Zetlin & De Chiara LLP, one of the country’s leading law frms, has built a reputation on counseling clients through complex issues. Whether negotiating a contract, resolving a dispute, or providing guidance to navigate the construction process, Zetlin & De Chiara is recognized as a “go-to frm for construction.”
We’ve done hard things before, we do them all the time.
For most cancer patients, the usual options are surgery, chemotherapy, or radiation. So we’re working on ways to get the immune system to deploy billions of cancer-killing cells and help more patients survive.
When some people experienced mysterious COVID symptoms and had nowhere to go, our team created the first Center for Post-COVID Care.
It wasn’t that long ago we had to open up your whole chest for heart surgery. Now we’re pioneering a bypass that goes through a few tiny incisions. With this surgery, we can get you back on your feet in weeks instead of months.
So if anyone ever tells you there’s no other way—don’t listen.
be done.
We didn’t listen.
From coworking memberships to turnkey o ces, WeWork gives you more flexibility with your workspace. Discover solutions that make hybrid work for you.
A Beautiful Soul Remembered
Happy and always smiling is how we should all remember my dear friend, Arnold Penner.
1936-2023
Annie and I are deeply saddened by the passing of our dear friend, Arnold Penner. He was an exceptionally charitable individual, leaving a lasting impact on all those who knew him. He was held in high regard by a wide circle of people. Our hearts and sympathies are with Mimi and her family during this difficult time.
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One of the great benefits of being a publisher is the chance to learn from brilliant people about the latest trends. Our cover story on the life sciences development in Hudson Valley is the result of one of these conversations, which enlightened me to just how much growth has taken place in this sector.
I won’t pretend to understand all the technology needed to safely build a laboratory or R&D facility, but I now know that these developments are a huge opportunity for spaces in and around the city — and to benefit our people and planet. I hope you enjoy our overview of Hudson Valley and other projects, and please look forward to more to come.
Meanwhile, you’ll see that events are back in full swing, and we’re looking ahead to an even busier fall.
Case in point: as summer begins to wane, don’t forget that there is still time to register for the Mann Charitable Foundation Annual Golf Outing, being held on August 21 at the Fresh Meadow Country Club. We’re thrilled to honor Bob Grgic, president and CEO of White Oak Commercial Finance, and Christopher Petermann, co-partner in charge of the private foundation practice. We’ll have a fine day of brunch and golf, followed by cocktails and dinner. The MCF was founded in memory of my parents Irving and Marion Mann, and supports research and other initiatives around Crohn’s Disease and colitis, breast cancer, liver disease, lymphoma and macular degeneration. For more information, contact me or pherrera@ themanncharitablefoundation.com.
Enjoy the rest of the summer!
Coming together is a beginning, staying together is progress and working together is success”
– Henry Ford
88 Helping the Neighborhood: Lendlease, Union Theological Seminary, Jewish Theological Seminary Support Local Nonprofits
Meridian’s national dominance in multifamily financing gives us a unique vantage point from which to approach markets on our clients’ behalf. By leveraging our 30+ year relationships and depth of experience, we are able to see what others can’t and produce exceptional outcomes — especially in turbulent markets. Remain informed and be agile with Meridian.
TODAY’S MARKETS MOVE MORE QUICKLY THAN EVER.
We’re back!
Double issues are wonderful in that we all have some tme to take a breath, hit a beach (mine was in Mexico) or the mountains and regroup. But they also can be really frustratng with so much news and analysis to share.
That’s why, in this issue that’s focused on the burgeoning Life Sciences sector, you’ll also fnd a healthy dose of retail in light of May’s ICSC conference in Las Vegas. As a veteran of that all-important meetng, I’ve seen it through great tmes, downturns and the return from COVID-19, and this year was one of the most productve ever. But there is only so much a landlord can do to keep the shoppers coming — as Marshal Cohen notes, retailers also must fnd new ways and goods to engage the consumer.
Other features from our growing list of expert contributors focus on legal trends in Florida and a guide to the newest technologies to help you manage and market your propertes. Look for even more on the later in next month's Proptech issue.
Maybe we should get back to the beach one more tme …
Real estate owner, operator and developer RXR held a spring luncheon with Douglas Elliman agents at The Beacon, its luxury condominium located within its master-planned Garvies Point development in Glen Cove, New York. The event brought together hundreds of agents from across Nassau and Suffolk Counties who
heard from speakers including Joe Graziose Sr., RXR’s executive vice president of residential development; Susan de França, president and CEO, Douglas Elliman Development Marketing; Scott Durkin, president, Douglas Elliman; Todd Bourgard, Douglas Elliman CEO for Long Island, Hamptons and North Fork; Maria Babaev, associate real estate broker, Douglas Elliman and Hugh Dixon, associate, New York Private Offce, Knight Frank.
The event was held in The Beacon’s shared community space on the second foor, where guests were also treated to lunch and views overlooking the prop-
erty’s pool and Glen Cove Creek. The building is comprised of 166 luxury condominium residences ranging from one- to three-bedrooms. Residents enjoy a full, resort-like array of amenities including a 24-hour concierge, 24-hour ftness center, glass-enclosed yoga and meditation center, a club room, game room, library, outdoor pool and tiki bar. The Beacon is part of RXR’s broader development at Garvies Point, a 56-acre, resort-style neighborhood on Long Island Sound.
1. Bryan Cohen, Susan de Franca, Scott Durkin, Maria Babaev, Joe Graziose and Todd Bourgard
2. Hugh Dixon, Todd Bourgard, Scott Durkin, Stephanie Garbarini, Susan de Franca, Bryan Cohen and Stephen Larkin
3. Hugh Dixon
4. Joe Graziose, Diana Garden, Grace Cannizzaro, Maria Babaev, Sandra Raymond, Elyse Saltsberg and Tony Piscopio
5. Joe Graziose
6. Maria Babaev
7. Scott Durkin
8. Stephen Larkin, Scott Durkin and Hugh Dixon
9. Susan de Franca
Several hundred New York real estate leaders attended Jewish National Fund-USA’s annual Leonard Litwin New York City Real Estate Tree of Life Gala at the Rainbow Room to honor two industry icons for what the organization called their invaluable leadership and philanthropic endeavors in support of nation-building projects in Israel’s north and south.
Laurent Morali, chief executive offcer at Kushner, was the recipient of Jewish National Fund-USA’s Tree of Life Award, the organization’s highest humanitarian honor. A veteran of the real estate sector, Morali has closed several billion dollars’ worth of real estate transactions, from construction and development to acquisitions, fnancings and recapitalizations. Prior to Kushner, Morali spent 10 years working at Credit Lyonnais focusing on complex debt capital market solutions.
“Jewish National Fund-USA’s programs, many of which my wife Liat and I have been involved with, have made
and continue to have a lasting impact on the land and people of Israel,” Morali said in his award acceptance speech. "From massive water projects in Israel’s south to building hospitals in newly established cities, fre stations, education centers for people with disabilities, and more … as leaders in the real estate industry, it is our moral obligation to use our privilege of infuence to create positive change in the world around us.”
The gala also honored Michael Mintz, CEO and founder, MD Squared Property Group LLC, a real estate advisory, property management and investment frm managing over 150 buildings and 3,500 units in New York, Connecticut and Oklahoma. Mintz received the Gregory A. Davis Leadership Award, which celebrates young philanthropists between the ages of 22 and 40.
Mintz has been a partner (donor) and ambassador (lay leader) with Jewish National Fund-USA for nearly a decade, holding leadership positions on several of the
organization’s committees.
“Growing up in Minneapolis, Minnesota, as the grandson of Holocaust survivors, the importance of the Jewish State of Israel was always emphasized,” said Mintz. “Jewish National Fund-USA’s tight-knit and intimate community made a big city seem small and allowed me to channel my love for
Israel in a way that had a direct impact on its people.”
Founder of Douglaston Development Jeffrey E. Levine and David R. Greenbaum, vice president of Vornado Realty Trust, served as the event’s honorary chairs. Remarks were provided by Glen Weiss of Vornado Realty Trust and Charles Kushner, chairman, Kushner.
1. Glen Weiss, Vornado Realty Trust
2. Roy Kirsh, QN Realty
3. Laurent Morali and Charles Kushner, Kushner
4. Michael Feinman, Sarah Azizi, Michele Rabinovitch and Lior Zommer of JNF-USA's tri-state team
5. Eric Lowenstein, Feil Organization and Michael Mintz, MD Squared Property Group
6. Sco Nadler, CrossCountry Mortgage with Bess Freedman and Mat-
thew Hughes, Brown Harris Stevens
7. Andy Weiss, Dansker Capital Group and Sara Armet, Lantern
8. Bess Freedman, Brown Harris Stevens and Sarah Azizi, JNF-USA tristate director, Manha an
9. The event a racted hundreds of guests
The Annual Beneft for Kids is Creative Art Works’ (CAW) most important fundraiser of the year and a chance to thank all the people who make their work possible. CAW welcomed over 425 supporters, partners, staff, Teaching Artists, students and Youth Apprentices to 1301 Avenue of the Americas for drinks, hors d'oeuvres and a chance to view 300 works of youth-created art. The beneft raised over $950,000 in critical funding which will allow CAW to bring vital arts programs to thousands of NYC youth in
the coming year.
Attendees included 2023 Honorees Peter Brindley, executive vice president–head of real estate, Paramount Group, Scott Corneby, executive vice president, Structure Tone and Gary LaBarbera, president, Building & Construction
Trades Council of Greater New York. Manhattan Borough President Mark Levine kicked off the evening with inspiring words of support.
From left: Brian Ricklin, CAW; Andy Levin, BXP and CAW chairman; Peter Brindley, Paramount Group and 2023 honoree; Karen Jolicoeur, CAW; Sco Corneby, Structure Tone and 2023 honoree and Gary LaBarbera, The Building and Construction Trades Council of Greater NY.
(Photo by James Ransom)
Karen Jolicoeur, CAW and Glen Weiss, Vornado Realty Trust and benefit co-chair
01. Deborah Thangam and Peter Scallion of Rand Engineering and Architecture with Karen Jolicoeur, CAW (Photo by Elizabeth Orlovska)
02. Gary LaBarbera, The Building and Construction Trades Council of Greater New York and Manha an Borough President Mark Levine (Photo by John Sco Lucas)
03. Joseph Ramaglia Jr., Nick Milazzo and Michael Kearns of District Council 9 of the International Union of Painters and Allied Trades (Photo by James Ransom)
04. Janet Woods and Jennifer Cameron of Savills (Photo by John Sco Lucas)
05. Raj Udayakumar of Deloi e takes in the Youth Art Gallery (Photo by James Ransom)
06. A view of the crowd with Paul Amrich and John Maher of CBRE at center (Photo by James Ransom)
07. Melanie Meyers, Leigh Wittman and Elizabeth Lee of Fried Frank (Photo by John Sco Lucas)
08. CAW Youth Apprentices Mya Gomez, Alecia Correa, Stephanie Diaz, Letizia Gomez Caraballo, Johnathan Hyman and Amyah Adrien (Photo by Elizabeth Orlovska)
JRM Construction Management (JRM) celebrated Safety Week 2023 with events to emphasize the signifcance of workplace safety across its job sites, fostering a culture of well-being and security for its employees. The frm has offces in New York City, New Jersey and California.
“JRM is dedicated to delivering high-quality solutions to our esteemed clientele across the United States by prioritizing safety during Safety Week 2023,” said Dwayne Carter,
director of Environmental Health and Safety of JRM.
