Mann Report April 2022

The Sustainability Issue

New York Los Angeles Miami Hamptons Las Vegas

Understanding the Corporate Climate Migration Walking the Talk on Normalizing Sustainability in the Built Environment Generating Value Through Repositioning Retail

Across the Metaverse Erin McDannald on virtual real estate as the last frontier

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MASTHEAD PRESIDENT/ CEO Jeff Mann

ONE MANN’S OPINION

ART Art Director Krystal Peguero

EDITORIAL Editor

Lead Graphic Designer

Debra Hazel

Ran Jing

Associate Editors Lauren D’Errico

Cover Photography © Volodymyr / Adobe Stock

Lauren Schuster DIGITAL MEDIA

This April sees some of the most solemn observances from the Western world’s three largest religions, signifying a renewal after a time of fasting, sacrifice or turbulence.

That’s why I’m proud to be leading the renewal of the National Realty Club, featured in these pages just a few months ago. The NRC was founded in the 1940s by some of the men who created the modern-day real estate industry in New York — Harry Helmsley, Aaron Gural, Herbert Tenzer, Larry Wien, Irving Schneider and my father, Irving Mann. It

Copy Editor Helen Ventura

Editors Lauren D’Errico

the day, strategize development and, yes, do deals.

Director of Communications

Debra Hazel Penelope Herrera

and Marketing Penelope Herrera

Cheri Phillips Lauren Schuster

As the years passed, however, the NRC lost some of the energy it had under its founders.

Director of Newsletter

Social Media Manager

Division Cheri Phillips

Le’Trice Deshon

Director of Special Events

Web Developer CS DesignWorks

Mirusha Damiani CONTRIBUTORS Director of New Business Development

R.C. Alley Michael Beckerman

Kelly Sen

Rob Budetti Frank DeLucia

BUSINESS Technology Consultant

Eric Derector Hrisa Gatzoulis

Joshua Fried

Brett Isaacman Amanda Jhones

Distribution Mitchell’s Delivery

Kris Kiser Doug Pearl

Service

James M. Philbin Carol A. Sigmond Tom Smart Jonce Walker Bice Wilson

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The opinions expressed by our columnists are not reflective of the views and opinions of the publisher or editorial staff of Mann Report.

Publication of such views and opinions does not constitute endorsement by Mann Report. Any reproduction, including but not limited to internet usage, is prohibited without the express written permission of the publisher.

rapidly became a place where the great minds of the industry could discuss the issues of

That has changed in the last year when I was asked to take on a leadership role and reinvent the NRC for a new, modern, much more inclusive generation. Our initial outings have been extremely successful, attracting some of the most influential men and women in our business. We’ve also just established a charitable foundation to do good while we do well.

Our next event will be our best yet — on April 11 at 5 p.m. at Versa (218 West 35th St.).

I’m thrilled to announce that Robert DeSalvio, president of Resorts World Casino, will be our guest speaker. And of course, we’ll feature an exquisite menu, top-shelf drinks, music, raffles, opportunities to promote your business on screens around the venue and the best networking in New York. Contact me for more information.

The rebirth of the NRC is a sign of the rebirth of New York. The excitement is returning, and I’m honored to help this dynamic organization reinvent itself for a new era.

“Originality is nothing but judicious imitation. The most original writers borrowed from one another.”

—Voltaire

EDITOR’S LETTER Welcome to our annual tribute to Earth Day, our Sustainability issue.

In the years since the first Earth Day in 1970, sustainability has become a fact of life, from recycling plastic to installations of solar and wind energy and more. That’s why I’m excited that so many contributors have discussed the many sides of climate change and its effect on real estate.

In our features, Michael Beckerman calls on the industry to do more, while HLW’s Jonce Walker discusses how one project takes the health of both the planet and the building’s occupants under consideration. We also profile the first development in the U.S. to earn BREEAM International New Construction (INC) certification, plans for a wind port facility in Sunset Park, Brooklyn and how a Harlem subway station is better protected from the Harlem River itself.

But there’s more than one universe. In our cover feature, Erin McDannald, CEO and co-owner of Lighting Environments and its sister company, Environments, tells us how the same design principles that make physical environments soar can be applied to the virtual world, and why. It’s a fascinating viewpoint.

And a note: in the February issue, we mis-stated Ryan Lewis’ company, Erg Commercial Real Estate, in the announcement of his promotion. So it’s a real pleasure to showcase him in our Commercial Corner on page 126.

Enjoy.

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APRIL 2022

46

New York Los Angeles Miami Hamptons Las Vegas

Across the Metaverse

By Debra Hazel

Understanding the Corporate Climate Migration

The Sustainability Issue

COVER FEATURE

Walking the Talk on Normalizing Sustainability in the Built Environment Generating Value Through Repositioning Retail

EVENTS

COVER FEATURE

Across the Metaverse

By Debra Hazel

E Across the Metaverse

rin McDannald, CEO and co-owner of Lighting Environments and its sister company, Environments, has positioned herself as a leader

and a trailblazer accelerating the growth and success of the firm and its staff. With nearly 20 years of experience in sales and guiding clients throughout the lighting

16

design and construction process, McDannald is now leading Environments to meet the rapidly changing connected device market head-on. Her passion is creating a more inclusive world for those who are excluded from normal activities

Erin Mc Dannald

or spaces due to a chronic illness, disability, sick family or other challenges. Her work with Environments uses technology

many companies looking to toe the line be-

from home, or work in the metaverse, work-

to break down barriers and help connect

tween giving their employees greater flexibil-

ing remotely but still maintaining the physical

all people.

ity with work-from-home policies and hosting

sense of an office. The metaverse creates an

much needed collaboration in-person, the

inclusive environment where employees of

Below, McDannald discusses the latest frontier

metaverse is a great solution. Integrating

all needs and work styles can equally interact

in real estate: virtual space, or the metaverse,

the metaverse into a company streamlines

at the workplace, wherever that may be.

and its role in creating connections.

employees’ ability to stay connected to one

Let’s start at the beginning. Why should anyone in real estate care about the metaverse?

another without having to step foot inside the

The metaverse will effectively unite in-office

building unless they want to. Now, workers

and remote workers, especially when the ex-

may choose to work from the office, work

perience is heightened by internet of things

Those involved in the real estate industry

Brickworks Celebrates Global Flagship Design Studio in New York City

should care about the metaverse because it is quickly becoming an essential aspect of the unification of people and their ability to communicate together.

Take offices, for example. There’s no ques-

The real world provides a tempalte

tion that hybrid work is here to stay, and with

The physical sense of the office is maintained.

52

54

56

60

64

68

70

FEATURES

Understanding the Corporate Climate Migration

By Michael Beckerman

Looking Beyond Green Building Certifications

By Jonce Walker

South Brooklyn Marine Terminal to be Converted into Offshore Wind Hub

Sustainability Ratings from Across the Pond

Walking the Talk on Normalizing Sustainability in the Built Environment

By Bice Wilson and Hrisa Gatzoulis

Holding Back the Waters

Generating Value Through Repositioning Retail

By Rob Budetti, R.C. Alley, Doug Pearl and Brett Isaacman

72

REBNY Announces Annual Event Honorees

74

The New Office Amenity: Wellness

By Debra Hazel

NEWS BRIEFS 22

Commercial News

26

78

Disney Launches New Business to Develop Residential Communities

80

Stay Open Reinvents the Hotel

By Debra Hazel

Residential News

30

Management News

34

Tech Talk

38

Breaking News

ARCHITECTURE

102

104

106

108

A Different Quest: Repositioning 3 Giralda Farms

The Reinvention of Menifee Middle School

The Tide is High: Low Country Grandeur Meets Contemporary Design at Ponte Vedra Beach

The Smartest Building in Chicago

104

COLLEGES

112

In a Class by Itself: Granada Hills Charter Expands

DEPARTMENTS

6

One Mann’s Opinion

8

Editor’s Letter

86

116

126

128

The Articles

Commercial Corner: Ryan Lewis, Managing Director, Erg Commercial Real Estate

Executive Changes

By the Numbers: Every Day is Earth Day

112

REAL ESTATE & FINANCIAL SERVICES DIVISIONS

SAVE T H E DA T E

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PHOTO EVENT

Brickworks Celebrates Global Flagship Design Studio in New York City 01

02

04

05

06

07

09

10

01. Exterior 02. Atmosphere 03. Mark Ellenor 04. Samantha Jade 05. Katie Barna, Chelsea Janssen, Adrie Emora and Gabriella Alexis

16 | MR

03

April 2022

06. Event Staff 07. Carson Kressley and Thom Filicia 08. Tyrah Burton 09. Samantha Jade 10. Samantha Jade

08

Photo Credit: Sylvain Gaboury_PMC

mannpublications.com

PHOTO EVENT

Carson Kressley, Robyn Partridge, Thom Filicia and Mark Ellenor

B

Lindsay Partridge, Arthur Sinodinos AO (Australian Ambassador to the United States) and Robert Millner

rickworks North America Corporation, parent company

continue our expansion in North America,” Partridge said. “It’s an hon-

of Glen-Gery Corporation, officially celebrated its global

or to bring our expertise to New York City, home to some of the most

flagship Design Studio in New York City. Located on NYC’s

diverse, lively and iconic architectural structures in the world and one

iconic Fi!h Avenue, the Brickworks New York Design Studio

of the world’s premier design hubs. With a fashion-forward, high-end

provides architects, designers and homeowners an upscale, stylish

product collection and unparalleled design experience, we’re thrilled

space to collaborate on projects, explore premium products and at-

to have our global flagship on New York City’s most famous shopping

tend industry and educational events.

street among other legendary brands.”

The festive 1930s celebration was a"ended by more than 300 guests,

Guests indulged in hors d’oeuvres and 1930s-style cra! cocktails, while

who included “Queer Eye for the Straight Guy” stars Carson Kressley

receiving an inside view of Glen-Gery’s line of products throughout the

and Thom Filicia; Mark Ellenor, president of Brickworks North America;

evening. Midway through the night, Australian pop star Samantha Jade,

Lindsay Partridge, managing director of Brickworks; Robert Millner,

who has worked with Ashley Tisdale and won the fourth season of “The

chairman of Brickworks; the Honorable Arthur Sinodinos AO, Aus-

X Factor” in Australia, took the stage. The pop sensation sang true clas-

tralian ambassador to the United States and the Honorable Nicholas

sics including “Respect” by Aretha Franklin, “Fever” by Peggy Lee, “New

Greiner AC, Australian consul-general to New York.

York, New York” by Frank Sinatra and “We Are Family” by Sister Sledge.

“Opening our international flagship Design Studio in New York City is

The New York Design Studio is Brickworks’ third Design Studio in the

a pivotal milestone for Brickworks and another opportunity for us to

U.S. and ninth Design Studio internationally.

Carson Kressley, Thom Filicia, Mark Ellenor and Robyn Partridge

Robert Millner, Mark Ellenor, Arthur Sinodinos AO (Australian Ambassador to the United States) and Lindsay Partridge

mannpublications.com

April 2022

17 | MR

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COMMERCIAL NEWS

Empire State Realty Trust Signs Progyny for Three Floors at 1359 Broadway Empire State Realty Trust (ESRT) has signed Progyny Inc., a fertility benefits management company, at 1359 Broadway. Progyny will occupy 70,573 square feet across three floors: one floor that it previously subleased, one floor that the company will occupy in late 2022 and a third floor that it will occupy in early 2024.

“We are growing rapidly as more employers recognize the value of Progyny’s comprehensive fertility and family building solution,” said Pete Anevski, CEO of Progyny.

Located along the updated Broadway Pedestrian Plaza, 1359 Broadway features energy efficiency and indoor environmental quality measures at a fraction of the cost of newer buildings, ESRT said.

David Falk, Kyle Ciminelli and Dylan Weisman of Newmark Knight Frank represented Progyny in the lease negotiations. Property owner representation was provided by Shanae Ursini and Jordan Berger of ESRT, and Paul J. Amrich, Emily Chabrier, Neil V. King III and Meghan Allen of CBRE.

1359 Broadway PHOTO COURTESY OF EMPIRE STATE REALTY

The Feil Organization Acquires Westport Waterfront Office Assets for $43M In one of the largest deals in Connecticut in the past year in terms of price per square foot, The Feil Organization announced the acquisition of two Class A office buildings at 285 and 355 Riverside Ave. in Westport for $43 million.

285 Riverside Ave. PHOTO COURTESY OF THE FEIL ORGANIZATION

The properties, which comprise 94,647 square feet on 4.15 acres, consist of architecturally distinct office buildings located less than a minute’s drive from each other. The buildings are 96% leased to a roster of national and regional companies

including Raymond James, RBC and Sterling Investment Partners, and offer unique layouts. The Westport office market has less than 5% vacancy.

The seller, 285 & 355 Riverside LLC, a partnership that includes Baywater Properties and an investment fund advised

by True North Management Group, was represented by Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, David Gavin and Stuart MacKenzie of CBRE. CBRE also procured Feil as the purchaser.

Hermès Signs HQ Lease at 550 Madison Ave. The Olayan Group announced that French luxury design house Hermès has signed a 71,757-square-foot office lease across the entire 23rd, 24th and 25th floors at the newly revitalized 550 Madison Ave. The prime Midtown location will serve as the brand’s U.S. headquarters.

Under the ownership of Olayan Group, 550 Madison has been designated as New York’s youngest landmark and has undergone an intensive revitalization to reimagine the building as a world-class multitenant office space.

22 | MR

April 2022

The redevelopment has preserved the unmistakable Chippendale top and nearly doubled the public open space at the site, bringing green space and a new respite to the heart of Midtown. 550 Madison is the only building in New York targeting both LEED Platinum and Well Gold certifications.

In November 2021, the Olayan Group announced the completion of one of the year’s biggest leases to global insurance firm Chubb at 550 Madison for 240,000 square feet across 10 floors.

550 Madison Ave. PHOTO COURTESY OF OLAYAN GROUP

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COMMERCIAL NEWS

Morning Brew Signs Takes Two Floors at Kaufman Organization’s 22 West 19th St. Kaufman Organization announced that Morning Brew, a media company known for sharing newsletters, podcasts, videos and events on business and marketing news, has signed a 37,650-square-foot lease at 22 West 19th St., also known as The Cluett Building. The company will occupy the entire third and fourth floors of the building.

“22 West 19 continues to attract innovative and creative tenants due to its central location and recent building

renovations and technology advances,” said Michael Heaner, partner at Kaufman.

“Morning Brew will have a beautifully designed space with upgraded kitchens, bathrooms and a stairway that will connect the two floors.”

Sam Stein and Michael Heaner of Kaufman Organization represented the landlord, Kaufman Organization. Doug Regal and Jamie Katcher, formerly of Cushman & Wakefield, represented the tenant.

22 West 19th St. PHOTO COURTESY OF KAUFMAN ORGANIZATION

Rabina Closes $540M Construction Financing for 520 Fifth Ave. Rabina, a multi-generational, family-owned and -operated real estate investment and development firm based in New York, has closed a $540 million financing package for 520 Fifth Ave., the first post-pandemic — and tallest — building in Manhattan to combine luxury residences, boutique commercial office space, world-class recreational facilities and ground floor retail all under one roof.

520 Fifth Ave. (to the left) PHOTO COURTESY OF RABINA

The approximately 450,000-square-foot mixed-use tower, located at 43rd Street,

will be the second tallest building on Fifth Avenue, after the Empire State Building.

JLL Capital Markets represented Rabina in arranging the package, consisting of a $410 million senior mortgage provided

by Bank Ozk and $130 million mezzanine financing from Carlyle’s Global Credit business. The JLL Capital Markets team representing Rabina was led by Christopher Peck and Geoff Goldstein and included Evan Pariser, Marko Kazanjian, Alex Staikos and Madison Warwick.

Seritage Growth Properties to Review Strategic Alternatives Seritage Growth Properties, owner and developer of residential, retail and mixeduse properties that was spun off from Sears in 2015, said that its board of trustees is reviewing strategic alternatives.

“The board and management believe that there is an ongoing disconnect between the company’s stock price and net asset value. The portfolio, which consists of 170 properties with distinct and diverse business plans and significant value creation opportunities, generally falls into the cat-

24 | MR

April 2022

egories of cash-flowing, multitenant retail and triple net pad sites, residential development land and large mixed use master planned developments,” Andrea Olshan, the company’s president and CEO, said.

“The opportunities for these underlying assets are extremely strong, and we believe that embarking on this process represents the most efficient way to unlock the full potential of this portfolio.

We are committed to exploring a variety of opportunities to pull forward this value and deliver it to Seritage shareholders in

the near term.”

Seritage was founded to maximize the underlying value of a retail real estate portfolio acquired from Sears Holdings in July 2015. Seritage Board Chairman (and former Sears Holdings Chairman) Edward Lampert has retired from the board.

The board has created a Special Committee of its board to oversee the process.

The committee has retained Barclays as its financial advisor.

mannpublications.com

At Anchin, we have a large team of real estate experts dedicated to helping our clients grow.

A well-designed and properly executed tax strategy can maximize investor returns and fund additional acquisitions. Our clients include those with growing portfolios as well as some of the largest developers in New York City.

Marc Wieder, CPA, Partner Real Estate Group marc.wieder@anchin.com 1375 Broadway New York, NY 10018

212.840.3456

Robert Gilman, CPA, Partner Real Estate Group robert.gilman@anchin.com anchin.com @anchinrealest

RESIDENTIAL NEWS

Corcoran Global Living Welcomes Red Luxury to Its Las Vegas Operation Corcoran Global Living (CGL) has added Michael Zelina and his sales associates to the firm’s operation in Las Vegas. Zelina was the broker, owner and co-founder of Red Luxury Real Estate, Marketing & Productions, a hybrid company that included both a luxury boutique brokerage and a marketing agency.

Co-founded four years ago by Zelina, luxury broker, and Leah Marie Monroe, chief marketing officer, Red Luxury provides “Hollywood Marketability” that had proven effective from their work with top agents in Beverly Hills and Los Angeles to Las Vegas. With this approach, clients could be part of the creative process and benefit

from collaborating alongside professionals who were both highly trained in digital marketing and had a successful career history in the real estate industry.

With this new partnership, Zelina and his sales team will move the brokerage side of the operation to Corcoran Global Living, while Red Luxury Marketing & Production Studios will continue on as an independent, full-service media agency.

“Corcoran Global Living’s philosophy and Red Luxury’s passion seamlessly aligned,” said Monroe. “Those that empower, rather than limit, understand that you receive far more than you give by simply allowing

Photo courtesy of Globe Newswire

talent to soar. The formula for success is to supercharge all intentions, genuinely and authentically. The leadership at CGL certainly embodies this big picture, forward-thinking culture.”

HomeJab Study Shows Impact of COVID-19 on Real Estate Agent Marketing Spending Trends Real estate agents in the West, Northeast and Midwest are spending more for real estate listing photography services coming out of the pandemic than before the start of the pandemic, said a new study of real estate photography data from HomeJab. However, agents in the Southwest and Southeast spent more or modestly less.

Joe Jesuele Photo courtesy of HomeJab

26 | MR

April 2022

HomeJab, which provides real estate agents on-demand professional real estate photography, 3D virtual tours, aerial and other visual production services in every major US market and all 50 states, studied more than 43,000 real estate photography assignments from 2017 to 2021 in five regions: Midwest, Northeast, Southeast, Southwest and West.

Agents in the West spent 8.7% more since the start of the pandemic, with the Northeast seeing a 7.5% increase and the Midwest a 5.6% rise. (New York saw a whopping 27.9% spending rise.) Agents in the Southeast spent 2.8% more, while those in the Southwest spent 0.6% less.

“Professional real estate listing photography orders by real estate agents clearly remained a vital marketing investment in many of the hottest markets during the COVID-19 outbreak,” said Joe Jesuele, founder and CEO of HomeJab. “Our research shows that during a time when homes were flying off the shelves, and multiple offers hit a new high, agents still understood the power of visual images for their real estate marketing.”

mannpublications.com

Absolute Electrical Contracting of NY services commercial, industrial, residential and retail clients.

Our construction division has the ability to do any task that is required of an electrical contractor.

Robert Romanoff, President

RESIDENTIAL NEWS

Platinum Properties Launches Platinum Ventures Platinum Properties, a full-service boutique brokerage firm has announced Platinum Ventures, a subsidiary that actively invests in proptech startups. Since 2015, Khashy Eyn, CEO and founder of Platinum Properties, has been an investor in groundbreaking companies including Assembly OSM, Latch, TheGuarantors, Sonder and Better Mortgage.

Platinum Ventures has invested in innovative proptech startups like Corofy, Tongo, Peek and more. The staff at Platinum

Properties has become advisors and active partners to these startups, assisting the founders with critical real time feedback to further finetune the platforms.

Most recently, the brokerage firm has invested in Tongo, a platform that gives real estate agents instant access to commission income, long before closing. Tongo works like a debit card on future income and allows commission-based employees to draw their income, privately, whenever they need it, and pay back the balance

when they are paid. Tongo has proven useful to agents at Platinum Properties and beyond by empowering them to invest in their business and pay themselves on their own schedule.

Existing-Home Sales Fade 7.2% in February Existing-home sales dipped in February, continuing a seesawing pattern of gains and declines over the last few months, according to the National Association of Realtors. Each of the four major U.S. regions saw sales fall on a month-overmonth basis in February. Sales activity year-over-year was also down overall, though the South experienced an increase while the remaining three regions reported drops in transactions.

Lawrence Yun (Photo courtesy of NAR)

Total existing-home sales (completed transactions that include single-fami-

ly homes, townhomes, condominiums and co-ops) sank 7.2% from January to a seasonally adjusted annual rate of 6.02 million in February. Year-over-year, sales decreased 2.4%.

“Housing affordability continues to be a major challenge, as buyers are getting a double whammy: rising mortgage rates and sustained price increases,” said Lawrence Yun, NAR’s chief economist. Unsold inventory sits at a 1.7-month supply at the current sales pace, up from the record-low supply in January of 1.6 months.

Sales Launch at 262 55th St. in Sunset Park, Brooklyn Berkshire Hathaway HomeServices New York Properties announced that sales have launched at 262 55th St., Sunset Park’s newest boutique luxury condominium. The five-story, five-residence ground-up condominium comprises one one-bedroom/one-and-a-half bath residence; one two-bedroom/two-bath residence and three three-bedroom/twobath full-floor residences ranging in size from 700 square feet to 1,250 square feet, respectively.

Pricing for the newly available residences

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range from $1.399 million to $2 million. Each home boasts private outdoor balconies or terraces ranging in size from 50 square feet to 600 square feet and secure, direct elevator access.

Designed by Evan Chan Architect, 262 55th St. offers large, open floorplans, in-unit laundry, amenities including a resident’s lounge and a 1,000-square-foot shared roof deck with views of Brooklyn and New York Harbor looking towards Manhattan. The building’s brick façade features wood slat accents.

