Appraisal Institute January 2015 Newsletter

Quarterly THE METROPOLITAN NEW YORK CHAPTER

METRO NY CHAPTER 2015 OFFICERS President Sharon Y. Locatell, MAI Appraisers and Planners Inc. (212) 683-1201 slocatell@appraiser-plan.com First Vice President John A. Katinos, MAI Cushman & WakeďŹ eld, Inc. (212) 841-5061 john.a.katinos@cushwake.com Second Vice President Alice Palmisano, SRA Brown Harris Stevens (212) 508-7331 apalmisano@bhsusa.com Secretary William P. McKenna, MAI M&T Bank (212) 350-5578 wmckenna@mtb.com Treasurer Michael P. Neal, MAI Regional Appraisal Associates (212) 610-2811 mneal@regionalappr.com

WINTER 2015

MetroNewYork

PRESIDENT’S MESSAGE

President’s Message

Sharon Y. Locatell, MAI

by Amanda Aaron as she did such a fantastic job last year, and she’ll be helped by Sherif Elshoubri. Seminars will be chaired by Christophe Porsella. We already have a slate of classes on the calendar, so please note the schedule in this newsletter as well as our website for any offerings of classes and seminars.

Dear Friends and Colleagues, ’m happy to report that we had a wonderful Installation Dinner in December. It was fantastic to see so many of our friends and colleagues, and to say goodbye to 2014 and ring in 2015 with a festive party. Eric Haims did a great job as President in 2014, and with the help of the Board and our beloved Executive Director, Connie Puccio, left us in an enviable position going forward.

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Doug Geddes has agreed to lead the Candidate Guidance Program, and I know as a Chapter we look forward to continuing to mint new MAI’s and SRA’s during 2015. Already this year, Tom Tener received his MAI designation, and Rafael Rivera received his SRA designation. Two a month is not a bad average, let’s keep it up! I am also happy to report that due to Connie’s efforts, the newly required Supervisory Appraiser/Trainee Appraiser course has been scheduled for February 2, 2015, the 2nd day it became available nationally.

I am happy to report that we already have a lot planned for 2015. Once again, under Brian Corcoran’s direction, we, along with the Counselors of Real Estate, will host the 2015 Real Estate Economic Forecast, featuring Dr. Mark Zandi, Chief Economist at Moody’s Analytics. This event has become a January ritual and is a perfect way to start off the New Year. Dr. Zandi, a go-to economist for both national policy makers and the media, will set out for us his take on the economy and its impact on our local markets. The breakfast meeting will be held at Club 101 at 101 Park Avenue on January 23rd, so please be sure to register.

As always, the generosity of our sponsors is critical to the existence and effective operation of our Chapter.

Mark Nakleh, who did an outstanding job in 2014, has graciously agreed to continue the effort this year as well. I ask everyone to please consider continuing or becoming a sponsor in support of our Chapter. It is your generosity that allows us to provide the classes, programs and events that we all benefit from.

I am also happy to report that our Programs Committee, which consists of the trio that keeps on giving, Brian Corcoran, Joel Leitner and Marilyn Weitzman, is already at work on securing three great speakers that I know our chapter will be excited to hear from during the year. Save the date of Wednesday, March 11th for our first luncheon meeting with guest speaker Paul Massey, of Massey Knakal Realty Services.

Additionally, Theresa Nygard and Bill Picoli have agreed to co-chair our largest event, the September Conference, the focus of which will be New York City’s changing economy from Finance to TAMI, and its effect on local development. We anticipate a slate of great speakers who are informative and well-known.

In closing, I would like to thank all of you for allowing me the privilege of representing and serving our Chapter in 2015. It is a real pleasure to give back to the local organization which supports our profession, and to continue to work with our dynamic Board. As I mentioned during my installation speech, I learn daily from the appraisers, old and young a-like, that I have the pleasure of interacting with, and I look forward to continuing to learn from and work for our Chapter this year. I wish all of our members a healthy and prosperous 2015.

