Crayola Fleeing the City
Here's a gratuitous picture of me wearing a tie-die emblazoned with the Crayola brand (I love this shirt!). I include it here in honor of Binney and Smith's last day as a leaseholder in New York. Over there, on the right, that's the last foothold Binney and Smith had in the city, in 1133 Broadway (at 26th), next door to my chiropracter. (That's the same building in which Brian's former company was located. Another one of my doctors is in there, too.) The New York crayon and silly putty empire was being run out of a cramped one-room office in a crappy building on Broadway. (Now, Binney and Smith is run mostly from their offices in Easton, PA.)
For the two years I've been going to this chiropracter, I've never seen any sign of life in that office. But today, the door was open, and there was someone inside. I asked her if this was the same Binney and Smith that makes Crayola crayons, and said yes. She told me they're shutting down the office today. Simply by being a leaseholder in New York, Binney and Smith incurs a $200,000 annual tax bill.
1133 Broadway is a block north of the Toy Center, which may or may not be turned into condos. Because of the Toy Center, other players in the toy industry located their offices in that area. In the past, it was a face-to-face business. Buyers from stores would come to the Toy Center and meet with wholesalers. All of that is no longer necessary. Internet, phones, etc. The world is flat, you know. Once a year, the retailers and wholesalers meet at the Toy Fair at the Javits Center.
I also lament the demise of the toy business in NYC. The comment in your blog about a $200,000 bill just for being a lease-holder seems like it might be due to a corporation tax. Is that right?
Posted by: Paul | January 06, 2007 at 01:16 PM
Boy...you weren't joking about spending time @ the gym!!! ;^D
Posted by: SLC Library Boy | January 06, 2007 at 09:18 PM
The world is flat. And I am making some small effort to flatten it further. But it is challenging. Hope you had a good new year.
Posted by: David Noy | January 15, 2007 at 04:52 AM
What happened to Teresa Stasio?
Posted by: brad | March 17, 2007 at 06:38 PM