Demonstrations conducted by the JRM team at their various job sites during Safety Week 2023 included: daily trivia challenges covering workplace safety; a children’s poster contest for JRM’s families; fre extinguishing training in JRM’s offces; multiple jobsite demonstrations discussing dust mitigation, PPE and tool tethering and job site demos discussing the importance of fall protection.
The Altman Companies, a developer, builder and manager of rental apartment communities, will return to its roots with the launch of a new division, Altman Living, focused on creating affordable and workforce housing. Industry veteran David Schultz has joined the company as president of Altman Living.
The Altman Companies originally established its reputation as a developer of affordable housing in Michigan. By returning to its roots in affordable housing, The Altman Companies will focus on addressing the critical need for affordable housing across the Southeast and up to the Mid-Atlantic Region.
HIIT and strength training boutique ftness brand Fhitting Room opened its frst studio at New York Sports Club (NYSC), marking its return to New York City’s Upper East Side, the studio's original neighborhood. Situated on the ground foor of NYCS’ East 76th Street location, the combination allows both Fhitting
Room and NYSC members to enjoy a comprehensive ftness experience.
Fhitting Room UES attendees can access the NYSC East 76th Street facility and amenities. It is set to open two studios this year at NYSC locations in Philadelphia’s Society Hill and Washington, D.C.'s Dupont Circle.
Gparency, the membership-based commercial mortgage brokerage with a fat fee pricing model, has launched a feature that allows users to add properties to their acquisition pipeline, make notes on each property and store data for future reference.
Designed to help commercial real
estate investors, owners and syndicators manage their property acquisition process more effciently, the new feature directly addresses a signifcant pain point for owners and syndicators, who often review thousands of deals and explore hundreds each year. The feature enables them to quickly access their own historical research layered
on Google Maps, facilitating more informed decision-making.
The new tool integrates with Gparency's existing CRE toolkit, which includes a Google Maps experience with listings, public data on properties, sales and fnance comparables and mortgage rates.
JLL’s Capital Markets group has arranged a $750 million construction loan for the frst phase of the Enterprise Research Campus, a 900,000-square-foot, mixed-use development near Harvard University in Allston, Massachusetts.
JLL worked on behalf of develop -
er Tishman Speyer to secure fnancing led by Otera Capital.
The frst phase of the Enterprise Research Campus will consist of a 345unit multi-housing building, a hotel, a conference center operated by Harvard University and two state-ofthe-art laboratory buildings.
Real estate private equity frm Madison International Realty launched a product line expansion focused on providing equity capital to dynamic, real estate investment management platforms seeking liquidity solutions and growth capital.
The strategy seeks to combine the
merits of property level investment returns with participations in sponsor level cash fows aiming to generate alpha returns for investors. Madison will provide a broad spectrum of liquidity options for established, middle market sponsors and utilize an asset-heavy value attribution across its investments.
In a cash deal valued at approximately $3.1 billion, Prologis has agreed to acquire nearly 14 million square feet of industrial properties from opportunistic real estate funds affliated with Blackstone. The acquisition price represents an approximately 4% cap rate in the frst year and a 5.75% cap rate when adjusted
to current market rents.
The acquisition expands Prologis’ presence in key markets, including Atlanta, Baltimore/Washington D.C., California (Southern California, Central Valley, Bay Area), Dallas, Las Vegas, New York/New Jersey, Phoenix and South Florida.
Chase Home Lending has expanded its $5,000 Homebuyer Grant Program to include additional Hispanic and Black communities in 16 markets. The Chase Homebuyer Grant can be applied toward two of the biggest barriers to homeownership — the upfront cash needed for a down payment and closing costs.
Chase launched the program in 6,700 predominantly Black census tracts in 2021. It has expanded to markets including Atlanta, Georgia; Austin, Fort Worth and San Antonio, Texas; Baltimore, Maryland; Las Vegas, Nevada; Minneapolis, Minnesota; Fort Lauderdale and Orlando, Florida; New York and Washington, D.C.
As they age and begin to consider senior housing, baby boomers will continue to want major amenities, said a report from the American Seniors Housing Association. These include a full kitchen, laundry room with washer/dryer, living room, windows with natural light and additional storage.
Up to 83% of respondents rated exterior home maintenance, lawn and landscaping, 24-hour security and maintenance of appliances in residences as essential or desirable. Walking trails, indoor ftness centers, activity rooms, family-friendly lounges and ATMs were rated as essential or desirable by many.
Damac International submitted its application for planning approval of a 12-story ultra luxury boutique oceanfront condominium development at 8777 Collins Ave. to the Town of Surfside, incorporating Zaha Hadid Architects' (ZHA) design.
ZHA has produced a pair of design
variations the 57-residence development. Both designs feature a twin-building duality, with a sculptural form modulated with nested crescents that coalesce at the corners. These soft, cloud-like elements stretch, pull and contract, emulating the ebb and fow of the ocean to animate the façade.
Forté Development celebrated the groundbreaking of Forté Luxe, a luxury boutique waterfront community in Jupiter, Florida. The residential development consists of 15 multi-level residences surrounded on three sides by Intracoastal Waterway views.
The four-story development will
include residences that range from 3,550 square feet to over 5,000 square feet. The architecture is by Alfonso Jurado and interior design by The Decorators Unlimited. KAST Construction is the contractor.
Forté Luxe is slated to be complete in March 2025.
A record one-quarter (25.4%) of homebuyers nationwide are looking to move to a different metro area, according to Redfn. That is up from 23% a year ago and less than 20% before the pandemic.
High mortgage rates have made housing more expensive, making
relatively affordable areas more attractive. Despite ever-worsening climate risks like heat, drought and fooding, Phoenix, Las Vegas and Miami — where the typical home is much less expensive than coastal cities — are the most popular metros for homebuyers moving to a different part of the country.
The Westchester County Industrial Development Agency (IDA) voted fnal and preliminary approvals of fnancial incentives for two residential developments in White Plains — Armory Plaza and Modera White Plains. The two projects represent a total private investment of $121.5 million.
The IDA voted fnal approval of fnancial incentives for a $32.3 million renovation of Armory Plaza. Project developer The Related Companies is seeking to redevelop the 52-unit senior apartment complex which is located at 35 South Broadway. Built in 1909, the four-story castle-like property is 100% affordable.
JLL has launched decarbonization consulting services and purpose-built technology designed specifcally for the commercial real estate industry.
The offering, Decarbonization Strategy, helps corporate real estate owners and investors understand
their carbon footprint and develop a data-driven investment roadmap to create and protect value across their real estate portfolio.
The service is powered by Carbon Pathfnder, JLL's technology that provides investment planning insights to support carbon reduction goals.
Brandx, a global team focusing on wayfnding strategies, signage systems and brand experiences, announced its offcial launch as a specialty partner of international architecture and design frm HLW.
Led by Global Director Chanel Dehond, HLW's "brandxperts" bring
a depth of insight to the design of collateral that communicates logistical information clearly while navigating cultural conversations around identity and ability with respect. This results in inclusive, fexible and long-lasting signage systems and wayfnding strategies that are distinct to their locations, the frm said.
Kova, a creator of integrated building material solutions, introduced Modwall, a replacement for traditional interior on-site construction. Unlike other adaptable “partition” solutions on the market, Modwall is self-supporting with an integral structural armature and modular panels that allow the system to be freestanding
in any space, eliminating the need to tie back to base-building columns or overhead structure. Additionally, custom-designed connections and friction-ft slip receivers make installation simple, effcient and reusable while also improving performance over traditional systems, the company said.
Distressed commercial real estate expert Shlomo Chopp has launched Terra Strategies, an asset management frm focused on investing in undervalued property through derivatives. The frm is capitalizing on the disconnect between real estate bond and equity valuations. Its differentiated three-pronged expertise across
property operations, loan fnancing and loan restructurings enables it to identify opportunities around quality real estate at signifcant discounts.
Terra's investments may take various forms including that of well-collateralized, high-yielding CMBS tranches or trust controls.
MIPIM NY, a fagship program that will bring together real estate industry leaders in New York to accelerate and empower change toward more sustainable, user-centric and proftable real estate, announced a collaboration on specially curated sustainability-related topics and research in the real estate industry
with the Urban Land Institute (ULI).
The event will bring together owners, occupiers, developers, investors, political leaders and technology companies and feature keynotes, panels, roundtables and exclusive closeddoor summits for in-depth discussions and knowledge exchange.
Valet Living, a residential amenities provider to the multifamily housing industry, has introduced MultiPro Property Solutions, a company offering a broad array of hassle-free property services for the multifamily industry with an emphasis on apartment make-ready solutions through a single point of contact.
Services provided by MultiPro Property Solutions may vary geographically, but generally include makeready tasks, deep cleaning, light repairs, resurfacing, carpet cleaning or replacement, HVAC servicing and repair, porter and grounds service and roof and window repair or replacement, among others.
Recognizing the increasing role of virtual tours in real estate, 3DApartment.com, a provider of digital real estate solutions in the multifamily industry, has launched ADA-accessible 3D virtual tours. The initiative, it said, refects its commitment to promoting inclusivity and equal accessibility in the increasingly
digital real estate market.
The tours provide in-depth descriptions of spaces, noting features such as fooring color and type, wall color and texture, door types and any present decor and furniture. This innovation opens up a new world for visually impaired individuals.
CoreLogic, a provider of global property information, analytics and data-enabled solutions, is reducing the time to insight from months to minutes with its new Self-Serve Clip App on the Snowfake Marketplace. Built natively for Snowfake, the app allows users to assign CoreLogic’s property identifer to their portfolio to
unlock CoreLogic’s data from within their own Snowfake instance.
The app enables speed to insight, which reduces time, cost and effort. It provides a comprehensive understanding of any property through CoreLogic’s ability to link all instances of the property across data sets.
MRI Software launched MRI Engage @Work, a commercial tenant portal that provides a unifed experience for tenants while leveraging a diverse tech stack. Designed to offer an intuitive, streamlined user experience, the solution facilitates interactions between property teams and occupants to provide easy access to
billing, payments and online service requests, all from a single login.
"The MRI Engage @Work solution enables commercial property managers to offer an intuitive, cohesive process for tenants and staff," said Russell Smith, managing director of MRI @Work, North America.
Mount Sinai New York–Concierge Care is a membershipbased medical practice that has brought the worldrenowned care of the Mount Sinai Health System in New York City, here to you in The Palm Beaches.
Our new concierge program o ers an outstanding patient experience and access around the clock. Our members receive comprehensive primary care, cardiac and dermatology assessments, and nutritional counseling, as well as amenities you would not find in a typical medical practice, such as home visits, urgent care, coordination of specialist care, travel medicine, and much more. Members will also have access to Mount Sinai’s Hudson Yards concierge practice in New York.
Most importantly, you gain access to the full resources of the Mount Sinai Health System, for all of your health care needs. This is the health care experience you have been looking for.
Learn more at mountsinaiconciergecare.org
To inquire about membership, please call 561-328-7112
625 N. Flagler Drive, Suite 200 West Palm Beach, FL 33401
Plentifc, the fully integrated, real-time property operations system helping owners across the U.K. and Germany streamline repairs while reducing apartment turnover times, is launching its platform in the United States. Plentifc is already integrated with leading American industry software including Yardi and
is now implementing its tool with its frst U.S. customers.
Plentifc integrates with existing property management technology platforms to manage operations from work orders and inspections through invoicing and tenant communications.
ShowingTime+ has introduced Listing Showcase, an immersive, artifcial intelligence-powered experience only available on Zillow. This “super listing” features an entirely new look designed to help listing agents showcase their brand and listings and deliver an elevated experience that could help homeowners sell
their home faster. This frst iteration is available to partners in Atlanta, Chicago, Los Angeles, San Diego and Seattle.