The Education Committee is again going to be chaired

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OUTGOING PRESIDENT’S MESSAGE

Outgoing President’s Message

Eric P. Haims, MAI Neal, a new and more user-friendly chapter website.

am happy to say that 2014 was a great year for the Metropolitan New York Chapter of the Appraisal Institute. Being president of the chapter was a great experience and I learned so much from being able to serve our chapter’s members. I am truly grateful for having the opportunity to serve as the 2014 Chapter President.

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There were many highlights from 2014, including numerous educational offerings, meetings/programs with prominent speakers and seminars. The chapter was able to hold a candidate guidance event in October with the help of our Candidate Guidance Chair, Steve Schleider, which was free to candidates for designation. I am extremely proud of this past year’s September Conference: East Side, West Side – All Around Midtown which was chaired by Alice Palmisano and Patrick Craig.

The Ruth Agnese Scholarship Fund is now off the ground and candidates for designation can apply online via the new chapter website to take a free upper-level chapter course towards their designation in 2015. The year also contained some fun social events for our members, including a June Outing of Shuffleboard and food truck dining at the Royal Palm Shuffleboard Club in Gowanus, Brooklyn and two joint events with the Long Island Chapter: a golf outing in June on Long Island and a Yankee Game in July which was attended by a total of 80 Metropolitan New York and Long Island Chapter members.

It was a banner year for the Chapter in terms of the number of newly designated chapter members who joined our ranks as a result of the very successful Candidate for Designation Program. Our chapter was able to designate 10 new MAI members and 12 new AIGRS members in 2014 and I am proud to say that I am included as one of the newly designated AI-GRS members.

When I made my installation speech back in December 2013, I outlined five major goals for myself coming into office and I am proud that I was able to fulfill my goals as chapter president. I was able to expand the reach and awareness of the Chapter as I attend numerous events throughout the year, including the IRS Valuation Summit held in Washington, DC in October. This summit was attended by tax attorneys and IRS appraisal staff and tax court judges. I was able to improve communication with our national organization and leaders. As you may recall, National Appraisal Institute President, Ken Wilson, attended and spoke at our September Conference and I attended the Appraisal Institute’s national meeting which was held in July in Austin, Texas. I was active with Region IV and attended two in-person meetings and two conference calls. I continued the financial health of the Chapter through a very successful sponsorship campaign, a very profitable chapter education program, chapter seminars and September Conference. Lastly, I improved the chapter’s communications with members by helping to develop with the help of Amanda Aaron and Michael

I plan on remaining to be active with the Chapter in 2015 and will serve as the Chapter’s Immediate Past President and as Chair of the Chapter’s Nominating Committee. I will be serving a two-year term as the Regional Education Liaison for Region IV and I have been recently appointed by 2015 President Lance Coyle to serve a two-year term on the Government Relations Committee.

I am happy to inform you that the Chapter is in great hands with your current Chapter President, Sharon Locatell and the rest of the board and officers. Sharon and I have worked hard to insure that there will be a smooth transition. I look forward to seeing all of you at this year’s chapter meetings and events.

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EVENTS

September Conference Held annually in September, the Metropolitan New York Chapter of the Appraisal Institute’s Conference focuses on a timely topic, providing current information from expert sources. This year, the focus was the many changes occurring in Midtown Manhattan, from iconic new development to zoning, urban planning and economic impact. The Conference was held on Monday, September 15th at Club 101, 101 Park Avenue, NY, NY.

(L to R): 2014 Chapter President Eric Haims, Jerome Haims Realty; Constantine Kontokosta, Deputy Director for the Center for Urban Science, Progress New York University; Robert Knakal, Chairman of Massey Knakal Realty Services; Conference co-chairs Alice Palmisano, Brown Harris Stevens and Patrick Craig, Marshall & Stevens; Robert White, Jr., Founder and President Real Capital Analytics; Stephen Winter, Vice President of Related.

