The Princeton Record Exchange has been sold to longtime manager Jon Lambert, above, who has worked at the store for 26 years and managed it for the last 10. Owner Barry Weisfeld, who founded the Tulane Street indie record fixture 35 years ago, sold it late in July.
Known to its fans as “Prex,” the shop is a mecca for record and CD collectors, and trades in hard-to-find vinyl and CDs. When records appear in the “new arrivals” section, they most likely came from a collection that Lambert has bought.
In the early 1970s, Weisfeld was living in a van and trading high quality used records with a circuit of 37 college stores, especially Princeton University. He set up shop for himself in 1980 at 20 Nassau Street, expanding into its current location in 1985. The store comprises a 3,500-square-foot showroom plus a few smaller rooms to the side for offices and storage.
Records range in price from bargain-bin items under $5 to genuine rarities that are $800 or more. The store sells 30 to 50,000 items a month, with about half being CDs, 40 percent vinyl, and the rest DVDs. Rock, jazz, and classical are its best selling genres.
Prex, which has about 15 employees, offers benefits that are unusual to find in a retail store, especially a used record store. Employees get medical, dental, vision, 401k accounts, and paid vacations.
Princeton Record Exchange, 20 Tulane Street, Princeton 08542; 609-921-0881; fax, 609-683-5760. Jon Lambert, owner. www.prex.com.
#b#Private Investment In Trenton School#/b#
Supporters of ailing city centers such as Trenton often bemoan the loss of private business, which leaves the public sector as the cornerstone of the remaining economic base.
But Trenton recently welcomed an infusion of private capital that will underwrite an activity that was once the sole domain of government. A Utah-based company, Highmark School Development, has paid $1.3 million for the former Perry Street headquarters of the Trenton Times newspaper and will convert it into the new home of the International Academy of Trenton Charter School.
Highmark helps develop and operate charter schools throughout the country, and already has projects in Vineland, Atlantic City, and Bridgeton. The International Academy of Trenton is temporarily located at the former Blessed Sacrament School on Bellevue Avenue. The school, which opened in September of last year, now has 354 students in kindergarten through third grade and will expand by a grade a year until it reaches 12th grade. At that point it projects the total enrollment will be about 1,200 students.
Glenn Hileman, CEO of HighMark, described the 80,000 square foot, former newspaper plant, located on 5.9 acres, as “a remarkably well-built structure from the mid-20th century and we are pleased to be able to redevelop this property as a premier 21st century school.”
The Times relocated its printing operation from Trenton around five years ago and transferred its editorial and advertising offices to River View Plaza. In 2011 the Times sold the property to PerTrent Properties LLC, an affiliate of engineering and design firm Jersey Precast Corp., based at 853 Nottingham Way in Hamilton. In the current deal Richardson Commercial represented the seller, while Segal LaBate Commercial Real Estate represented HighMark.
“This prominent building at the intersection of Route 1 with its iconic ‘Trenton Times’ sign, stands at a gateway to the city,” said Anne LaBate of Segal LaBate. “We are looking forward to seeing it again teeming with activity.”
The new school is expected to be ready for occupancy by the fall of 2016. The “Trenton Times” neon sign is expected to remain on top of the building.
Besler Consulting, 3 Independence Way, Suite 201, Princeton 08540; 609-514-1400; fax, 609-514-1410. Philip A. Besler, chairman.
Besler Consulting, an Independence Way-based medical consulting company, has bought assets of DRG Review, a Florida-based firm.
The acquisition expands Besler’s customer base in the area of Transfer DRG revenue recovery services, which Besler provides to more than 400 hospitals and health systems in more than 40 states.
Transfer DRG revenue recovery is an obscure but lucrative business. Under Medicare reimbursement regulations, when certain patients are discharged to post-acute care, the discharging hospital is paid at a reduced rate. In some cases, this reduced payment is not justified by the actual post-discharge care. These underpayments are not reflective of coding or billing errors on the part of the provider, but more commonly result from a change in the planned course of treatment subsequent to discharge.
Besler uses proprietary software to work through the identification and follow-up tasks required to validate the accuracy of post-acute care transfer billing and to ensure compliance.