Photo courtesy of Berkshire Hathaway

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MANAGEMENT NEWS

AECOM to Provide Master Planning, Design Services for Air Force Academy Campus Infrastructure consulting firm AECOM has been awarded a sole-source indefinite delivery, indefinite quantity (IDIQ) contract to provide master planning, architecture, and engineering services to the United States Air Force Academy (USAFA). In this role, AECOM will deliver multi-disciplined planning and conceptual designs in support of USAFA’s efforts to approach the campus through a consistent and efficient manner, including new buildings and systems that integrate sustainable best practices as well as conservation of

natural resources.

“For more than two decades, we’ve proudly partnered with USAFA to provide solutions to some of its most challenging architectural and engineering projects, touching every building on campus,” said Lara Poloni, AECOM president.

AECOM’s portfolio of work at USAFA includes master planning, facility assessments, building renovations, environmental services and airfield designs, including

U.S. Air Force Academy

the Cadet Chapel, Sijan Hall, Kettle Creek Dam and the new Madera Cyber Innovation Center.

BrightView Acquires TDE Group landscaping company headquartered in suburban Detroit with operations in Windsor, Ontario, Canada. Terms of the transaction were not disclosed. TDE Group is the 34th firm to be purchased by BrightView under its growth strategy.

Commercial landscaping services company BrightView Holdings has acquired TDE Group, a snow removal and commercial

“BrightView continues to execute on our ‘strong-on-strong’ acquisition program in which we actively seek out exceptional businesses to expand our existing operations in attractive markets. Bringing

TDE under the BrightView umbrella allows us to grow in a profitable market and bring highly trained and motivated team members into the company,” said Andrew Masterman, BrightView president and CEO. In addition to snow removal, TDE Group provides landscaping maintenance services in the Detroit/Windsor metropolitan areas and beyond. Among TDE’s most prominent clients are auto manufacturers and the Detroit Metro Airport.

Constellation to Manage Hudson Valley iCampus Power Plant Hudson Valley iCampus has signed a long-term operations and maintenance (O&M) agreement with Constellation to assume operations of the property’s existing central utility infrastructure. Hudson Valley iCampus is powered by a 23-megawatt, state-of-the-art combined heat and power plant that delivers environmentally conscious and energy-efficient electricity, steam and chilled water to the tenants on the campus. The campus is owned by Industrial Realty Group LLC (IRG), a real estate development and investment firm with more than 100 million square feet of

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commercial property across the U.S. “One of the most unique features of our campus is the redundant, reliable, highly efficient Central Utility Plant,” said Jamie Schwartz, president of Hudson Valley iCampus. “With the ability to generate 23 megawatts of electricity, the plant can power up to 4,000 average-size homes.

We needed a partner who understands the significant utility requirements of our campus and who could also ensure increased efficiency, sustainability and safety practices.”

Constellation and IRG are involved in the Hall of Fame Village and Resort development at the Pro Football Hall of Fame in Canton, Ohio. Constellation is the official energy provider for the Hall of Fame and Hall of Fame Village.

“We look forward to collaborating with the Hudson Valley iCampus team to provide reliable energy to campus tenants while exploring opportunities to implement additional sustainable energy solutions,” said John Wardle, president of Constellation’s Energy Solutions group.

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MANAGEMENT NEWS

Cresa Teams Up with AK Preparedness to Provide Life Safety and Emergency Preparedness Training Commercial real estate company Cresa has formed a strategic partnership with AK Preparedness, a nationwide life safety and emergency preparedness training consultant to provide its occupier clients with training for life safety and emergency preparedness practices.

For nearly 40 years, AK Preparedness has provided life safety training and developed all-hazard emergency response plans for private industry clients and government agencies. Its current programs

include both on-site and virtual training platforms.

“By partnering with AK Preparedness, we are able to offer office space users, as well as building owners and property managers, critical training in re-occupancy and life safety,” said James A. Pirot, managing principal/project management at Cresa. “Moreover, through virtual training, the platform provides a broader and repetitive application for companies, allowing employees the flexibility for

James A. PIrot Photo courtesy of Cresa

remote working schedules which may not always align with a building’s compliance requirements for in-person training.”

ULI/REAP Virtual Academy Returns

REAP Mid-Atlantic Region local program directors Janisha Richardson (left) and Damian Bond (right) at a February 2022 REAP Washington, D.C. networking event hosted by the local development firm Dantes Partners.

Photo by Maurice Shane

Following a year of online instruction, the ULI/REAP Virtual Academy in commercial real estate (CRE) returns this spring with enhanced educational content available nationwide. The ULI/REAP Virtual Academy is a landmark partnership between Project REAP (Real Estate Associate Program), the oldest and largest national effort to advance diversity, equity and inclusion and ULI (the Urban Land Institute).

For the first time, REAP’s academy curriculum will include new modules to address

cutting-edge sectors of the CRE industry.

The New York City boutique law of Duval & Stachenfeld will lead a discussion on C-PACE financing, an emerging financing tool for green building development and redevelopment, which is now authorized in over 37 states nationwide, including New Jersey. A new session on impact investing will discuss efforts to direct institutional investment capital to real estate development and redevelopment projects in Black, Latinx and underserved innercity neighborhoods.

View Smart Windows Installed at Uplands Corporate Center Smart building tech company View Inc. announced that its Smart Windows have been installed at Uplands II, a 124,081-square-foot office building in southwest Austin, Texas.

Developed by Drawbridge Realty and located on a 48-acre site, Uplands II was designed for a post-COVID-19 office environment with tenant health and wellness and building sustainability top-of-mind.

View Smart Windows are fitted throughout Uplands II, providing a healthier

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environment, increasing energy efficiency, maximizing natural light and enhancing views of the Texas Hill Country and Austin Central Business District.

View Smart Windows use artificial intelligence to automatically adjust in response to the sun, optimizing natural light and views of the outdoors while minimizing heat and glare. Uplands II will also feature View Immersive Displays, which transform windows into transparent, digital, interactive surfaces for video conferencing, con-

Uplands II Photo courtesy of Globe Newswire

tent creation, entertainment and more.

The Uplands II building is LEED and Reset Air Standard Certified and Well compliant.

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property management Matthew Adam Properties is a long-time leader in bringing innovative ideas and programs to the properties we manage.

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TECHTALK

LXP Industrial Taps Visitt for Property Operations System Visitt, a property operations system for office, multifamily and industrial real estate, signed a portfoliowide agreement with LXP Industrial Trust, a real estate investment trust focused on single-tenant industrial real estate investments, for implementation of Visitt’s property operations system. The Visitt platform will be used in office and industrial properties in 15 different markets throughout the U.S. Visitt brings together building operations and tenant experience with its all-in-one

set of collaboration, automation and predictive analytics tools and dashboards, to enable instant adoption by building teams, tenants and vendors. The Visitt system brings added value through a strong focus on operations, usability, collaboration and data insights for significant improvements in operational efficiencies, tenant satisfaction and NOI. Visitt offers: automation and scheduling of work orders, maintenance, inspections and more; team collaboration features

including chats, documentation, dashboards and reports; amenity, delivery and visitor management solutions for onsite teams and tenants; a mobile tenant app and management dashboards.

NYC Names Qira a Preferred Security Deposit Alternative Vendor Development (HPD) and The NYC Housing Development Corporation (HDC) awarded Qira as one of only three security deposit alternatives greenlit by the city.

Qira, a financial services platform that serves as an intermediary between owners, property managers and renters, has been named a preferred vendor for security deposit alternatives by the City of New York.

The New York Housing Preservation &

With a client roster ranging from boutique companies with five to 10 units to enterprise clients with thousands of units, Qira serves thousands of multifamily units including HUD and Section 8 properties.

Qira reduces the financial friction between renter and landlord and leverages technology to increase efficiency at every

interaction of the rent lifecycle by reducing upfront funds needed for residents to sign a lease.

Highlights of Qira’s program include: a cash-based, non-insurance contract security deposit alternative for landlords to the traditional one-month security deposit, underwriting and applicant screening methodology; a registered payment facilitator, in-house customer support center, property owner portal and a selection of standard and custom reports.

Newmark Launches Dynamic Office Portfolio Solution, Optality, Enabling Businesses to Optimize Space Newmark Group Inc. announced the launch of Optality, a portfolio optimization solution to enable enterprises to add flexibility to their office spaces in real time by providing the agility to quickly adjust workspace provisions, globally.

Through Optality’s technology platform, corporate real estate leaders can advance real estate goals and manage associated costs to meet shifting market demands, such as those of hybrid office models.

Optality — powered by SaaS technology

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platform Upflex — delivers an intuitive user experience, strong corporate controls and a robust data backbone on a single app that can be downloaded from both the Apple and Android stores. The app supports remote working through access to a range of safe and accredited desks, offices and meeting spaces comprising one of the largest collections of workspace offerings in the world, spanning over 70 countries and 1,600 cities across more than 600 brands. In addition to the platform’s booking capabilities,

Optality allows enterprises to leverage a central data platform to further inform their return-to-work occupancy strategy and track workspace utilization.

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TECHTALK

Harbor Homes Partners with Anewgo to Accept First “Buy Now” Offer on a Custom Designed Home Online For the first time, a custom designed home has been sold through an online “Buy Now” offer. Harbor Homes partnered with Anewgo to allow buyers to pick their lot, personalize a floor plan, select their finishes, sign paperwork and make a deposit on their own time, remotely.

As high as 70% of all home buyers are open to buying new construction, but only a fraction of them do, largely because of how difficult it is to buy new homes, compared with used. New homes don’t exist,

and most buyers have difficulty visualizing the final product. There are a lot of choices when it comes to finishes, and it can be an overwhelming process, especially if buyers can’t imagine how their decisions will come together.

“I’m trying to get ahead of the market with Harbor, both from a product standpoint and from a customer interface standpoint,” said President Scott Thistle.

Harbor Homes rolled out the Buy Now

Scott Thistle

Photo courtesy of PRNewswire

feature and received its first offer just two days later, the first transaction.

Plans4Less.com Launches Enterprise Plan for Multi-Office GCs and Subcontractors format blueprints and plans, has introduced Plans4Less Enterprise for medium-size and larger general contractors with a number of locations in one state or in a multi-state format.

Plans4Less, a software platform for ordering and shipping hard copy, large-

“The new Enterprise product remedies the complexities and resource commitments that multi-office GC’s and subs face in ordering and delivering plans for the entire enterprise in a quick and easy manner,” said Brian Burke, founder and president.

“Among the advantages: increased work-

flow efficiencies, quick bid turnaround, increased revenue potential, reduced rework, free UPS Ground Shipping on all blueprints orders and black-and-white and color plans both priced at the same low, fixed rate.”

The introduction comes after the firm launched Plans4Less Prime subscription membership plan with free UPS Ground shipping and low fixed-rate pricing in December 2020. The firm’s software is used by a range of construction professionals.

Pacaso Launches Pacaso Access Exclusive Program for Serious Second Home Buyers Pacaso, the technology-enabled real estate marketplace that helps people buy and co-own a luxury second home, launched Pacaso Access, a program that allows buyers an exclusive first look at new listings 24 hours before the general public through the Pacaso mobile app. Additionally, the program enables buyers to view recently sold homes and receive resale alerts for previously sold-out homes. Pacaso resales often sell before they are posted; Pacaso Access gives buyers the opportunity to act fast on limited homes.

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A one-time access fee of $1,000 unlocks all of the exclusive Pacaso Access benefits. Once a participant purchases a Pacaso, they will receive a closing cost credit based on the amount of ownership purchased: $2,500 closing credit for a oneeighth ownership, $5,000 closing credit for one-quarter ownership or $10,000 closing credit for one-half ownership.

“With the addition of Pacaso Access, we have elevated the buying experience on our tech-enabled marketplace, while making

it easier than ever to find a second home co-ownership opportunity,” said Austin Allison, Pacaso co-founder and CEO.

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New York’s Property Management Leader Making a Difference.

Every Day.

“FirstService Residential has been our managing agent for decades.

Whether finance, day-to-day problems or getting through a big capital project, the team shows up with great ideas and solutions.

Our property manager’s leadership, coupled with the rest of our FirstService Residential team, makes our staff and our board function better. The email I just received from FirstService Energy double assured me that being under the big FirstService Residential umbrella is the only way to go. I sent it out to everyone on the board telling them the same.” >> Stephanie G., Board President 200+ unit cooperative Upper East Side www.fsresidential.com/new-york

212.634.5410

LetsTalk.NY@fsresidential.com

THE EVENTS BREAKING NEWS

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22

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Top Commercial Real Estate Veterans Launch 3VG With Bay Area Acquisition

Commercial estate26th industry veterans The Jewish real Museum Annual Most Amazing & Design Tour Jerry Hunt,New MarkYork Pleis, Art Howard Overton and

second, value-add BayGolf AreaOuting acquisition is Corenet Women’s Partners with Bees Water expected to Trees close in another 45 to 60 days.

Kameron Klotz have launched 300 Venture Group (3VG), a privately held real estate investment, development and advisory company that will focus on transforming assets and generating robust opportunities and returns for investors, partners and clients.

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“3VG was formed to use our combined decades of experience and exceptionally complementary skill sets to give properties new life and purpose for the 2020s and beyond,” Hunt said.

REBNY Hosts Annual Golf & Tennis Outing The four principals, together with their capital partner, have already closed their first transaction, acquiring an underutilized property in Downtown Napa, California. A

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UJA-Federation of New York’s Hospitality Division Honors Ian Schrager

28

Photo courtesy of 3VG

CHIP’s 21st Annual Golf & Tennis Outing

Prior to 3VG, Hunt founded Quattro Realty Group and co-founded Blake Hunt Ventures (BHV) Trust. Pleis is a founding principal of the first Northern California office of Lee &

Associates.

Overton’s 20-plusHappening years in retail 15th Annual Hamptons Supports SWCRF real estate include public REIT experience.

Klotz has more than 10 years of experience in planning, operations and management.

Breitling to Open at 875 Washington Street

COLLEGES

ground floor at 875 Washington St. in New York City’s Meatpacking District.

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The new store includes 1,738 square feet of ground floor space and 2,069 square feet of lower-level space.

DEPARTMENTS

exclusive luxury watches. We are thrilled to bring them to this extraordinary Manhattan neighborhood,” said Brandon L. Singer, CEO of Retail by Mona. “We are confident this location will strongly perform and complement 875 Washington’s high quality retail mix.”

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Landlords RFR Realty and Raycliff CapiAsking rent was $550 per square feet; tal were represented by a Retail by Mona a Voice: Student Aidsavailable Design of three inline retail unitsInput are still team led by CEO Brandon L. Singer along Having Photo courtesy of Retail by Mona Pratt Residence for lease at 875 Washington St.. with Michael Cody and Sara Armet.

Breitling was represented by Jonathan Leasing and advisory firm Retail by Mona The space Breitling will fill was previously Moss of M&M Retail Luxury Consulting Inc. announced that the Swiss luxury watch leased by Afterpay as part of a New York maker Breitling has signed a long-term, One Mann’s Opinion Editor’s Letter Fashion Week pop-up experience.

“Breitling is an iconic global brand making 3,807-square-foot retail lease for the

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Green Street Launches Web Platform to Deliver Interconnected Commercial Real Estate Intelligence

Commercial real estate intelligence Techanalytics Talk provider Green Street has and released what it calls a “groundbreaking web platform that empowers better and faster decision-making among commercial real estate professionals.” The platform delivers a more modern, intuitive navigation experience linking all of Green Street’s product verticals across both public and private real estate markets, and across the U.S. and Europe. Updated in real time, the fully integrated web platform includes a host of expanded

Bruce Schanzer

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insights and tools designed to give users a Thecompetitive Articles edge in the marketplace. Executive

Changes

Key enhancements to the platform include: a new global dashboard, single-click navigation, extensive content linkages and new Learning Center; a U.S. sales comps tool that includes expanded Photo courtesy of PRNewswire data coverage and enhanced propernow include granular submarket and ty reports Corner: fully integrated with market By Thethat Commercial Numbers: zip code level data on four core property analytics linked directly to Green Street’s Bruce Schanzer, president and More than Warehouses sectors and market-level cap rates and Automated Valuation Model (AVM); cap CEO of Cedar Realty Trust forecasts for an additional 334 markets. rates on the top 50 markets (metro areas)

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BREAKING NEWS

Lettey App Leverages Social Networks to Help NYC Renters Lettey — a new, mobile-based residential leasing marketplace for renters, brokers and landlords that for the first time, leverages the power of social media and peer-to-peer feedback to help users find an apartment to rent or to sublet — announced that its app is now available to download for iOS and Android.

Lettey simplifies the rental process by applying social proof to the decision-

making process, empowering users to make better decisions based on direct feedback from their friends and family while optimizing their search. After connecting their Facebook and/or contacts to the platform, users can see which neighborhoods their connections live in via an intuitive, filterable map; search thousands of listings across New York City; review their peers’ ratings and then pick an apartment based on their preferences.

Photo courtesy of PRNewswire

Real New York Names Vaccaro COO Real New York, a full-service residential and commercial brokerage, has promoted Jillian Vaccaro to chief operating officer. In this role, she will lead overall growth and development initiatives, with a focus on creative marketing strategies.

Jillian Vaccaro Photo courtesy of Real New York

“Since joining our leadership team in March 2021, Jillian has proven to be a vital asset to our company,” said Robert Rahmanian, a co-founder of the firm with Louis Adler. “As COO, she will spearhead the expansion of our advanced marketing

endeavors, which will inherently advance the value we provide to clients.”

Previously Head of People Opereations, Vaccaro is a licensed real estate agent with a decade of experience managing sales and leasing teams throughout Manhattan and Brooklyn. Previously, she was director of sales and leasing for Zumper. She also managed sales and team experience for a boutique brokerage firm.

Vaccaro also specializes in tech consulting and software development.

Madison International Realty Appoints Torpey as Head of U.S. Investments Madison International Realty, a real estate private equity firm, has announced the appointment of Kyle Torpey as head of U.S. investments.

Torpey joined Madison in 2017 and was named managing director in 2021. He will continue to be based in Madison’s headquarters in New York City. Madison International Realty specializes in providing liquidity solutions to existing real estate investors, as well as acquiring partial ownership stakes and joint venture interests in existing properties and portfolios in major

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markets in the U.S., U.K. and Western Europe across all sectors.

“Kyle has been with Madison for four years and has been instrumental in expanding our U.S. platform during his tenure, as well as reinforcing our relationships with top sponsors. He has navigated markets over a difficult 24-month period to help us source and invest in what we believe are best-in-class opportunities across multiple sectors,” said Ronald Dickerman, Madison International Realty’s founder and president.

Kyle Torpey Photo via Madison International Realty

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COVER FEATURE

Across the Metaverse

By Debra Hazel

E

rin McDannald, CEO and co-owner of Lighting Environments and its sister company, Environments, has positioned herself as a leader

and a trailblazer accelerating the growth and success of the firm and its staff. With nearly 20 years of experience in sales and guiding clients throughout the lighting design and construction process, McDannald is leading Environments to meet the rapidly changing connected device market head-on. Her passion is creating a more inclusive world for those who are excluded from normal activities or spaces

Erin Mc Dannald

due to a chronic illness, disability, sick family or other challenges. She uses technology to break down barriers and help

many companies looking to toe the line be-

from home, or work in the metaverse, work-

connect all people.

tween giving their employees greater flexibil-

ing remotely but still maintaining the physical

ity with work-from-home policies and hosting

sense of an office. The metaverse creates an

B e l o w, M c D a n n a l d d i s c u s s e s t h e

much needed collaboration in-person, the

inclusive environment where employees of

latest frontier in real estate: virtual

metaverse is a great solution. Integrating

all needs and work styles can equally interact

space, or the metaverse, and its role in

the metaverse into a company streamlines

at the workplace, wherever that may be.

creating connections.

employees’ ability to stay connected to one

Let’s start at the beginning. Why should anyone in real estate care about the metaverse?

another without having to step foot inside the

The metaverse will effectively unite in-office

building unless they want to. Now, workers

and remote workers, especially when the ex-

may choose to work from the office, work

perience is heightened by internet of things

Those involved in the real estate industry should care about the metaverse because it is quickly becoming an essential aspect of the unification of people and their ability to communicate together.

Take offices, for example. There’s no question that hybrid work is here to stay, and with

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April 2022

The real world provides a template.

The physical sense of the office is maintained.

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COVER FEATURE

(IoT) technology. The metaverse gives users

Our system is integrated with Microsoft

access to a digital replica of the physical

Teams, so every time people are “available,”

environment, while IoT technology allows

their avatars have green lights above their

them to remotely interact with the physical

heads. This makes it easy to know when you

environment. For example, a manager in the

can stop by their virtual office to chat. We

metaverse could potentially walk up to a dig-

currently have a team of five who are working

ital thermostat and change the temperature,

heavily in the metaverse — with and without

which would then reflect on the real ther-

VR headsets — and are onboarding more

mostat in the physical office. They can also

staff members a#er additional beta testing.

use this technology to monitor air quality, maps, get live camera feeds and more. Using

What real estate sectors lend themselves to this?

technology like this reconnects the entire

At Environments, our initial idea was to lend

staff, rather than allowing remote work to

this technology to the benefit of remote

access real-time occupancy data from heat

distance employees and affect their abilities to collaborate.

The new commute?

and hybrid office workers, including our own business. However, as we explored the possibilities of what we have created, we

What advantage does an expert in creating physical projects offer to the metaverse?

Development into the metaverse also creates

have found great interest in other industries

a rich opportunity for companies to connect

including education and retail.

As the metaverse becomes a more promi-

experiences. Through customized experi-

One major topic within facilities conver-

nent space for work, play and learning to take

ences and interactions with and for their staff,

sations is the digital twin. The digital twin

place, one will need to fill that digital space

customers and visitors, metaverse environ-

works, but we’ve found both the interest and

with familiar, interesting structures to interact

ments fortify brand identity and connection.

the ability to expand upon what we see as a

to and expand their own brands and brand

with. This will be a key factor in making the

foundation. If you have or are pursuing a dig-

Talk us through this process, step by step.

ital twin of your space, why not personalize

individuals to transition into for their daily activities and responsibilities.

The Environments team is filled with archi-

tures and more to make it truly work for you

tecture, engineering and construction (AEC)

and your business? There is so much that

When designing the digital replica of our

professionals who have years of experience

can be done for an endless array of use cas-

office at Environments, it was beneficial to

cra#ing physical projects. When we created

es. Within our own company, our first goal

have an existing architectural design to copy,

our own metaverse, we had our data archi-

was to connect all our digital systems under

giving our staff a familiar location to conduct

tects and AEC professionals on staff upload

one cohesive and accessible platform. From

their work from home.

a replica of the Environments office to a gam-

that, came the metaverse.

metaverse digestible and comfortable for

this environment with avatars, special fea-

ing platform. From there, we created avatars Architects and designers are experts at

that can be customized to closely resemble

For education, many educators see the

understanding how users interact with the

our staff members.

metaverse as a way to bridge the gap be-

environment around them, but that does not have to be limited to physical spaces.