The Showcase listings combine the power of AI with the nuance of an agent's local expertise to create a premium experience for shoppers.
REGGORA LAUNCHES AI - POWERED APPRAISAL REVIEW SOLUTION FOR LENDERS
Reggora, an appraisal management software company looking to modernize residential real estate valuation for mortgage lenders, has launched Reggora Appraisal Review, software intended to transform the appraisal analysis process for mortgage lenders by signifcantly reducing repurchase risk and ensuring every appraisal
meets the correct quality standards.
Reggora Appraisal Review leverages artifcial intelligence (AI) and machine learning algorithms to automate and streamline the appraisal review workfow. With its advanced natural language processing capabilities, the software swiftly analyzes appraisal
reports and identifes key data points, inconsistencies and potential red fags. For example, the solution uses advanced AI technology to detect bias in reports far more accurately than lexicon-based tools — so underwriters remain confdent in the objectivity of their appraisals, without wasting time reviewing false positives.
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.
Counsel to Google in connection with its US$2.4 billion acquisition of Chelsea Market in New York City.
Counsel to BlackRock in its 850,000square-foot lease for its planned headquarters relocation to 50 Hudson Yards.
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.
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.
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.
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.
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.
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.
“An extremely talented real estate group with an impressively deep bench: the team is ideal for handling the most complex matters.”
— Chambers USA
Swedish fooring manufacturer Bjelin has launched a versatile smaller size for its hardened wood fooring.
The half-size panels measure 46 inches by 6 inches and easily ft into cars and elevators. They also allow for creative designs and complement the larger and wider planks.
Size Small is available in a commercial matte fnish. The durable surface makes the foor easy to maintain while protecting it from stains, good for heavy traffc areas like hotels, restaurants, offces and shops — or a home entrance. Equipped with a leakproof foor-locking system, the foors are quick and easy to install.
Empire State Realty Trust (ESRT) has signed two new leases for Club Pilates and salon A Cut Above 7 at 501 Seventh Ave. and renewed a lease with AT&T at 250 W. 57th St.
Club Pilates signed a new lease for an 1,805-square-foot retail space. Emily Simmonds of Ripco represent-
ed the tenant. A Cut Above 7 signed a new lease for a 3,198-square-foot space. Richard Farley of Handler Real Estate Organization represented the tenant in the lease.
AT&T renewed its current 3,805-square-foot space. Loren Baron of CBRE represented AT&T.
HOMESUSA.COM LAUNCHES API - DRIVEN LISTINGS TECHNOLOGY
HomesUSA.com, a brokerage for new home sales, is launching an API-driven listing distribution technology for production home builders. The solution provides single-data entry for MLS listings and XML data distribution, ensuring that builders’ websites, MLS and real estate portals concurrently display the most
accurate and up-to-date information at all times.
HomesUSA.com’s new technology enables builders to enter property listings just once. The information is instantly distributed to all the builder's desired property marketing channels based on their agreements.
Understanding tax planning can be a taxing experience. It requires a dynamic knowledge of everchanging codes and regulations, plus a deep understanding of your individual needs and goals.
That’s where Janover comes in. We get to know both you AND your business. We then leverage our knowledge of the system to tailor a detailed tax plan that is unique to your specific needs.
At Janover, our greatest value is the ability to help you look at the whole picture - numbers, family, business. You’ve worked hard to have it all... wouldn’t you like to keep it?
Mindspace, the global fexible workspace provider with over 45 locations worldwide, has opened its frst New York location at 25 Kent, the mixed-use building owned and managed by Rubenstein Partners in Williamsburg, Brooklyn.
Mindspace Williamsburg is the com-
pany’s fourth location in the U.S. and its second with Rubenstein Partners, following Mindspace Wanamaker in Philadelphia. Mindspace Williamsburg joins the company’s portfolio in over 20 cities worldwide: Washington D.C., Miami, San Francisco, Philadelphia, London, Amsterdam, Tel Aviv, Berlin and more.
Fisher Brothers has begun construction on Wynhouse Miami, a mixed-use multifamily development in Miami's Wynwood neighborhood. The eight-story building will offer 308 rental residences, 26,000 square feet of ground foor retail and public passageways (paseos) and nearly 25,000 square feet of amenities.
Located at 2200 NW First Ave., the development will offer grand displays of public art across its façade, two paseos and community spaces.
The project is being built by Suffolk Construction and substantial completion is currently anticipated for January 2025.
Zillow has added a Cost of Renting Summary on all rental multifamily building detail pages to give renters clear insight into the fnancial obligations of renting.
The Cost of Renting Summary leverages available data provided by Zillow’s multifamily partners to pre-
load the tool with information about monthly costs, such as rent, parking fees and pet fees, as well as onetime expenses like security deposits, application fees and administration fees. Renters can view the total cost of renting a specifc unit directly on the building's detail page, making it easier to assess affordability.
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Nestled on a sprawling 207-acre campus in Pearl River, New York, Hudson Valley iCampus stands as a major research and innovation hub for the tri-state region. The two million-square-foot, mixed-use, multitenanted campus embodies an entrepreneurial spirit and visionary leadership that has created a community conducive to breakthrough scientific advancements and cutting-edge research and development (R&D), according to its developers.
With its prime location in the heart of the Hudson Valley and just 24 miles north of Manhattan, the campus o ers easy access to train stations, the Mario M. Cuomo/Tappan Zee Bridge and New York State Thruway, making it convenient for both residents and commuters.
The property o ers a unique blend of scenic beauty, tranquility and connectivity, allowing tenants to tap into a vast array of dining, shopping and entertainment options while also providing a serene and focused environment for research,
development and other essential operations.
With features such as state-of-the-art research and development labs, advanced building infrastructure, an on-site 23-megawatt central utility plant, supportive amenities, on-site management and highly capitalized ownership, the campus has become home to forward-thinking life sciences and biomed companies, as well as manufacturing, cold storage and warehouse tenants.
“The campus is quickly becoming recognized as a place where innovation, ingenuity and industry thrive and as a result, one of the premier addresses for life sciences and biomed companies in the New York tri-state region,” said Jamie Schwartz, president of Hudson Valley iCampus.“
In fact, Hudson Valley iCampus is continuing the property’s tradition of historic scientific breakthroughs, which began more than a century ago when in 1907, Dr. Ernst Lederle purchased 99 acres in Pearl
River to expand production of an antitoxin to treat diphtheria.
Over the years, the property has changed ownership — from Lederle to American Cyanamid, then to the Wyeth pharmaceutical company, which was acquired by Pfizer Inc. in 2009. The property has expanded in size since its inception as its research community produced more critical discoveries, including vaccines for smallpox, typhoid and polio.
In 2015, Industrial Realty Group LLC (IRG), nationally recognized as a force behind the adaptive reuse of commercial and industrial real estate solving some of America’s most di cult real estate, purchased 207 acres of the property from Pfizer, containing approximately two million square feet of leasable space in 20 buildings. (Pfizer retained ownership of approximately 23 contiguous acres).
Six years after the acquisition, IRG, which owns more than 100 million square feet in 31 states, brought on board seasoned real estate executive Jamie Schwartz to lead the campus. As
president, Schwartz has built a new on-site management team, rebranded the property as Hudson Valley iCampus and reintroduced the campus to the brokerage community, local government ocials, business leaders and the market.
As a result of his and his team’s e orts, the property went from approximately 25% leased to almost 50% in less than two years and is attracting some of the top life sciences and biomed companies in the world. Its tenant roster includes such worldwide industry leaders as Pfizer Inc., Sanofi US Inc., RK Pharma Inc., Momentive Performance Materials Inc., Olaplex Inc. and Strides Pharma Inc.
(See sidebar.)
“There has never been a better time to support this thriving sector in which we plan to play an integral role in since we have the product type to accommodate the growing demand for these industries,” Schwartz said. “For us, this is very exciting.”
At the foundation of
Hudson Valley iCampus lies its infrastructure, which is designed to fuel innovation and growth. The building infrastructure supports R&D, manufacturing, cold storage and more, which provides companies, particularly smaller operations, with e cient and cost-e ective access to advanced
resources.
“Having this type of infrastructure in place reduces the time required for companies to commence operations,” said Schwartz. “It can be cost-prohibitive, especially for smaller companies, to build space from scratch or to convert existing o ce buildings
into lab facilities and associated space.”
Another unique feature of Hudson Valley iCampus is its on-site 23-megawatt power plant that delivers cost-e ective, environmentally conscious, energy-e cient and redundant electricity, steam and chilled water
to its tenants, he continued. This is critically important for R&D operations, which rely on uninterrupted service.
“We provide N-1 and in some cases N-2 redundancy to our tenants,”
Schwartz added, referring to the minimum power modules required to meet the load requirement for a system to operate.
The entire region is
seeing growth, as well. Pfizer Vaccines R&D division is planning a $470 million expansion of its facilities and is planning to build 260,000 square feet of space that will include 55,000 square feet of new labs on its
23-acre parcel that is contiguous to Hudson Valley iCampus.
“Pfizer’s commitment to investing close to a half a billion dollars to expand on its parcel is a huge endorsement of the
Pearl River area, the local labor pool and the good business relationship we have forged together since Hudson Valley iCampus will continue to provide shared services to Pfizer for their parcel and buildings.”
A Glimpse of Some of the Tenants at Hudson Valley iCampus Pfizer Inc., an American multinational pharmaceutical and biotechnology corporation. Pfizer leases more than 235,000 square feet of o ce, warehouse and lab space in multiple buildings at Hudson Valley iCampus for both its vaccine R&D and antibody-drug conjugates (ADC) divisions.
Sanofi US, a global healthcare company that provides potentially life-changing treatment options and lifesaving vaccine protection to millions of people globally. Sanofi US leases 76,051 rentable square feet in buildings 210 and 211.
Momentive Performance Materials Inc., a global high-performance silicone and specialties company, has leased 67,000 square feet to open a Global Innovation Center in building 180 to support its growing Performance Additives business. Momentive is relocating from o ces in Tarrytown, New York.
Strides Pharma Inc., an India-based company that trades publicly on that country’s stock
exchange. It specializes in soft-gel capsules, oral solids, modified releases, topicals and liquids.
Strides recently signed a lease for 57,197 square feet of high-bay warehouse space for chemical storage in buildings 170 and 170B.
Urban Electric Power Inc., a company that says it is revolutionizing the traditional alkaline battery (for example, double A) by transforming it into a powerful, rechargeable battery. Urban Electric has renewed its lease for 36,048 square feet of manufacturing space in building 155.
Auro Vaccines LLC, a clinical-stage vaccine development company pioneering a major evolutionary step in the design and development of preventive and therapeutic vaccines for infectious diseases. Auro Vaccines renewed its 17,500 square feet of lab space in building 205. Olaplex Inc., a scienceenabled, technology -driven beauty company. Olaplex recently renewed and expanded into 5,797 square feet of lab and o ce space in building 205.
for produce to cultivate pork meat from cells from a live animal. Integrating cell biology and farming, the cells are grown in a nutrient-rich feed until the yield is large enough to harvest.
SGA, a national, multi-disciplinary architecture, design and master planning firm that has worked on over 15 million square feet of life sciences projects under its belt, designed a 13,000-square-foot pilot plant for Fork & Good to test its discoveries (SGA also designed the building for Thor).
Given the intricacy and complexity of the company’s work, SGA designed a variety of spaces on part of 95 Greene St.’s third floor to create a mixed-use facility that is 70% lab and 30% open o ce for Fork & Good’s team of biologists, physicists, engineers, food scientists and businesspeople. This includes a bioreactor room, tissue culture room, test room, cleaning room, isolator room and strategically placed refrigerator and freezer units throughout the lab.