“DRG Review is a very complementary fit for Besler. This acquisition further expands Besler’s revenue cycle services line,” said Jonathan Besler, CEO of Besler Consulting. “We are confident that we can continue to provide the same level of excellent service that DRG Review clients have come to expect.”
Taaneh, 304 Wall Street, Princeton; 609-815-5441; Andrew S. Janoff, CEO. www.taaneh.com.
Taaneh, a developer of authentication systems based on diamond microparticles, has appointed Sol Gruner chief technology officer and Laura Coruzzi to the company’s board of directors. The company is based on Wall Street in Princeton.
Gruner currently serves as the John L. Wetherill Professor of Physics at Cornell University. For 17 years, Gruner was the director of the Cornell High Energy Synchrotron Source. He was also previously named as a fellow at both the American Physical Society and the American Association for the Advancement of Science, and has been elected to the American Academy of Arts and Science. In his role at Taaneh, Gruner will help advance the commercial and scientific strategies for the company’s technology platform and services based on the use of diamond microparticles in product authentication.
Coruzzi is a patent law expert who has worked in the emerging technology field for 30 years. As a board member, Coruzzi will help protect Taaneh’s intellectual property and provide counsel and corporate guidance.
“With these new appointments, we have added two highly regarded experts in their respective fields to our team,” said Andrew Janoff, Taaneh’s chief executive officer. “We are excited to have Drs. Gruner and Coruzzi at Taaneh, as their contributions will be instrumental in maximizing the potential of our technology and further growing our business.”
Young Audiences of New Jersey, 200 Forrestal Road, Princeton 08540; 609-243-9000; fax, 609-243-8999. Larry Capo, executive director. www.yanj.org.
Young Audiences New Jersey & Eastern Pennsylvania, a nonprofit arts education group, has selected Michele Russo as its new CEO. She will begin work October 19, replacing 25-year veteran Laurence Capo.
Russo was selected after a national search led by board chair Belinda Roll and previous chair Richard Goldman.
“Michele is a proven leader in both the nonprofit and arts education field,” Roll said. “Her wealth of knowledge and passion along with her bright vision for YA’s future will help our organization move forward in its quest to ensure that all children in our region experience high quality arts education.”
“We are pleased to announce this appointment. Michele will bring leadership, passion and creativity to YA’s programs and a deep sense of commitment to our region’s non-profit sector and the arts education arena. She has a breadth of perspective and experience,” Goldman said.
Russo previously worked at the Geraldine R. Dodge Foundation, where she managed several programs. Prior to her time at the Dodge Foundation, she served as a senior education associate at Young Audiences New Jersey and managed several programs there as well. She has a bachelor’s degree from The College of New Jersey.
The organization also appointed four people to its board of trustees: Colleen A. Foy, Amy McHugh, Barbara (Bobbie) Panfili, and Steve Runk. All four began work in June.
“We are delighted that Colleen, Amy, Bobbie, and Steve have accepted our invitation to join the Young Audiences New Jersey & Eastern Pennsylvania Board,” said Capo. “Our trustees provide exceptional guidance and support to further our mission and to help realize our goal to provide quality arts experiences to every child in the region. There is no doubt that these four ambassadors of arts education will make a remarkable addition to the YA team.”
Foy, a Princeton resident, is a commercial real estate professional currently serving as vice president and senior relationship manager at M&T Bank in Princeton. She has a bachelor’s of business administration from Notre Dame and a master’s in real estate investment from New York University.
McHugh graduated from Lafayette College with a degree in Math/Computer Science and went to work for Anderson Consulting for 10 years helping organizations plan and implement critical systems. Since then, McHugh has been involved in service organizations.
Panfili has been employed by the Hamilton Township School District for the last 35 years as a special education teacher, guidance counselor, vice principal and, for the last six years, the principal at George E. Wilson Elementary School.
Runk is the director of communications for the Lewis Center for the Arts at Princeton University. He previously worked in arts marketing and academic administration at Rutgers and spent 20 years on the staff of the New Jersey State Council on the Arts.
Richardson Commercial Realtors LLC, 52 Route 33, Hamilton 08619; 609-586-1000; fax, 609-586-8732. Michael J. Pratico Sr., president. www.richardsoncommercial.com.
