Appraisal Institute Newsletter January 2017

January 2017

MetroNewYork

Quarterly THE METROPOLITAN NEW YORK CHAPTER

METRO NY CHAPTER 2017 OFFICERS President Alice Palmisano, SRA JP Morgan Chase (212) 270-4919 alice.k.palmisano@jpmorgan.com First Vice President William P. McKenna, MAI M&T Bank (212) 350-5578 wmckenna@mtb.com

Second Vice President Michael P. Neal, MAI Regional Appraisal Associates (212) 610-2811 mneal@regionalappr.com Secretary Amanda Aaron, MAI Aaron Valuation (347) 674-3005 amanda@aaronvaluation.com Treasurer Marc J. Nakleh, MAI Cushman & Wakefield, Inc. (212) 698-5606 marc.nakleh@cushwake.com

President’s Message

Alice Palmisano, SRA Dear Friends and Colleagues,

seminars thanks to dedicated and creative chapter members; • the luncheon programs with distinguished speakers drawn from real estate professionals in the largest real estate market in the United States; • the annual economic forecast program with the Counselors of Real Estate, to be held this year on January 26th at Club 101, when Dr. Mark Zandi, Chief Economist at Moody’s Analytics, will present his insights on the economy and how it will affect our market; • our signature Fall Conference examining current issues and trends NYC real estate featuring major players in our market; • social events designed to build camaraderie in more festive atmosphere like the June outing, and the cocktail parties for candidates to encourage them on their path to designation.

Many thanks to all of you who attended the Holiday Party and Installation Dinner at the National Arts Club. It meant a lot to me personally to be surrounded by so many friends and distinguished colleagues. Congratulations to Brian Corcoran who received the Ruth Agnese Person of the Year Award. His many years of service to the chapter are an inspiration to us all.

The chapters are the heart and soul of the Appraisal Institute. And the Metro NY Chapter is a jewel in the crown. It is in the chapters where everything that is important and valuable for the members takes place. Of course, none of this would happen without our dedicated Executive Director, Connie Puccio, and all of the chapter members who volunteer their time and talents, on the board and on the committees, as well as those who support our outstanding programs through their attendance at chapter sponsored events. There are many programs that we all benefit from and can all be proud of:

Every organization needs to constantly refresh the ranks of its membership to remain vital and relevant and the Metro NY Chapter is no different.

It is essential for the strength of our Chapter that we continue to add qualified professionals to our ranks —whether they are young people starting out in their careers or career changers looking for a new challenge. We need to extend a warm welcome and encouragement to those who are now joining the profession and to the candi-

• the high quality courses taught by trained professional instructors - many of them members of this chapter and of the incoming board; • the seminars - and we have home-grown 2

President’s Message continued from page 2

By-laws: Bill McKenna Government Relations: Mark Vollmer Communications/ Social Media: Andrew Sikiric Ruth Agnese Scholarship: Marilyn Weitzman

dates for designation working their way through the required coursework. The candidates are the future of this chapter and I just know that we’re up to the challenge. Therefore, a major focus for the coming year will be to continue and expand on the Candidate Guidance effort so that our chapter and our profession continues to flourish and grow in the NY market, one of the most important real estate markets in the world.

Serving on a committee is an important and valuable way to build our community and strengthen our brand. The time it takes to volunteer is more than offset by the rewards: • meeting new colleagues, • sharing ideas, • working together toward a common purpose, • and the sense of accomplishment at reaching common goals together.

I want to thank all of the Board and chapter members who volunteered to serve as Chairs of committees.

They are: Education: Amanda Aaron Seminars: Doug Geddes Programs: Joel Leitner, Dan Sciannameo & Marilyn Weitzman Special Events - June Outing: Liz Genovese & Jon DiPietra Sponsorship: Rob Gnarled Fall Conference: Theresa Nygard & Sharon Locatell Fall Conference Sponsorship: Rob Nardella & Mike Garcia Candidate Guidance & Development: John Katinos & Liz Genovese Public Relations: Tom Tener, Jamie Molloy and Robert Stack

Candidates and affiliate members are now eligible to serve on a number of committees. To the candidates and affiliate members, please do not hesitate to reach out to the committee chairs, to Connie or to me for help in finding opportunities to get involved in Chapter activities. We need and are grateful for your input and participation.