“It’s been an honor to design this productive hub for such a trailblazing, future-minded company,” commented Caroline Bergin, director of interior design at SGA. “In striving to support the future of scientific breakthroughs, creating a robust step-out space to facilitate Fork & Good’s next phase of discovery is a huge win towards this greater purpose. We couldn’t be prouder
Modern technology permits new ways of growing food for an expanding population, and laboratories are finding new locations to create them. A case in point is the new laboratory-o ce space for biotech company Fork & Good at 95 Greene St. in Jersey City, New Jersey.
Building developer Thor Equities has envisioned the 340,000-squarefoot new development as a hub that enables leading life sciences companies to expand and grow in the New York metropolitan area and beyond.
“We are thrilled to welcome Fork & Good to their new home at 95 Greene St., as they fit into the overall objective of this property serving as an advanced life sciences hub. We look forward to seeing Fork & Good thrive in this mixed-use facility and are pleased to o er them a space that fits their dynamic needs,” said Joe Sitt, chairman of Thor Equities Group.
Fork & Good applies the principles of hydroponic gardening used
of our team for successfully executing this complex project while maintaining the highest standard of quality," she added.
Previously occupied by Merrill Lynch, 95 Greene St. boasts eight floors of flexible, lab-ready space equipped with infrastructure essential to life sciences such as an enlarged core, high-speed service elevator connecting labs to storage areas and rooftop mechanical level.
Completed in 2022, the space meets the increasing demand for laboratory and research development space, o ering customizable expansion while providing facilities faster than anywhere else in the tri-state area, SGA noted. The building boasts 13- to 14-foot ceiling heights, an on-site life safety generator and parking for 125 vehicles.
The development of life sciences facilities in New York City isn’t limited to Manhattan. The first foray into the New York market for a Boston-based developer of life science space, the Innolabs project at 45-18 Court Square West in Long Island City, Queens, is an indicator of the viability of the Long Island City market and
a representation of the commitment to life sciences by both New York City and the state of New York.
The existing, Art Deco, 160,000-square-foot, Class B o ce was converted and expanded by designer Perkins+Will into a LEED Gold-certified, 266,800-square-foot, Class A
complex. Innolabs adapted the infrastructure, including creating a four-story addition, two six-story, groundup components, as well a gut renovation of the existing structure. The new plan subdivides in terms of infrastructure and layout, allowing for multi-tenant floors.
The complex also delivers
a place for the life science community to congregate and collaborate.
“Like any good preservation project, there is no confusion between old and new and both sides of the duality are made more interesting by the conversation across the eras,” said William Harris, Perkins&Will principal and
The design allows community engagement
managing director, New York.
Central MEP services on the roof are served by three vertical distribution cores to enable a flexibility of space with minimal disturbance to other spaces or floors in the building. It also includes several key life sciences aspects: a large loading dock, one over-sized freight and one swing car
elevator, acid neutralization room in the basement, multiple risers for equipment, central HVAC plant on the roof, ample power and locations for lab-specific service.
“Working in a lab is not something that you can do from home and being able to say P&W is the architect and partner imbues a lot of
confidence in the tenant base,” said Ed Jaram, senior director at building owner King Street Properties.
Building amenities include a multi-purpose event space with adjacent pantry, lobby level cafe with grab and go options, secure bike storage, central reception and security and locker rooms with
showers and storage.
Innolabs’ facility supports a larger community by providing collaborative space in the form of a large interactive lobby convening space and an adjacent multipurpose space that can be utilized as classroom or boardroom setups, and can be opened to the convening space.
The complex also includes meeting spaces for collaboration
► No cost to participate
► Supports clean energy initiatives
► Up to $10,000 in average monthly savings
► Directly offsets Con Edison electric delivery charges
LetsTalk.NY@fsresidential.com
“75 Wall is always looking to build longterm value for its owners and residents. By participating in the CDG Energy Program presented by FirstService Energy, we are already receiving credits on a monthly basis. The board looks forward to other opportunities with similar value.”
- Dhwani S., Board President, 75 Wall Street Condominium
405, the project sits between major Los Angeles and Orange County destinations. Two years ago, Shopo began negotiations with Washington Prime on the redevelopment, as well as with Seritage Properties and Macy’s to acquire their stores. Today, the 90-acre site has four di erent owners, including Shopo , Washington Prime, Kaiser Permanente and a former Babies R Us site.
“Our processing submitted works in concert with a global vision for the mall whether it’s being done as one ownership or two,” William Shopo said. “It requires cooperation amongst the parties.”
More than 50 years after its grand opening in 1972, Westminster Mall in Orange County, California is getting new life as a mixed-use destination.
Shopo Realty Investments announced plans to reposition the mall’s 26 acres into Bolsa Pacific at Westminster, a mixed-use community of multifamily homes adjacent to walkable community spaces, restaurants, retail and a nearby hotel.
The plans support the specific plan presented by the City of Westminster Planning Department in December 2022, a guide for the coordinated redevelopment of the mall. Shopo ’s
plan bookends the mall with two parcels, the former Sears and the current Macy’s, which were purchased in July and August 2022, respectively. Shopo estimates being able to break ground on its portion in 2025.
“This is a unique opportunity to provide value in the coastal markets of California. A 90- to 100-acre parcel simply doesn’t exist,” said William A. Shopo , president and CEO of Shopo Realty Investments. “To participate in anything of this scale is a unique opportunity, and an opportunity to create generational real estate, core real estate that someone will be happy to own.”
The center is a classic example of a welllocated retail center that had not evolved with its market. Built by Homart, the then-real estate arm of Sears, Westminster Mall saw Washington Prime eventually take on ownership of most of the center. But challenges continued and other entities sought but failed to acquire the property.
“We’ve been tracking this project for seven or eight years,” Shopo said. “It was prime real estate but not primely operating. But it seems like the city was working in the right direction to support a redevelopment of the site.”
so existing neighbors will embrace it,” Shopo added.
The contemporary buildings reflect the city’s diverse culture and heritage while blending with the existing retail to seamlessly transition from old to new. The design emphasizes indoor-outdoor connectivity with a welcoming food court pavilion and generous open gathering space. The team is taking its time and surveying the community to see what it needs, with an eye to the very long term.
“The question becomes, how do we work a new vision that supports the value creation around existing building and around future development?”
Shopo continued. “How do we create the next 50 to 100 years for the community? It is an awesome responsibility. I take that responsibility very seriously to create real value for the people we’re going to house and have work here.”
Shopo , Washington Prime, the City of Westminster, design firm AO and landscape architect MJS have devised a center that brings together housing, hospitality, retail and nature that they say will reinvigorate the local economy and blend with the surrounding neighborhoods.
“This real estate is way too valuable to think haphazardly,” Shopo said. “But I know that if we put in the right amenities in the form of food and entertainment and retail, my residents will benefit from that and so will we. Because they’ll
pay more rent or pay more for a home.”
Plans call for three multifamily apartment buildings with about 1,065 rental units at various price points and approximately 102 for-sale townhomes. A 175-room hotel will line Bolsa Avenue and share close proximity to the retail, food hall and restaurant space.
"The city needs more housing and the site needs to be reimagined and re-envisioned,” Shopo said.
The top desire from city community surveys
was the need for green spaces, gathering space and open seating, which Shopo is meeting with a 2.5-acre park, open space promenades and interconnectivity to biking and walking trails. This community hub will have an amphitheater, outdoor dining, retail pavilions, dog park and garden trail and plans to connect to a nearby regional bicycle trail. A food hall will be accessible from both the park and Bolsa Avenue.
“We are trying to come up with something that will add to the community, to extend out the neighborhood beyond
It felt like 2019 all over again — but maybe better.
A successful ICSC Las Vegas conference in May saw enthusiastic tenants and optimistic landlords as the
industry continues to reinvent itself after the pandemic and its lingering after-e ects.
Owner/managers reported strong interest in tenants looking for space, even as the nature of those tenants shifts from merchandise to experience based.
“Leasing is still good this year. It’s strong on top of a strong 2021 and 2022,” said Matthew Harding, CEO of Levin Management. “Our industry evolves so much because retail always evolves.”
Levin’s leasing pipeline is extending into 2024, and JLL reported that it is leasing 16 to 18 months out, so great is the demand.
“We were really proud of the buzz and the energy,” said Whitney Livingston, president of the rapidly expanding Centennial Real Estate. “The people were there to do business, and every meeting had some sort of action item.”
Low construction rates over the last 10 years have resulted in some of the best fundamentals the industry has seen, noted Brandon Isner, head of retail research for the Americas, CBRE. In addition, more than 50 million square feet of retail space has been removed from the market since 2003, including 10 million square feet within the past five years as poorly performing space was closed and converted to other uses. The result is a competition for space.
The suburban mall was the first category to reinvent itself, and it has continued to attract new tenants, including luxury brands and food and beverage operators that previously had sought downtown locations. Yet even underperforming malls can have a silver lining, making them prime for reinvention, Isner continued. It’s important to remember that a struggling mall isn’t necessarily poorly maintained or in a bad location.
“They could just be the third best mall in a great trade area,” Isner added.
And a chief component in upgrading a center could be adding experiences such as dining options or more elaborate, arcade-like activities.
“How does the US consumer find the new places to shop?” said Naveen Jaggi, president, Retail Advisory Services at JLL. “Sixty-five percent of malls are soft goods-oriented. That’s not sustainable over the next 10 years.”
In essence, shopping centers are trying to find new ways to be what they’ve always been — a core for the community.
“When you look back at the history of retail, shopping was entertainment,” Livingston said. “It was something to do, a place for the community to gather and for people to just hang out. But we’ve seen consumer behavior change.”
Today, entertainment focuses on food and beverage and socialization at happy hours, and even the plazas being built today, while making room for new entities including American Ninja Warrior
Adventure Park and sports facilities including Puttshack and pickleball courts.
In its “Entertainment Report 2023,” JLL observed that in Q4 2022, spending on dining out in the U.S. grew by 13.7% yearover-year. Spending at amusement parks and arcades grew by 20.6% year-overyear. The firm identified 503 entertainment concepts (including art installations, bar arcades, competitive games, esports, trampoline parks and virtual reality) with multiple planned or existing locations.
Care must be taken, observed James Cook, Americas director of research, retail at JLL, to distinguish between more traditional experiential retailers and tenants that are experiences in themselves, usually charging an entrance fee. For these, landlords must examine how many times a visitor returns or whether a tenant is something that is visited once.
Many new concepts, interestingly, may come from overseas, Jaggi said, including Funlab from Australia, which boasts multiple concepts within its parent company. Hollywood properties are another option.
Making the deal work, however, is a major challenge. Depending on the work needed, a payback for the landlord’s construction investment could be as long as seven years. Whether a concept will still be relevant by then is a serious consideration. New takes on tried-and-true experiences such as darts or gaming can be a lot more attractive — and if the senior executives have a strong track record, that’s a bonus.
“There is enormous demand, but it’s a matter of cost and risk,” added Kristin Mueller, president, retail property management of JLL. “If there’s a kitchen component it’s even more expensive. We try to amortize back into rent.”
PHOTO COURTESY OF PUTTSHACKThroughout 2023 the question keeps coming up: “Are we in a recession?.” The answer really depends on who you ask.
Ask the government and it will say no. We haven’t had two consecutive quarters of negative GDP, the technical definition of a recession. It will also tell us that the job market is so very healthy that we can’t be in a recession. According to the “Jolt Report,” which measures the number of job seekers compared to the number of jobs available, we are holding fairly steady at just less than two jobs available for every one worker looking. If that is true, why are so many people out of work or struggling to find work? Perhaps not everyone wants to lower their pay grade or trade over from their skill set to work. Not everyone wants to work in a job they are overqualified for, either.