(L to R): 2014 Chapter President Eric Haims, Jerome Haims Realty; Clyde Reetz, Senior Vice President CBRE; Robert Schiffer, Managing Director of SL Green; Conference co-chairs Patrick Craig, Marshall & Stevens and Alice Palmisano, Brown Harris Stevens; Robert Shapiro, Chief Executive Officer of City Center Real Estate; Michael Kwartler, Founding Director and President of Environmental Simulation Center, Eric Anderson, Director of Development, Argent Ventures.

Appraisal Institute National President, Ken P. Wilson, MAI, SRA

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Keynote Luncheon Speaker Hugh F. Kelly, Principal of Real Estate Economics and Clinical Associate Professor at NYU Schack Institute of Real Estate.

SEPTEMBER CONFERENCE

The Metropolitan New York Chapter of the Appraisal Institute thanks the following sponsors for their generous support in making the 2014 Annual Conference possible:

Patron Sponsors:

Martin B. Levine, MAI and Steven J. Schleider, MAI

Supporter Sponsors:

Media Sponsor: Friends Aaron Valuation Jacques O. Tuchler & Associates Omnispective Management Corp.

Regional Appraisal Associates

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OCTOBER/NOVEMBER EVENTS

October Candidate/Advisor Cocktail Party

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andidates and Advisors enjoyed a free Cocktail Party on October 22nd at PS450. Candidates had the opportunity to meet with Advisors and were able to hear from recently designated members that completed the Capstone Program as well as the traditional Demo.

(L to R): 2014 Chapter President Eric Haims, MAI of Jerome Haims Realty, Peter Rastetter, MAI of Metropolitan Valuation Services, Liz Genovese, MAI of Houlihan & O’Malley, Amanda Aaron, MAI of Aaron Valuation, Steven Schleider, MAI of Metropolitan Valuation Services and Sharon Locatell, MAI of Appraisers and Planners, Inc.

November Luncheon Meeting

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panel of hospitality industry development, management and investment experts provided their points of view about the New York City hotel market from occupancy to REVPAR (Revenue Per Available Room) to traditional vs. boutique brands and an exploration of current and future trends at a recent Metropolitan New York Chapter of the Appraisal Institute luncheon.

Moderated by Eric B. Lewis, MAI, senior vice president, global practice leader, Hospitality & Gaming, Cushman & Wakefield, Valuation & Advisory, the panelists cited New York City as the strongest hotel market in the U.S., the center of the bulls-eye for anyone deploying foreign capital and a proving ground for boutique hotel concepts and designs.

Among the most current trends discussed were lifestyle lodging, customized spaces (including in-room fitness); “pod” concepts of compact 170 sq. ft. or less utilitarian chic rooms; and the growing focus on shared guest spaces and “being in the public areas” such as lobbies that look and feel like living rooms, rooftop and other lounges, libraries and gardens.

L to R: 2014 president, Metropolitan New York Chapter of the Appraisal Institute Eric Haims, Jerome Haims Realty; panelists Robert Chitty, Americas Intercontinental Hotel Group; Shai Shamir, Brack Capital Real Estate; Melissa Cornfeld, Denihan Hospitality Group; Stephen Chan, Eagle Point Hotel Partners; moderator Eric B. Lewis, Cushman & Wakefield.

Panelists included Robert Chitty, senior vice president, Capital Investment & Transactions, Americas Intercontinental Hotels Group whose brands include Intercontinental, Crowne Plaza, Holiday Inn, Hotel Indigo and EVEN Hotels; Melissa Cornfeld, vice president, Acquisitions & Development, Denihan Hospitality Group whose hotels include the Affinia Hotel Collection which recently underwent major renovations and The James in Soho, a luxury hotel “liberated from

tradtion”; Shai Shamir, managing director, Brack Capital Real Estate, an investment and joint venture company; and Stephen Chan, principal, Eagle Point Hotel Partners, a NYCbased investor in midscale, full-service and boutique hotels in North America whose first deal was the Mondrian Soho Hotel and is currently a partner in the Tommie Hotel, a valueconscious hotel under development on 31st Street designed to appeal to youthful global travelers.