Best wishes for a productive and prosperous 2017!

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Outgoing President’s Message

John Katinos, MAI Dear Friends and Colleagues, Our Chapter had a vibrant and successful year in 2016. The Chapter presented 20 classes and seminars, three engaging luncheons, along with our premier event, the September Conference. We also had two fantastic events for our young Candidates to promote their further involvement in the Chapter. Over the past year, we designated 12 new MAI’s, and 7 new AI-GRS’ members.

I wanted to thank my board of directors and our executive director, Connie Puccio, for all their support, tremendous hard work and constant dedication to our membership.

Furthermore, I was very fortunate to have devoted committee chairs who worked tirelessly and did a fantastic job. In addition, I wanted to extend my gratitude to all of our generous sponsors who continue to make it possible for the Chapter to offer diverse programs and events that promote and educate our members. We are very blessed to have tremendous sponsor support.

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EVENTS

Fall Conference

The Annual Real Estate Economic Forecast Meeting The 2016 Metropolitan New York Chapter of the Appraisal Institute’s Annual Conference focused on “Transformation NYC: The World’s Greatest City Looks to its Future”.

The first of two panels moderated by Michael Stoler discussed transformations in the medical and office sectors that are redefining entire districts, creating new submarkets and expanding services.

Panelists included John Cunningham, Alexandria Real Estate Equities, Inc. who discussed how the company’s complex and specialized life science buildings developed in the East Side medical corridor to create proximity and collaboration where nothing similar previously existed in the city; Sean Black, WeWork, a recognized expert in the technology/digital media sectors as well as coworking, who discussed providing specialty start-up space for medical, R&D and other companies as well as the firm’s new WeLive project downtown; William Elder, RXR, who is overseeing the firm’s 47 Hall Street development in Brooklyn’s Navy Yard Tech Triangle; and Mark Weiss, Cushman & Wakefield, who was the primary broker in the extraordinary deal to bring the Proton Regional Center to 126th Street in Harlem through a consortium of hospitals and land swaps with the Department of Sanitation, Memorial Sloan-Kettering Cancer Center and Hunter College that landed him and two colleagues the REBNY 2016 Henry Hart Rice Award.

PHOTO, L to R: At the Metropolitan NY Chapter of the Appraisal Institute “Transformation NYC” Conference: moderator Michael Stoler, Chapter President John Katinos, Cushman & Wakefield; John Elder, RXR Realty; Sean Black, WeWork; John Cunninghan, Alexandria Real Estate; conference co-chair Marc Nakleh, Cushman & Wakefield; Mark Weiss, Cushman & Wakefield; conference co-chair Jon DiPietra, BBG, Inc. PHOTO CREDIT: Margaret Fox Photography

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EVENTS

Fall Conference

(Continued from page 5)

From Google’s purchase and occupancy at monolithic 111 Eighth Avenue, to Chelsea Market, the Highline, Meat Packing District and onward downtown to the World Trade Center, Oculus and waterfront, at the Metropolitan New York Chapter of the Appraisal Institute’s Annual Conference second panel discussion, the focus was on the transformations of Downtown retail, restaurant and residential spaces.

Moderated by Michael Stoler, the panelists who addressed “Transformation NYC: The World’s Greatest City Looks to its Future” were Charles R. Bendit, Taconic Investment Partners; Christopher J. Curry, The Howard Hughes Corporation; Michael H. McNaughton, U.S. development Westfield; and Peter Poulakakos, HPH Hospitality.