Ask consumers if we are in a recession. They will say that we may not be in one technically as they haven’t been told so by the government or the media, but they will tell you we are making
“concessions” in spending. Higher prices across almost all industries have made it hard to stretch the dollar as far as in previous years.
With food prices running at close to 18% higher than two years ago according to Circana research and not showing signs of letting up, the consumer must continue to make decisions on how to save. Some opt for lower-priced products (trading down from premium) or choose generic brands.
We are even seeing people opt for fast food meals rather than homecooked meals which in some cases are more expensive. We are also seeing people buy fewer products — they may not be stocking up and filling the pantry to save on spending. They’re buying what they need, when they need it.
Ask manufacturers if we are in a recession, and they will tell you that it sure feels like one. They are making decisions and product o erings with an eye on “digression.” They are clearly still recovering from the supply shortage of the pandemic
and are wrestling with the loss of new and innovative products. Many manufacturers blame the latter on the lack of collaboration during the pandemic along with the lack of appetite from retailers for new products as they chased the triedand-true products to avoid risk.
Whatever the reason, it is imperative that manufacturers get back on the fast track to o er new and exciting products to the consumer. Otherwise, we will continue to see lackluster desire from consumers as they wait for products to need to be replenished rather than updated. After all, if a consumer can avoid spending on an item, they will likely opt to do so right now. But if the product excites them, and makes them feel what they have is obsolete, they will likely opt to purchase.
We have bored the consumer to death or, more accurately, to avoidance. Manufacturers are either still wrestling with too much product as sales slow or with the challenges of playing catch-up with supply challenges three years after the
huge crunch in 2020. Inventories are still in a state of “digression.”
Ask a retailer and they will tell you we are in a “compression.” Retailers are fighting to maintain their slice of the pie, but the pie is shrinking. And with very few retailers going away, we are seeing that smaller pie yield smaller pieces to the same number of retailers.
As we navigate our way through the balance of 2023 into 2024, look for some compression at retail to begin. It will be tougher for retailers to keep all stores open. Poor performers will once again be weeded out by location and stores will close. Poorly performing chains will be hard-pressed to remain in business and we will see the closing of chains.
We will also see the compression of brands within stores. As retailers elevate their focus on value for the consumer, we will see more emphasis on private brands, and since physical stores can’t expand to carry more brands, we are likely to see a compression of brands to
MARSHAL COHENmake room for private brands. More reliance on brand expansion will come from online o erings, which in turn will put more pressure on stores to perform to justify their expenses. The “compression cycle” will continue to change the retail landscape as we navigate through this financially challenged period.
recession, and they will continue to demonstrate that they are in a “recession obsession”. Back in 2008 when the recession was declared to be o cial, the media pounded away at it. Consumers didn’t pull back from spending until 2009 when the press scared the consumer into action. The media is about to embark on a new wave of “obsession” as we enter the presidential election
year and the economy will be front and center. We will certainly see and hear a lot about how prices are higher and jobs are tougher to come by; the consumer will both be distracted and nervous. Spending will be challenging for many sectors.
As consumers, we are buying less in most categories. Prices are higher, deals are lower than
in years past and products are getting more sophisticated and expensive, leading to a slowdown in consumption. How the markets respond to these pressures will be the true test of whether we are in a recession or not.
Remaining focused on your customer has never been more important — what they need or want and when they want it all
play a huge role in the demand for products today. Focusing in on your retailer partnerships has become so important — it is not as simple as selling them products and waiting for more. Everyone must be focused on enticing and
educating the consumer as to why they need to buy. Everyone needs to excite the consumers back into desire.
Replenishment may maintain, but it won’t grow anyone’s
business. Bring new and exciting products to the forefront — it can be through innovation of product, newness of color or flavor. It can even be through the usage of products. Just look at how the younger generation
has transformed the slipper business as they wear them as street shoes — a new use for a new generation. Innovation comes in many forms.
Now go innovate!
Recent tort reform legislation enacted in Florida on March 24, 2023, known as the Florida Tort Reform Act or House Bill 837, will have a sweeping impact on property owners and litigation. This article will examine two critical areas: the e ect on property owner rights and the potential impact on litigation.
Reduction in the Statute of Limitations
Reducing the Florida statute of limitations for negligence actions from four to two years is one of the act’s most significant provisions. This could have a substantial impact on property owners in the state.
On the one hand, reducing the negligence statute of limitations could reduce the number of lawsuits filed. Fewer cases could minimize litigation expenses and the duration of legal disputes, which would be advantageous to property owners. This modification could also encourage prompt claim submission, resulting in speedier resolutions and less uncertainty for property owners.
On the other hand, this change could
increase litigation in the immediate future over issues such as when claims accrue and whether the delayed discovery doctrine will toll the statute of limitations. Due to the shortened statute of limitations, this could contribute to a rise in the number of dismissed claims and an increase in legal fees for property owners.
Elimination of Statutory “One-Way” Attorney Fee Entitlement The act also eliminates the “one-way” statutory entitlement to attorneys’ fees in coverage disputes for insurance policyholders. Over a century ago, this provision of Florida law permitted policyholders who prevailed in a coverage dispute with their insurer to recover attorneys' fees almost automatically.
Elimination of this provision could significantly impact property owners. Even if they prevail in a coverage dispute, property owners may now be responsible for their attorneys’ fees, thereby increasing the financial risk of pursuing litigation against an insurer. Paying attorneys' fees could dissuade property owners from pursuing valid claims, resulting in more
disputes resolved in insurers’ favor.
The tort reform legislation in Florida has also substantially a ected litigation, including trial attorneys. The act’s modifications can significantly alter the insurance litigation landscape in the state.
Surge of Lawsuits. In response to the law's enactment, trial attorneys filed a record number of lawsuits ahead of the changes. The Florida E-Filing Portal reported 90,593 new circuit civil cases filed in the five days between March 17 and March 22 compared to the 27,586 cases filed statewide nearly three months prior.
Trial attorney John Morgan, founder of the personal injury firm Morgan & Morgan, launched a what he called a “Herculean e ort,” filing roughly 25,000 suits before Governor Ron DeSantis signed the law.
“If we hadn't done it, our clients would have been looking at us, saying, ‘Why didn't you do it?’ We would have been guilty of legal malpractice. It had to be
done,” said Morgan in the “South Florida Sun Sentinel.”
As the courts work through the backlog of cases, this influx of lawsuits could diminish the benefits of insurance reform for consumers as the courts clear the backlog. The tsunami of cases may delay disputes and increase legal fees for all involved parties.
for property owners to find representation in coverage disputes.
However, the act provides a limited right to fees in third-party liability cases, but only when the insurer has “made a total coverage denial of a claim.” This provision could encourage attorneys to take on these types of cases, which could increase the number of cases filed for third-party liability.
uncertainty in coverage disputes. For insurers, the act could also expedite claim resolution and reduce the number of meritless lawsuits.
The act could reduce the financial incentive for trial attorneys to accept certain insurance cases, making it more di cult for property owners to find counsel in coverage disputes.
in Insurance Claims. The act’s modifications to attorneys’ fees in insurance disputes may also have a substantial e ect on trial attorneys.
Eliminating the “one-way” statutory entitlement to attorneys’ fees in coverage cases could reduce the financial incentive for attorneys to pursue certain types of insurance cases. Fewer attorneys may accept these cases, making it more challenging
The Florida Tort Reform Act has significantly altered the state’s legal landscape, with far-reaching consequences for property owners and litigation. The act’s impact, intended to make Florida more business- and insurer-friendly, will be revealed over the next few years.
For property owners, the act’s modifications may increase legal fees and
However, the act may also result in a rise in third-party liability cases and create opportunities for attorneys in this field.
In closing, the Florida Tort Reform Act represents a significant transformation in Florida's real estate and legal landscape, necessitating continuous monitoring of legal developments, thorough analysis of the implications of these alterations and strategic planning to navigate the new legal environment.
With a temporary certificate of occupancy in hand and 50% of its units sold despite a challenging market, Station Companies, the developer of the 14 Second Ave. condominium on the Lower East Side, is giving back to its community. Honoring the neighborhood with a unique art culture and cuisine, Station Companies has collaborated with the non-profit First Street Green (FSG) Art Park to enliven the ground floor of the building’s exterior facing First Park.
The first mural was painted by artist Je Henriquez, known for combining photorealism with elements of street art culture. Shown in galleries around the United States, his work has included monochrome portraits of the homeless. His latest series depicts realistic paintings of the pedestrian New York landscape without people in the scenes, allowing the viewer to step into the landscape and wander around.
“Fourteen Second Avenue o ers an opportunity for buyers seeking value, amenities and an active lifestyle in a newly constructed residential condominium located adjacent to a City park in the center of Downtown Manhattan,” said Daniel Vislocky, founder of Station Companies. New Empire Corp. is the co-developer for 14 Second Ave. “We are inspired by First Street Green’s stewardship of the Park for the benefit of the community, and in addition to the mural, we have added trees and plants to enliven the park.”
Redevelopment has a long history in the area. In 2008, First Street Green (FSG) converted a derelict lot at 33 East First St. into an open art space and garden, working with NYC Parks and Partnership for Parks to incorporate the lot into First Park. FSG launched its first season of cultural programming on Earth Day in 2011 with a public sculpture. Today, FSG provides ongoing cultural activities and programs by engaging with artists, the community and cultural groups that activate the public space.
“First Street Green (FSG) is pleased to welcome our new neighbors as they join the community that we serve,” said Ann
Photos courtesy of Station CompaniesShostrom, co-founder and director of First Street Green. “We are an all-volunteer group, and we hope some of the residents will become active participants.”
Designed by Hustvedt Cutler Architects and Garrison Architects, the 10 residences at 14 Second Ave. boast open-concept living rooms. In addition, ConEd has rewarded the building for its energy e ciency. A tempered fresh air intake system dramatically improves each residence’s air quality.
The building’s façade conjures some of Manhattan’s most vibrant neighborhoods, while the property’s full-floor units feature unobstructed city skyline views. The units in the boutique condominium o ering are a mix of two-bedroom or three-bedroom, two-bathroom configurations with one garden duplex o ering. The kitchens include cabinets imported from Italy, matte Dornbracht fixtures and high-tech cooktops, convection ovens,
dishwashers, refrigerators and under-counter wine coolers. All kitchens and dryers are ventilated directly to the roof. Bathrooms showcase large, heated porcelain floor tiles, Nubalado textured marble accent walls and a white Zuma tub. Residents can enjoy 360-degree views from the building’s rooftop deck.
Ariel Tirosh of Tirosh & Team at Douglas Elliman Real Estate is handling the property’s marketing and sales.
“Achieving 50% sales, especially in such a challenging market, points to the high level of quality in the project and to its exciting and exuberant location,” said Ariel Tirosh. “As the pipeline for new condo developments in Manhattan continues to shrink, we anticipate a shortage of inventory two to four years ahead. Smart buyers recognize the opportunity to get the deals they couldn’t get in the last couple of years and are not likely to get in the years to come.”
Imagine browsing through property listings and feeling as if you're watching an award-winning documentary or exploring the property in person. This is not a distant dream; it's a reality brought to life by proptech. Technological advances provide brokerages with new tools to create captivating information displays, revolutionizing the real estate industry, particularly in property listings. Today, we will discuss how proptech transforms story research and presentation, ultimately improving the property buying experience.
In property listings, story research and presentation refer to gathering relevant information and presenting it compellingly
and informatively to potential buyers. These two components can play a significant role in marketing properties e ectively and attracting the right buyers.
