-By Lucia Moses

Banking on New York City's resiliency despite the economic downturn, Modern Luxury Media is going ahead with its planned September launch in the Big Apple while also growing its digital footprint there. The company will announce July 21 that it has acquired Juli B. Inc., publisher of high-end e-newsletters serving New York and 13 other major cities in the U.S. and abroad.

Terms of the deal were not disclosed.

Juli B. (JuliB.com) started in 2002 with its New York edition. It reaches a claimed 700,000 readers through its e-newsletters, which recommend products and services in fashion, design, the arts and other lifestyle topics. Its advertisers include Estée Lauder, Gucci and Target.

The hope is that Juli B will open doors with advertisers for Modern Luxury when it launches Manhattan, a free-distribution magazine for New York City's well-heeled. Manhattan will go to 60,000 households with a household value of $3 million-plus. Plans call for publishing two issues in 2008 and at least six in '09, CEO Michael Kong has said.

Founded in 1993 by brothers Michael and Stephen Kong, Modern Luxury publishes 34 titles in 13 markets, including New York, Chicago and Los Angeles. It's backed by Clarity Partners LP, a media-focused private equity fund.