclusive tickets to the Macy’s Thanksgiving Day parade, Lundgren said.

jcovert@nypost.com

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Miami medicine goes digital

About 10 years ago, Dr. Fleur Sack quit her practice as a family physician to become a hospital department head. Spurring her decision was the need to switch from paper records to electronic ones to keep her private practice profitable. “At that time, it would have cost about $50,000,” Dr. Sack recalled. “It was too expensive and it was too overwhelming.”

But times and technologies changed, and last year, Dr. Sack left her hospital job to restart her medical practice with an affordable system for managing electronic patient records. She agreed to a $5,000 setup fee and a subscription fee of $500 per month for the system. Her investment also qualified her for subsidy money, which the federal government pays in installments, and to date, her subsidy income has paid for the setup fee and about two years of monthly fees. “So far, I’ve got my check for $18,000,” she said. “There’s a total of $44,000 that I can get.”

That kind of cash flow is one reason why so-called EHR software systems for electronic health records have been among the hottest-selling commercial products in the world of information technology. EHR system development is a growth industry in South Florida, too. Life sciences and biotechnology are among the high growth-potential sectors identified by the Beacon Council-led One Community One Goal economic development initiative unveiled in 2012; already, the University of Miami has opened a Health Science Technology Park while Florida International University has launched a healthcare informatics and management systems program in its graduate school of business.

For many young businesses in the area’s IT industry, government incentives are paving the way. The federal government is pushing doctors and hospitals to use electronic health records to cut wasteful spending and improve patient care while protecting patient privacy — sending digital information via encrypted systems, for example, rather than regular email.

Under a 2009 federal law known as the HITECH Act, maximum incentive payments for buying such systems range up to $44,000 for doctors with Medicare patients and up to $63,750 for doctors with Medicaid patients. Hospitals are eligible for larger incentive payments for becoming more paperless. The subsidy program isn’t permanent; eligible professionals must begin receiving payments by 2016. But by then, the federal government will be penalizing doctors and hospitals that take Medicare or Medicaid money without making meaningful use of electronic health records.

“What the government did is, they incentivized, and now they’re going to penalize,” said Andrew Carricarte, president and CEO of IOS Health Systems in Miami, one of the largest South Florida-based vendors of online software service for physician practices. He said insurance companies also may start penalizing physicians for failing to adopt electronic health records because “the commercial payers always follow Medicare and Medicaid.”

It’s all part of the growth story at IOS Health Systems, which has more than 2,000 physicians across the nation using its online EHR system. Carricarte said many of the company’s customers buy their second EHR system from IOS after their first one flopped. “Almost 40 percent of our sales come from customers who had systems and are now switching over to something else,” he said.

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