This article will discuss various proptech tools that aid in story research and presentation, address potential concerns and highlight the long-term benefits of proptech adoption in real estate. Let's begin by examining how proptech transforms how properties are researched and presented to potential buyers.
Story Research
Story research is all about collecting and analyzing relevant data and information
about a property. Here are a few tools:
HouseCanary: HouseCanary’s suite of tools and services gives buyers and sellers the information to decide how a property is expected to perform and appreciate. It has an automated valuation model (AVM) that can evaluate and forecast the performance of a property. Using comparables and historical sales data, users can run reports to visualize the property’s current and potential value. In addition, HouseCanary uses AI-assisted algorithms to create a three-year look-forward forecast of value changes.
Deep Block: This tool discloses
information on the current and future zoning of a property. Deep Block is geared toward property owners and developers. Users can search for parcels with potential for development. Deep Block uses AI to crunch big data about a city’s infrastructure, zoning ordinance and future comprehensive plans. The overlay of economic and social demographic filters gives users a better understanding of potential development. Agents can use the tool to search for potential sites for buyers. On the other hand, an agent can use the tool to convince an owner it’s the perfect time to sell or even formulate a plan for whom to market to.
Midjourney: Midjourney allows buyers to get a clear view of the layout of the property they are considering acquiring through conceptual designs and site plans. This is especially useful for large dwellings. Midjourney is an AI-assisted text-to-image creation tool. Buyers, sellers and agents can use the tool to iterate through design ideas. This is useful for sellers of raw land. The tool has the capability to blend two images — for example, a user could snap an “as is” photo of a valley of the parcel, then include a stock image of a modern farmhouse. The result is a set of four image composites blending the two.
The story presentation is the process of communicating the information gathered during the story research phase in a compelling, organized and visually appealing manner. Here are a few tools to use:
ChatGPT: ChatGPT can build a crisply written property description that will o er buyers a complete and engaging picture of the property. Users can utilize ChatGPT to create video treatments for the property. Real estate agents can develop a cinematic story around the history and future potential of a property. With the properly formatted text-based ask, the voice-over script and storyboard of a three-act story showcasing the parcel’s unique characteristics are generated.
Real estate agents can also use the tool to build on the story with ChatGPT’s
assisted descriptive blog and social media posts. It’s also possible for users to change the style of writing as fast as modifying ChatGPT AI prompts. An agent can easily change the tone of the copywriting from business serious to humorous and everything in between. This provides the capability to customize a message to fit the brokerage’s brand and image.
Descript: Descript is a cinematographic tool that uses AI to turn text into video. The result? A professional quality video production. Descript is a drag-and-drop video editing tool with excellent user-friendly features. The tool enables users to drop in the video. Descript then transcribes the video and allows users to edit the text of the transcripts, include AI-generated stock voices or record audio overdubs. One great feature is Descript's AI-generated green screen. This allows background removal videos without the need for a green screen. It also increases the flexibility of using talking head videos. Agents can shoot videos anywhere and replace the background with something content related. AI analyzes the background of the video and removes it.
Matterport: Matterport uses AI to create a “digital twin” 3D image of a house, business, factory or other dwellings, allowing people an immersive virtual walk-through visit. Matterport has become a very popular application in the last few years and continues to advance quickly, making for ever-more-realistic walks.
Synthesia: Synthesia has a library of video templates, including avatars, text, audio and transitions agents that can add and edit. Users can also create their own templates. One great feature of Synthesia is its AI-generated script creator. This tool allows video creators to add an audience, objective, persona, tone and other attributes. The technology uses these to develop a video script with scenes your avatar uses to perform in the video.
While proptech undoubtedly revolutionizes property listings, some critics argue
that it may alienate traditional buyers and reduce the personal touch in real estate transactions.
Critics suggest that reliance on proptech may make it di cult for older, less tech-savvy buyers to navigate property listings or that it could eliminate the human connection crucial to the real estate business. However, these concerns are mitigated by the versatility and accessibility of the proptech tools. Many of these applications are designed with user-friendly interfaces, allowing people of various technical abilities to benefit from their features.
Moreover, proptech supplements, rather than replaces the work of real estate agents, who can still provide personalized guidance and assistance to clients throughout the buying process. Ultimately, the potential drawbacks of proptech adoption do not outweigh its numerous benefits in enhancing property listings and empowering buyers and sellers with valuable information. Having addressed the potential weaknesses of proptech, we can now rea rm its transformative impact on property listings.
Proptech is poised to change property listings forever by revolutionizing story research and presentation, ultimately improving the property buying experience. Through advanced tools like those described above and others, proptech enables users to access comprehensive property information, create engaging visual displays and streamline the overall process of buying and selling property.
The widespread adoption of proptech in the real estate industry can reshape market dynamics, improve transparency and democratize access to property information, making it easier for people to make informed decisions when investing in a property. As proptech continues to evolve and integrate into the real estate landscape, embracing these innovations will be crucial for industry professionals and buyers to thrive in an increasingly competitive and data-driven market.
The air conditioning season in New York City used to be limited to late June to late August. Over the last 20 years, that time frame has expanded, now starting in late May and ending well into September. Costs aside, air conditioning is a double-edged sword. While it reduces heat for short-term needs, it accelerates global warming.
The best means of reducing air conditioning demand is to reduce heat generation within the building. There are a few simple steps that should be used by managing agents and unit owners alike.
Carol A. Sigmond Partner
Greenspoon Marder LLP
590 Madison Avenue, Suite 1800 New York, NY 10022
carol.sigmond@gmlaw.com
(212)524-5074
Close blinds or drapes during the hottest part of the day. If you want to further reduce the heat emitted from sunlight, solar window flms reduce the transmission of heat into the building or apartment, protect residents’ eyes and skin and reduce sun damage to carpets and furnishings. The cost of solar flm has been falling as more manufacturers and installers have joined the marketplace. Select a flm with heat-blocking capability.
Use low-energy light bulbs. Traditional incandescent bulbs use from 20% to 80% more energy than LED or fuorescent light bulbs, with the reduction being greatest from incandescent to LED. In addition, lower-energy light bulbs — particularly LEDs — last up to fve years. In lobbies, turning off lights during the day reduces heat in the shared space. If some artifcial light is needed, consider putting the essential lights on an isolated circuit to be
able to leave most of the lights off. It would be less costly to operate trash rooms with sensors that turn the lights on as needed.
Using portable fans to increase air movement, opening windows in the cooler part of the day, and venting heat from cooking to the outside of buildings reduce heat in apartments. A longer-term solution, induction cooktops and ovens, on average use 10% less energy than conventional stoves. Induction cooking transfers energy from the cooktop burner to the pot or pan with little or no radiant heat and once the burner is off, there is no residual heat.
Converting to induction cooking has been expensive, but over time the costs for cooktops and ovens have fallen. In New York City, many kitchens are not adequately wired for electric stoves and many cooperative and condominium buildings are making it expensive and inconvenient for unit owners to add circuits and wiring for this purpose. This resistance to change only reduces property value and increases operating costs. In the end, the boards and managers must adapt to changing technology and allow for rewiring and conversion to electric cooking. As older gas systems give out, buildings may fnd it less expensive to convert all kitchens to electricity for cooking. That will save energy and reduce the air conditioning load over time.
This column presents a general discussion. This column does not provide legal advice. Please consult your attorney for legal advice.
The volatile commercial property insurance market began 2023 in turbulence, with economic uncertainty, rising replacement costs, supply chain delays and prominent weather catastrophes in 2022 elevating rates, though stabilizing infation and improved underwriting should help the market settle into a less erratic future. Below are average rate increases as of Q2 2023.
driving up costs even further.
General Liability, 2% to 10% increases:
Underwriters are requiring thorough submissions before accepting challenging classes. Accounts with favorable loss history are experiencing moderate rate increases — and occasionally small reductions — based on exposures and sustainable program structures.
Frank DeLucia Senior Vice President Hub International Northeast
frank.delucia@
hubinternational.com
(212)338-2395
Commercial Property, 10% to 25%-plus increases: Replacement cost valuations remain a focal point, and insurers are pushing for elevated valuations. Appraisals or a narrative on the statement of values could help when renewing. Insureds are seeing fewer blanketed limit options. In areas subject to catastrophes, the number of standard markets is exceedingly rare, with limits only offered for best-inclass properties with superior construction.
Builder’s Risk, 10% to 15% Increases: Contractors are routinely storing expensive equipment and materials on-site — and builder’s risk policies may not account for the loss of or damage to that equipment. Contractors who previously allotted about 2% of their budget for insurance can expect to earmark as much as 5% this year. With insurers less likely to underwrite an entire project, contractors may need to procure shared and layered programs. High infation and increased construction costs are also leaving some projects underinsured mid-build. Underwriters are scrutinizing all aspects of a build, and routinely inserting protective safeguard clauses into policies,
We expect market instability will level off as 2023 progresses. But to improve insurability and reduce risk immediately, we recommend property owners adopt several best practices:
Start renewals as early as possible. Plan to start the process 120 to 150 days out.
Improve your risk management. Consider technological upgrades, such as water sensors, sump pumps, electrical backups and outdoor property improvements.
Develop evacuation plans for catastrophes. You need plans for evacuating personnel, removing equipment and securing buildings.
Take a layered approach to security. Start with physical security such as fencing, signage, secured gates and doors, access control and security personnel. Then layer on technologies to further improve security.
Check your property valuations. It’s crucial for commercial property owners to have enough insurance to cover rebuilding.
OF
We would like to take this opportunity to thank the following people:
Our team & staff for their endless dedication and support
Our tenants for their cooperation to keep our buildings safe
Our partners for their trust and confidence in these challenging times
All New Yorkers working tirelessly to keep our city moving
We hope everyone continues to be healthy and safe in 2021.
When you buy a house, you are also buying a yard — a place to do your “backyarding,” which is taking indoor living outside into your own personal piece of nature. Fall is a critical time for your family yard since what you do in your yard this fall will set the stage for your activities for the rest of the year.
Kris Kiser President and CEO Outdoor Power Equipment Institute1605 King Street
Alexandria, VA 22314
turfmutt.com
(703)549-7600
Work done in yards now will determine the quality of that family football game after Thanksgiving dinner, the video conference call backdrop in your outdoor offce or next spring's blooms. Work your landscape and your landscape will work for you. Follow these fall yard care tips for the yard of your dreams:
Remove leaves. Mulching leaves with a mower is good for your lawn and the environment. As shredded leaves decompose, they feed your lawn naturally.
Mow at the right height. Cut grass until the frst hard frost. Find the just-right length for your species (typically between two to three inches) to keep your grass healthy when it turns cold. Overseed grass, and don’t forget to aerate the lawn to prevent soil from becoming compacted.
Water wisely. If you’re not getting at least an inch of water each week, keep watering throughout the fall. Install watering solutions, such as smart controllers on irrigation systems, to conserve water and ensure you do not over-water the grass.
Right plant, right place. Plant bulbs and fowering shrubs that will bloom in spring
and summer to feed pollinators, as well as provide beauty for natural, video conference backdrops. When selecting the plants for your yard, consider your climate zone and your family’s lifestyle.
Plant a tree for shade or cover. Trees are always a good investment in your outdoor space. According to research published by the "Southern Journal of Applied Forestry," each front yard tree adds 1% to a homeowner’s sale price, while large specimen trees can add 10% to property values.
Prune trees and shrubs. Research the best time to prune your specifc trees and shrubs.
Set up an outdoor offce. Fall is the ideal time to take your offce outside into your own backyard. Consider putting in decking or a hardscape to create an area to set up a desk or table. Make sure adequate electricity is available to power your devices.