Richardson Commercial Realtors, a Route 33-based firm, has hired Steven Marusky, a 36-year industry veteran, as a broker associate.
He was previously director of commercial properties at Weidel.
iXP Corp., 103 Main Street, Princeton Forrestal Village, Suite 100, Princeton 08540; 609-409-7272; William E. Metro, CEO. www.ixpcorp.com.
iXP Corporation — a public safety and emergency response provider — is has hired Thomas K. Swietek as controller.
Swietek is an industry veteran with previous posts at KSS Architects, LLP, Chilworth Technology, Inc., and Clive Samuels & Associates, Inc.
“Tom Swietek has a unique perspective as a performance leader, both within the finance function and throughout the company,” says iXP head of business operations Amy Onder. “He will help us further enhance our relationship with our clients because he views business from the ‘outside-in’-from our clients’ perspective. This outlook has been honed from his experience working in professional services companies.”
Swietek, has an MBA from Rutgers and a bachelor’s in accounting from Rider.
Oncobiologics Inc., 7 Clarke Drive, Cranbury 08512; 609-619-3990; fax, 609-619-3980. Pankaj Mohan, founder and CEO. www.oncobiologics.com.
Oncobiologics, a biotech company based on Clarke Drive, has closed a $31 million financing round to support continued development and expansion of the company’s proprietary BioSymphony biosimilar platform and advancement of its preclinical and clinical programs.
The investment round was led by new investor, Perceptive Advisors. Participating new investors included Cormorant Global Healthcare Master Fund, Longwood Capital Partners, and venBio Select Fund. Other investors included Proximare Lifesciences Fund, OSSB Pharma Fund and MIH Fund. Citigroup and Jefferies LLC advised Oncobiologics on the transaction.
“Biosimilars are rapidly becoming a major growth sector for the life sciences industry and our proprietary BioSymphony platform is uniquely designed to develop and manufacture high quality, cost effective monoclonal antibodies in a timely manner,” said Pankaj Mohan, founder and CEO of Oncobiologics. “We highly value the significant interest, confidence and financial support of such a successful group of life science investors, which enables us to further our objective of bringing critical care therapeutics to patients in a cost effective manner.”
Maser Consulting PA, 1000 Waterview Drive, Suite 201, Hamilton 08691; 609-587-8200; fax, 609-587-8260. Julia Algeo, branch manager. www.maserconsulting.com.
Maser Consulting, a planning, design, and construction engineering firm, has moved from American Metro Center to Waterview Drive.
Based in Red Bank, the company has six offices in New Jersey and New York.
Ophthotech, 1 University Square Drive, Suite 280, Princeton 08540; 609-945-6050; fax, 609-452-7435. www.ophthotech.com.
Ophthotech, a biotech company focused on developing treatments for eye maladies, has moved from Carnegie Center to University Square Drive.
Ryan James Agency, 3687 Nottingham Way, Suite A, Hamilton Square 08690; 609-587-0525; Ryan Csolak, managing partner. www.ryanjamesagency.com.
Ryan James Agency, a three-person ad agency that focuses on digital marketing, has moved to a new office across the street on Nottingham Way.
#b#New in Town#/b#
Assisting Hands of Mercer County, 186 Princeton-Hightstown Road, Suite 106, West Windsor 08550; 609-257-6777; fax, 609-479-2221. Gerry Patrizio, owner. www.assistinghands.com/mercer.
Assisting Hands of Mercer County, a franchise of the Assisting Hands in-home care company, has opened on Princeton-Highstown Road. The business has one employee in addition to the owner.
GEP, 214 Carnegie Center, Suite 102, Princeton 08540; 732-382-6565; www.gep.com.
GEP, a procurement technology company based in Clark, has opened an office in Carnegie Center. The company has locations in Mexico, Brazil, Europe, and Asia.
Pronix, 666 Plainsboro Road, Suite 615, Plainsboro 08536; 732-915-2882; fax, 732-909-2000. Kishore Donepudi, vice president. www.pronixinc.com.
Pronix, an offshore IT consulting company, has opened an office on Plainsboro Road.