PHOTO, L to R: At the Metropolitan NY Chapter of the Appraisal Institute “Transformation NYC” Conference, the downtown retail, residential and restaurant segment: Conference co-chair Marc Nakleh, Cushman & Wakefield; Chapter President John Katinos, Cushman & Wakefield; Michael H. McNaughton, U.S. Development Westfield; Peter Poulakakos, HPH Hospitality; moderator Michael Stoler; Christopher J. Curry, The Howard Hughes Corporation; Charles R. Bendit, Taconic Investment Partners; Conference co-chair Jon DiPietra, BBG, Inc. PHOTO, L to R: Conference co-chair Jon DiPietra, BBG, Inc.; conference co-chair Marc Nakleh, Cushman & Wakefield; Chapter President John Katinos, Cushman & Wakefield; Keynote Luncheon Speaker, Michael Fascitelli, Founder of MDF Capital LLC; Brian R. Corcoran, Cushman & Wakefield, Inc. PHOTO CREDIT: Margaret Fox Photography

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EVENTS

Fall Conference

(Continued from page 6)

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Thank you The Metropolitan New York Chapter would like to thank the following sponsors of this year’s Fall Conference:

Event Sponsor:

SHUBERT & COMPANY Aaron Valuation

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JDM Real Estate Co.

EVENTS

November 16th State of the Market On Wednesday, November 16th the Chapter held a Luncheon Meeting “State of the Market”, with guest speakers Ralph Herzka, Chairman and CEO, Meridian Capital Group, and Robert Knakal, Chairman, New York Investment Sales, Cushman & Wakefield, Inc. Discussions included the strengths and challenges of the New York Investment Sales and Financing Markets.

PHOTO, L to R: Ralph Herzka, Chairman and CEO, Meridian Capital Group; Program Chair, Joel Leitner, BBG, Inc.; Chapter President John Katinos, Cushman & Wakefield, Inc.; Robert Knakal, Chairman, NY Investment Sales, Cushman & Wakefield, Inc.

PHOTO CREDIT: Margaret Fox Photography

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EVENTS

November 30th Candidate/AďŹƒliate Holiday Cocktail Party Metro New York Chapter holds complimentary Holiday Cocktail Party for its Candidates and AďŹƒliates and those entering the Appraisal Field.

Congratulations to the recipients of the 2016 Ruth Agnese Scholarship: John Colleary and Catherine Gu

PHOTO L to R: John Colleary, Standard Valuation Services; Chapter President, John Katinos, MAI; Catherine Gu, Marshall & Stevens

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EVENTS

Holiday Party and Installation Dinner The Metro New York Chapter thanks the following sponsors of the December 13th Installation Dinner:

Albert Valuation Group NY, Inc. Appraisers and Planners Inc. Cushman & Wakefield, Inc. Houlihan & O’Malley Real Estate Services Metropolitan Valuation Services Steven J. Schleider, MAI and Martin B. Levine, MAI Pearson Partners Regional Appraisal Associates The Weitzman Group, Inc.

2017 Chapter President, Alice Palmisano, SRA, JP Morgan Chase, is sworn in and presented the Chapter Charter and Gavel by Mistress of Ceremonies, Sharon Locatell, MAI, Appraisers and Planners Inc.

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EVENTS

Holiday Party and Installation Dinner (continued from page 12)

Brian R. Corcoran, MAI, SRA, Cushman & Wakefield, being presented 2016 Ruth Agnese Person of the Year Award from Theresa M. Nygard, MAI, KTR Real Estate Advisors

Theresa M. Nygard, MAI, KTR Real Estate Advisors, presented Robert S. Nardella, MAI an award for Cushman & Wakefield’s support as the 2016 Seminar Sponsor.

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Theresa M. Nygard, MAI, KTR Real Estate Advisors, presented Steven J. Schleider, MAI an award for Metropolitan Valuation Services continued support as the 2016 Education Sponsor.

