Complex sentence: There are two large apartment buildings in the neighborhood named Kips Bay Towers (designed by architect I.M. Pei) and many businesses in the neighborhood use the moniker (e.g. Kips Bay Cinemas, Kips Bay Cleaners, Kips Bay branch of the New York Public Library).
Split into simpler sentences: There are two large apartment buildings in the neighborhood named Kips Bay Towers, designed by architect I.M. Pei. Many businesses in the neighborhood use the name (Kips Bay Cinemas, Kips Bay Cleaners, Kips Bay branch of the New York Public Library).