#b#Name Changes For Actavis#/b#
The parent company of Actavis, a pharmaceutical company with an office on Route 1, is changing its name to Allergan after acquiring the Dublin, Ireland headquartered company of that name. However, the Route 1 office will still go by Actavis. The Route 1 office was formerly owned by Watson Pharmaceuticals, but changed its name to Actavis when Watson bought Actavis. According to a press release, the U.S. and Canadian based offices of Allergan will continue to do business as Actavis. The combined company has 30,000 employees worldwide.
Actavis recently made headlines for pulling its Prometh cough syrup from the shelves. The prescription-strength syrup, which contains codeine and promethazine, is an ingredient in a sort of codeine cocktail known as “purple drank” or “sizzurp” when mixed with soft drinks and served out of a cup.
In related news, Adare Pharmaceuticals has opened an office on Lenox Drive. The company was previously known as Aptalis Pharmaceuticals and was the drug delivery division of Dublin-based drugmaker Actavis. When Aptalis was divested from Actavis and bought by private investment firm TGP in April, it was renamed Adare. It also moved from 1200 Lenox Drive to a new office.
Adare Pharmaceuticals, 997 Lenox Drive, Suite 200, Lawrenceville 08648; 908-429-4479.
Actavis, 661 Route 1 South, North Brunswick 08902; 862-261-8610; fax, 862-261-8604. Christopher Todd, senior metrologist. www.actavis.com.
Clinpharma Consulting Global Group LLC, 13 Roszel Road.
Clinpharma Consulting, a clinical research firm, has closed one of the two offices in Princeton it opened last year. The one at 103 Carnegie Center, Suite 300, remains. The offices are American branches of the company, which also has offices in Wilmington, Delaware, Beijing, and Shanghai.
IntegriChain, 100 Canal Pointe Boulevard, Suite 117, Princeton.
IntegriChain, a company that provides intelligence on supply chains to the pharmaceutical industry, has moved from Canal Pointe Boulevard to Philadelphia. IntegriChain spun off in 2006, from ICG, a risk management consultancy that helps its customers deal with gray and black markets.
Delaware Valley Bindery Inc., 18 Graphics Drive.
Delaware Valley Bindery, a Graphics Drive-based business founded in 1954, is closing its doors permanently after suffering a fire in one of its machines.
Quantum Management Group Inc., 3705 Quakerbridge Road, University Office Plaza.
The environmental consulting firm, headquartered in Clifton, has closed its Quakerbridge Road office.
Christopher Gage,, 63, on August 15. He was a cabinet designer and general building contractor for many years in the central New Jersey area. A memorial service will be held on Saturday, August 22, at 2 p.m. at the Yardley Friends Meeting House, 65 North Main Street in Yardley.
Timothy M. Hosea, 62, on August 8. An orthopedic surgeon and Rutgers University football team physician, Hosea was affiliated with University Orthopaedic Associates and was team physician for the U.S. Rowing national team at 12 world rowing championships and for the U.S. Olympic team at the London Games in 2012.
Ulrich P. Strauss, 95, on August 7. A physical chemist and the former chair of the Rutgers chemistry department, Strauss’s specialty was polyelectrolytes. He was the husband of Elaine Strauss, the classical music writer for U.S. 1 newspaper.
Kathleen Crotty on August 7. The first woman staff director in the New Jersey legislature who advanced women’s leadership roles in government and politics, Crotty was named executive director of the Senate Democratic Office in 1986 and served in that post until her retirement in 2009.
Robert C. Cole on August 4. A professor emeritus of English and creator of the journalism major at the College of New Jersey, Cole retired in 2006 at age 68, but continued to help TCNJ journalism graduates find jobs.
Elsie Hillman, 89, on August 4. A Pittsburgh-based philanthropist and political activist, Hillman was a 1948 graduate of the Westminster Choir College who later served on the board of trustees of both Westminster and its parent institution, Rider University, and whose family supported the creation of the Hillman Performance Hall and the Elsie Hilliard Hillman Chair for Artistic Direction.
Stephen Brame, 65, on July 29. Co-owner of Empower Fitness at the Lawrence Shopping Center with his wife, Joan, Brame also had a private law practice, was executive director of Habitat for Humanity of Trenton, and had served on Lawrence Township Council and Lawrence Zoning Board of Adjustment.