CONGRATULATIONS TO THE NEWLY DESIGNATED MEMBERS FOR 2016 Yamil Arocho, MAI Ginna Currie, MAI Aaron Feldman, MAI Nancy J. Fleischer, MAI Scott C. Lewis, MAI Deborah Preston Lipman, MAI Hector Nieves, MAI Candice Norton, MAI Christopher Peckholdt, MAI, AI-GRS Michael Schirick, MAI, AI-GRS Keith Stillman, MAI Megan Tursi, MAI New AI-GRS Members: Adrienne Dougherty, MAI, AI-GRS Jenny Greissle, MAI, SRA, AI-GRS Jeremy Kennedy, MAI, AI-GRS Michael Raganelli, MAI, AI-GRS Adam Weber, MAI, SRA, AI-GRS

Seminars Thursday March 9th:

Zoning Seminar following by Cocktail Reception at Club 101.

Details to be sent out shortly.

Friday, March 31st:

Hotel Market Studies and Valuations: Software and Techniques for Evaluating Existing andProposed Hotels Location: NYU Stern School of Business, 44 W. 4th St., NY, NY Time: 9am-5pm Cost: $225 (Lunch and Coffee breaks included) 7 Hours of CE Credits are being applied for to the states of NY, NJ and the Appraisal Institute

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The Metropolitan New York Chapter would like to thank Cushman & Wakefield, Inc. for their continued support as the 2016 Seminar Sponsor

EVENTS 2017 EDUCATION SCHEDULE

The Metro NY Chapter of the Appraisal Institute

2017 Education Schedule

MARCH 14 & 16 REAL ESTATE FINANCE, STATISTICS & VALUATION MODELING COURSE (SMF)

JANUARY

Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY Time: 9am-5pm – AI Price: $295 / Full Price: $315

JANUARY 11 - 20 BASIC APPRAISAL PRINCIPLES (R5)

(Wed/Fri - JANUARY 11. 13, 18 & 20) Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY Time: 9am-5pm – Price: $495

APRIL APRIL 25 & 27 15 HOUR USPAP COURSE

JANUARY 23 & 25 USING THE HP12C FINANCIAL CALCULATOR (GE3)

Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY Time: 9am-5pm – Price: $295

Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY Time: 9am-5pm – AI Price: $295 / Full Price: $315

MAY

FEBRUARY

MAY 2 - 11 GENERAL APPRAISER SALES COMPARISON APPROACH COURSE (MAY 2, 4, 9 & 11)

FEBRUARY 27 7 HOUR USPAP UPDATE COURSE

Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY Time: 9am-5pm – AI Price: $195 / Full Price: $215

Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY Time: 9am-5pm – AI Price: $595 / Full Price: $625

FEBRUARY 15, 17, 22 & 24 BASIC APPRAISAL PROCEDURES COURSE (R6)

MAY 16 BUSINESS PRACTICES & ETHICS COURSE

(Wed/Fri – FEBRUARY 15, 17, 22 & 24) Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY Time: 9am-5pm – Price: $495

Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY Time: 9am-5pm – AI Price: $195 / Full Price: $215

MARCH

JUNE

MARCH 6 - 10 ADVANCED MARKET ANALYSIS & HIGHEST AND BEST USE

JUNE 6TH 7 HOUR USPAP UPDATE COURSE

Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY Time: 9am-5pm – AI Price: $195 / Full Price: $215

Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY Time: 9am-5pm – AI Price: $800 / Full Price: $1,100

SEPTEMBER

MARCH 13 - 22 GENERAL APPRAISER SITE VALUATION & COST APPROACH COURSE

SEPTEMBER 12 – 22 GENERAL APPRAISER MARKET ANALYSIS & HIGHEST AND BEST USE (TUES/FRI – SEPTEMBER 12, 15, 19 & 22)

(Mon/Wed: MARCH 13, 15, 20 & 22) Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY Time: 9am-5pm – AI Price: $595 / Full Price: $625

Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY Time: 9am-5pm – AI Price: $595 / Full Price: $625