The metaverse gives them a unique op-

tween learning remotely while retaining the Remote staff can affect the phsical environment.

necessary social interaction found in traditional physical learning spaces. As parents

portunity to apply their years of knowledge

and students experienced during the pan-

in traditional architecture and design

demic, not all students can sufficiently learn

to something more open to creativity

over Zoom. Students need interaction and

and imagination.

collaboration just as much as adults do in the

mannpublications.com

April 2022

47 | MR

COVER FEATURE

spaces much more easily, modernizing spac-

works such as “The Magic School Bus” for in-

How are these designed differently from "real" projects?

spiration in applying the metaverse to educa-

Without concerns of material limitations,

societal standards.

tion. The metaverse can “transport” students

gravity and space, designers are able to

right into a digital recreation of the lessons

let their creativity run wild, and spaces can

Is this a fad?

they are learning, from si!ing in on the sign-

be made in the most optimal way for their

With Fortune 500 companies and Silicon

ing of the Declaration of Independence to

users, rather than the most practical way for

Valley giants alike exploring their abilities to

shrinking down to the size of a molecule!

the builders.

apply the metaverse to their operations, the

In addition, duplicating retail stores via the

As the metaverse continues to be adopted

topic as of late. That being said, it will con-

metaverse and creating a “store” to explore in

by the general public, it is bound to continue

tinue to grow in prominence and evolve as

the digital world allows for an in-person ex-

evolving. As of now, designs in the metaverse

culture and needs shi#.

perience with the convenience of shopping

often emulate physical architecture and

at home.

spaces to make for a more comfortable tran-

The pandemic may have forced us to quickly

sition for individuals entering the metaverse

adopt remote and hybrid working environ-

For distributors and warehouse settings,

for the first time. While the current goal of the

ments, but tech companies were always

monitoring and understanding the function

metaverse is to replicate existing concepts,

heading in this direction; the metaverse is a

of their equipment and building is of the ut-

such as a physical office, that won’t be the

natural evolution of the digital age. Today, we

most importance. In large spaces containing

case in the future. Once people get used to

need computers, smartphones and count-

so many systems and moving parts, espe-

using the metaverse, it won’t need to look

less other forms of technology to operate our

cially that which may be costly to repair and

like a familiar office, but rather, can act as

daily lives. The metaverse seeks to improve

replace, IoT-enabled tracking technology is

a free-standing extension of the existing

our digital experiences by giving users a

essential. Staff can easily track the location

physical office.

quasi-three-dimensional space to exist in,

workplace. I also like to look toward fictional

es to new trends, company branding and

metaverse has certainly become a trending

rather than a two-dimensional window into

of machinery, like forklifts and carts, mon-

the digital world.

refrigerator and so much more. These rich

Do these go on the blockchain? Can they be "renovated" in time?

insights can help to both anticipate and mit-

We are not building on the blockchain at this

It is important that we stress the continued

igate repair needs, saving the facility money

time, but rather, housing on servers. One of

value of physical real estate. We still firmly

and time.

the most incredible benefits of the metaverse

believe in the value of our physical spaces.

is its flexibility, aptitude for growth and, yes,

These are meaningful environments where

Within the hospitality industry, the metaverse

ability to be renovated and updated. The

we meet, host, interact and grow alongside

presents incredible opportunities to sharpen

freedom and continual development poten-

our companies. Having a physical presence

brand experience and attract more visitors.

tial is immense.

in our communities ma!ers. We are not grow-

itor the temperature and humidity within a

ing out of our physical real estate, but rather,

When visiting restaurants, hotels and venues

expanding into hybrid and digital worlds

is built by many factors that the metaverse

In the metaverse, you're not dealing with bad soil, zoning or NIMBYism. Is this freeing?

can enhance and help extend into the digital

The metaverse gives architects and design-

is possible.

world. From an elevated walkthrough that

ers the unique opportunity to let their creativ-

makes a space accessible for guests across

ity run wild without the limitations of space,

A place where physical and digital worlds

the globe, to immersive interactions that

materials and even gravity! Moreover, spaces

meet, the metaverse represents incredible

make visitors feel personally welcomed, the

are no longer (literally) set in stone, as the

accessibility and opportunity for both people

metaverse can help hospitality brands reach

metaverse gives architects and designers

and brands. We are immensely excited to be

even more clientele.

the capability to go back and update their

at the forefront of such change.

of any sort, guests are looking for a positive and memorable experience. This experience

48 | MR

April 2022

where, in such a fast-paced world, even more development and interpersonal connection

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FEATURES

Understanding the Corporate Climate Migration Michael Beckerman, CEO, CREtech and CREtech Climate

By Michael Beckerman

T

wo years ago, the COVID-19 pan-

spend a!ernoons hiking with his dad would

demic forced the world to take

not be proud of the environmental efforts I

a step back and reevaluate the

have made in my professional life today. This

ways in which we live our everyday

lack of connection between my personal and

lives. Gone are the days of letting out the

professional life could be a#ributed to many

occasional cough without feeling the need

things, but the fact of the matter is that the

to reassure bystanders or considering hand

time to rectify this is long overdue.

sanitizer an essential item. In place of working in enclosed offices and dedicating little

We need to act now.

thought to the air we breathed, many individ-

The consequences of inaction are reflected

uals — myself included — found themselves

all around us in today’s CRE industry. It is

spending more time in their backyards and

responsible for 40% of the world’s energy

parks, enjoying nature and generally redis-

consumption and one-third of all carbon

covering the majesty of the great outdoors.

emissions. Worse yet is that factors such as

The price to pay for this rekindling of interest

water abstraction, greenhouse gases and

was undoubtedly far too high, but this only

air pollutants — which can be mitigated far

emphasizes that we cannot allow these ex-

more effectively than they currently are —

periences and lessons learned to fall by the

of its built environment. My own personal

still represent nearly 90% of our industry’s

wayside once the pandemic is behind us.

circumstances are no different; though I have

environmental impact. The current pace of

long considered myself a “tree hugger,” ca-

retrofi#ing of roughly 2% is far too slow, and

This notion is particularly true for the com-

pable of spending hours staring at the night

decarbonizing the built environment carries

mercial real estate (CRE) industry, which for

sky and listening to the unfiltered sounds of

with it a price tag of $5.2 trillion over the next

too long has reflected a disconnect between

nocturnal life, it has become clear to me that

decade, per Vivid Economics. Additionally,

the passions of its leaders and the output

the young Michael Beckerman who would

to adhere to the Paris Agreement, the built

52 | MR

April 2022

mannpublications.com

MANAGEMENT

environment as a whole must aim to reduce

booster. Offices have reopened — if only

couraging, the fact remains that CRE leaders

emissions by 50% by 2030, a benchmark

in a hybrid sense, with roughly 74% of the

must follow their examples en masse if they

that itself exceeds New York’s ambitious goal

workforce planning to permanently continue

are not to ultimately be in vain.

of 40% by 2030 and 85% by 2050. While

working remotely — and traffic jams have

much discourse has been had surrounding

returned to being a daily occurrence in major

Real change. Real progress. A real impact.

how best to return to our offices or iden-

metropolitan areas. Air travel is once again

I am proud to add my name to that list of

tifying ways to work remotely, we have all

becoming routine, and it will not be long until

leaders. I intend to continue to reinvigorate

allowed this to take priority over embracing

we run the risk of forgetting the dire straits

CREtech’s continued focus on sustainability

sustainable initiatives. It is no longer enough

we found ourselves in as recently as 2021.

and ESG in a way that persists long after

to ensure that our buildings and offices are

In other words, the pieces are in play for the

our emissions have diminished. This means

safe for human beings; we absolutely must

population to either slow down our progress,

assisting and mentoring any professional

lend equal focus to creating buildings that

or worse, reverse it.

or company who has expressed an interest in building a cleaner and more sustainable

are safe for the environment as well.

The good news is that this is not inevitable.

environment. Through working with our

This is not to say that nothing has been done.

In fact, I would say that the desire to improve

CREtech advisors to develop new ways

Immediately prior to the pandemic, the U.S.

the CRE landscape is there. Buildings across

of encouraging investment and adoption

Green Building Council celebrated that it had

the country are continuing to incorporate

of sustainability startups and related tech

surpassed 100,000 registered and certified

newer technologies — with 80% of real

companies, our organization will incentivize

LEED commercial projects. Moreover, at that

estate owners and operators citing them as

our team members and the world at large in

time, over 2.6 million square feet were being

having greatly benefited their operations

speaking up and participating in both public

certified every day. These green buildings

— and 72% of companies are anticipating

and private forums dedicated to promoting

release almost 40% less carbon dioxide and

reducing the size of their office spaces to

these themes. Finally, nonprofits and other

use 40% less water as well. Combined with

better fit hybrid models and reduce emis-

associations will also receive CREtech’s sup-

our forced exodus from these buildings in

sions. LEED-certified buildings have become

port whenever possible.

2020, the U.S. led the world with a 13% de-

a badge of honor, with leaders of companies

crease in emissions that year, which was also

speaking up in greater numbers on the im-

Over the past two years, the world has expe-

a result of significantly less motor vehicle and

portance of addressing these challenges.

rienced what my wife refers to as “The Great

airplane travel. However, as encouraging as

The multifamily sector is pitching in as well,

Reset.” The global population was spending

this appears at face value, we cannot delude

with LEED-certified homes having recently

more time outside of vehicles and offices

ourselves into thinking that these 2020 fig-

reached an all-time high of over 500,000 —

and more time in parks or enjoying nature.

ures were achieved entirely by choice.

over 80% of which are in the U.S.

However, there is arguably no point in taking

Our industry can, should and will lead

Laurence Fink, founder and CEO of Black-

ward. The Great Reset should not cease to be

the way.

Rock, has stated that future investment de-

of importance once COVID-19 and its impact

In order to maintain and improve the trajec-

cisions will prioritize sustainability. Microso!

have faded into memory. We members of the

tory on which we now find ourselves today,

has not only pledged to eliminate its carbon

CRE industry have all proven to ourselves —

the CRE industry is at the critical juncture at

emissions but to effectively eliminate all

and each other — during this time that we

which we must make conscious decisions.

emissions it has ever produced by 2050. Ste-

are quite capable of making ESG and envi-

Despite the presence of the omicron variant,

phen Ross, founder of Related Companies,

ronmentally conscious changes when we are

it cannot be denied that the outlook is bright-

stated in 2020 that he considers his effect on

required to do so. Join me in this pledge to

er than it was even one year ago. Today, over

the environment to be his “biggest issue in

apply these lessons to our professional lives

63% of Americans are fully vaccinated, with

life” right now, emphasizing the importance

as well as we embrace the beginnings of 2022

36% percent of them having received the

of achieving a carbonless world. While en-

and gradually return to building a be#er world.

a step back if not to reevaluate the path for-

mannpublications.com

April 2022

53 | MR

FEATURES

Sustainability Ratings from Across the Pond

T

Photo courtesy of MetLife Investment Management

here’s more to sustainability than

BREEAM’s INC certification is awarded to

operations at BRE. “MetLife Investment Man-

LEED: BREEAM, the globally rec-

new developments, confirming the as-built

agement recognizes the benefit of BREEAM’s

o g n i ze d l e a d i n g s u s t a i n a b i l i t y

performance of a building a"er construction

holistic sustainability assessment approach,

assessment method developed by

is complete — the post-construction stage.

just as we at BREEAM are thrilled to be work-

BRE Global (BRE) and launched in Europe

BREEAM also offers an interim rating at the

ing with such a powerful industry voice to

in 1990, announced Mountain Technology

end of the design stage for an asset, which

further promote a commitment to ESG goals

Center — MetLife Investment Manage-

assesses the expected and intended perfor-

and performance transparency across multi-

ment’s 513,000-square-foot development

mance based on the completed design.

ple sectors. We look forward to continuing to work with MetLife Investment Management,

featuring five state-of-the-art manufacturing warehouses in Tracy, California — is the first

“As the commercial real estate industry contin-

creating a positive influence in the market that

development in the U.S. to earn BREEAM

ues to pursue more quantitative efforts toward

serves as a model for emulation, and we ex-

International New Construction (INC) certi-

achieving meaningful ESG [environmental,

pect to see more INC certifications nationally

fication. This certification, several years in

social and governance] goals, investors

in the near future.”

the making, kicked off in June 2018 when

and owners are looking for a science-based

MetLife Investment Management chose

solution with an established international rep-

Pursuit of this certification began late in the

BREEAM specifically for its holistic approach

utation to deliver better buildings and trans-

design stage, providing an opportunity for

to sustainability assessment and its global

parently communicate performance to stake-

MetLife Investment Management to under-

reputation for credibility and rigor.

holders,” said Breana Wheeler, U.S. director of

stand and evaluate how sustainability can be

54 | MR

April 2022

mannpublications.com

MANAGEMENT

Sustainability was planned in the design stage.

incorporated into the standard design pro-

tainable and ESG-friendly buildings, there is

controllers that facilitate water savings at an

cess. It also emphasized the importance of

immense value in benchmarking the sustain-

estimated 74% below the amounts allowed

considering sustainability explicitly from the

able progress of an asset throughout each

under California ordinances.

beginning of the design and development

stage of development,” said Jim Landau,

process to deliver an asset that meets in-

head of ESG at MetLife Investment Manage-

The assessment was conducted by Socotec

creasingly elevated ESG goals in commercial

ment. “Undertaking this project has allowed

and led by John Amatruda, principal and li-

real estate. In the industrial sector, significant

us to collect quality data and has provided us

censed BREEAM assessor.

challenges are associated with developing

with an opportunity to measure sustainable

facilities to meet high sustainability perfor-

performance progress against ESG goals

“One feature of this asset that supported

mance goals when there doesn’t appear to

and commitments — a critical component of

a high rating was the strong resiliency and

be a specific, measurable premium achieved

delivering meaningful improvements.”

protection against damage — a performance measure that is fairly unique to the BREEAM

by doing so.

Some components of Mountain Technology

assessment method, but significantly im-

MetLife Investment Management’s eager-

Center’s commendable rating include receiv-

portant as it pertains to a building’s sustain-

ness to assess the performance of its de-

ing full credit for efficient external lighting,

ability,” Amatruda said. “When quantifying

velopment against such a rigorous global

including fixtures using photosensors and

Mountain Technology Center’s resiliency

standard demonstrates its willingness to

motion detectors to reduce power and light

performance, factors that came into con-

hold itself accountable, and it highlights the

pollution and providing benefits which en-

sideration included the durable envelope

organization’s commitment to developing

courage the building’s users to travel via low

materials, protection of loading docks and

assets poised to deliver long-term value to

carbon options. Ten percent of parking is

external entryways and ample separation of

stakeholders, the company said.

allocated to carpooling spaces or “Clean Air”

the parking from the building envelope.”

vehicle spaces. Mountain Technology Center “As real estate professionals are increasingly

also scores well in reducing water usage,

BREEAM has awarded over 600,000 certifi-

tasked with the development of more sus-

utilizing a drip irrigation system and smart

cates in 93 countries since it was launched.

mannpublications.com

April 2022

55 | MR

FEATURES

Holding Back the Waters

A

s the tidal strait that separates Manhattan and the Bronx, the Harlem River also flows between the Hudson and East Rivers. One place it shouldn’t flow, however, is a nearby subway station.

That’s why Urbahn Architects and contractor Zafra Minhas Construction (ZFM) have completed flood mitigation and storm resiliency upgrades at the IND B and D lines subway station at 155th Street and Frederick Douglass Boulevard in Upper Manha!an for the Metropolitan Transit Authority Construction and Development (MTA C&D).

In the aftermath of Superstorm Sandy, the MTA Capital Plan included this station as one of a group of seven stations and one fan plant throughout the New York City subway system that required mitigation measures to prepare for future superstorms to prevent the loss of life, reduce operational disruption and minimize repair costs. Ultimately, this $32 million federally funded project addressed flood mitigation

Urbahn Architects and contractor Zafra Minhas Construction have completed $1.8 million flood mitigation and storm resiliency upgrades at the IND B and D lines subway station at 155th Street and Frederick Douglass Boulevard in Upper Manha!an for MTA Construction and Development.

Photo by Ola Wilk Photography

and resiliency for a range of stations, tunnel portals, fan plants and other critical assets necessary for continuing operations of the MTA.

construction,” said Natale Barranco, AIA, LEED AP, Urbahn Architect’s principal-in-charge. “Urbahn worked closely with MTA C&D and with

The 155th Street station is located just 300 feet from the Harlem River,

the contractor, Zafra Minhas Construction, to ensure that the work was

in an area that was completely flooded during Sandy and is vulnerable

adequately phased and remained on schedule.”

to storm surge events. Water intrusion during past weather events has le" this station temporarily inoperable, which necessitated upgrades.

Design Elements

This project included hardening the perimeter around the entry stairs

The entrance to the 155th Street underground station is a sole quadru-

with a resilient railing and flood stop log system to prevent future water

ple-wide staircase leading down from the street level to a full-length mez-

infiltration into the station, as well as the provision of watertight doors

zanine that spans the platform and tracks below it. A traditional K-railing,

in lower-level utility rooms.

the open cast iron fencing that is used throughout the NYC transit system, originally surrounded the entrance on three sides. Neither the fencing nor

“This $1.8 million project was particularly challenging as the station

the open stair offered any protection against flood waters. The neighbor-

has only one point of access that had to remain fully operational during

hood is within a FEMA flood zone and has a 100-year flood level of five

56 | MR

April 2022

mannpublications.com

MANAGEMENT

To prevent flood waters from cascading into the subway entrance, Urbahn designed a hybrid system combining a permanent retention wall and a movable flood barrier that can withstand the static and impact loads of up to 65 inches of water.

Photo by Ola Wilk Photography

To prevent damage or vandalism of the glass panels, Urbahn designed a stainless-steel rib veneer, anchored to the concrete base and to the rail top cap, that is easily detachable to allow for the maintenance of the glass panels.

Photo by Ola Wilk Photography

feet above grade. To prevent flood waters from cascading into the subway

manent hinged or sliding flood gate. The design team researched and

entrance, Urbahn designed a retention wall system that can withstand the

identified materials and systems that would meet the design goals and

static and impact loads of up to 65 inches of water.

developed two integrated design solutions to address the challenge of protecting the unusually wide stair entrance from storm water. The

The design had challenges. The walls needed to be more than five

selected solutions included a stackable log system.

feet high to retain the potential storm surge but could not be opaque due to safety concerns that required the maintenance of sight lines

A high strength structural glass flood wall, anchored to the original

from the street level into the entry stair. Second, the entrance side of

concrete coping that surrounds the sides and rear perimeter of the

the stair was too wide, at more than 28 feet, to accommodate a per-

entry replaced the K-rail and its concrete curb.

The project team mounted new linear LED Lumenlinear Asymmetric light strips, manufactured by Wagner Architectural Systems, under the handrails, as well as below the edge of the stainless steel flood wall cap, to provide enhanced pedestrian safety.

Photo by Ola Wilk Photography

The flood logs assembly and one of the permanent pillars at the entrance to the station, before granite facing was installed on top of the concrete structure.

Photo courtesy of Zafra Minhas Construction

mannpublications.com

April 2022

57 | MR

FEATURES

“To prevent damage or vandalism of the glass panels, Urbahn designed a stainless-steel rib veneer, anchored to the concrete base and to the rail top cap, that is easily detachable to allow for the maintenance of the glass panels,” explained Ranabir Sengupta, LEED AP, Urbahn. The ribs, spaced at four inches, that are contoured to visually create a series of sinuous curves that are reminiscent of the headwaters that they are designed to contain. The new wall design creates a virtually clear glass barrier with direct line of sight from within the staircase and mimics the open feeling of the original K-railing. To address water resiliency across the stair entry platform, Urbahn designed a removable flood wall.

The renovation included additional upgrades and new design elements. The three existing handrails that divide the stair into four aisles, as well as the wall-mounted railings on each side of the stair, were replaced with new schedule 40 stainless steel pipe rails. LED light strips have been mounted under the handrails, as well as below the edge of the stainless steel flood wall cap, to provide enhanced pedestrian safety.

The project also included the replacement of four single doors and one double door at the mezzanine electrical distribution room and other communications and utility rooms with new watertight flood protection doors. This work will secure essential communications and electrical equipment in the event of future water infiltration.

Construction Challenges The stair is the only entrance to the 155th Street station and had to re-

Zafra Minhas Construction crews pressure tested the stackable logs assembly during construction to confirm that it will be able to resist water infiltration from a potential five-foot storm surge.

Photo courtesy of Zafra Minhas Construction

main accessible to pedestrians throughout construction. right aisles were restricted to pedestrians as work in each of those “ZFM relied on its extensive MTA project experience to design and

sections was performed. Finally, the center two aisles were restricted

implement a detailed maintenance and protection of traffic (MPT) plan

as the final segments of the project were completed.

to ensure that pedestrians could safely use the stairs while work progressed,” said Ennis Ozgul, project manager at ZFM.

Construction, which was performed over an eight-month period, took place a#er the start of the COVID-19 epidemic. ZFM followed relevant

ZFM constructed eight-foot-high barriers around the sides and rear of

New York City and State coronavirus protocols to ensure worker and

the stair opening to enclose the grade level work area surrounding the

pedestrian safety. Work was performed at night when pedestrian traf-

railing. Protecting the stair side of the railing was more challenging.

fic was at a minimum to reduce the impact on subway riders.

Because the stair has four lanes separated by handrails, ZFM used this division to create protection zones in a phased approach. First, a

Arup served as project manager and provided structural and MEP

three-foot-deep work platform was constructed over the portion of the

engineering services. The contract manager was URS/AECOM. In ad-

two center aisles closest to the rear wall to enable workers to access

dition to Barranco, Urbahn’s team included Ranabir Sengupta, design

the center rear railing section while still permi"ing pedestrian access

principal; Nandini Sengupta, project manager and Jonathan Ruiz, as-

to all four stair lanes. In the second phase, initially the le# and then the

sociate designer. ZFM’s project manager was Ennis Ozgul.