Keep safety in mind. When operating outdoor power equipment this fall and beyond, keep these important safety tips in mind:
1. Read your owner’s manual and follow all manufacturer’s guidelines.
2. Do not disable or alter manufacturer-installed safety features.
3. Always keep children and pets away from machines during operation.
For safety tips, visit www.opei.org. For information on backyarding, sign up for Mutt Mail, an e-newsletter from the TurfMutt Foundation.
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
One of the great highlights of the ICSC meeting in Las Vegas in May was hearing just how optimistic the industry is, and how hungry for space physical retailers are. (See my feature story elsewhere in this issue.)
Debra Hazel
Debra Hazel Communications
North Las Vegas, NV
(201)618-5247
New construction was nearly non-existent in the last few years and totaled just 5.1 million square feet in the frst quarter of 2023, CBRE reported. Expanding retailers thus must turn to vacant spaces to fulfll their plans. And they’re doing so, rapidly. The U.S. retail availability rate dropped to 4.8% in the frst quarter of this year, down 50 basis points year-overyear, also according to CBRE, which observed that retailers absorbed more than 81 million square feet in 2022, the most since 2016.
So, right now it’s grab what space you can when you can, especially since the greatest shortage is in Class A malls. Open air is the answer, and some recent bankruptcies are helping the process.
The Bed Bath & Beyond (BBB) bankruptcy auction saw Burlington Stores take over 44 of the former’s 109 leases. It also picked up six more locations outside of the auction, spending $13.53 million for the lot. Michaels took on nine locations, Haverty took four, while various other companies (including Barnes & Noble) took stores, too. Macy’s continues to expand in open-air centers — it acquired a BBB lease, perhaps for its Bloomie’s concept — as well. Landlords were also active, taking back 37 leases to fll themselves.
HomeGoods, Ross Dress for Less, Aldi, Casey’s, Whole Foods, Five Below and more are looking for space. After spending years focusing on China and Russia, international brands such as Mango, Primark, Uniqlo and Zara are now looking to the U.S. for growth, especially as many closed their Russian locations after the invasion of Ukraine.
Ikea has announced major expansion plans for smaller format stores, dollar stores continue to grow, and Costco and Academy Sports are looking for locations, as is Goodwill. And stores can be subdivided into ftness facilities, medical offces and more. Restaurants are another possibility in the right spot.
Other retail leases are coming up for auction, including some subleases for Sprouts, as well as Tuesday Morning. And my beloved Christmas Tree Shops is now bringing 82 locations to market after announcing its liquidation.
Class B and lower enclosed malls still face challenges, to be sure, and undoubtedly some of their tenants are also looking at vacated spaces in open-air projects.
And there’s clearly consumer demand for physical stores. In May, I went to the grand opening of a Nordstrom Rack store about 20 minutes from my home. Just 10 minutes after the ribbon-cutting on a weekday, the store was packed.
Meanwhile, companies including TJ Maxx,
It will be interesting to see what takes the place of the Bed Bath and Beyond next door. And something will.
In pursuing a net-zero carbon economy by 2050, the rapidly growing trend of solar carports is gaining traction in urban landscapes. Fueled by reduced solar panel costs, generous tax credits and accelerated depreciation including bonus depreciation, these innovative structures have transformed everyday parking lots into powerful, eco-friendly energy farms. Serving as viable alternatives where conventional roof installations are untenable, solar carports promise a leap toward green energy and lucrative cash fow prospects for parking facility owners.
Joel Berenson, CPA
Tax & Business Partner Marcum LLP Boston, MA
joel.berenson@marcumllp.com
Solar carports are structures over parking spaces in parking lots with solar panels that generate power. These structures transform existing parking lots into productive power sources, which increases the cash fow for the parking facility owner.
The power generated from such facilities does not involve high interconnection costs since that power is consumed nearby.
Here’s how the solar energy credit works: the credit for energy property placed in service after December 31, 2021, is 6% of the cost of energy property. Solar energy property is equipment that uses solar energy to generate electricity (e.g., solar panels), to heat or cool a structure, to provide hot water for use in a structure and to provide solar process heat. To qualify for the energy credit, the property must meet the following requirements:
1. The construction, reconstruction or erec-
tion of the property must be completed by the taxpayer, or the original use of acquired energy property must commence with the taxpayer.
2. Depreciation or amortization must be allowable with respect to the property.
3. The property must meet the performance and quality standards, if any, prescribed by IRS regulations and are in effect at the time of the acquisition of the property.
4. Energy property cannot be part of a facility that received a credit under IRS Code Sec. 45 for producing electricity from renewable sources. This credit is 1.5 cents (adjusted for infation) for each kilowatt hour of electricity sold by the taxpaye.
However, the Infation Reduction Act of 2022 increased the above percentage to 8%, and the credit is increased to 30% if the maximum net output of the qualifed facility is less than one megawatt, the construction of the facility or technology begins before January 29, 2023, or the facility or technology satisfes prevailing wage and apprenticeship requirements (PWAR) determined by the Secretary of Labor.
The 30% rate is increased to 40% if the qualifed facility is in an energy community or if it satisfes domestic content requirements of energy property. For a facility located in a low-income community or on tribal land, there is an additional 10% credit rate. If it is part of a qualifed low-income residential building project or economic beneft project, the credit rate increases by 20%.
8:30 AM
Arrival and Registration
9:00 AM
Breakfast/Brunch
11:00 AM
Call to Carts
11:15 AM (SHARP)
Shotgun Start
5:00-6:00 PM
Hors D’oeuvres and Cocktails
6:00-7:00 PM
Dinner and Presentation of Golf Winners and Honorees
GOLF
$750 per person
$3,000 per foursome
DINNER & COCKTAILS ONLY
$250 per person
OCTOBER 2, 2023
Join us for the National Realty Club Foundation golf outing at the lovely Fresh Meadow Country Club in Lake Success, New York for a great day of golf, food, and networking. The National Realty Club was founded 76 years ago by Harry Helmsley. Currently leading the charge has been Jeffrey Mann with the help of Robert Romanoff, Jonathan Stern, Bob Knakal, Ed Wilkin, Jamiee Nardiello, Gregg Schenker, Orin Wilf, Dean Palin, Jay Neveloff, Pam Swidler, Lou Switzer and others. We are unifying individuals who can gain from one another as well as having a charitable arm to raise money to support NYC in areas that need help.
For more information, please contact penny@nationalrealtyclub.org
Michael Kerr Chairman M&R Management Co., Inc
Zachary Kerr President M&R Management Co., Inc
It’s the year of rats. Complaints to the city’s 311 line about rat sightings have increased 60% since before the pandemic and are at the highest level since 2010, when records began.
The city appointed a rat czar in April to organize the fght against these rodents. Laws have been passed to cut the food and waste that attract and nourish the critters and new regulations are being imposed.
Ira Meister President and CEO Matthew Adam Properties Inc. 375 Pearl Street – 14th FloorNew York, NY 10038
(212)699-8900
imeister@matthewadam.com
One of these is causing a burden on residential properties in New York. It’s a requirement that garbage bags can’t be put out for pickup before 8 p.m. The old rule kept the bags off the streets until 4 p.m.
What difference does four hours make? A lot for building superintendents and staff who will have to be available at 8 p.m. Buildings that put garbage in rodent-secure bins can wait until 6 p.m. Residential properties usually do not have maintenance staff on duty at 8 p.m. and often, in smaller buildings, a superintendent covers more than one property. In large properties, this forces a change in hours or overtime. For smaller properties, as well as larger ones, it disrupts family life.
Buildings must have the garbage out by 12:01 a.m. on collection days. Properties with nine or more units can put out the garbage between 4 a.m. and 7 a.m. on collection days, but few properties have staff on call at those hours.
The city’s motivation appears to be two-fold. Primarily, it is to fght the rapid increase in the rat population that seemed to explode during
the pandemic with restaurants setting up outdoor dining sheds. Secondly, the city wants to reduce the unsightly look of the garbage bags in the street and the smell, especially during the summer heat. However, it is questionable how effective this will be as the garbage in the vast majority of cases will be left for hungry rats during their night mealtime.
While Local 32BJ of the Service Employees International Union, which represents most building employees in New York, approved the changes, it is the boards, property managers, superintendents and owners who have to deal with this. It could result in overtime for many properties or changing schedules, which are carefully honed in many buildings.
While many cost-conscious boards balk at paying a private hauler, that might change. If we can get more buildings involved and get prices down, I think it will catch on. So far, two of the properties we manage — a co-op and a condo — have switched to private haulers.
The new regulations were included in legislation signed by Mayor Eric Adams in November. The legislation included provisions to control rats at construction projects, institute rat mitigation zones and require buildings with two or more rodent violations in a two-year period to use rodent-resistant containers for two years.
Violators received written warnings during a one-month grace period that ended on May 1. The agency plans to start issuing fnes to scoffaws: $50 for the frst offense, $100 for the second and $200 for additional offenses.
Expanding the new while preserving the old: construction is underway on the newest AC Hotel by Marriott in Pasadena, California. The infll project, being overseen by R.D. Olson Construction, is a ground-up construction to replace a former parking lot, with special accommodations (and coordination with city arborists) made to preserve existing oldgrowth trees adjacent to the property.
Located at 550 East Colorado Blvd., the six-story building will be the only branded hotel in the Pasadena Play-
house Village, offering guests a walkable neighborhood of nearby restaurants, shops, museums and events at the Pasadena Convention Center.
“We are excited to be working on another project for Marriott and to be contributing to this historic Pasadena neighborhood,” said Bill Wilhelm, president, R.D. Olson.
The 100,000-square-foot project will offer 194 rooms designed to appeal to business and leisure travelers alike. A rooftop bar
and lounge featuring expansive mountain views will have public access via a dedicated elevator off the Colorado Boulevard entrance, while guests will have additional designated hotel elevators. The frst foor will also have a bar and cafe serviced by an on-site kitchen.
The mixed-use layout will include 5,000 square feet of leasable space on the frst foor, a Peloton ftness room and an event space for planned gatherings.
The hotel’s modern design incorporates the most current technology with Wi-Fi
throughout and RFID (Radio Frequency ID) locks on guestrooms operable through a mobile device. The interior design highlights natural textures, with abundant wood surfaces, freplaces, water features and large-format windows offering ample natural light. Rooms will range from singles to penthouse suites on the sixth foor.
Other longtime partners on this project are architects AXIS/ GFA, structural engineers Saiful Bouquet, with interior design by Wild Muse (formerly known as Design Force).
Lendlease, the Union Theological Seminary (UTS), a 180-year-old center of theological education; the Jewish Theological Seminary (JTS), a leading academic and spiritual center founded in 1886 and the Morningside Heights Community Coalition (MHCC), a neighborhood advocacy and community development organization based in Northern Manhattan, announced $425,000 in grants distributed to local organizations through the Morningside Heights Community Fund (MHCF). Lendlease gathered with MHCC and other community leaders at the MHCF Community Impact Break-
fast hosted at Barnard College.
MHCF consists of funds deposited by Lendlease; LMXD, an affliate of L+M Development Partners and Daiwa House Texas, Inc. under a joint community investment agreement with UTS, as well as a donation from the JTS. Since 2020, the New York Community Trust (NYCT), fund administrator, has awarded four rounds of grants to 29 local nonproft organizations as part of an ongoing investment in the Morningside Heights neighborhood.
“Our collaboration with MHCC to help establish MHCF underscores our commitment to the Morningside Heights community. Through this partnership, we are excited to celebrate these impressive local nonprofts and their positive community impact,” said Monique Henley, executive general manager, development, East Coast region, Lendlease. “With our approach to development, we truly believe we have a responsibility to engage with neighborhood residents in a way that benefts the communities we serve.”