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EVENTS

The Metro NY Chapter of the Appraisal Institute

2017 Education Schedule OCTOBER OCTOBER 3 -13 GENERAL APPRAISER INCOME APPROACH PART I (TUES/FRI – OCTOBER 3, 6, 10 & 13) Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY Time: 9am-5pm – AI Price: $595 / Full Price: $625

OCTOBER 20 - 31 GENERAL APPRAISER INCOME APPROACH PART II (FRI/TUES - OCTOBER 20, 24, 27 & 31) Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY Time: 9am-5pm – AI Price: $595 / Full Price: $625

NOVEMBER

(Continued from page 14)

Ruth Agnese Scholarship: Metro NY Chapter Advanced Candidates for the MAI Designation can apply now for the Ruth Agnese Scholarship.

For details and to apply now go to: http://aimetrony.com/ruth-agnese-scholarship-apply-now/

REGISTRATION TO REGISTER FOR ANY OF THE COURSES OR SEMINARS, PLEASE CONTACT THE CHAPTER OFFICE AT: 866-966-3710 OR VIA E-MAIL AT: metronyai@aol.com ALL CLASSES TAKE PLACE AT: Association of the Bar of the City of NY, 42 W. 44th St., NYC (Unless indicated)

NOVEMBER 6 - 9 GENERAL APPRAISER REPORT WRITING & CASE STUDIES

Online Education:

DECEMBER

Check out the current course listing now!

Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY Time: 9am-5pm – AI Price: $695 / Full Price: $725

Online Education: Learn at your own pace anytime, anywhere.

Top-notch Appraisal Institute courses and seminars come straight to your desktop with online education! Learn from any computer anywhere, whenever you have time. It’s easy, convenient and a great way to get the education you want.

http://www.appraisalinstitute.org/education/online-education-view_programs.aspx

DECEMBER 5 BUSINESS PRACTICES & ETHICS

Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY Time: 9am-5pm – AI Price: $195 / Full Price: $215

The Metropolitan New York Chapter would like to thank Metropolitan Valuation Services for their continued support as the 2016 Education Sponsor

DECEMBER 7 7 HOUR USPAP UPDATE COURSE

Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY Time: 9am-5pm – AI Price: $195 / Full Price: $215

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Date: Monday, May 4th Date: Monday, May 4th NER, MAI OF BUTLER Date: Monday, May 4th ClubJOEL 101,LEITNER, 101 Park Ave. Date: Monday, May 4th Date: Monday, May 4th Date: Monday, May 4th Date: Monday, May 4th ROUP, AS INTERVIEWER. at E.WILL 40th SERVE St., NY, NY Location: Club 101, 101 Park Ave. Location: Club 101, 101 Park Ave. Location: Club 101, 101 Park Ave. Date: Monday, May 4th Location: Club 101, 101 Park Ave. Location: Club 101, 101 Park Ave. Location: Club 101, 101 Park Ave. at E. 40th St., NY, NY Location: Club 101, 101 Park Ave. at E. 40th St., NY, NY at E. 40th St., NY, NY at E. 40th St., NY, NY at E. 40th St., NY, NY at E. 40th St., NY, THANK YOU TO 2015 CHAPTER SPONSORS: atOUR E.101, 40th St., NY, NY NY Location: Club 101 Park Ave. SEMINAR SPONSOR 11:30am er Registration: 11:30am Registration: 11:30am Registration: 11:30am at E. 40th St., NY, NY Registration: 11:30am Registration: 11:30am Education Sponsor Registration: 11:30am Registration: 11:30am Luncheon Program: ––––2pm Luncheon & Program: Noon 2pm :Luncheon Noon &– 2pm Luncheon && Program: Noon 2pm Registration: 11:30am & Program: Noon Luncheon Program:Noon Noon –2pm 2pm Luncheon & Program: Noon Luncheon & Program: Noon –– 2pm 2pm Guest Speaker: Kushner, Guest Speaker: Jared Kushner, Guest Speaker: Jared Kushner, Luncheon & Program: Jared Noon –Kushner, 2pm Guest Speaker: Jared Guest Speaker: Jared Kushner, Guest Speaker: Jared Kushner, Jared Kushner, Principal, Kushner Properties Seminar Sponsor Jared Kushner, Principal, Kushner Properties n Guest Speaker: Principal, Kushner Properties Principal, Kushner Properties Principal, Kushner Properties Principal, Kushner Principal, Kushner Properties Properties s.