58 | MR

April 2022

mannpublications.com

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FEATURES

Looking Beyond Green Building Certifications Jonce Walker LEED AP, certified sustainable building advisor, Fitwel ambassador and global director of sustainability and wellness at HLW

By Jonce Walker

S

ince the founding of the U.S. Green

tects to identify areas of impact throughout

processes, as much as possible. Office spac-

Building Council in 1993, green

the lifespan of a project that can contribute

es are notorious for their short life cycles,

building certifications have contin-

to the overall sustainability of the structure.

becoming increasingly resource intensive as

ued to rise in popularity as develop-

HLW’s internal sustainability consultancy

new residents completely redesign spaces

ers pursue a goal of creating a sustainable,

division, Beyond, enhances environmental

due to constant turnover. These renovations,

wellness-focused built environment. Now

consciousness and sustainable methods

which typically occur every seven to eight

more than ever, the industry is increasingly

across HLW project services, including archi-

years, accumulate into a massive, embodied

turning to Well, Fitwel and LEED certifica-

tecture, interior design and lighting.

carbon usage and subsequent impact on the environment. In many instances, companies

tions, which recognize commitment to crucial issues, but shouldn’t be the sole focus of

At Beyond, our team sees these certifica-

attempt to address this issue through pro-

developers and architects.

tions as a baseline for sustainable design.

grams offsetting these emissions; however,

We optimize strategies and solutions to cra!

in order to have the most effective impact,

Though green building certifications are

a well-rounded approach to each project,

environmental practices must be woven into

certainly a step in the right direction toward

utilizing our expertise in embodied carbon

the very fabric of the structure.

addressing the environmental impact of such

analysis, daylight modeling, biophilic design

practices, they don’t holistically reduce the

and water use optimization, among a host of

Schrödinger’s new office provides a great

central problem at hand in architecture and

other services. This overarching view of sus-

example of enacting well-rounded sustaina-

design practices: carbon. Designers and

tainability considers the intricacies of design,

bility practices that can implement long-term

architects must think about sustainability

all of which will help developers adhere to

solutions toward reducing environmental

and wellness critically, utilizing certifications

increasingly more rigorous sustainability and

impact. The new workplace prioritizes health,

as a baseline tool to enhance strategic, for-

health regulations.

wellbeing and the environment equally; by focusing on these core concepts, design

ward-thinking approaches to each project.

Marrying Impact and Efficiency

can be driven to balance use and impact,

The Bigger Picture

In order to create truly sustainable projects

ultimately leading to a more sustainable,

In order to create longstanding, impactful

for the long term, there needs to be a par-

human-centric result. For the project, our

building practices, designers must take on

ticular focus on decarbonization, which our

multidisciplinary team set ambitious goals

a well-rounded approach from the begin-

team applied to one of our latest projects,

for both creativity and performance, pursuing

ning of a project. Carbon emissions play a

Schrödinger’s new Times Square office. The

three different rating systems: LEED v4 ID+C

massive role in the immense impact the real

project design focuses on reducing embod-

Gold, Fitwel 2 Stars and Well Health-Safety.

estate industry has on the environment, pro-

ied carbon emissions, the carbon dioxide

This process not only focuses on environ-

viding opportunities for designers and archi-

associated with materials and construction

mental impact, but it also crosses over to Headshot courtesy of HLW

60 | MR

April 2022

mannpublications.com

MANAGEMENT

HLW’s New York headquarters

Photo by Eric Laignel

enhance company culture and values. The

by the American Institute of Architects’ 2030

A Commitment to Long-Term Solutions

office solidified Schrödinger’s commit-

Challenge –– which seeks to bring the built

With buildings contributing 40% of global

ment to an inspirational and ecologically

environment to net zero emissions in the next

carbon emissions, according to Architector

conscious workplace culture in their own

eight years. To achieve this cu$ing-edge sus-

2030, there’s no question that sustainability

staff by demonstrating its commitment as an

tainable performance, we carefully examined

in the real estate industry is a key component

organization. Though our team utilized cer-

every partition, ceiling system, carpeting

to addressing the issue of climate change.

tifications to meet certain goals, they don’t

and all other materials entering the building,

As architecture, design and construction

define or capture the entire sustainability of

measuring their carbon footprints to ensure

practices continue to evolve over time, the

the project; instead, they provided opportu-

the most sustainable option was utilized

industry and its professionals must view each

nities to apply sustainable ways of thinking

throughout the course of the project.

project as an opportunity to make a genuine,

to business practices as a whole.

long-term commitment toward a healthy enFurther, our team worked to incorporate

vironment and occupant wellness.

By taking a holistic approach to sustainabil-

as many materials as possible that had a

ity from the onset, the strategy and design

“Healthy Product Declaration,” which acts

By leveraging green certifications as a chal-

for Schrödinger’s new office emits 55%

as a nutrition label for an item, such as car-

lenge to think holistically about structure

less carbon than the construction industry

peting or ceiling tiles. The declaration lists

lifespan rather than an all-in-one solution, the

average, which is responsible for 40% of all

everything that went into making the item,

real estate industry can pursue projects that

global carbon emissions. This reduction in

down to the chemistry, to ensure it was

positively impact both the user experience

footprint also surpasses the benchmarks set

sustainably sourced.

and the ecosystem as a whole.

mannpublications.com

April 2022

61 | MR

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FEATURES

Walking the Talk on Normalizing Sustainability in the Built Environment Global real estate services firm showing how it can be done, one office at a time

By Bice Wilson and Hrisa Gatzoulis, JLL

M

Bice C. Wilson

Hrisa Gatzoulis

Bice C. Wilson, AIA, is a senior vice president, project and development services, at JLL. He has 40 years of experience practicing urban design, architecture and project management throughout the U.S. His project background includes large-scale adaptive reuse and the design of the workplace for the creative economy.

Hrisa Gatzoulis, LEED AP BD+C, is a senior project manager at JLL focused on energy and sustainability services in the Northeast division anchored by New York City, Boston and Washington D.C. She specializes in comprehensive energy and sustainability performance and LEED certification for new buildings, existing building retrofits, portfolios, schools and commercial interiors.

1 Station Place in Stamford, Connecticut provides sustainability ideas for JLL’s clients. ore than 50 years a#er we celebrated the very first International Earth Day, the world is a changed planet, one that con-

tinues to work to overcome a global pandemic and one that is more aware and awakened than ever to the realities of climate change.

There has never been more clarity on what is needed to create a sustainable world or understanding of the implications for those who shape the built environment. Over the last several years, a noticeable change in what is expected of spaces and places has been unfolding.

The role that the built environment plays in

Few companies understand the benefits of

emissions within its own global operation by

the fight against climate change is clear (it

clean buildings be$er than JLL, a Fortune 500

2040. As a signatory to The Climate Pledge,

accounts for almost 40% of global emis-

professional services firm specializing in real

the company ranks alongside Amazon and

sions), and the part it plays in keeping people

estate and investment management.

Global Optimism in commi$ing to being net

healthy has never been more understood. In short, people expect more of buildings.

64 | MR

April 2022

zero by 2040 and is a proud participant in the JLL has pledged to achieve net zero carbon

World Green Building Council’s Net Zero Car-

mannpublications.com

COMMERCIAL

Plants provide both aesthetics and benefits to the atmosphere.

bon Buildings Commitment.

goal, JLL Project and Development Services

the company’s efforts to lead the real estate

recently secured both LEED Gold (Leader-

industry into a healthier and more environ-

The company is partnering with investors

ship in Energy and Environmental Design)

mentally sustainable future.

and organizations globally to deliver smart

and Fitwel certification for the company’s

and sustainable design, innovative technol-

new office at 1 Station Place in the First Stam-

The Stamford project serves as a platform

ogy and health and well-being solutions that

ford Place complex in Stamford, Connecticut.

to showcase the workplace strategies JLL

won’t cost the earth. It has achieved 295 sustainable building certifications for clients.

As it accelerates towards its own net zero

advocates for its clients while increasing the The achievement brings the number of JLL

appeal of the 1 Station Place space for the

corporate offices worldwide with sustainable

firm’s Stamford team.

building certifications to 79 and highlights Thought leadership is central to JLL’s culture.

Our offices at 1 Station Place gave us the opportunity to walk our talk while adhering to JLL’s core values for a sustainable future.

We have executed a strategy that we advise our clients to follow; the result has been a tremendous success in terms of sustainability and in inspiring our workers and clients.

Working hand-in-hand with experts from JLL’s Energy and Sustainability team, led

JLL’s Singapore headquarters typifies a global commitment to sustainability.

mannpublications.com

by senior project manager Hrisa Gatzoulis, LEED AP, Well AP, every aspect of the office

April 2022

65 | MR

FEATURES

GOLF CLASSIC

transformation was guided by best practices

of work settings while helping foster team-

in the kind of resilient and responsible envi-

work and interaction, and natural light was

that resulted, are invaluable.

ronmental design that are helping accelerate

maximized with floor-to-ceiling windows and

The focus on the well-being of building oc-

the world’s acceptance of green practices.

18-foot ceilings.

cupants is part of the global transformation

To achieve the 60 LEED points required

To secure accreditation from Fitwell — a

tive workspaces, and this project in particular

for Gold certification at 1 Station Place,

certification to support healthier workplace

spotlights the importance of leveraging the

JLL repurposed the approximately

environments and improve occupant health

expertise of people both within and without

12,000-square-feet space on the building’s

and productivity — JLL employed a range of

your organization to combine the best of real

underway to create be#er and more produc-

BENEFITING NATIONAL JEWISHtionsHEALTH sion of active workstations to indoor air-qualto create positive workspaces. management office for landlord Empire State ground floor previously occupied by the

strategies at 1 Station Place, from the provi-

Realty Trust and a vacant pre-built unit.

ity control, as well as walkable amenities in-

estate, technology and sustainability solu-

JLL last year launched Sustainable Opera-

JLL pursued pragmatic and quantifiable

wellness room for activities such as nursing.

tions, the real estate industry’s only technol-

to reduce annual water consumption, 100%

our clients may expect. The incremental cost

ability programs aligned with their sustaina-

and comprehensive waste and recycling

ing enthusiasm of both staff and visitors, and

Dynamics platform, the company is meeting

programs. An open layout created a variety

the enhanced attendance and productivity

organizations where they are on their journey,

2020

cluding outdoor space, fitness facilities and a

EL CABALLERO MONDAY, ogy-enabled, end-to-end sustainability sergreen building design, construction, operaCOUNTRY CLUB Fulfilling JLL’s vision of a healthy, sustainable vice developed to help companies configure, tions and maintenance solutions at 1 Station MAY 4 Tarzana, California workplace was much simpler than many of launch and manage portfolio-wide sustainPlace that included low-flow water fixtures and effort were insignificant, while the resultbility commitments. Together with its Work LOS ANGELES REAL ESTATE AND FINANCIAL SERVICES

LED lighting, Energy Star-rated equipment

2020 COMMITTEE

Anthony Behrstock

whether that’s their first environmental, social and governance goal, or a demonstration of David Sonnenblick

Commonwealth Land and Title

Sonnenblick-Eichner their leadership inCompany inspiring places.

Co-Chair

Co-Chair

Zach Brandler

Charles Eberly

Fred Lionetti

Jonathan Canter

Ronald Friedman

Jeff Mann

Carrie Jenkins

Deborah Medway

Douglas Elliman Real Estate JP Morgan Securities

Steven Cohen

Real Estate Investment and Operational Exec and Principal

The Eberly Company Marcum LLP

Triumph Business Capital

William Levinson Carlton Fields

Occupiers and investors are starting to transMichael Rosenblum

Business Broker and Consultant Rosenblum Law Office sustainlate their green intent into ambitious Mann Publications

ability targets and the industry is reaching a

Todd Sherman

real tipping point on howFinancial to drive the decarFirst Pacific bonization of the built environment. However,

Paul JLL found that 96%Stern of its top 500-plus global

Commonwealth Land Title

Eric Nelson

Guggenheim Commercial Real

clients haveEstate set ambitious, publicly stated Finance, LLC sustainability goals — but only 19% have a

Rimrock Real Estate Ventures clear sustainability action plan with committed spend to achieve those goals.

Reserve your foursome or sponsorship today at labreathoflifegolfclassic.org As people demand more of the built envior contact Steven Prawat at 818.905.1300 or PrawatS@njhealth.org. ronment, our action-oriented and designed platform is designed to help organizations reach their sustainability goals more cost-effectively and efficiently and, one space at a time, we are working to galvanize the industry into action that will ultimately normalize Eighteen-foot ceilings bring in natural light at 1 Station Place.

sustainability in the built environment.

Photos courtesy of JLL

66 | MR

April 2022

mannpublications.com

Welcome to

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For more than 20 years, our bankers have worked alongside middle-market and small business owners during the good times as well as the not so good – tailoring our traditional and innovative banking products and services to meet the challenges and seize opportunities in front of our clients.

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FEATURES

Generating Value Through Repositioning Retail

By Rob Bude!i, R.C. Alley and Doug Pearl from AO and Bre! Isaacman from IMG Construction Management

Former department stores can become the base for adding residential uses.

F

ollowing what the industry dubs a

field, Kimco Realty, Regency Centers) have

They may find it difficult to see a clear path

“retail apocalypse” with the closing

already been assessing the viability of repo-

forward as they consider options to transform

of numerous brick-and-mortar retail

sitioning their existing assets over the past

their retail centers into successful income-gen-

stores, especially those of large

five to 10 years, many retail property owners

erating properties for the future with continued

chains and department stores worldwide,

with smaller portfolios have yet to consider

growth potential.

many shopping center owners and opera-

the potential of retail repositioning.

Furthermore, introducing a new mix of uses

tors are looking to breathe new life into their properties by repositioning them through

With a lack of resources and commercial real

such as multifamily or a medical office can be

the introduction of new uses, including mul-

estate expertise, multi-generational owners

intimidating as property owners wade into un-

tifamily, hospitality, healthcare and industrial.

and investors of smaller retail properties and

familiar territory. Nonetheless, the potential that

While many of the nation’s largest shopping

neighborhood strip centers o!en find the chal-

can be realized through a new, responsible,

center owners and operators (Simon, West-

lenges of property redevelopment daunting.

mixed-use program cannot be disregarded,

68 | MR

April 2022

mannpublications.com

COMMERCIAL

with uses such as multifamily development

property. At IMG, a professional develop-

The third milestone is stabilizing the new

continuing to be a strong asset class with

ment, utility and construction management

mixed-use/multifamily asset with new ten-

a growing renter population and demand

services firm covering the greater Southern

ants (residential and commercial). This is

outpacing supply in most major markets. In

California area, land residual studies are con-

where the maximum value can be realized.

California, for example, the housing deficit is

ducted to determine the property value at

The value will be a function of NOI and cap

so severe that the state passed Senate Bill SB9,

different phases.

rates; however, the returns are far greater.

single family-zoned neighborhoods, as well as

The first phase of a land residual analysis

Is Repositioning the Right Approach?

relaxed the laws for accessory dwelling units

determines the property value if it is kept

The single biggest constraint to redevelopment

(ADUs) on single-family properties.

100% retail. When keeping the property as-

is the lead agency. Owners will need to check

is without any upgrades, stabilized value is

zoning, land use and a city’s political appetite

Additional areas of continued growth include

a function of net operating income (NOI)

for the proposal. The design needs to be an

medical offices as healthcare groups posi-

and cap rates. Typically, a two-to-three-acre

illustration of an entitlement strategy, market

tion clinics closer to where patients live and

commercial corner, operated as retail, may

positioning and underlying business plan.

industrial distribution as needed for last-mile

be worth $2 million to $8 million per acre, de-

delivery increases.

pending on location and zoning.

Owners of shopping centers located near

The entitlement round defines what the

rates in the surrounding location should be

residential neighborhoods have a unique

property is worth per square foot after it is

conducted to determine the number of ap-

opportunity to reposition their underutilized

approved for maximum density. Once these

propriate residential units. A knowledgeable

or stagnant assets into thriving, mixed-use

properties can move past the existing com-

team comprising a development consultant

properties by incorporating additional uses

mercial use and be entitled for an alternative

and architect with expertise in retail, mixed-

that respond to current market demands.

use, such as by incorporating a mixed-use/

use, multifamily and office development

They just need a team of trusted navigators

multifamily element, higher returns can be

can help determine what type of apartment

to unlock the potential of their properties.

realized. While the entitlement process takes

complex and mix of retail would best be

time and money (so! costs and city fees), it’s

supported by the market and ensure that the

How Much Could My Property Be Worth?

shown that property values can significantly

development is financially viable.

Three primary development milestones de-

increase upon receipt of new entitlements,

termine the potential for repositioning a retail

which typically takes 12 to 18 months.

which allowed for multifamily development in

If pursuing multifamily redevelopment, an analysis of comparable rents and vacancy

Although significant drivers are changing the economics of retail, with the right team in place, shopping centers can be transformed to fill the significant demand for housing while providing value for owners, investors, communities and cities.

The partners at AO and IMG are highly specialized in the design and development of retail, mixed-use, multifamily and more. Based in Orange, California, the retail, multifamily and mixed-use studios share knowledge through a collaborative relationship that enables big ideas to happen.

Former retail sites in residential areas can add density.

mannpublications.com

Photos courtesy of AO

April 2022

69 | MR

FEATURES

South Brooklyn Marine Terminal to be Converted into Offshore Wind Hub

N

ew York City Mayor Eric Adams

facilities in the nation,” Adams said. “This site

announced an agreement that will

will be the launch of a whole new industry

transform the city-owned South

for New York City that will support 13,000

Brooklyn Marine Terminal (SBMT)

local jobs over time, generate $1.3 billion in

into one of the largest offshore wind port fa-

average annual investment citywide and sig-

cilities in the nation. The agreement will help

nificantly reduce our carbon footprint so that

establish New York as a leader in offshore

we can meet our climate goals of 100% clean

wind and help the New York City meet its

electricity by 2040. This is a transformative

nation-leading climate goals of 100% clean

moment for New York City and our clean en-

electricity by 2040.

ergy future — a future of sustainable power, good-paying jobs and climate justice.”

As part of the deal finalized by the New York In fall 2021, NYCEDC announced a 15-year

City Economic Development Corporation (NYCEDC), Equinor, its partner — BP — and Sustainable South Brooklyn Marine Terminal,

Photo credit: Equinor

Offshore Wind Vision Plan to make New York City a leading destination for the industry by

L.P. (SSBMT) will upgrade and build out the

vestments in offshore wind infrastructure. The

developing best-in-class infrastructure to

terminal as an operations and maintenance

agreement expands the target of minority- and

support the construction and operation of

base. The terminal will become a power

women-owned business enterprise (M/WBE)

offshore wind farms in the New York Bight

interconnection site for the Empire Wind 1

contractors based in and registered with New

(the coastal area between Long Island and

project, and heavy li" platforms will be built

York City or New York State, with a 30% M/WBE

New Jersey), including infrastructure to sup-

on the 39th Street Pier for wind turbine stag-

participation goal and will support technical as-

port manufacturing, staging and installation,

ing and installation for Equinor and other

sistance for M/WBE and Disadvantaged Busi-

operations and maintenance and transmis-

developers. The port will serve as a hub to

ness Enterprises to create more opportunities

sion. The city has commi#ed $191 million to

support the Empire Wind and Beacon Wind

for participation in this sustainable growth in-

offshore wind projects, including $57 million

offshore wind farms.

dustry. Additionally, the agreement ensures the

in support of SBMT and $134 million in new

development will be a low-emissions facility.

investments. The investment puts New York City on a path to reduce 34.5 million tons of

NYCEDC also partnered with Equinor and the community to support workforce train-

“With this investment, the South Brooklyn

CO2, as well as meet its goals of 100% clean

ing for a diverse pool of residents to bolster

Marine Terminal will soon be transformed

electricity by 2040 and carbon neutrality by

opportunities for New Yorkers created by in-

into one of the largest offshore wind port

2050. It also will create 13,000 jobs related

70 | MR

April 2022

mannpublications.com

COMMERCIAL

to offshore wind infrastructure across the

In 2018, NYCEDC selected SSBMT — in a

con Wind projects off Long Island, which

five boroughs, it said in the announcement.

partnership between Industry City and Red

unlocked an unprecedented public and

Currently, five offshore wind projects are in

Hook Terminals — as the leaseholder to reac-

private funding commitment of $644 million

active development, which will power more

tivate the South Brooklyn Marine Terminal to

in port infrastructure, including more than

than 2.4 million New York’s homes and bring

create a 21st-century maritime shipping hub

$287 million for SBMT. As part of an award

a combined economic impact of $12.1 billion

with an on-site facility to train local talent. Un-

from NYSERDA, the developers will convert

to the state.

der this agreement, SSBMT is entering into

SBMT and the Port of Albany into large-scale

a sublease with Equinor and bp until 2054

offshore wind industry facilities.

“This first major milestone in New York City’s

for its operations and maintenance base,

Offshore Wind Vision Plan is a perfect exam-

and its onshore substation. Under the same

Further, in December 2021, the U.S. Department

ple of how our economic and workforce de-

agreement, Equinor and BP will have a 10-

of Transportation awarded the full $25 million

velopment objectives must go hand in hand

year term for turbine staging and installation

that the city requested from the federal Mari-

with our clean energy goals. By building this

activities with an option to extend the 10-year

time Administration (MARAD) through the 2021

new industry in the right way, we will con-

term for up to six additional years.

Port Infrastructure Development Grants (PIDP).

The grant for the “SBMT 35th Street Pier Expan-

tinue to advance an equitable recovery and make our environment healthier as well,” said

“This agreement builds on the city’s $57

sion Project” at Sunset Park is intended to add

Deputy Mayor for Economic and Workforce

million commitment to reactivate SBMT as a

a barge berth and a heavy-li" crane pad on the

Development Maria Torres-Springer.

key manufacturing and operations base and

western end of the 35th Street Pier. The PIDP

will help make New York a leader in climate

grant provides additional funds to expand on

Equinor commi#ed to establishing a $5 mil-

resiliency, as well as air quality, through clean

city, state, and Equinor funding for 39th Street

lion ecosystem fund to bring more New York

energy investments,” said Lindsay Greene,

Pier improvements, as well as Equinor’s opera-

City residents into offshore wind careers,

officer and executive vice president, NY-

tions and maintenance facility and Equinor’s in-

propel offshore wind innovation and support

CEDC. “Working together with our partners at

terconnection substation. The addition of 35th

a just transition. The company is establishing

Equinor, bp, and SSBMT, we are also advanc-

Street Pier improvements increases SBMT’s

an offshore wind learning center — accessi-

ing economic recovery and increasing di-

cargo throughput capacity and operational

ble to the community — in its Brooklyn office.

versity in waterfront construction by helping

efficiencies, allowing SBMT to further serve the

local minority- and women-owned business

growth of the offshore wind industry in New

“This agreement marks a major step forward

enterprises benefit from the growing offshore

York City.

in our commitment to New York State to both

wind industry and allowing them to take ad-

provide renewable power and to spark fresh

vantage of the green jobs of the future.”