“Our organization exists to forge meaningful partnerships and advocate for the residents of Morningside Heights as the neighborhood evolves,” said Dave Robinson, president of the Morningside Heights Community Coalition. “This milestone is emblematic of a multi-year collaboration with Lendlease to support organizations providing vital and direct support to our neighbors through MHCF."
During four rounds of funding, grants were made to 29 different organizations in Morningside Heights and West Harlem, for essential services such as food pantries, literacy, health, youth and senior programs, as well as advocacy on pressing neighborhood issues. These grants initially focused on immediate COVID-19 relief and programs addressing the devastating social and economic impacts of the pandemic on the community. As the pandemic alleviated, additional awards have been distributed to organizations addressing many of the same needs, as well as issues such as civic engagement in public housing, the multifaceted needs of immigrant workers, art programs for dementia patients, building community bonds and addressing climate change through enhancing a decades-old community garden.
"MHCF has established an organic and effective way to balance local construction and community needs," said New York City Council Member Shaun Abreu. "I applaud the benefts MHCF has facilitated through its fnancial support for 29 local organizations and encourage the initiative's sustainment through future funding to protect and improve the neighborhood we share with so many institutions.”
University campus and immersed in the cultural and academic neighborhood of Morningside Heights. Robert A.M. Stern Architects designed the 41-story Claremont Hall project in collaboration with UTS to integrate architecturally with the broader campus and surrounding neighborhood.
Once completed later this year, Claremont Hall will provide approximately 54,000 square feet of modern classrooms, academic offces and faculty-designated apartments, as well as approximately 165 condominium residences. The building has earned earning a LEED Certifcation and also led the way for the renovation and preservation of Union’s campus that will reduce carbon footprints.
An advisory committee composed of members of the MHCC Board of Directors and community residents has issued requests for proposals and evaluated each proposal submitted to make funding recommendations. Final decisions on grants and administration of the MHCF occur through NYCT, a leading foundation and grant manager.
“The MHCF grant we received has allowed us to support programming led by the Grant Houses Tenants Association, further deepening our working relationship,” said Tamara Tucker of Neighbors for a Greener Harlem.
MHCF is part of the development partnership’s $5 million pledge toward the Morningside Heights community to protect and support its neighbors. Over the course of the fve-year pledge, $1.1 million will go to community groups based in Morningside Heights, including the MHCF and P.A.'L.A.N.T.E Harlem, a group that fghts homelessness and the displacement of vulnerable tenants. The remaining $3.9 million pledged will be released at the completion of the project and will enable social justice programming to develop the next generation of community leaders.
Lendlease’s partnership with MHCC emerged from its plans to develop Claremont Hall, a 354,000-square-foot mixed-use academic and residential building adjacent to the Columbia
In the United States, Lendlease has more than 60 years of global experience in urbanization and social infrastructure development. Leveraging its placemaking expertise and integrated business model, Lendlease said that it is committed to delivering transformational urbanization projects and investments in gateway cities that generate social, environmental and economic value.
BFC Partners has named former public o cial Melanie E. La Rocca as chief operating o cer. Collaborating with the executive team, La Rocca will guide the firm’s workflow, including reviewing the e ciency of current business functions, planning changes and updates to dayto-day operations, while collaborating with other executive sta to set and meet business objectives.
La Rocca will be based at BFC’s Brooklyn o ce and will work alongside Principals Don Capoccia, Joseph Ferrara, Win Wharton and Brandon Baron.
Prior to joining BFC Partners, La Rocca was named by Mayor Eric Adams as founding chief e ciency o cer for the City of New York. Previously, La Rocca served as commissioner of the New York City Department of Buildings, where she regulated and promoted the safe and lawful use of nearly 1.1 million buildings and more than 45,000 active construction sites. Before becoming DOB Commissioner, she was vice president of development and external a airs at the New York City School Construction Authority (SCA). Prior to that, she served as district chief of sta to Christine C. Quinn, former Speaker of the New York City Council, and was a member of Queens Community Board 1. She received her bachelor’s degree from Fordham University.
Fisher Brothers, a fourth-generation real estate company that owns, manages and operates unique spaces across the country, announced that David Cheikin will join the firm as head of real estate. In this role, Cheikin will oversee the commercial and residential portfolio and lead leasing, property management, security, engineering and residential asset management operations. He will also head Ease Hospitality, Fisher Brothers’ luxury amenity, meeting and conferencing solution.
Cheikin brings more than two decades of experience leading strategic real estate initiatives, including groundup development, large-format redevelopment, leasing and investment management. Most recently, he served as executive vice president of Columbia Property Trust, where his primary responsibility was to enhance the value of the portfolio through proactive leasing and management of capital projects. Prior to joining Columbia Property Trust, Cheikin spent 16 years at Brookfield Properties, serving most recently as the executive vice president and head of its New York and Boston regions.
He holds an MBA from Washington University in St. Louis and a Bachelor of Arts degree in economics and environmental studies from the University of Rochester.
Global One Investments, an a liate of New York-based Nelson Management Group, has promoted Saad Saghir to head of acquisitions, where he will be responsible for the execution of Global One’s acquisition and asset management activities. In his new role, Saghir’s responsibilities will include sourcing, underwriting and closing new investment opportunities, while also assisting with the implementation of the asset management strategies of existing portfolio assets.
“Saad has played a major role in the firm’s evolution,” said Robert Nelson, president of Nelson Management Group. “We’re confident that under his leadership we will continue to deepen our grasp on the NYC a ordable housing and workforce housing space.”
“Displacement in the market tends to favor investment managers who are operationally intensive and have a niche investment focus like us, so we have been building out our infrastructure to capitalize on these opportunities across the capital stack,” said Saghir, who has been with Global One for nearly six years working to develop the firm’s 4,000-plus unit portfolio.
Prior to Global One, Saghir held a variety of real estate investment roles, including in the investment banking group at Macquarie Capital, where he focused on providing merger and acquisitions, capital markets and strategic advisory services to real estate clients across multiple asset classes.
He holds an MBA from NYU Stern School of Business and a B.S. in finance from Indiana University Kelley School of Business. He is also a CFA charter holder.
Slate Property Group has named real estate industry veteran Jay Stark as president. In the newly created position, Stark will oversee and enhance Slate’s investment strategies, capital raising capabilities and help to grow and manage its relationships in the institutional investment community. He will also o er strategic guidance across all divisions of the firm.
Stark adds over three decades of experience to the company. Most recently, he founded and led Deal Lake Capital, a capital allocation advisory firm focused on special situations. While there, Stark assisted with strategic planning, asset acquisitions and dispositions, joint ventures, financings, debt restructurings and complex lease negotiations.
Prior to Deal Lake, he served as chief operating o cer of Winter Properties. Before Winter, he was a founding principal of Latus Partners. As a law partner at Solomon Weinberg LLP (now Greenberg Traurig), Stark focused on the structuring and financing of complex real estate transactions.
By Myles Mellor
1 Prefix with night or town
2 “Are we there ___?”
3 Include
5 Take on board
6 Country club hosting the Realty Club Foundation's Annual Golf Outing, goes with 7 down
7 See 6 down
8 In awe
10 Wall decoration 11 Matzo brei ingredient
Elyssa Marcus joined Rubenstein Partners in 2023 as vice president of asset management and acquisitions for the New York City Metro area and is based out of the firm’s Manhattan office. Before joining Rubenstein Partners, Marcus worked for eight years with Jamestown, gaining significant real estate experience across a variety of projects and functions. Marcus was also instrumental in launching Jamestown’s first public securities offering.
She earned a Bachelor of Business Administration from Goizueta Business School at Emory University with concentrations in finance, strategy and management consulting and real estate, and serves as co-chair of the Emory Goizueta Real Estate Steering Commi ee.
I’ve been working in the industry for eight years now. In college, I participated in three real estate-focused summer internships.
I became enthralled with the world of real estate at a very young age. My father is an accomplished property tax attorney. When I was a kid, I’d point to interesting buildings that stood out to me in the Manha an skyline and he would regale me with stories of each building’s history, which often included my dad’s
personal involvement in a landmark case. At age 16 and in response to an open-ended writing assignment about any topic of interest in high school, I drafted a 33-page business plan on “How to increase RevPAR (Revenue per Available Room) at LaGuardia Airport’s Crowne Plaza Hotel,” which I hand-delivered to the owner, my maternal grandfather.
How is the market doing post-pandemic?
Office buildings in particular are facing the strongest headwinds as the shi to remote or hybrid work has directed companies to reevaluate their physical footprint, especially in major markets including New York, San Francisco, D.C., Chicago and Los Angeles where work from home is most prevalent. In Manhattan alone, 25% of total office stock was currently si ing vacant as of the end of Q1 2023.
To draw the workforce back to the office, employers must provide a working environment that is inspiring and all-encompassing, a destination where employees can both work and play that features touchless and modern amenities and ideally is situated within a neighborhood that will alleviate the commute for as much of its workforce as possible.
The extremely tenant-friendly market we’re seeing in New York, which now o en includes substantial concession packages offered by
Elyssa Marcus Vice President, Asset Management and Acquisitions Rubenstein Partnerslandlords, is making the decision to flock toward new Class A spaces easier, [compelling] older assets to upgrade or pivot their function.
How is Rubenstein adjusting its plans?
We are increasingly looking at non-traditional uses for our properties with three main goals in mind: 1) to supplement cash flow and meet debt service obligations; 2) to bolster visibility, engagement and create a dynamic sense of place that drives leasing activity and 3) to create opportunities for a diverse set of companies, artisans and community groups to occupy or utilize our spaces in imaginative ways.
We believe there will be interesting opportunities to acquire underperforming real estate and execute the adaptive reuse and repositioning of those properties. We are also focused on opportunities to provide alternative financing solutions to other operators.
What worries keep you up at night?
The upheaval in the capital markets and limited availability of debt financing for commercial real estate, especially office. Office as an entire asset class is becoming a “bad word,” which is a dangerous generalization that disregards asset-specific and market-specific factors. It’s not “one size fits all” and it never will be; in actuality, many office buildings are well-positioned to weather this storm.
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As the U.S. population continues to age, the need for medical care and research has only grown — and so has the need for space to house existing and new companies conducting them. The result has been a surge in development and investment in laboratories and research and development facilities across the U.S. With rising interest rates increasing the cost of capital, growth has slowed in 2023, but it’s clear that the life sciences sector will remain healthy for some time to come, as you can see by the numbers.
0.5%
Life science properties’ percentage of total investment activity in real estate in Europe in 2020 (Ernst & Young, “Life Science Real Estate: the real estate asset class of the future”)
34.9 million
The amount of laboratory square feet that has been leased from 2020 to 2022 (JLL, “2022 Life Sciences Lab Real Estate Outlook”)
19.0%
The growth life sciences real estate inventory from 2019 to 2022 (Cushman & Wakefeld, “2020 March Life Sciences Update”)
4.9 million
The amount of life sciences square feet across Manhattan, Brooklyn and Queens (Colliers, “2023 Life Sciences Report”)
72%
The percentage of life sciences venture capital funding allocated to the United States (LaSalle Investment Management, “Global Life Sciences Real Estate Opportunities 2022”)
181.7 million
The total square footage of life science laboratories and research and development sites in the U.S. (CBRE, “2023 Life Sciences Outlook”)
Kramer Levin has decades of experience representing NYC’s leading owners, investors and lenders in complex real estate and land use matters, including many of the city’s signature projects that shape our skyline. We understand market terms and conditions and the regulatory environment, and we know how to position you for success. Let us help make your next project a reality, whether you’re at the top of the New York real estate market or on your way up.
www.kramerlevin.com
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