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HOLIDAY PARTY AND INSTALLATION DINNER

Holiday Party and Installation Dinner

The Metro New York Chapter thanks the following sponsors of the December 10th Installation Dinner: Albert Valuation Group NY, Inc. Appraisers and Planners Inc. Butler Burgher Group Cushman & Wakefield, Inc. Houlihan & O’Malley Real Estate Services Jerome Haims Realty, Inc. KTR Real Estate Advisors Marshall & Stevens Metropolitan Valuation Services Pearson Partners, Inc. Steven J. Schleider, MAI & Martin B. Levine, MAI The Weitzman Group, Inc.

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HOLIDAY PARTY AND INSTALLATION DINNER

Holiday Party and Installation Dinner (continued from page 7)

2014 President Eric Haims’ acknowledgement of Robert Nardella, Cushman & Wakefield, Inc., as the Chapter’s Seminar Sponsor

Marilyn Weitzman of The Weitzman Group, recipient of the Ruth Agnese Person of the Year Award, being presented the award by Brian Corcoran of Cushman & Wakefield

2014 President Eric Haims’ acknowledgement of Steven Schleider, Metropolitan Valuation Services, as the Chapter’s Education Sponsor

David Scribner Jr., Ph.D., of Baruch College, first recipient of the Alexander G. Hesterberg Lifetime Achievement Award. David was presented the award by Brian Corcoran of Cushman & Wakefield.

2015 Chapter President Sharon Locatell is sworn in and presented the Chapter Charter and Gavel by Jim Levy, both with Appraisers and Planners Inc.

2014 Chapter President, Eric Haims, Jerome Haims Realty, with master of ceremonies John Katinos, Cushman & Wakefield

2015 Board being sworn in

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NEW CHAPTER MAIS

New Chapter MAIs

Timothy Chen of Ateam Realty, receiving his MAI certificate from 2014 Chapter President, Eric Haims, MAI, Jerome Haims Realty, at the Installation Dinner

Shaun Kest receiving his MAI certificate from Theresa Nygard, MAI at the Installation Dinner. Both Shaun and Theresa are with KTR Real Estate Advisors

Liz Genovese received her MAI certificate from her sibling Dan Houlihan. Also shown with her sibling Joseph Houlihan. All with Houlihan & O’Malley Real Estate Services

Congratulations to Michelle Zell who received her MAI certificate from Joel Leitner, MAI at the November luncheon meeting. Both Michelle and Joel are with Butler Burgher Group, formerly Leitner Group Inc.

Just a few days before the Christmas Holiday, the Chapter’s longtime Public Relations person, Judith Alberty, was in a house fire which destroyed her home and all of her possessions. Judith suffered second degree burns and smoke inhalation, which she is still being treated for. A GoFundMe fund was set up by a friend of Judith’s for anyone that is interested in making a donation to Judith.

If you are interested in donating, please follow the link below: http://www.gofundme.com/itno94

The Metro New York Chapter of the Appraisal Institute wishes Judith a full and speedy recovery.

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2015 EDUCATION SCHEDULE

The Metro NY Chapter of the Appraisal Institute

2015 Education Schedule JANUARY JANUARY 20 – 29

MARCH MARCH 5 – 26

GENERAL APPRAISER MARKET ANALYSIS & HIGHEST AND BEST USE (G4) (JANUARY 20, 22, 27 & 29)

GENERAL APPRAISER SALES COMPARISON APPROACH COURSE (THURSDAYS, MARCH 5, 12, 19 & 26) 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

MARCH 16 & 18

FEBRUARY FEBRUARY 2

USING THE HP12C FINANCIAL CALCULATOR COURSE (GE3)

SUPERVISOR APPRAISER/APPRAISER TRAINEE COURSE

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

Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY Time: 9am-5pm AI Price: $159 / Full Price: $179