“This agreement significantly advances New York City’s vision for an equitable clean en-

economic activity, while creating enduring jobs,” said Siri Espedal Kindem, president,

Under the Climate Leadership and Commu-

ergy future,” said K.C. Sahl, VHB national di-

Equinor Wind U.S. “With the support of

nity Protection Act, New York State has set

rector, Offshore Wind and co-chair, New York

NYCEDC, SSBMT and our partners in the

goals of securing 70% of the state's electric-

City Offshore Wind Industry Advisory Coun-

community, Equinor and bp are ready and

ity from renewable energy by 2030 and the

cil. “NYCEDC, Equinor and SSBMT’s invest-

eager to invest in the revitalization of SBMT

installation of nine gigawa#s of offshore wind

ments in the South Brooklyn Marine Terminal

— a historic port that will soon become a

by 2035. Equinor and bp have contracts for

not only position the city as a hub for the

major part of New York’s energy future. New

three offshore wind projects in New York —

emerging domestic offshore wind industry,

York has shown unflagging determination to

totaling more than 3,000 megawa#s of clean,

but also increase economic opportunities for

become a focal point of the region’s offshore

renewable energy.

the historically disenfranchised residents of Sunset Park. New York City is modeling how

wind industry, and this agreement offers tangible evidence that this vision is quickly

In January, New York Governor Kathy Hochul

climate and economic goals can be achieved

coming to life.”

announced the state finalized contracts for

through inclusive partnerships with public,

Equinor and bp’s Empire Wind 2 and Bea-

private and community-based stakeholders.”

mannpublications.com

April 2022

71 | MR

FEATURES

REBNY Announces Annual Event Honorees

T

he Real Estate Board of New York

City,” said REBNY Chairman Douglas Durst.

with a food tasting experience that will offer

(REBNY) announced the distin-

“Even as we bring an exciting new look to

an array of canapes from top New York City

guished leaders who will receive

our annual event, one thing that will never

chefs, including guest chef Daniel Boulud.

the New York City real estate in-

change is the exemplary leadership of our

dustry’s most prestigious awards at REBNY’s

award recipients.”

reimagined annual event, “New York Forever:

“As New York City continues on the path to a brighter future, we are proud to honor an in-

A Celebration of Our City,” to be held on June

Along with its new name and partnership

credible group of men and women whose work

23 at The Glasshouse.

with the non-profit NY Forever, the event (the

is guiding us all forward every day,” said REBNY

successor to the annual gala banquet that

President James Whelan. “The achievements

“For generations, REBNY’s honorees have

was held in January until the COVID-19 pan-

of our honorees serve as an inspiration not only

set the standard for professional accom-

demic) will include exciting new elements,

to real estate professionals but to everyone

plishment and commitment to New York

including a dynamic networking reception

who cares about our great city.”

The John E. Zucco!i Public Service Award —

advance the causes of social justice, racial

Presented to Hazel Dukes, president of the

equity and expanding access to economic

NAACP New York State Conference, for her

opportunities for men and women of color

unyielding courage and trailblazing work to

throughout New York.

The Bernard H. Mendik Lifetime Leadership

New York and its real estate industry through-

in Real Estate Award — Presented to Tom

out a career that has spanned more than a

Elghanayan, chairman and co-founder of TF

half century. He has left indelible impacts

Cornerstone Inc., for his exceptional accom-

on the city and its economy by setting new

plishments and invaluable contributions to

standards for style and quality.

The honorees are:

Hazel Dukes

Tom Elghanayan

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April 2022

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MANAGEMENT

The Harry B. Helmsley Distinguished New

initiative, a coalition of property owners

Yorker Award — Presented to Hal Fetner,

which has worked with the non-profit com-

president and CEO of Fetner Properties; Jeff

munity to help thousands of vulnerable New

Levine, founder and chairman of Douglas-

Yorkers impacted by the COVID-19 pandemic

ton Development and David Picket, CEO of

to remain safely housed by delivering rental

Gotham Organization, for their civic-minded

assistance and other much-needed resourc-

ingenuity in conceiving the Project Parachute

es and support.

The Kenneth R. Gerrety Humanitarian Award

backgrounds by elevating the conversation

— Presented to Sarah Saltzberg, co-owner of

on housing voucher access and working tire-

Bohemia Realty Group, for her efforts to ex-

lessly to connect voucher-holders across the

pand housing options for New Yorkers of all

city with quality housing.

The Louis Smadbeck Memorial Broker Rec-

achievements at the forefront of the com-

ognition Award — Presented to Darcy Sta-

mercial brokerage community for more than

com, chairman and head of New York City

40 years and her ongoing efforts to increase

Capital Markets at CBRE, for her professional

diversity throughout the real estate industry.

The George M. Brooker Management Executive

of commercial, residential and logistics assets,

of the Year Award — Presented to Frank Pu-

which has consistently raised the bar for man-

sinelli, senior executive vice president, chief

agement executives throughout New York City

operating officer-operating assets at RXR Re-

and contributed to the city’s ongoing path to

alty, for his work across an expansive portfolio

long-term economic recovery.

The Young Real Estate Professional of the Year

a rising star of the industry and for her civic

Award — Presented to Laura Jackson, senior

leadership in founding the “She Builds” initia-

vice president, tax director, SL Green Realty

tive to empower women in real estate to give

Corp., for her professional achievements as

back to the communities they serve.

A portion of “New York Forever: A Celebra-

York and REBNY’s Internship Program in

assistance and other support to vulnerable

tion of Our City” event proceeds will go to

partnership with Project Destined and the

New Yorkers impacted by the pandemic.

the REBNY Foundation, which is helping to

City University of New York (CUNY). The

The Foundation also supports ongoing

increase diversity and inclusion in the real

foundation also supports ongoing efforts by

work by the non-profit Building Skills New

estate industry through ongoing initiatives

Project Parachute — an initiative seeded by

York to connect New Yorkers from histori-

such as the REBNY Fellows Leadership

REBNY members in collaboration with the

cally underserved communities with good

Program in partnership with Coro New

non-profit community — to provide rental

construction jobs and career opportunities.

Hal Fetner

Jeff Levine

David Picket

Sarah Saltzberg

Darcy Stacom

Frank Pusinelli

Laura Jackson

mannpublications.com

April 2022

73 | MR

FEATURES

The New Office Amenity: Wellness

By Debra Hazel Jake Elghanayan, senior vice president of TF Cornerstone

A

s landlords continue to seek

the companies that sign for the space and

ways to draw workers back to

the employees who are the true end users of

the mountains.

the office, one is standing out

the space,” said Jake Elghanayan, senior vice

“The reaction has been very favorable,”

— wellness and safety. That’s

president of TF Cornerstone.

Elghanayan said.

comed Reside Health, a concierge, mem-

“Not many financial services firms are huge

And it likely is a harbinger of the future, es-

ber-based health and wellness center, to a

companies that can afford the scale to have

pecially as TF Cornerstone and other com-

1,700-square-foot space within its Carnegie

an in-house health care offering,” Elghanayan

panies seek amenities to a$ract office users

Hall Tower office building at 152 West 57th St.

said. But both the company and its employ-

back in the post-pandemic era.

why developer TF Cornerstone has wel-

ees want health care advice.

“We’re never going back to the old world,

Featuring a team of internists, therapists, a registered dietitian and an acupuncturist, Re-

Elghanayan and Reside Health met through

where health is in its own box,” he said. “It’s

side Health offers everything from COVID-19

a mutual friend and discussed the synergy,

especially appealing as health care becomes

testing before work to primary care services

he continued.

more and more personalized, and as companies want that custom touch.”

like physicals and advice on health policies and benefits in the workplace (specialists

“[Reside] was in a startup mode, and it was

also are available once a month or so). The

clear that bringing a doctor to a building of

Cornerstone also has fitness facilities in

amenity allows building occupants to book

reasonable tenants was better economics

some of its residential buildings, and the two

appointments through the Reside website

for the practice,” he said. “We knew the two

uses are beginning to move toward each oth-

and see their doctor immediately, eliminat-

would work well together and it sounded

er, he noted. But some of these uses largely

ing the need for a waiting room and giving

great to us because we’re focused on the

are suited to higher-end buildings, simply to

patients more one-on-one time with their

amenity component.”

make a deal pencil out.

of a hospitality-like amenity rather than

After negotiating terms that “were more of

Carnegie Hall was Reside Health’s inaugural

a traditional doctor’s office and provide

a partnership” rather than a traditional rent,

site, and it has since opened locations at SL

much-needed convenience for basics such

Reside Health moved into the building after

Green’s 485 Lexington Ave. and 750 Third

as COVID-19 tests, vaccinations and even

Cornerstone built the space in to its speci-

Ave. Cornerstone also is looking for another

pap smears.

fications in summer 2021. It was an instant

spot in its portfolio, Elghanayan said.

doctors. The spaces are designed as more

hit. The group takes most insurances and “The idea was a no brainer, especially for a

has provided services including helping a

“It’s about trying to find the right space and

landlord that believes it serves two clients —

tenant prepare for a corporate meeting in

the right model.”

74 | MR

April 2022

mannpublications.com

Fried Frank Where major real estate transactions happen “An extremely talented real estate group with an impressively deep bench: the team is ideal for handling the most complex matters.”

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HUDSON YARDS Counsel to Related Companies and Oxford Properties Group in connection with the development of and all leasing activities at the 26-acre Hudson Yards on the West Side, the largest private development in Manhattan since Rockefeller Center.

CHELSEA MARKET Counsel to Google in connection with its US$2.4 billion acquisition of Chelsea Market in New York City.

BLACKROCK HEADQUARTERS Counsel to BlackRock in its 850,000square-foot lease for its planned headquarters relocation to 50 Hudson Yards.

MANHATTAN WEST Counsel to Brookfield Property Partners on all aspects of the development of Manhattan West in the Hudson Yards District, including its recent lease to the National Hockey League.

PENN STATION Counsel to Vornado Realty Trust and Related Companies on the redevelopment of Penn Station, including the redevelopment of the James A. Farley building and construction of Moynihan Train Hall.

CENTRAL PARK TOWER Counsel to J.P. Morgan, as lead lender, in its US$900 million construction loan syndication to Extell Development for the development of Central Park Tower.

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ONE VANDERBILT Counsel to SL Green Realty Corp., including all zoning approvals, in connection with the development and leasing of One Vanderbilt Avenue, an iconic 1,401-foot tall, 1.7 million square foot office tower being constructed on the full block to the west of Grand Central Terminal.

20 TIMES SQUARE Counsel to Maefield Development in its approximately US$1.5 billion acquisition of the EDITION hotel, retail, and signage project known as 20 Times Square.

JP MORGAN CHASE HEADQUARTERS Counsel to JP Morgan Chase in connection with various aspects of its planned 2.5-million-square-foot headquarters redevelopment at its 270 Park Avenue location.

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FEATURES

Disney Launches New Business to Develop Residential Communities

E

Photos courtesy of Disney

xtending its residential develop-

California just outside of Palm Springs. In ad-

ter sports, concerts, weddings, events, trade

ment plans beyond its theme parks,

dition to residential homes, this development

shows, day clubs, restaurants, retail and

The Walt Disney Company has an-

is also approved for a hotel, and a range of

more. Walt Disney himself owned a home

nounced plans to introduce Storyliv-

shopping, dining, entertainment and leisure

in the Coachella Valley and would spend

ing by Disney, master-planned communities

activities, as well as a crystalline lagoon with

leisure time with his family there. Additional

it says will be “infused with the company’s

Crystal Lagoons technology, which brings

locations in the U.S. are under exploration for

special brand of magic.”

turquoise waters and white sand beaches to

future development.

urban and other areas, while also generating Cotino, the first Storyliving by Disney com-

business through ticketed entry to the lagoon

“For nearly 100 years, Disney has shared sto-

munity, will be located in Rancho Mirage,

and year-round entertainment including wa-

ries that have touched the hearts and minds

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April 2022

mannpublications.com

RESIDENTIAL

of people all around the world,” said Josh

Storyliving by Disney will take that concept

D’Amaro, chairman, Disney parks, experienc-

further, bringing some of the theme park

es and products. “As we prepare to enter our

experiences to the communities. Disney Im-

“Cotino represents the creativity and op-

second century, we are developing new and

agineers will play a key role in developing the

erational excellence of Disney combined

exciting ways to bring the magic of Disney

creative concept for the communities, work-

with the extensive community development

to people wherever they are, expanding sto-

ing in conjunction with respected developers

expertise of DMB Development,” said Brent

rytelling to storyliving. We can’t wait to wel-

and homebuilders.

Harrington, the company’s CEO. “We are

come residents to these beautiful and unique

Diego and Lahontan in Truckee, California.

delighted to collaborate with Disney in this

Disney communities where they can live their

“Disney Imagineers are exploring the rich-

lives to the fullest.”

ness of each local region to inspire the

groundbreaking new concept.”

theme of Storyliving by Disney communities,”

Cotino will welcome homeowners of all ages

The Walt Disney Company is no stranger to

said Michael Hundgen, executive producer,

and will include at least one section reserved

residential development; Walt Disney origi-

Walt Disney Imagineering. “Distinctively de-

expressly for 55-plus residents. Home buyers

nally intended EPCOT to be, literally, the Ex-

signed indoor and outdoor spaces will offer

will have a range of home types to choose

perimental Prototype Community of Tomor-

residents new opportunities to explore, en-

from, including estates, single family homes

row, a planned residential and commercial

gage and create the next incredible chapter

and condominiums.

community under a dome with subterranean

of their story.”

Per the Specific Plan approval for the devel-

car traffic. That plan was abandoned after Walt Disney’s 1966 death, with some of its

At each location, including some neighbor-

opment, the community is expected to sur-

futuristic elements folded into the EPCOT

hoods for residents ages 55-plus, Disney

round an approximately 24-acre grand oasis

theme park which opened in 1982.

Cast Members trained in the company’s

featuring clear turquoise waters with Crystal

legendary guest service will operate the

Lagoons technology, enabling crystalline la-

Later, however, the company developed

community association. Through a club

goons of any size to be built sustainably, with

Celebration, Florida, a multi-phase, mas-

membership, Disney will also provide access

low water consumption and using a minimum

ter-planned community with residential and

to curated experiences, such as wellness

amount of additives and energy. A voluntary

commercial uses that launched near its parks

programming; entertainment ranging from

club membership will offer access to a wa-

in 1996. All properties in the community are

live performances to cooking classes; phil-

terfront clubhouse, a club-only beach area

now privately owned. In 2015, the company

anthropic endeavors; seminars and more.

and recreational water activities, as well as

began developing Golden Oak at Walt Dis-

Disney programming, entertainment and ac-

ney World Resort, luxury, custom-built single

Cotino’s architecture and amenities will re-

tivities throughout the year. Cotino also has

family homes (run by Four Seasons Private

flect the history and present-day inspiration

specific plan approval for a vibrant mixed-

Residences) on resort property. Residents

of the rich valley culture. Cotino is being

use district featuring a range of shopping,

receive benefits such as access to special

developed in collaboration with DMB De-

dining and entertainment, a beachfront hotel

events, free shu!les around the property and

velopment, which has planned sustainable

and a professionally managed beach park

extended hours at the theme parks. Con-

communities in the Western U.S., including

with recreational water activities that can be

struction is now complete, and prices ranged

DC Ranch and Silverleaf in Sco!sdale, Arizo-

accessed by the public through the purchase

from $2 million to $10 million.

na; Kukui’ula in Poipu, Hawaii; Santaluz in San

of a day pass.

mannpublications.com

April 2022

79 | MR

FEATURES

Stay Open Reinvents the Hotel

By Debra Hazel

W

e’ve heard of so!ware-as-a-service and platform-as-a-

Steve Shpilsky

Andrew Swerdloff

service, but sleep as a service? That’s what Stay Open, an affordable, tech-first, design-forward pod hotels and co-living property, is looking to achieve, with plans to

use non-fungible tokens (NFTs) to fund its expansion.

There’s even a touch of sustainability in the concept, said Steve Shpilsky, co-founder (with Andrew Swerdloff), as he seeks locations that are in need of redevelopment. The brand launched its first socially engaging pod hotel and co-living residence in Venice Beach, California in 2021 with full-service pod hotels in San Diego and Los Angeles to follow.

Shpilsky’s background in hotel development and finance in Southern California led him to a realization — whether a guest is there for business or pleasure, a hotel is pre#y much just a place to sleep, and an expensive one at that. The U.S. never really adopted the culture of

Each Stay Open pod hotel will include at least 10 rooms with four to eight

hostels as in Europe, even as shared spaces have grown in other real

private sleeping pods per room, and approximately 10 private rooms

estate sectors.

featuring king and queen beds for those seeking more space. Pods offer sound and light insulation and multiple charging ports for electronics.

“We share offices at a WeWork. Why hasn’t it come up with hotels?” he observed. “Where is the Marrio# of hostels? There needs to be an

All properties will feature food and beverage amenities, common ar-

evolution — new travelers, new technology.”

eas for work or play, high-end shared restrooms, complimentary wi-fi and integration with Stay Open’s custom app that helps match guests and residents and introduces authentic local experiences. Designs will vary at each location, ranging from a one-story commercial space in one city to a modern multi-story property with a rooftop bar and lounge in another. Prices at the Venice location began at $50 per night but have risen to $100 per night, a bargain by California standards.

Far from derailing the idea, COVID-19 accelerated the acceptance of smaller sleeping spaces with communal amenities, by a “factor of 10,” he said, as all real estate sectors are being reassessed. A Stay Open can appeal to the digital nomads who wish to travel while working

Pods adjoin communal space.

80 | MR

April 2022

remotely in a secure environment with strong wi-fi; these people won’t

mannpublications.com

TECHNOLOGY

Sliding doors offer privacy.

The pods stack for density.

want to commit to a 12-month lease in a major city, especially if they

Virtual relationships go even further with StayDAO, a network of digital

plan to travel a good part of the year.

nomad and travel communities. (Decentralized autonomous organizations — DAOs — are member-owned communities without centralized

Stay Open spaces can range from 10,000 square feet to 30,000 square

leadership). Members of the community receive discounts and other

feet, with the bed areas densely packed and a more open common

benefits such as access to events at Stay Open locations.

area to encourage interaction. The company also has a strong virtual presence to encourage their guests to remain in touch a!er their stays.

These members also can communicate where they’d like to see new locations, including Los Angeles, Miami, certain New York neighbor-

“There will always be more flexibility for the workforce,” he said, noting

hoods, Denver, Nashville and Austin.

that there is 21 million square feet of vacant office space in Los Angeles.

“There was a net amount of empty space — why can’t we use that space?”

“We also see a lot of interest in resort-type destinations, including Jackson Hole, Wyoming and Lake Tahoe, California,” he said.

In a sense, Stay Open is recycling that space, thus speeding up what is o!en a lengthy development process and eliminating the negative

Municipalities are welcoming, he continued, as the Stay Open concept

environmental effects of new construction.

repurposes existing space and provide affordable housing.

And financing is coming through the newest technology. In December,

“We look at space and housing in a unique perspective,” he said. “We

Stay Open introduced a limited-edition collection of NFTs created by

are working with cities on best way to repurpose space and make the

local artists, which includes a voucher for a future stay at the Venice

process as efficient as possible.”

location. Available on the OpenSea platform, each NFT will be sold for ETH 0.0083 ($35) and will contain a unique code that will allow the

In San Diego, the company is converting a former Budget Rent-a-Car

NFT owner to redeem a future stay, even when the nightly rate is high-

office into a 240-bed facility in a project a public/private ship with the

er on the desired date. Local artists who create NFT content for Stay

port. Plans call for construction to begin in 2023.

Open will receive a complimentary stay in addition to a royalty any time the NFT is sold.

“The state had the money, San Diego had the property,” he said.

“Everyone is happy.”

“You got a room night for $35 when we sold for $60,” Shpilsky said. “Or you can sell it — and you always keep the art as a memento.”

mannpublications.com

Photos courtesy of Stay Open

April 2022

81 | MR

RSA is the largest real estate trade that has one priority: Housing New York Since 1983, the Rent Stabilization Association has worked for property owners in good times and bad. Now, during a public health crisis that is straining the economics of our industry, we are working hard to keep tenants in their homes and ensure that owners can continue providing safe and adequate housing.

RSA represents over 25,000 members with more than one million apartments. We provide cost effective and practical solutions to help owners run their buildings. In Albany and at City Hall, we are a forceful and consistent voice for the common sense needs of property owners. Our membership is deeply diverse and in every neighborhood. Though government and policy is unbalanced now, we’ve fought back through tough times before. And we’re doing it now.

We advocate for programs and funding. unfairly target the industry.

We provide services to help our members comply with all laws and regulations.

Our counselors help members with any problems or government agency issues that come up.

Our monthly RSA Reporter is an industry must-read, always providing information necessary to keep owners up to date on compliance issues and other policies. We have weekly email blasts, policy action alerts, and updates on political and legal issues.

owners and their tenants.

123 William Street, New York, NY 10038 · 212-214-9200 · WWW.RSANYC.ORG

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ARTICLES

Condo-Co-op Helpline:

FCC Rules and Revenue Sharing with Coops and Condos

By Carol A. Sigmond, partner with Greenspoon Marder LLP

The United States Federal Communications Commission (FCC) has adopted new rules to promote competition among broadband providers by barring multitenant environments (e.g. cooperative and condominium buildings termed in the FCC regulations to be MTE) as well as office buildings, rental apartment buildings, mobile home parks and public housing, among others, from entering into, enforcing or maintaining any revenue sharing, including wiring agreements with broadband providers.

The new FCC rules further require any MTE to disclose in simple language the terms of any agreement with any broadband provider.

Since no later than 1996, by state and federal law (including the Telecommunications Act of 1996) managing agents and boards of MTEs have been prohibited from making exclusive sweetheart deals with broadband providers.

Typically, these agreements would provide incentives to the decision makers and those with influence, such as board members or managing agent firms, with a share of revenue based on the penetration in the building of the selected provider. The unit owners or tenants would not be informed of the details, nor would they benefit in any way. But to get broadband service, the unit owner or tenant would have to use the sweetheart provider.

After the exclusive agreements were barred, many cooperative and condominium boards and managing agents used graduated agreements. Unit owners or tenants could choose a provider, but if they selected the favored provider then maybe appointments would be easier, insurance requirements would be looser they might see other short-term advantages.

86 | MR

April 2022

Revenue would have been shared or benefits conferred based on the level of penetration for the favored provider. The revenue or benefits might flow to the managing agent, the board members or both. The unit owners and tenants were ignorant and received no benefit.

During COVID-19, when many buildings were seeking new wiring for broadband services, it seems that the managing agents and board would enter into agreements with the broadband providers to internally wire the building.

They then leased the wiring back to the provider to give the provider control over the use of the wiring by the unit owner or tenant.

Under the new rules, tenants and unit owners control who may wire their units.

