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THE MONTHLY BUSINESS SECTIONOF THE PHOENIX NEWSPAPERPublished by Serif Pres Inc. 39$ Atlulk Ave.Brooklyn, NY 11217 Telephone (718) 643-1400INSIDEF E A i l II t E $ ____________ A________________________Brooklyn%u2019s MembersTalk About TheCongressional Tax BillsPage 3Some Exhibitors Get ABoost To Ready For TheirBrooklynworks ShowingPage?Fulton Ferry Area SetDesigners Take Sight OnA Booming FuturePage 8DEPARTMENTSBUSINESS VIEWSPAGE2___________BUSINESS SER VICESPAGE 16______________ADVERTISINGAND MARKETINGPAGE 17___________NAMES IN THE NEWSPAGE 18_______________BUSINESS CLASSIFIEDSPAGE 19__________________Bank Members Say Yes To Proposal:Dime Savings Bank Will Go Public With19.5 Million Shares Of Stock Up For GrabsBY TRACY GARRITYThe Dime Savings Bank, a strong Brooklyn institution most o f its life, has received permission from its depositors to switch from a mutually owned thrift institution to a stock-owned public concern. The announcement came at an August 6 meeting in Garden City, Long Island.By affirming management%u2019s conversion plan, the more than 900,000 members added the Dime %u2014 the state%u2019s third-largest thrift institution %u2014 to a growing list of savings and loan banks that seek to infuse massive capital into their businesses by offering investors a piece of the action.The Dime needed just over 50 percent of its depositors and borrowers to approve the measure, and by August 6, approximately 50.8 percent had said yes to the measure: most of them casting votes by proxy.%u201c We did have roughly 75 people come to our meeting in Garden City,%u201d says Ed Kramer, senior vice president and director of marketing for the Dime. %u201c And all the discussions were very positive. Several people got up and spoke in favor of the conversion.%u201dWith the blessing of its members, the Dime can now sell some 19.5 million shares of stock at a price somewhere between $15 and $20. Subscriptions for the stock, with a minimum purchase of 25 shares, were accepted until 6pm on August 11. After the subscription requests are received, appraisers will determine the actual price of the stock for the public offering.%u201c It is dependant on a number of factors,%u201d says Kramer, including the intitial interest in the subscription offering. %u201c Market conditions will play an important role in determining the price, of course,%u201d heContinued on Page 5Japanese Firm Leases Navy Yard BuildingAiling Coastal Dry Dock Turns Over A n Empty Building To Navy YardAm id Rumors That The Ship Repair Firm Will Be Bought Or MergeBY TRACY GARRITYA Japanese firm specializing in railroad car constructionhas signed a three-year lease on space in the Brooklyn NavyYard previously occupied by finandally-ailing Coastal DryDock and Repair Corporation,Mitsui & Company, Tokyo Car USA Inc., bothJapanese-based companies, and NEMKO Inc., a NewJersey-based design firm, will join forces to build 54 M-4railcars for the M etropolitan Transportation Authority%u2019s(MTA) Metro North line. The work will create 50 jobshere, says David Lenefsky, chairman o f the Brooklyn NavyYard Development Corporation, which negotiated the lease.The East/W est enterprise is the direct result o f Mayor EdKoch%u2019s trip to Japan late last year, says Lenefsky, who ann n iiiu w l th o Hm I until V < v K n n A im 1 \terested in moving to the city, and the building in the NavyYard is perfect for the type o f work.%u201dThe bui'ding %u2014 190,000 square feet o f space that hasbeen unutilized since 1968 %u2014 is connected by railroadtracks to a pier on the East River. It comprises roughly 16percent o f the indoor space at the Navy Yard. According toLenefsky, the city negotiated with the companies to find alocation that would have floating access from New Jersey.The rail car parts will be shipped from Japan to the WestC oast, loaded onto rafl tracks to New Jersey, and thenshipped across the harbor to the Navy Yard site.%u201c I don%u2019t think we can lose with this,%u201d says Lenafsky.\discussed for roughly six months with the Japanese companies, although during most o f that time Coastal DryD ock controlled use o f the vacant warehouse, as part o f a1.2 m illion square foot package leased by the ship repaircompany. Coastal returned the building to the Navy YardDevelopment Corporation several weeks ago, as part o f an%u2022 f f A r t H v f K a t p A i i R l o r l a k i n r n n o i r f i r m td% m A r a a n i r r oLenefsky says that Coastal%u2019s m isfortune is not necessarilya boon for the N avy Yard %u2014 even though the rent for thebuilding will bring in $240,000 a year, as compared to rentas yet unpaid by Coastal. That firm , now under BankruptContinued on Page 7