APRIL APRIL 21

FEBRUARY 23

BUSINESS PRACTICES & ETHICS COURSE

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 - AI Price: $195 / Full Price: $215

FEBRUARY 26 & 27

APRIL 27 & 28

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

15 HOUR USPAP COURSE 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 - AI Price: $295 / Full Price: $315

FEBRUARY 27 – MARCH 27

APRIL 29 – MAY 8

ADVANCED MARKET ANALYSIS & HIGHEST AND BEST USE COURSE (FRIDAYS, FEBRUARY 27, MARCH 6, 13, 20 & 27)

GENERAL APPRAISER SITE VALUATION & COST APPROACH COURSE (WED/FRI: APRIL 29, MAY 1, 6, 8)

Location: The Real Estate Board of NY, 570 Lexington Avenue, NY, NY. Time: 9am-5pm – AI Price: $745 / Full Price: $1,065

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

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

(Continues on page 11)

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

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2015 EDUCATION SCHEDULE

2015 Education Schedule (Continued) MAY MAY 11 – 19

REGISTRATION TO REGISTER FOR ANY OF THE COURSES OR SEMINARS, PLEASE CONTACT THE CHAPTER OFFICE AT:

BASIC APPRAISAL PRINCIPLES COURSE (R5) (MON/TUES: MAY 11, 12, 18 & 19)

866-966-3710 OR VIA E-MAIL AT: metronyai@aol.com

Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY • Time: 9am-5pm – Price: $495

ALL CLASSES TAKE PLACE AT:

Association of the Bar of the City of NY, 42 W. 44th St., NYC (Unless indicated)

JUNE JUNE 1 – 9

Online Education: 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.

Check out the current course listing now!

BASIC APPRAISAL PROCEDURES COURSE (R6) (MON/TUES: JUNE 1, 2, 8 & 9) Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY • Time: 9am-5pm – Price: $495

JUNE 3 7 HOUR USPAP UPDATE COURSE

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

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

JUNE 22 & 23

OCTOBER OCTOBER 13, 15, 21 & 23

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

GENERAL APPRAISER INCOME APPROACH PART II 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

JULY JULY 20 – 24 ADVANCED INCOME CAPITALIZATION COURSE

NOVEMBER NOVEMBER 9 – 12

Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY Time: 9am-5pm – AI Price: $745 / Full Price: $1,065

GENERAL APPRAISER REPORT WRITING & CASE STUDIES 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

SEPTEMBER SEPTEMBER 22 – OCTOBER 2 GENERAL APPRAISER INCOME APPROACH PART I

DECEMBER DECEMBER 2

(Tues/Fri September 22, 25, 29, October 2) 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

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

OCTOBER OCT. 19, 21, 26, 27 & 28 REVIEW THEORY GENERAL

DECEMBER 14

(MON/WED: OCT. 19, 21, 26 & 28) Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY Time: 9am-5pm – AI Price: $745 / Full Price: $1,065

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

7 HOUR USPAP UPDATE COURSE

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2014 SPONSORS

The Metropolitan New York Chapter of the Appraisal Institute

Would Like to Thank the 2014 Chapter Sponsors: EDUCATION SPONSOR

SEMINAR SPONSOR

PLATINUM LEVEL KTR Real Estate Advisors, LLC

MurrayHill Properties

Marshall & Stevens

Originators Group, LLC

GOLD LEVEL Albert Valuation Group NY, Inc.

Goldstein, Rikon, Rikon & Houghton, P.C.

Appraisers and Planners, Inc.

Landauer Valuation & Advisory

Avison Young

Pearson Partners, Inc. PEARSON PARTNERS, INC.

CBRE Fried Frank

The Weitzman Group, Inc. Jerome Haims Realty, Inc. Wm. Shubert & Co. Joseph J. Blake & Associates

SILVER LEVEL New York Community Bank Nixon Peabody Regional Appraisal Assocs.

Wilrock Appraisal & Consulting, Inc

Aaron Valuation Colliers International Leitner Group Inc. Massey Knakal Realty Services

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