The current administration has directed federal agencies to promote competition and to protect consumers. In that spirit, the FCC has now banned the so-called wiring agreements and prohibited the graduated agreements for MTEs. The FCC has ruled that these agreements amount to sweetheart agreements.

Marketing agreements between MTE developers, managers or boards must be disclosed, regardless of whether it is in writing or merely a practice or policy. A marketing agreement gives the broadband provider access to the unit owners or tenant in an MTE. Typically, the broadband provider pays the manager, board members, developer or MTE for this access.

The disclosure of the marketing agreement must be written and provided to all current or prospective tenants or unit owners who are subject to the marketing arrangement. The

disclosure must say that the provider has exclusive rights to market to the tenants or unit owners in the MTE, that the marketing provider is not an exclusive provider and that the tenant or unit owner may use another provider. The date for the issuance of these notices has not been set yet.

The broadband industry does not support these changes. Condo and cooperative boards must adapt to these new rules and policies. If such arrangements exist, the agreement and the practices must be reviewed to ensure that board and managing agent comply with the new FCC rules and policy. If there are agreements in place with broadband providers, the boards and their managing agents, with advice of counsel, must amend these agreements to comply with the new regulations. In addition, boards and managing agents, again with advice of counsel, need to ensure that appropriate disclosure forms are prepared, that the staff is directed not to interfere with the broadband choices of unit owners and tenants and that there is equal access to the building for all providers.

The administration hopes changes will benefit consumers and reduce broadband costs.

This column presents a general discussion.

This column does not provide legal advice.

Consult your attorney for specific legal advice.

Carol A. Sigmond Greenspoon Marder LLP 590 Madison Ave., Suite 1800 New York, NY 10022 carol.sigmond@gmlaw.com (212)524-5074

mannpublications.com

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ARTICLES

What FEMA’s Risk Rating 2.0 Means for Your Real Estate Flood Insurance

By Frank DeLucia, senior vice president, Hub International Northeast

Tapping into the latest flood hazard information on private sector data, catastrophe (CAT) modeling and evolving actuarial science, the Federal Emergency Management Administration (FEMA) has rolled out a new risk methodology for flood insurance pricing called Risk Rating 2.0, resetting flood insurance rates for the first time in decades.

As of April 1, 2022, this revised rating methodology for NFIP flood policies will apply to all policies, new and renewing. The rationale for the change is to properly price risk, not basing prices on outdated flood zones and incomplete data. If you currently have a commercial flood insurance policy through the National Flood Insurance Program (NFIP), you will want to prepare for the potential changes to your insurance premium.

As a result of the new pricing criteria, 23% of current policyholders will see immediate premium decreases, but 66% will experience an increase of up to $10 per month. Another 7% will see a monthly increase of $10 to $20, while 4% will incur a more than $20 monthly premium increase according to FEMA’s December 9, 2021 announcement, Risk Rating 2.0: Equity in

88 | MR

April 2022

Action. Under existing statutory limits on rate increases, rates will not increase more than 18% per year, and will increase each year.

What makes Risk Rating 2.0 different? In addition to property characteristics such as elevation, the location of machinery and equipment, and the cost to rebuild, the new structure accounts for flood frequency, distance from a water source and the likelihood for multiple flood types such as river overflow, storm surge, coastal erosion and heavy rainfall.

With the new system, owners of numerous properties in “X Zones” — traditionally considered a low risk not needing flood insurance — may recognize a greater risk of flooding than they once considered.

Risk Rating 2.0 CAT modeling uses computer-assisted calculations to predict potential losses sustained from a catastrophic event like flooding. These calculations consider up-todate variables, such as the construction of a new road or building, that affect the potential flow of floodwater. As a result, modeling data and damages from hurricanes now have increased the need for flood cover in areas once

considered safe. For instance, in September, CoreLogic announced that insured and uninsured losses from 2021’s Hurricane Ida are as much as $40 billion, with a significant portion of damage occurring in X Zones.

Risk Rating 2.0’s Fine Print It’s important to note that FEMA is not altering the flood zone with Risk Rating 2.0, even in cases where the new modeling paints a different picture of property risk. That means current FEMA modeling — not simply an NFIP zone — can help determine the appropriate level of flood coverage.

The flood zone may not paint an accurate picture of current risk, making it urgent for real estate owners and operators to consult with their insurance advisors regarding their actual risk and determine proper flood damage protection for their portfolio. For more information on Hub, please visit hubinternational.com.

Frank DeLucia Hub International Northeast Woodbury, NY frank.delucia@hubinternational.com (212)338-2395

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ARTICLES

Structured Installment Sales:

An Alternative to 1031 Exchanges

By James M. Philbin, CPA, PFS, MST, CFP, partner, Marcum LLP

One of the biggest impediments to the sale of appreciated real estate at a market high is the concern over capital gains taxes. Depending on the size and nature of the transaction, there could potentially be significant tax implications. An owner of real estate investment property could use the §1031 like-kind exchange provisions to defer gain recognition and maintain the potential step-up in basis upon the passing of the property to heirs.

However, for some, it may not be practical to exchange real property for other real estate as is required by §1031.

Paramount to investors may be reducing their holdings in real estate and diversifying, but perhaps the time limitations imposed by §1031 — that require identification of replacement property within 45 days and subsequent closing within 180 days — are too restrictive. Exchanging high-value real estate often leads to an acquisition of replacement real estate that is also at the top of the market.

As an alternative to a §1031 exchange, an investor can achieve gain deferral by entering into an installment sale of real property under §453.

Instead of the seller receiving a full cash payment from the sale, the buyer and seller agree to installment payments for a stated number of years and at a certain interest rate as a condition of the sale. For the seller, capital gains taxes are paid as the installment payments are received, rather than up front in the year of sale. In determining the payment terms, the

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seller may have flexibility in establishing the annual principal payments and may be able to manage the effective capital gains rate and tax owed through proper tax planning. The seller will generally have a first or second mortgage position when providing seller financing to the buyer, providing security in the event of the buyer’s default on the mortgage note.

It is important to mention that installment sales do not come without risk for the seller. While retaining the rights to the future payments and reclaiming the title should the buyer default, the seller may reacquire the property at a diminished value due to market conditions or the buyer’s mismanagement of the property and incur legal costs related to foreclosure or forbearance.

Rather than arranging for seller financing with a buyer, the seller may want to consider a structured installment sale which also utilizes a periodic payment plan that enables the spread of capital gain taxes coupled with dependable installment payments over time. Structured installment sales involve a third-party obligor, preferably of high credit quality, to facilitate the installment sale and administer the note payment and investment of the sale proceeds.

With a structured installment sale, the buyer does not make periodic payments to the seller.

Rather, the buyer assigns the payments to the third-party obligor company (Assignee), which agrees to take on the obligation and make the note payments. The Assignee will invest the

proceeds collected from the buyer to provide for a return sufficient to meet the note obligation owed to the seller. With the structured installment sale, the seller is not required to receive all funds through periodic payments.

The seller may decide to receive only a portion of the payments in the years after the sale and receive the balance of the note in a lump sum.

The interest payments received by the seller on note payments will be taxed as ordinary income.

The structured installment sale must be agreed upon before the sale of the property takes place and is documented as a contractual provision in the purchase and sale agreement. The money from the sale must be managed in such a way that the seller is not treated as having constructively received the payment prior to the time it is actually made. If a structured installment sale is not considered until the time the property is about to close, it is likely too late. The IRS would look at the transaction as a tax deferral tool added to an existing transaction that has essentially been accomplished and initiated for tax avoidance.

For the buyer, there is little difference from a traditional real estate purchase. The buyer has paid the contract price in full and gets the full title at time of closing.

James M. Philbin Marcum LLP Boston, MA james.philbin@marcumllp.com

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New York’s Full Service Real Estate Firm.

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The firm represents a wide array of clients including buyers and sellers of residential and commercial real estate, sponsors and developers, prominent lending institutions, landlords and tenants, foreign and domestic investors, cooperative and condominium boards, and small to Fortune 500 businesses.

New York (Main Office) 275 Madison Avenue, Suite 801• New York, NY 10016 Phone (212) 888-3100 • Fax (212) 888-3201 www.romerdebbas.com

ARTICLES

Deb’s Retail Dish and Deals:

Sustaining Stores

By Debra Hazel, president of Debra Hazel Communications

Not long ago, someone asked me if sustainability was still a “thing,” that maybe environmentally friendly business practices in real estate have become so standard that it’s not as newsworthy as it once was.

It’s a fair question; years ago, I was told that any office building would have to be sustainable to be considered Class A. And the pandemic has only broadened the definition of sustainability to include wellness, too.

But what retailers are doing to maximize their efficiency and minimize the impact on the planet continues to expand, as well. A case in point is Target, which announced its most sustainable store to date, one that will produce more energy than it needs to operate. The retrofitted store in Vista, California will serve as a test ground for its investments in new units and other remodels to help achieve ambitious sustainability goals.

The store will generate renewable energy through 3,420 solar panels across its roof and newly installed carport canopies. The site is expected to produce up to a 10% energy surplus each year that it can transmit back to the local power grid, and Target has applied for net zero energy certification from the International Living Future Institute. The building also features elements to further reduce emissions, such as powering its HVAC heating through rooftop solar panels instead of natural gas. Target also conserves 10% of its stores’ total energy use by using LED lighting instead of conventional lighting. Additionally, the store switched to carbon dioxide refrigeration, a natural refrigerant, that Target will scale chain-wide by 2040 to reduce its direct operations’ emissions by 20%.

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The company has already made great progress. Since 2017, Target has already reduced its direct operations’ emissions by nearly 27%.

One of the ways it intends to reach its net zero goal is through sourcing 100% of its electricity from renewable sources (including wind energy and solar) for its operations by 2030.

New partnerships should bring the retailer to buying nearly half of its electricity from renewables later this year. The Vista store is one of 542 Targets with solar installations. (Full disclosure: I’m biased here, as my home is solar, too.)

The recycling, donations and composting operations at the Vista store, alongside Target’s other facilities, support the retailer’s goal to divert 90% of its U.S. operations’ waste away from landfills by 2030 as it aims for Zero Waste certification. Target is already diverting 80% of its operational waste. Additionally, the Vista site offers electric vehicle charging spaces, a continuiation of an existing policy as the retailer provides more than 1,350 spaces at over 150 locations across more than 20 states.

On the luxury side of the spectrum, Neiman Marcus in its first-ever environmental, social and governance (ESG) report, detailed its efforts to target climate change, increase sustainable and ethical products and implement circular services. The plan calls for reducing Scope 1 and Scope 2 emissions (direct emissions from company-owned and -controlled resources, such as manufacturing and transportation, and indirect emissions from the generation of purchased energy from a utility provider, respectively) 50% from a 2019 baseline by 2025. It also plans to perform a Scope 3 (covering indirect emissions not covered by Scope 2, including business travel, employee

commuting and purchased goods and services) assessment in 2022 to understand the company’s position and chart a path toward a net zero goal. The company also plans to procure 100% renewable energy by 2030 across the business and join RE100, the global global initiative bringing together the major businesses committed to 100% renewable electricity.

Re-commerce is also part of the plan, as Neiman announced the intent to extend the useful life of over 1 million luxury items through circular services such as mending and alterations, restoration, resale and donation by 2025, up from the 350,000 products addressed in 2021 and committing to creating a FashionPhile Selling Studio that authenticates and intakes luxury product from customers inside every Neiman Marcus store.

Other retailers also are looking to save textiles — Five Below has eliminated print circulars, sells reusable bags and offers responsible products. A member of RE100, Starbucks plans to reduce its carbon, water and waste footprint by half by 2030 over a 2018 baseline.

Its 2020 report saw an 11% year-over-year reduction in emissions.

And with their great outdoors focus, Patagonia and REI have long been committed to recycling products, etc.

So, yes, sustainability is still a “thing.” And we have so much more to look forward to.

Debra Hazel Debra Hazel Communications North Las Vegas, NV (201) 618-5247

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ARTICLES

Five Reasons Backyards & Managed Green Space Are Environmental Superheroes

By Kris Kiser, president and CEO of the Outdoor Power Equipment Institute and the TurfMutt Foundation

The green spaces in your family yard, community parks and school yards have purposes beyond looking beautiful. They are also environmental superheroes. Our yards, parks and community green spaces capture and filter rainwater, produce oxygen and absorb carbon.

Our green spaces are also an important part of the connected ecosystem that provides food and shelter for pollinators, such as birds, bees, butterflies, bats and other creatures that are responsible for bringing us one out of every three bites of food we eat, according to Pollinator Partnership.

By becoming a steward of your backyard, you can have a positive impact on our environment and help mitigate the effects of climate change on a micro level. Here are just a few of the ways your yard benefits the planet: Plants slow and capture rainwater. Water sheets off hard surfaces, asphalt and other hardscapes in cities and suburbs. Grass and plants slow down and capture this water, recharging underground aquifers.

Green space is a carbon sink. Carbon sinks absorb the greenhouse gas carbon dioxide from the atmosphere. Plants absorb carbon dioxide from the atmosphere to use in photosynthesis. Some of this carbon is transferred to soil as plants die and decompose. The dense canopy and fibrous root system in a lawn sequesters carbon so well that it outweighs the carbon used for maintaining the grass by as much as seven-fold, according to researchers at the University of Arkansas.

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Plants produce oxygen. Plants, grass, trees and shrubs are oxygen-producing machines.

In fact, a 25-square foot area of turf supplies enough oxygen to support one person for a day, according to the Lawn Institute. Furthermore, researchers at North Carolina State University found that one large tree can provide a day’s supply of oxygen for up to four people.

Living landscapes support biodiversity and wildlife. Your yard and our parks, schoolyards and other community green spaces are vital to the world’s ecosystem. Remember, nature starts in your own backyard. Scientists have discovered that increasing the biodiversity of urban green spaces can help people and the planet adapt to the urban environment in the face of climate change. There is evidence that this message is catching on. According to the 2020 National Gardening Survey from the National Wildlife Federation, more Americans are purposefully planting for pollinators and wildlife than ever before.

Living landscapes combat heat. Called the “heat island effect,” air temperatures in cities, even after sunset, can be as much as 22 degrees Fahrenheit warmer than air in neighboring regions. Yards and other green spaces help mitigate the heat island effect. Turfgrasses dissipate radiant heat through a process called evapotranspiration. Planting vegetation and grass or installing a green roof are among the strategies the Environmental Protection Agency recommends in order to combat heat islands.

Not only do living landscapes benefit the planet, but they are also good for our health and

well-being. “Backyarding” by exploring and appreciating nature — starting in our own backyards and community green spaces — reduces stress, improves memory, boosts heart health and offers a host of other benefits for our minds and bodies. Additionally, green space is where people reconnect with nature and one another, making memories and creating a healthier, happier life.

One final and important note: Creating a yard that supports the planet, as well as your family’s outdoor lifestyle, means identifying your backyard personality type and then taking stock of what you might need to create and care for your outdoor space. Be purposeful when selecting plants for your family yard by putting the right plant in the right place. Location, maintenance, sunlight and watering requirements must all be considered, in addition to your climate zone and lifestyle needs. To learn more about the above, refer to the United States Department of Agriculture’s Plant Hardiness Zone Map. For more tips, sign up for Mutt Mail, a monthly e-newsletter with backyarding ideas and all the news from the TurfMutt Foundation. To learn more about creating the yard and outdoor office of your dreams, visit turfmutt.com.

Kris Kiser Outdoor Power Equipment Institute 1605 King Street Alexandria, VA 22314 turfmutt.com opei.org (703)549-7600

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ARTICLES

Do Californian Investors Look Forward to Wildfires?

By Tom Smart, land professional with National Land Realty

The MET Office (the British national meteorological service) predicts that 2022 will continue to be one of the Earth’s hottest years.

While in some parts of the planet this might be a cause for relief, in others — such as in drought-stricken California — people are bracing for another season of intense wildfires. The devastation to many different types of land in the Golden State has been enormous in the last few years. In 2021 alone, a total of 8,619 fires have been recorded, burning 2,569,009 acres across the state.

While land investors are rightly cautious about burning their fingers on land that has been ravaged by wildfires, they should also know that the destruction caused by the fires creates plenty of investment opportunities. In what follows, we take a look at how wildfires hitting ranch land, hunting land and homesites will create unique opportunities for investors.

Burning Can Be a Boon to Ranch Land Burning can be a boon to ranch land as it helps clear out old brush. Controlled burns ensure that land remains fertile and provides good feed for stock. Some studies of grasslands in Kansas, such as the Flint Hills, even show how controlled burns help the land keep its integrity. But wildfires are not controlled burns of course, and that makes them problematic.

The process of quickly rounding up herds to move them to safety can be challenging. As such, there is a high probability of losing stock during wildfires. Furthermore, the loss of feed leads to increased maintenance costs, thereby placing a financial burden on the rancher.

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Because it is to some degree an expected part of life for them, the wildfires do not really cause ranchers to sell or buy property. If anything, the fires increase the need for more usable land to help offset the loss of feedlots.

For example, semi-arid to arid environments (like the West) require about 10 acres per head. So, ranchers may be looking to buy out smaller parcel owners to help add to their acreage for grazing.

One important caveat is that elderly ranchers who have been hit by a fire, and for which rebuilding will be a daunting task, will on many occasions decide to sell their properties, providing an opportunity for new ranchers to buy that land at a discounted rate.

Fire Brings Hunting Land Opportunities While controlled fires can help clear out unwanted, old brush, wildfires can easily destroy natural wildlife habitats. After a wildfire, it’s not uncommon for deer and other game herds to leave burnt areas for extended periods of time.

A reduction in prey will consequently reduce the predators (mountain lions and bears) as well, allowing pesky wildlife-like wild boar to permeate the area. It’s possible that smaller hunting plots may seek to sell and could present an opportunity for larger landowners to purchase contingent parcels to build future feedlots.

Homesites Can Go on “Fire Sale” Burnt, suburban land sites could prove to be a clever investment opportunity. Homeowners who wish to leave and not return are often open to selling at literal “fire sale” prices. While

the property values typically dip for three to five years, these could be opportunities for investors willing to buy for a longer haul and either rebuild and sell or simply sell as buildable lots. We saw this happen in the recent past in Paradise and again in historic Greenville.

The infrastructure, such as utilities, is already in place and does not require significant costs to reconnect. The purchase at reduced rates appears to recover over time. There are also the exclusive areas that become affordable after a fire. Imagine being able to buy land or a vineyard in San Luis Obispo, Paso Robles, Napa or Sonoma!

Bottom Line Depending on the type of land affected and once they are contained, wildfires are poised to present attractive buying opportunities for real estate and land investors this year. The wildfires do not trigger a significant switch to sell or buy property where ranch land is concerned. Looking at hunting land, it’s possible that small hunting plots may seek to sell, so they could present an opportunity for larger landowners to purchase contingent parcels.

Finally, there are homesites which tend to retain the infrastructure that is needed to rebuild. This latter category will often make for the most profitable investment one can make in burnt land.

Tom Smart National Land Realty Simi Valley, CA (805)242-3882

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ARTICLES

Who’s Building the Harlem’s Luxury Hotels and Condominium Buildings

By Amanda Jhones, Engel & Völkers New York City

Three weeks ago, I received a call from a talent manager who represents an actor who lives in Hollywood. At first, my vast imagination got away from me — the first person who came to my mind was Brad (ever so good-looking) Pitt. Or was it that rich, tall actor with that rich accent who one day will become 007 James Bond, a.k.a. Idris Elba?

The manager laughed out loud and said, “Honey! I wish.” But no, my client is a newcomer to all this glitz and glam. She just got her big first break. I was very curious about how the talent manager found me; he confessed that I had rented his client a townhouse in Harlem and she was impressed by my professionalism and know-how.

“She explicitly told me to contact you because you are the Queen of Harlem,” he said.

I did express my thanks to his client, who was an absolute gem, although I had to explain to the manager that I did not want to be typecast — I’m an experienced broker who works all over the five boroughs of Manhattan and the Hamptons.

Reggie explained his client’s needs. Did she want to buy? No. How much luxury did she want? “In a five-star hotel, I’m looking for whiteglove services,” my client had said. “In a rental, the apartment must have high ceilings, large windows, two bedrooms, two bathrooms, a

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dining room, cooking kitchen, housekeeping services, a doorman, parking garage and gym.

It also has to be pet friendly.”

Unfortunately, that does not exist in Harlem at the present, but I know that in the near future, it will. There are no real loft-like luxury units except for the Amanda Condominiums on West 128th Street. This was the second development project named after me by the developer after I pulled off another sales value in the five-story building by helping to create the living space. At the time, I knew being across from a drug rehab center wasn’t going to be easy. I suggested loft apartments with high ceilings, keyed elevators and lots of closets.

They listened to me and the five units were in contract within 45 days.

Unfortunately, Harlem certainly is not the glamour of Beverly Hills. Not yet.

Travelling back in time, I was a soothsayer in the early 2000s about Harlem. Through Douglas Elliman, I became the sale agent on a development on 109th and Madison Avenue, an up-and-coming area of East Harlem. At the time, the units went on market and the developer couldn’t sell even one unit — there was a lot of drug activity in the neighborhood, unfortunately right in front of the new condo building. In less than nine months and with an Ikea shopping budget of $2,500, I gave the cozy units some pizzazz in staging them to sell. I in-

corporated the youth in the community to become my doormen for my open house. I also paid the youth to keep the streets clean in front of the building, along with asking the community to take their drug activity away from the building. Within six months I had 90% of the units in contact. (That area now has changed tremendously — 1280 Fifth Ave. shifted the landscape of the community.)

The developer shared with me a purchase that was offered to him on 125th Street and Lenox Avenue, where Whole Foods stands today.

I told him he should purchase the land and build a luxury hotel/residential building. The land price was about $10 million at the time.

He thought then it was way overpriced. It took me about a year to convince him to go back to the table with the landowner; lo and behold, the price had quadrupled.

I explained to Reggie that I will be more than happy to accommodate him and his client in other locations of New York; Harlem still does not fit his client’s criteria. But I am happy to say that we are still working together in Soho, West Village and some of the new high-rise developments.

Amanda Jhones Engel & Völkers New York City 430 Park Ave., 11th Floor New York, NY 10022 amanda.jhones@evrealestate.com (646)757-2883

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ARTICLES

Innovative Construction in Today’s Commercial Workplace

By Eric Derector, principal, Quest Builders Group

While the initial turbulence brought about by COVID-19 has appeared to stabilize, the omicron variant has once again sown uncertainty into the real estate and construction. There is reason for cautious optimism, however; while multiple sectors were unprepared for the havoc COVID-19 caused when it first appeared, the latest variant can be approached with a degree of precedent.