Guest Speaker: Kushner Jared Kushner, Principal, Properties Cost: $120 Cost: $120 Cost: $120 Principal, Kushner Properties Cost: $120 Cost: $120 SPONSOR PLATINUM $120 Cost: $120 eCost: 22 of CE credits have been applied for to the $120 22Hours Hours of CE credits have been applied for to the U.S. Hours of CE credits have been applied for toto the Cost: $120 of CE credits have been applied for to the 2Hours Hours of CE credits have been applied for the Platinum Sponsors 2 Hours of CE credits have been applied for to the states of NY, NJ and the Appraisal Institute 2states Hours ofNY, CE credits have been applied for to the states of NY, NJ and the Appraisal Institute states ofofNY, NY, NJ and the Appraisal Institute states of NJ and the Appraisal Institute NJ and the Appraisal Institute the Institute states of NY, NJ and and have the Appraisal Appraisal Institute 2states Hoursof ofNY, CE NJ credits been applied for to the have been applied for to the as states of NY, NJ and the Appraisal Institute he Appraisal Institute he

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The Metropolitan New York

EVENTS SPONSORS

Platinum Sponsors Platinum Sponsors Platinum Sponsors Platinum Sponsors Platinum Sponsors Platinum Platinum Sponsors Sponsors Chapter of the Appraisal Platinum Sponsors

Institute

Would Like to Thank the 2016 Chapter Sponsors: Gold Sponsors GOLD SPONSOR Gold Sponsors Gold Sponsors Gold Sponsors Gold Sponsors Gold Sponsors Gold Sponsors Gold Sponsors Gold Sponsors

Silver Sponsors Silver Sponsors Silver Sponsors Silver Sponsors Silver Sponsors Silver Sponsors Silver Sponsors SILVER SPONSOR Berdon LLP | |Accountants Nixon Peabody Berdon LLP ||Accountants Accountants Nixon Peabody Berdon LLP Accountants Nixon Peabody Berdon LLP Nixon Peabody Berdon LLP | Accountants Nixon Peabody Silver Sponsors and Advisors Regional Appraisal Associates Berdon LLP | Accountants Nixon Peabody and Advisors Regional Appraisal Associates and Advisors Regional Appraisal Associates and Advisors Regional Appraisal Associates and Advisors Regional Appraisal Associates Berdon LLP | Accountants Nixon Peabody

Colliers Wilrock Appraisal &&&& Consulting and Advisors Regional Appraisal Associates Colliers International Wilrock Appraisal Consulting New York Community Bank Colliers International Wilrock Appraisal Consulting Colliers International Wilrock Appraisal Consulting Colliers International Wilrock Appraisal & Consulting andInternational Advisors Regional Appraisal Associates Berdon LLP | Accountants Nixon Peabody Silver Sponsors New York Community Bank Colliers International Wilrock Appraisal & New York Community Bank New York Community Bank New York Community Bank New York Community Bank Colliers International Wilrock Appraisal &Consulting Consulting Nixon Peabody and Advisors New NewYork YorkCommunity CommunityBank Bank

Gold Sponsors

Regional Appraisal Associates

Colliers International Appraisal & Consulting Paula K. Konikoff, JD, MAI,Wilrock AI-GRS Berdon LLPYork | Accountants Nixon Peabody New Community Bank R.D. Geronimo Ltd. and Advisors Regional Appraisal Associate Regional Appraisal Associates Colliers International Wilrock Appraisal & Consulti Valuation NewStandard York Community BankServices Wilrock Appraisal & Consulting

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