In other words, the opportunity has now presented itself for the construction industry to apply the lessons learned over the past year and use them to build for the future. Quest Builders Group (QBG) is eager to play its role in this process and has begun employing innovative and forward-thinking strategies as a result.

The need for innovative and flexible construction is particularly pressing in the commercial sector. As employees begin returning to their offices — including those at companies adopting hybrid models — changes must be made.

These changes begin as early as the pre-construction process, with companies adopting more open floor plans that prioritize spaciousness and collaborative workspaces. For a media client, as an example, QBG recently performed significant renovations to its social media suite that included restructuring the office’s overall layout to nurture better ventilation and airflow. These types of floor plans bring the additional benefit of limiting the number of surfaces individuals touch over the course of the day, thereby significantly reducing the number of contaminants in the area.

As today’s workplaces slowly become more populated, more physical space for airflow is only one variable that must be considered.

The heating, ventilation and air conditioning (HVAC) industry has made great strides over

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the past year in terms of developing new technology that can eradicate over 99% of the COVID-19 pathogens in the air. However, there are likely more innovations to come as technology becomes more sophisticated, and science gains a greater understanding of the virus. Because of this, new office buildings must be constructed with emergent technology in mind. QBG has not only adopted this policy but also specializes in performing renovations and retrofits that create opportunities for existing commercial spaces to install modern HVAC devices as well. The added benefit of these newer HVAC models, such as those QBG recently installed at a client’s coworking space as part of a full renovation, is that they are generally far more energy-efficient than previous models, making it easier for buildings to achieve sustainability initiatives and save costs.

Even with these innovations in mind, it remains important to not allow our recent focus on COVID-19 to distract us from other safety issues. Across its commercial portfolio, QBG has performed a significant amount of upgrading lighting, plumbing, mechanical, electrical and fire safety systems. These aspects of commercial workplace safety have by no means become less important over the past year, and it is therefore crucial to include them as part of the industry’s newfound appreciation for preparedness. Many of these systems are also now more efficient than ever, making use of modern automation and smart building technology to allow building owners to identify potential issues before they become exacerbated. In terms of COVID-19 in particular, emerging safety technology such as Smiths Detection’s BioFlash can be used to detect the virus in the air within two to three minutes.

Finally, the materials that the construction industry uses must also be subject to routine inspections and analysis. It is not uncommon to discover years in the future that certain building materials come with unforeseen risks, and COVID-19 poses unique challenges in this regard as well. As examples, recent research performed by the World Health Organization shows that the virus can survive for up to 72 hours on materials such as stainless steel, while only up to four hours on copper.

The construction industry has a social responsibility to learn as much as possible about the materials used to perform its work, and while it may be impossible to predict or prevent another viral outbreak, there are tools available to help mitigate these types of risks.

Ultimately, while workers are beginning to return to work, they will not be returning to the same places they left last year. The commercial landscape must change in order to reflect modern times, and the construction industry will continue to play a critical role in building that future. This involves building with flexibility and future retrofits in mind, creating environmentally and socially conscious floor plans and workspaces and closely monitoring the properties of our building materials. Combined with a strong foundation on essentials such as fire safety and emerging technology, the commercial landscape is poised to enter the fall on a cautious, but optimistic, note.

Eric Derector Quest Builders Group 49 West 45th St., 3rd Floor New York, NY 10036 (646)473-1980

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A.E.C

3 Giralda Farms-Conceptual Patio

A Different Quest: Repositioning 3 Giralda Farms

O

3 Giralda Farms- Conceptual Exterior nce the headquarters for Quest Diagnostics, the office campus at 3 Giralda Farms in Madison, New Jersey is seeing new life, thanks to a joint venture between private real estate companies Lord Fisher Capital and Pentaurus

Properties. The team, which acquired the building in August 2020 in its first joint venture in Morris County, unveiled a multimillion-dollar repositioning plan that will update the 1990s-era property to meet the demands of a future workforce.

The joint venture, which together owns and manages commercial

The multimillion-dollar renovation project will include modernizing

buildings in Northern New Jersey and Southern Florida with a com-

the building’s spectacular double-height glass atrium and connect-

bined asset value of over $550 million and a team of over 50 employ-

ing it to the visitor lobby with a new executive staircase. The proper-

ees, retained renowned architecture firm Gensler to open outdated

ty’s backyard patio will be expanded to include entertainment and

floorplans and renovate the façade and entryway while supercharging

collaboration space and incorporating amenities throughout the

amenities to prioritize employee wellness.

sprawling backyard.

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A.E.C

3 Giralda Farms-Conceptual Lobby 2

3 Giralda Farms-Conceptual Cafe

“Tenants continue to demand quality in the workplace and seek a

“3 Giralda Farms has enjoyed a storied past as a landmark property,”

modern, amenity-rich building,” Dana Nalbantian, principal with Gen-

said Brandon Rolnick, managing member of Lord Fisher Capital. “We

sler, said. Gensler previously designed the consolidation of Allergan’s

are thrilled to embark on this modernization to create a model facility

New Jersey operation into a single campus at 5 Giralda Farms. “With

that will appeal to forward-thinking companies seeking suburban

an iconic property like 3 Giralda Farms, our focus is on respecting

office space with the type of urban characteristics that make 3 Giralda

the past while looking to the future with the kind of building amenity

stand out as the premier asset in the region.”

design that complements a company’s culture to inspire and enrich its employee workplace experience.”

The partnership has also retained JLL as the exclusive leasing agent for the four-story, 141,000-square-foot, Class-A corporate headquar-

The plans also include upgrading existing amenities like the full-

ters opportunity. Managing Director David Stifelman and Associate

service café, best-in-class conference center and fitness center. An

Vice President Mike Pietrowicz are partnering on the assignment with

overhaul of building infrastructure will include upgraded HVAC sys-

support from JLL New Jersey’s office agency broker lead, Tim Greiner.

tems with MERV-13 filtration, all-new mechanical and BMS systems

Stifelman said interest is already building among users a"racted to the

and the construction of a 220-space, bi-level parking garage with

property’s central location between two highly desirable downtowns

green roof and landscaping.

in Madison and Morristown, as well as a top-to-toe renovation that puts a premium on amenities designed to a"ract and retain talent.

3 Giralda Farms is located within one of the Garden State’s most magnificent campuses. Once part of the late Geraldine Rockefeller

“3 Giralda Farms, an iconic building in an extraordinary location, is

Dodge estate, the bucolic, 310-acre property adjoins Loantaka Brook

receiving the best new start imaginable,” said Greiner. “With work now

Reservation, an 883-acre recreational park with 10 miles of hiking trails

underway, we are excited by the interest we are already seeing from

and immediate access to biking, cross-country skiing, fishing, hiking,

building users seeking a headquarters presence in a newly renovated

snowshoeing, horseback riding and athletic fields.

property with an unrivalled location.”

Positioned directly off Route 124 in Morris County, and proximate to Interstate 287 and Route 24, 3 Giralda Farms offers easy access to Interstates 78 and 95 (the New Jersey Turnpike) and the Garden State Parkway. The property is a five-minute drive from downtown Madison, recognized by New Jersey Monthly as the number-one town in the state, and seven-minutes from Morristown with its shopping, dining, entertainment and a direct-to-midtown-Manha"an NJ transit line. The property is less than 30 minutes from Newark Liberty International Airport and approximately 45 minutes from New York City.

3 Giralda Farms-Conceptual Lobby Lounge

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Renderings courtesy of Gensler

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A.E.C

The Tide is High: Lowcountry Grandeur Meets Contemporary Design at Ponte Vedra Beach Residences

S

The Lowcountry design of the houses evokes the 18th century. et on a sliver of the Florida coast between the ocean and a tidal marsh, the Ponte Vedra Beach Residences offer refined simplicity that

is suffused with the natural beauty of the surrounding tidal marsh, according to designer Andre Kikoski Architect. The houses are a stylish take on the Lowcountry vernacular, reimagining the stately geometries of the 18th century in contemporary architecture for 21st-century lifestyles.

“Enduring design embraces the very traditions and essence of a place, invigorating them with dramatic contemporary thinking,” said Andre Kikoski, founding principal of Andre Kikoski Architect. The firm’s clients include The Guggenheim Museum, The Related Companies at Hudson Yards, The Kohler Companies, Ligne Roset, Saks Fi"h Avenue,

found beauty of both the ocean’s dunes and

that command views of the surroundings that

Swarovski Crystal and, most recently, more

tidal marshlands.”

also fill the homes with daylight. Multiple expansive outdoor spaces, including a col-

than 20 residences in the Hamptons. “We fell in love with the unassuming grandeur

The houses recast familiar Lowcountry el-

onnaded front porch and veranda, a resort

of historic southern homes and envisioned

ements like colonnades, steeply pitched

style pool deck and two additional sun deck

truly unique, lifestyle-driven custom resi-

roofs and double-hung windows with new

terraces embrace their waterfront se#ing, ex-

dences with a refined sense of simplicity

materials and forms: unornamented volumes,

tending the living areas to blur the boundary

that are elegantly poised between the pro-

slender columns and soaring glass panels

between house and landscape.

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A.E.C

Views include the ocean and marshlands.

Opaque glass highlights the entrance.

Natural light abounds.

Each residence, offering more than 9,500

a gracious dining room designed for enter-

ditional bedrooms, one with its own private

square feet of combined interior and exterior

taining with a 1,500-bo#le, climate-controlled

sundeck, offer en suite bathrooms.

spaces across two floors, is sited on an axis

wine cellar and expansive chef's kitchen with

that opens eastward to the Atlantic Ocean and

a spacious island, abundant pantry and prep

Throughout, the interiors are bathed in natu-

westward to the marshes of the Guana River

space. These indoor spaces flow effortlessly

ral light from sunrise to sunset while soaring

National Preserve. This axis informs the plans,

into a dramatic and expansive outdoor lounge

architectural ceilings and glass walls create a

organizing interior spaces and locating win-

that is a perfect spot for convivial casual en-

sense of openness and airiness. The interior

dows, doors and sliding walls of structural glass

tertaining, defined by an axial infinity edge

color pale#e is inspired by the beauty of the

to create seamless connections between the

pool and fire table and featuring a planted

marshy landscapes — driftwood gray, sea-

landscape and bodies of water in the homes.

trellised dining area with outdoor kitchen. The

glass green, grassy olive green, pale blues

The fronts of the houses are set amidst dense

luxurious first floor primary bedroom suite, ar-

— all brought to life by the vibrant Floridian

vegetation and are more private and opaque,

ticulated as a glass-fronted, one-story volume

light. Natural materials inside and out mix

accented by towers with double-height win-

extending into the gardens, showcases the

with elegant fixtures and features set the tone

dows and verandas with sweeping ocean vis-

views and a spacious bathroom that is coor-

for a timeless design that is artfully integrated

tas over the crowns of palm trees. The more pri-

dinated with ample double dressing rooms. A

into the lushly planted landscape.

vate rear façades of the houses open with full-

generously sized adjacent den/library perfect

height glass to spacious, exuberant gardens

for contemplative work completes the array of

“Every aspect of the house reflects the spirit

that dissolve into the natural vegetation of the

first floor living spaces.

of its place, connecting residents to the natural beauty of the surroundings,” Kikoski said.

tidal marsh. A long boardwalk spans the marshlands on the property to link the residence to

The second floor is just as dramatic, with

“With an eye to elegant restraint, our design

the riverfront, where a pavilion offers a place for

all the bedrooms organized around a grand

creates sophisticated residences that bring

quiet reprieve, waterside lounging and a set-off

cathedral-ceilinged living room that boasts

contemporary resort-style living to your own

point for kayaking and paddleboarding.

both a covered porch and a sundeck. The

private enclave on Ponte Vedra Beach. We

luxurious second-floor primary bedroom

could not be more thrilled!”

Architecturally, the formal entrance opens

suite boasts a marble-clad bath suite and

directly onto a large living room that flows to

soaking tub offering Atlantic vistas. Two ad-

Photos courtesy of Andre Kikoski Architect

The entrance opens to a grand living area.

A large island dominates the kitchen.

Bedrooms feature en suite baths.

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April 2022

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A.E.C

The Reinvention of Menifee Valley Middle School

Permanent classroom spaces surround a courtyard.

T

here are about 85 miles between Menifee, California and Hollywood, but in one respect the distance has become shorter, as Menifee Valley Middle School has been transitioned to a magnet school focused on visual and performing

arts. The $38 million, 71,277-square-foot renovation incorporates critical aspects of an art-focused middle school, the addition of two new classroom buildings, restorations to the Visual and Performing Arts Center, construction of an open-concept library and repairs to existing locker rooms.

106 | MR

Two classroom buildings are being added.

April 2022

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A.E.C

The modernization will allow buildings to adapt over time.

Located in Riverside County, roughly 15 miles north of Temecula, the

classrooms, allowing for abundant natural light. The school’s new

project consisted of the reconstruction of temporary portables into

library includes a flexible plan configuration, collaboration spaces to

new, permanent classrooms and lab spaces that create a centralized

facilitate group work and so! seating areas for students seeking a qui-

academic courtyard and cohesive community. To support Menifee

et, comfortable place to study. On the athletic front, renovations to ex-

Valley Middle School’s new focus on visual and performing arts, a

isting locker rooms include Americans with Disabilities Act upgrades,

music and choir space, as well as a renovated stage in the Visual and

audiovisual improvements and a washer/dryer addition. The campus

Performing Arts Center, were added. The campus introduces outdoor

features a clean and contemporary façade that is energy-efficient and

learning areas as well as active learning spaces optimized for use in

comfortable for students and staff.

the arts, music and sciences known as Flex Labs.

“We carefully considered and incorporated input from our school “By leveraging decades of K-12 construction experience, we were

community during the planning and construction phases of the re-

proud to deliver a cutting-edge campus that will serve the growing

construction,” said Jennifer Root, superintendent at Menifee Union

Menifee community both now and well into the future,” said Eric

School District. “The result is a beautiful, collective effort from which

Metzger, project manager at C.W. Driver Companies, the construction

we will teach and encourage students to live out the district’s vision of

and engineering firm that conducted the redevelopment. “The tactful

'Engaging Young Minds for Limitless Futures' for years to come.”

modernization of Menifee Valley Middle School allows for the space to adapt as educational and enrollment needs evolve over time.”

C.W. Driver partnered with BakerNowicki Design Studio on Menifee Valley Middle School.

In order to increase student academic performance, research-based lighting design was carefully considered. Large windows adorn the

mannpublications.com

Photos by Zach Benson Photography

April 2022

107 | MR

The Smartest Building The Smartest Building in in Chicago: Chicago: A.E.C

A.E.C

Andorix Completes In-Building Andorix Completes In-Building Backbone at Thor Equities’ 800 800 Backbone at Thor Equities’ Fulton Market Fulton Market

800 West Fulton Market marks Andorix’s U.S. debut.

800 West Fulton Market marks Andorix’s U.S. debut.

108 | MR

April 2022

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A.E.C

A.E.C

All building information is captured in a central dashboard.

All building information is captured in a central dashboard.

AA

with Andorix not only for their proven converged network technology ndorix, a smart building enabler and systems integrator for with Andorix not only for their proven converged network technology ndorix, a smart building enabler and systems integrator forbuildings, in built but also for their ongoing managed service apreal estate properties, has completed the in-building conin built buildings, but also for their ongoing managed service apreal estate properties, has completed the in-building conproach to help us integrate various building system data in a secure verged network project at Thor Equities’ 800 Fulton Market proach to help us integrate various building system data in a secure verged network project at Thor Equities’ 800 Fultonand Market operationally efficient manner.” in Chicago, its first U.S.-based new development commerand operationally efficient manner.” in Chicago, its first U.S.-based new development commercial building. This network serves as the digital backbone to capture cial building. This network serves as the digital backbone to Along capturewith the installation of the Passive Optical Network (PON) all building system and IoT sensor data into a central dashboard for Along theMarket, installation of thealso Passive Optical Network (PON) all building system and IoT sensor data into a central dashboard for infrastructure at 800with Fulton the project included the inanalysis and continued optimization of building operations. infrastructure at 800 Fulton Market, the project also included the inanalysis and continued optimization of building operations. stallation of a Distributed Antenna System (DAS) and the setup and

of anetwork Distributed Antennaareas, System managementstallation of the Wi-Fi for common as(DAS) well asand thethe setup and “In order to meet our vision of making 800 Fulton Market the smartest management of the Wi-Fi network for common areas, “In orderwe to needed meet our of with making 800 Fultonprovider Market the smartest installation of a Low Power Wide Area Network (LPWAN) to enable theas well as the building in Chicago, tovision partner a technology

installation of a Low Wide Area (LPWAN) to enable the building ininstalled Chicago,fiber-based we needednetwork to partner with a technology provider scalable and efficient collection ofPower building-wide IoTNetwork sensor data. who has successfully infrastructure in scalable and efficient collection of building-wide IoT sensor data. who has successfully installed fiber-based network infrastructure in commercial buildings,“ said Peter McEneaney, senior vice president commercial buildings,“ said Equities.

Peter McEneaney, vice president “A"er successfully deploying our PON-based solution to over 40 built of development and construction at Thor “We chosesenior to work “A"er successfully deploying ourbeen PON-based solution to over 40 built of development and construction at Thor Equities. “We chosebuildings to work in Canada, it was an honor to have selected

by Thor buildings in Canada, was an honor to have been selected by Thor Equities to make 800 Fulton Marketitthe smartest building in Chicago,” Equities to make 800 Fulton Market the smartest said Wayne Kim, CEO at Andorix. “This building is our entrybuilding to the in Chicago,” saidwe Wayne Kim, CEOtoatroll Andorix.

“This buildingofisour our entry to the U.S. market, and are continuing out implementations U.S. market, and we are continuing to roll out implementations of our in-building network solution to meet the scalability and security needs network solution to meet the scalability and security needs of U.S.-based in-building smart building developers.” of U.S.-based smart building developers.”

Andorix’s helps various building systems, applications and service data

Andorix’s helpsnetwork various without building compromising systems, applications and service data to be integrated onto one security. to be integrated onto one network without compromising security.

This allows 800 Fulton to implement best-in-class tenant experience allows 800 Fulton to implement best-in-class tenant experience platforms thatThis monitor indoor air quality, reduce energy consumption A Wi-Fi network has been set up in common areas.

platforms that monitor indoor air quality, reduce energy consumption and improve the overall comfort, health and wellness of its tenants.

A Wi-Fi network has been set up in common areas.

Photos courtesy of Andorix and improve the overall comfort, health and wellness of its tenants.

Photos courtesy of Andorix

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April 2022

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National Jewish Health

Breath of Life New York Golf Tournament Honorary Chairs Robert E. Helpern* Tannenbaum Helpern Syracuse & Hirschtritt LLP Stephen B. Siegel* CBRE, Inc.

Chair Emeritus Samuel B. Lewis* SBL Property Consultants, LLC *National Jewish Health Trustee

MONDAY, JUNE 6, 2022 Brae Burn Country Club

39 Brae Burn Drive | Purchase, NY Register Today Mattie L. Shepheard | 212.297.0857 | ShepheardM@njhealth.org

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BENEFITING

The building expands the curriculum.

In a Class by Itself: Granada Hills Charter Expands 112 | MR

April 2022

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COLLEGES

C

.W. Driver companies completed

with running track, two basketball courts, and

sixth grades. The site is also home to the

the 90,000-square-foot expansion

additional parking and pick up/drop off areas.

high school’s iGranada independent study academic program.

of Granada Hills, one of the largest public charter schools in the

“By leveraging decades of academic con-

U.S. The new campus, located a mile from

struction experience, C.W. Driver Companies

According to the school’s website, it has an an-

the high school, has allowed the school to

has successfully built a high-quality educa-

nual waitlist of more than 4,000 students, and

broaden its curriculum to offer transitional

tional environment tailored to Granada Hills

boasts a diverse population, with more than 40

kindergarten through eighth grade, with

Charter’s diverse academic, athletic and extra-

lanugages other than English spoken at home

plans to increase its student body capacity

curricular offerings,” said John Kately, project

and more than 60 nationalities represented. It

from 4,700 to 6,000 by 2023.

executive at C.W. Driver Companies. “Years

has been ranked the top best public elemen-

in the making, the modern campus enables

tary School in California, best charter school in

Built on a former school site, the project in-

Granada Hills Charter to provide families and

America and best charter high school in Los

cluded the demolition of nine buildings, instal-

children with continuity in education for all

Angeles County by niche.com, which profiles

lation of interim portable classroom buildings

grades up until high school graduation.”

and offers reviews of schools nationwide.

At the campus’ front entrance, a single-story

Granada Hills Charter, located at 10535

“With the expertise of C.W. Driver Companies,

building houses the administration offices, a

Zelzah Ave. in Granada Hills, California,

we are now able to broaden our comprehen-

multi-purpose room for cafeteria or auditorium

opened in 1960 and was converted into an

gramming to reach over 27% more students

use, and a media classroom. Elementary and

independent charter school in 2003. The

in grades TK-8 by 2023,” said Brian Bauer, ex-

middle-school lessons will take place in a new,

expansion is located at 17081 Devonshire

ecutive director at Granada Hills Charter. “This

three-story academics building that includes

St. in Northridge on a site purchased in 2014

21st-century facility provides an enhanced stu-

48 classrooms. Another single-story building

with the intention of building a campus for

dent-centric experience that will prepare our

features a full-service kitchen and locker room

elementary and middle-school students.

students for a future they envision and own.”

facilities, and an existing building was reno-

First year enrollment began in fall 2019

vated to include kindergarten restrooms. New

with 384 spots for transitional kindergar-

C.W. Driver Companies partnered with PBK-

outdoor spaces include a lighted sports field

ten and kindergarten, as well as first and

WLC Architects Inc. on the project.

and the construction of three new buildings.

Flexibility was the hallmark.

Photos courtesy of RMA Architectural Photography

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April 2022

113 | MR

National Jewish Jewish Health National Health LOS ANGELES REAL ESTATE

GOL F C L AS S IC Monday, May 16, 2022 El Caballero Country Club Tarzana, California 2022 COMMITTEE Anthony Behrstock

Co-Chairs

Commonwealth Land Title

David Sonnenblick

Sonnenblick-Eichner Company

Zach Brandler

Ron Friedman

Jeff Mann

Jonathan Canter

Carrie Jenkins

Deborah Medway

Steven Cohen

William Mark Levinson

Eric Nelson

Fred Lionetti

Christine Ouzounian

Corcoran Global Living

Marcum LLP

JP Morgan Securities

Triumph Business Capital

Real Estate Investment and Operational Exec and Principal

Charles Eberly

The Eberly Company

Carlton Fields

Business Broker and Consultant

Mann Publications Stewart Title

Rimrock Real Estate Ventures Commonwealth Land Title

Michael S. Rosenblum Law Offices of Michael S. Rosenblum

Josh Rubin Nico

Todd Sherman

First Pacific Financial

Matthew Winnick

Managing Partner Kilowatt Capital

Don’t miss this opportunity to play at the newly redesigned course at El Caballero Country Club.

Reserve your foursome or sponsorship today at njhealth.org/lagolf or contact Keri Henning at 818.905.1300 or HenningK@njhealth.org.

The health and safety of our guests is of the utmost importance.

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www.kaufmanorganization.com

A MODERN APPROACH TO COMMERCIAL REAL ESTATE POWERED BY A CENTURY’S WORTH OF EXPERIENCE

KAUFMAN'S REPOSITIONED PROPERTIES

WEST 23

155WEST23RD.COM

MADISONSQUAREPORTFOLIO.COM

450SEVENTHAVE.COM

EXECUTIVE CHANGES

retail arena, as a primary supplier to Servi-

Marcel Fadl Expands into U.S. with Green Mid LLC

cios Shasa, a fashion chain with more than 100 retail stores throughout Mexico, he Marcel Fadl

was selected to supply materials for a new corporate brand renovation. His innovative three-tier remodeling and design strategy for

Marcel Fadl, a specialist in building materials

HM México, SA de CV, an international mate-

numerous retail locations improved lighting

and surface finishes, has expanded his enter-

rials distribution company based in Mexico

and materials durability and provided a be$er

prise with Green Mid LLC, based in Houston.

City, Mexico. In this capacity, Fadl led busi-

shopping experience.

As a partner and chief executive officer, he

ness operations for multiple stores and distri-

provides renovation project management for

bution facilities, built and negotiated vendor

Additionally, as one of the first to sell and

commercial and residential real estate.

relationships with prestigious global brands

install Krion, a new generation solid surface,

and provided materials for a wide range of

in Mexico, Fadl was a pioneer in utilizing the

major projects across diverse industries.

revolutionary material for kitchen counter-

Fadl is known for introducing cutting-edge

tops in luxury residences.

finishes into interior design and creating techniques that allow for the unique applica-

Among his notable projects, Fadl designed

tion of architectural materials.

and provided flooring and restroom furnish-

In the U.S., he continues to pioneer unique

ings for the renovation of the Autodromo

design strategies that integrate ground-

Fadl previously served as CEO and partner/

Hermanos Rodriguez prior to its hosting

breaking and/or eco-friendly “green” materi-

general manager of Espacios Arquitectónicos

motor racing’s Grand Prix in Mexico. In the

als with durability, design and budget.

great success. Investing in our technology is

Curbio Announces Darren Stewart as Chief Technology Officer

a top priority for Curbio as we look to continue modernizing home improvement to help Darren Stewart

agents and homeowners, and I believe that Darren is the perfect candidate to lead this effort,” said Rick Rudman, CEO of Curbio.

Curbio, the pay-at-closing home improve-

Before Tracx, he was vice president of global

ment service for real estate agents and their

services at Vocus, a public relations and mar-

In his new role at Curbio, Stewart will lead

clients, has appointed Darren Stewart as its

keting software provider. At Vocus, Stewart

all product roadmap and development,

chief technology officer. Stewart joins Curbio

served as the first product design execu-

helping to optimize Curbio’s proprietary

with more than 25 years of experience in the

tive, where he supported the organization’s

technology to continue transforming home

tech and SaaS industries, most recently serv-

revenue growth from $4 million to $180 mil-

improvement for real estate. Curbio’s product

ing as the chief operating officer of Transfor-

lion and helped to facilitate the rapid expan-

provides insights which allow the company

mania, a Maryland-based startup focused on

sion of the Global Services Team from 10 em-

to achieve its mission of ge$ing every listing

data cleansing and enrichment.

ployees to over 500 employees worldwide.

market-ready and sold fast, with no payment

Prior to his role at Transformania, Stewart was

“I am pleased to welcome Darren to Curbio’s

technology, projects are completed 50%

the CEO of social media monitoring and en-

executive team. He has extensive experience

faster, spend 50% fewer days on the market

gagement platform Tracx, where he led strat-

leading the entire research and development

and sell for an average list price that is 20%

egy, operations and product development.

product functions at multiple companies with

higher post-renovation, the company said.

due until closing. With the help of Curbio’s

EXECUTIVE CHANGES

aged the firm’s properties in Hoboken: Mis-

JDA Group Promotes Smith to Vice President of Operations

sion 50, an 80,000-square-foot office building and coworking community located at 50 Robyn Smith

Harrison St. and The Lexington, a 50-unit luxury residential building. As the point of contact for tenants and the liaison to ownership,

JDA Group LLC has promoted Robyn Smith

Northern New Jersey, as well as more than

she has handled everything from leasing and

to vice president of operations, the Hoboken,

100 tenant fit-outs.

billing to maintenance and curb appeal.

nounced. The move supports the company’s

In her new role, Smith will oversee JDA’s

Smith began her career in property manage-

strategic plan to expand its portfolio of com-

operations, including the property manage-

ment with Ironstate Development Company,

mercial and residential properties through

ment company, corporate development,

where she managed leasing for projects in

both acquisition and development.

investment-related accounting and human

Hoboken and Jersey City. She honed her

resources. She will work in tandem with JDA

accounting skills while serving as assistant

Smith previously served as property manager

Vice President Timothy Connell, who facili-

controller with Plaza Enterprises JC LLC, and

of the privately held commercial and resi-

tates all aspects of JDA’s development, port-

was the property manager for City Homes

dential developer and owner. JDA boasts a

folio management and investment initiatives

and Gardens. She was a member of the exec-

development and management track record

with an eye toward expansion.

utive commi$ee of the Institute of Real Estate

New Jersey-based development firm an-

Management and holds an IREM Certified

of successful, ground-up multifamily and commercial adaptive reuse projects across

Since joining JDA in 2018, Smith has man-

Property Manager (CPM) designation.

to position the teams nationwide.

Nelson Worldwide Welcomes New VP, Mixed-Use Leader

“Over the years, I’ve worked across four difBlaik Ritchie

ferent continents. Through this experience, I’ve acquired a deeper understanding of how to approach architecture and design from

Blaik Ritchie has joined award-winning ar-

tional value to clients through all phases of a

a global perspective,” Ritchie said in the

chitecture and interior design firm Nelson

project.”

announcement. “I am excited to join the firm’s team of experts and come together with

Worldwide as vice president and mixed-use business leader in Dallas.

Ritchie brings over 30 years of experience to

like-minded designers to drive continued

his new role. At Nelson, he will work on the

growth within the mixed-use sector.”

“Blaik’s extensive experience in business

operational side of the mixed-use practice.

development, research, client engagement,

Some of these activities include supporting

To date, Ritchie has produced projects

and studio leadership will support continued

and assisting various Nelson offices in help-

throughout the United States as well as Afri-

growth for the firm,” said Chairman and Chief

ing streamline mixed-use project manage-

ca, Europe and South America. His work has

Executive Officer of Nelson Worldwide, John

ment and planning. Additionally, he will work

been recognized with design awards from

(Ozzie) Nelson Jr. “We are confident that

across different market sectors, including

the AIA and the IIDA for architecture and inte-

Blaik will support teams and deliver excep-

retail, hospitality, residential and workplace,

rior design projects.

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April 2022

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EXECUTIVE CHANGES

terior Architects and Corgan Associates.

TPG Architecture Promotes Tracey to Managing Executive

His clients have included Barclays, Polen Ken Tracey

Capital and Tommy John. He oversaw TPG’s efforts on IEX Group’s relocation to 3 World Trade Center, which received the CoreNet

New York City-based architecture and de-

lize the valuable guidance given to me along

sign firm TPG has promoted Ken Tracey to

the way,” Tracey said. “I see this next step as

Award for Project of the Year in 2019.

managing executive. Tracey joined TPG in

an exciting opportunity, and I look forward

Most recently, TPG asked Tracey to serve

2011. In his new role, he will work alongside

to increasing my voice and visibility among

as the director for a new Workplace and

the current distinguished group of managing

the partnership.”

Landlord Services Studio that launched in the fall of 2019. Under his leadership, TPG

executives and leadership to aid in the firm’s After receiving his bachelor of architecture

expanded its relationships with real estate

from the Catholic University of America,

owners and developers throughout the city,

“During my time with TPG Architecture, I’ve

Tracey worked in project management roles

including Silverstein Properties, MHP, Van-

been able to shape my career path and uti-

working with firms including Sargenti, IA In-

barton Group and the Durst Organization.

continued expansion.

Jaros, Baum & Bolles Announces 2022 Promotions

Michelle M. DeCarlo

Charles F. Murphy Jr.

Brian T. Towers

Jaros, Baum & Bolles (JB&B) announced mul-

his leadership role in the firm’s Philadelphia

policy implemented at JB&B, and in 2018 she

tiple promotions, including Brian T. Towers to

office, he has led the design and construction

launched the JB&B Women’s Initiative, em-

partner, and Michelle M. DeCarlo and Charles

of high-rise towers such as 30 Hudson Yards,

powering women to position themselves as

F. Murphy Jr. to associate partners. Newly

2 World Trade Center and 7 Bryant Park. His

leaders both inside and outside the firm.

appointed as directors are Mohammad Ali,

work on offices for major financial institutions

Molly H. Dee-Ramasamy and Maxwell L. Hat-

in Jersey City, New Jersey and Lower Manhat-

Murphy leads the firm’s Science & Technol-

field-Biondo; new Senior Associates include

tan is complemented by data center projects

ogy/Life Science Community of Practice and

Jeffrey Arcara, Joriel Guerrero, Jonathan Y. Li,

for clients such as Morgan Stanley and Sulli-

in 2020 relocated to Boston to support the

Ryan C. McCarthy, Brian T. McKinney, Gina M.

van & Cromwell.

launch of JB&B’s expansion into the New England market. Since joining the firm in

Semerad, Wallace F. Workmaster and Adam C. Zuar. James K. McGarity was promoted to

DeCarlo has led the HVAC design for JB&B

2008, he has led the design and develop-

technical leader and Carolyn Cioffari to senior

on projects in the commercial office, trans-

ment of HVAC, plumbing and fire protection

marketing and communications manager.

portation and life science sectors, including

systems across numerous project types,

30 Hudson Yards, the award-winning rede-

including S&T/life science, healthcare, com-

In addition, the firm welcomed nine new as-

velopment of Moynihan Train Hall, Columbia

mercial office and educational buildings. He

sociates: Salah W. Aldogom, Alex L. Cannella,

University Manha"anville’s Jerome L. Greene

is currently working on projects throughout

Ma"hew E. DeFeligibus, Jonathan De Arcos,

Science Center as well as pro bono work for

Massachusetts, including AstraZeneca, Bio-

Grace M. Falone, Maxwell S. Schoen, Timothy

the Lower Eastside Girls Club. Her leadership

Labs and ESG Clean Energy. Among his more

J. Tiu and Jessica Way.

also extends to her advocacy for the ad-

notable projects in New York City are NYU

vancement of women within the industry. She

Langone Health’s Science Building and Cure

was instrumental in getting a parental leave

at 345 Park Avenue South.

Towers joined JB&B in 2000. In addition to

118 | MR

April 2022

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EXECUTIVE CHANGES

already strong team of multifamily bankers and

Walker & Dunlop Adds Waite to Multifamily Finance Team

brokers,” said Gilmore. “Walker & Dunlop is very focused on expanding its affordable housEthan Waite

ing debt and equity offerings, as evidence by our acquisition of Alliant Capital in 2021.”

Walker & Dunlop has expanded its afforda-

firm’s originations of affordable multifamily

Prior to joining Walker & Dunlop as a managing

ble housing finance team with the addition

properties in the city.

director, Waite served as a vice president at CBRE, where he was responsible for the origi-

of Ethan Waite, managing director. Based in Walker & Dunlop’s New York office, Waite

“Ethan has played a number of significant

nation of affordable multifamily housing loans.

joins Managing Director John Gilmore and

roles in the affordable rental housing indus-

Previously, he worked for Freddie Mac, where he

his team, which is focused on growing the

try and will bring considerable value to our

held various production and underwriting roles. offers brokerages the newest ways to buy

Former Amazon AI leader Baglodi Named Zavvie CTO

and sell homes while keeping agents at the center of every transaction.

Venkatesh Baglodi

Before becoming Amazon’s engineering leader for Alexa AI and AWS AI, Baglodi

A#er leading technology roles at UPS, AT&T

e-commerce and banking and finance, tel-

served as a senior technology leader at Am-

and, most recently, as the engineering

ecommunications and logistics,” said Lane

azon Prime. His experience also includes

leader at Alexa AI and AWS AI at Amazon,

Hornung, co-founder and CEO of Zavvie.

seven years at AT&T as principal architecture/

Venkatesh Baglodi has joined proptech start-

“This is a huge catch for Zavvie; 2022 is the

development manager, a senior software

up Zavvie as its chief technology officer.

year when leveraging data will help us be"er

architect, R&D for three years at McKesson

serve our clients and rapidly expand our

Provider Technologies (now Change Health-

nationwide footprint.”

care) and six years at UPS as lead systems

“Ven is a seasoned leader with deep ex-

architect/technical manager. He has a Ph.D.

perience in building artificially intelligent platforms. A creator of large-scale data

A software technology company that pro-

in computer science from Nova Southeastern

and applied science solutions, he brings

vides real estate brokerages with a market-

University, an M.S. degree from Southern Pol-

to Zavvie three decades of diverse industry

place for buying and selling solutions via

ytechnic State University and a B.S. degree

experience from a wide range of industries:

their own white-labeled platform, Zavvie

from The Institution of Engineers (India). existing top-tier tenants and add new brands

First National Realty Partners Appoints Roth as VP of Leasing

and categories to uphold and enhance our shopping centers’ market-leading positions.”

David Roth

Roth, who reports to FNRP Managing Director Fred Battisti, will play a vital role in sourcing

First National Realty Partners, (FNRP) has

“This is an exciting time for our firm and for our

new tenants, canvassing markets, negotiating

appointed David Roth as vice president of

team,” said FNRP Chief Operating Officer Kurt

lease parameters, analyzing leads, creating

leasing. With this key addition, the Red Bank,

Padavano. “We continue to increase our market

le"ers of intent and closing lease transactions.

New Jersey-based, vertically integrated real

share across the country, which means that

He joins FNRP with over 13 years of leasing ex-

estate investment firm has hit a key milestone

our leasing volume is growing exponentially as

perience, most recently serving as director of

with its 100th team member.

well. David is a key addition as we work to retain

leasing with Kin Properties.

mannpublications.com

April 2022

119 | MR

Community Housing Improvement Program Cordially Invites You To Attend

President’s Club Friday, April 29th, 2022 11:00 a.m.

Gotham Hall 1356 Broadway (at West 36th Street) Manhattan E-mail: RSVP@chipnyc.org or

by April 22nd, 2022 Questions Call 212.838.7442

LANGSAM PROPERTY SERVICES CORP., AMO Langsam Property Services Corp. is a Bronx-based real estate management company. These buildings are located in the Bronx, Manhattan, Queens, Brooklyn, and lower Westchester County.

Langsam is designated as an Accredited Management Organization (AMO), a standard of excellence in management conferred by the Institute of Real Estate Management (IREM).

1601 Bronxdale Avenue Bronx, New York 10462 Tel: 718. 518. 8000 Fax: 718.518. 8585

Mark Engel, CEO

www.langsampropertyservices.com www.langsampropertyservices.com

Matt Engel, President

Mann About Town

Nothing HOTTER than Mann About Town Consider being part of it in helping promote your brand through our print and digital platforms

Follow us on Social Media!

Director of New Business Development Penelope Herrera pherrera@mannpublications.com

Distribution in New York Los Angeles Miami Palm Beach The Hamptons

Call for more information 212-840-6266 ext. 313

CITRINCOOPERMAN.COM CITRINCOOPERMAN.COM

For more information contact: For more information contact: Mark Mindick, Partner mmindick@citrincooperman.com Mark Mindick, Partner mmindick@citrincooperman.com Michael DeVito, Partner mdevito@citrincooperman.com Michael DeVito, Partner mdevito@citrincooperman.com

Weʼre back! Please join us for exciting and informative program as we discuss the future of the retail industry. Our expert speaker will share his years of experience with trade shows and what the future looks like for the retail industry. Come network with retailers, manufacturers and service providers specializing in consumer products including: electronics, toys, accessories, food & beverage, apparel, e-commerce and more!

MAY 19, 2022

@ E-Central Downtown Los Angeles Hotel

4:00 p.m. - 7:30 p.m.

Tickets: $50/ticket

Keynote Speaker Tom Nastos

Co-Founder, BluEnsign LLC Tom Nastos is a Co-Founder of BluEnsign, a strategic advisory firm serving consumer brands and event planning organizations across the entire global value chain. He drives business development and execution of client mandates focused on digital transformations, commercialization, partnerships and alliances, new market entry, product innovation, and financial forecasting. Previously Chief Commercial Officer of the Fashion Group at Informa, a multinational publishing, business intelligence, and exhibitions group with $4B in annual revenues, Tom boosted annual revenues with technology and innovation.

MEDIA SPONSOR

To register visit: www.marcumevents.com/retail-symposium

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Asset Based Revolvers

Inventory Purchase Facilities

Factoring and Invoice Discounting

Structured Sale of Receivables

COMMERCIAL CORNER

RYAN LEWIS Erg Commercial Real Estate managing director Erg Commercial Real Estate recently promoted Ryan Lewis from senior advisor to managing director at the Long Island, New York-based investment sales, finance and property management firm. In his new role, Lewis is responsible for managing the commercial sales and investment team, handling deal flow, broker training and helping to close sales, financing and private lending deals.

Lewis joined Erg as an associate advisor in 2015 directly out of college, after studying business and political science at James Madison University. He has since found success in different asset classes and transactions throughout the New York City and Long Island markets.

His knowledge and experience have allowed him to advise clients and complete investment sales and finance transactions.

“Whether it’s refinancing a multifamily building in Manhattan or selling a distressed, mixed-use asset on Long Island, Ryan’s wide range of experience has allowed him to become a source his clients can lean on to help accomplish all their real estate goals,” said Erg Chairman James Guarino. “Ryan’s competitive work ethic and knack for the business and communication skills help him succeed in negotiations to achieve premium results. As our top producer, Ryan will continue building relationships by going above and beyond for his clients.”

How long have you been in the business?

I started in the business at the end of 2015, after graduating from James Madison University.

What made you go into real estate?

Since I could remember, I have always been interested in real estate.

My grandparents, immigrants from Sicily, started a business, and with the money they made, they would purchase properties on Long Island. Their influence, constant conversations and passion for real estate pushed me to gain interest and ultimately work in the industry.

What is the hottest deal you have made to date?

Because ERG can orchestrate deals on both the investment sale and financing sides of the business, it allows me to take on interesting but challenging deals. I have always found that development sites have been the hottest deals because of the great opportunities they offer and the complexity those jobs take to get done. However, my favorite may be finding and negotiating the purchase of ERG’s Long Island headquarters.

How do you make sure you close the deal?

One of the most important things in any deal is understanding the people involved. You deal with different personalities, backgrounds and real estate needs. Understanding who you are dealing with and being able to communicate with them can make or break a deal.

126 | MR

April 2022

What is the busiest area for deals right now?

I do not necessarily believe there is one specific area that is the hottest for deals. Coming out of the pandemic and the moratorium being lifted, I believe the deals will be determined by the banks. With current debts and forbearance agreements coming due and defaulted mortgages rising, decisions from the banks will determine what the market will look like in the next year.

Who inspires you?

I am very fortunate to have an amazing family, friends and coworkers at ERG. Starting in a commission-only business directly out of college is definitely not the normal path chosen. Their support and belief in me have inspired and pushed me to overcome the hurdles that you face in this industry and have allowed me to believe I can make it in this challenging business.

What’s the best piece of advice you would give to someone starting in the field?

You have to have patience. You need to work extremely hard without seeing any results for some time with no guarantee you will make money. To a lot of newer people in the office, I say, “no highs no lows,” to keep an even head. If a deal falls through, stay the course and keep moving forward to the next deal. If you push yourself and have the “I’m going to make it” attitude, you will find yourself in one of the most exciting, rewarding, entrepreneurial careers. mannpublications.com

LEASING | MANAGEMENT | INVESTMENTS

A MODERN APPROACH TO COMMERCIAL REAL ESTATE, POWERED BY A CENTURY'S WORTH OF EXPERIENCE.

Our team & staff Our tenants Our partners All New Yorkers

KAUFMANORGANIZATION.COM

BY THE NUMBERS

EVERY DAY IS EARTH DAY The definition of sustainability for commercial buildings has changed a lot in the last few years, and now includes health and wellness for occupants as well as preserving the planet.

But conservation of resources is still a major goal for builders and managers, as we can see by the numbers.

3.16 square 6%/ feet 7.6% The amount of LEEDcertified building space per person in Illinois in 2021, making it the top state for LEED (U.S. Green Building Council)

The premiums that green certifications bring to rents and sales, respectively, to projects (“Return on Sustainability,” JLL Global Research)

21

54%

The number of U.S. states that are home to U.K. standard Building Research Establishment Environmental Assessment Methodologycertified projects.

Solar energy’s percentage of all new electricitygenerating capacity added in the U.S. in the first three quarters of 2021 (Solar Energy Industries Association/Wood Mackenzie Power & Renewables U.S. Solar Market Insight)

(BREEAM)

Your Square Footage and Dollar Values, Delivered.

8.4%

17%

Wind turbines’ share of total U.S. electricity generation in 2020

The amount of public water supplies withdrawn by the commercial and institutional sector, the second largest sector

(U.S. Energy Information Administration)

(Environmental Protection Agency)

128 | MR

April 2022

mannpublications.com

A new perspective opens a world of possibility.

Many of the biggest names in New York trust Kramer Levin for real estate and land use counsel. The reason is simple: We have the experience to view matters from all sides key roles in many iconic projects, including Hudson Yards, Central Park Tower and the Moynihan Train Hall at Penn Station. Let us show you how results-oriented counsel can make your next project a reality. www.kramerlevin.com

Kramer Levin Naftalis & Frankel LLP 1177 Avenue of the Americas, New York, NY 10036 212.715.9100

M A R C U M R E A L E S TAT E

WHAT IF LOCATION ISNʼT EVERYTHING? The Real Estate industry is complicated no matter where you are. Having the right advisor to call may just be the difference between good and great. Marcum Real Estate members are solely dedicated to providing solutions to their real estate clients and getting them to that great place. Ask Marcum.

marcumllp.com For more information about Marcum Real Estate contact:

Daniel Vitulli, National Partner-in-Charge of Marcum Real Estate Group 212.485.5575 | daniel.vitulli@marcumllp.com New York City | 750 3rd Avenue | 11th Floor | New York, NY 10017