Mann Report February 2023

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They said it couldn’t

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.

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So if anyone ever tells you there’s no other way—don’t listen.

be done.

We didn’t listen.

DISCOVER THE NEW FLYING SPUR EXCELLENCE BEGINS

BENTLEY MIAMI

President & CEO

Jeff Mann

editorial Editor

Debra Hazel

Associate Editors

Laurie Melchionne

Lauren Schuster

Copy Editor

Geraldine Melchionne

Director of Communications and Marketing

Penelope Herrera

Director of Newsletter

Division

Cheri Phillips

Director of Special Events

Mirusha Damiani

art

Art Director

Krystal Peguero

Graphic Designer

Ran Jing

Priyanshi Pareek

Cover Photography

Michael Benabib

contributors

Frank DeLucia

Kris Kiser

Nathaniel Mallon

Ira Meister

Myles Mellor

Tina Necrason

Clifford J. Risman

Carol A. Sigmond

Tom Smart

Daniel Smith

Pay Wu

Nikita Zhitov

business

Technology Consultant

Joshua Fried

Distribution

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digital media

Editors

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Cheri Phillips

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Welcome to February, the month most of us feel lasts forever, even though it’s short.

February is also Black History Month, and I’m proud to note that each of our magazines — Fashion Mannuscript, Mann About Town and this very issue — boast cover features focusing on on prominent Black leaders.

In this issue, you’ll meet Lou Switzer, founder of Switzer Group, a pioneering workplace design firm. His work has graced many of our pages over the years, and it’s an honor to feature this wonderful gentleman and his story.

On another note, it’s been fun to see the full return of holiday

events, as you see in our Photo Stories section. The National Realty Club both capped a very successful 2022 and launched what we’re hoping will be an even greater 2023 with our postholiday gala – I hope you’ll join us for future lunches, breakfasts and cocktail events as we build the industry’s greatest networking and educational organization.

Meanwhile, we’re visiting conferences and continuing to expand our newswires (look for our new Arts and Culture weekly!) and our social media outreach. Find Mann Report on LinkedIn and Instagram, with more to come.

Spring is coming!

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Editor’s Letter

In writng about business, it’s sometmes easy to forget that there are people behind the numbers. In this, our annual fnance issue, we look less at stats and more about the investors themselves.

Look for Montage’s Tina Necrason discussion about investng in luxury residences. And yet another trend dovetails with that of the role of women in the commercial real estate sector.

CREW Network has reported that just 9% of C-suite roles are held by women, part of the 36.7% of women working in the industry. The percentage of commercial real estate owned by women is even smaller, though harder to pin down. I’ve seen 3% cited. Now, a group of women are taking maters into their own hands, forming companies, partnerships and even hostng educatonal events to encourage their sisters in business to invest in retail, ofce, multfamily and industrial projects and more to create lastng wealth and a legacy for their own families and others.

As the saying goes, they’re not asking for a seat at the table. They’re building their own and bringing other women with them. It’s a pleasure to watch this trend and a privilege to call several of these extraordinary leaders colleagues and friends.

Enjoy.

National Realty Club Hosts Post-Holiday Party

Real estate doesn’t stop celebrating when the ball drops on New Year’s Eve. Members and guests of the National Realty Club (NRC) celebrated a spectacularly successful 2022 just after the New Year with an evening celebration at Versa.

Members and guests enjoyed spirits, wine and soft drinks, as well as an exquisite menu, as belly dancer Soumaya MaRose entertained.

The event both kicked of a New Year of events and capped a 2022 that saw the NRC celebrate its 75th anniversary and see a huge revival under the leadership of President Jeffrey Mann (CEO of Mann Publications). Founded in 1947 by real estate luminaries including Harry Helmsley, Irving Schneider, Alvin Schwartz, Aaron Gural, David Rose, Irving Mann, Lawrence Wien and Jack D. Weiler, the NRC focuses on providing networking and educational opportunities for real estate executives. After a period of dor -

mancy, the organization was revived by Jeffrey Mann (Irving Mann’s son) and a group of current industry leaders — 2022 saw membership increase by five times as the group held a series of educational events and gatherings.

“Last year was just the beginning,” said Jeff Mann. “We’re looking forward to even greater growth in 2023!”

Photos by Howard Wechsler

01. Adam Levy, Levy Goldernberg; Steve Shogan, TitleVest; Andrew Texeria, U.S. Bank and Andrew Goldenberg, Levy Goldenberg

02. Amanda Jhones, Coldwell Banker Warburg and Soumaya MaRose

03. Dean Palin, Palin Enterprises and Ken Witler, Berkley Advisors

04. Don Gelestino. Champion Elevator; Guest; Janet DelPozzo, Champion Elevator Corp. and Rob Romanof, Absolute Electric

05. Jefrey Mann, Mann Publications and David Schlectman, Meridian Capital Group

06. Ed Wilkin, WilkinGuttenplan and Soumaya MaRose

07. Jedd Shlacter and Bret Herman, Schlacter Associates

08. Jefrey Mann, Mann Publications and Ed Wilkin and Len Nitti,

WilkinGuttenplan

09 Josh Minsky, Wharton Capital and Jeffrey Mann, Mann Publications

10. Robert Mangum, Sotheby’s and Clara Zoroddus

11. Ryan Brenner, PWC Companies and Amanda Jhones, Coldwell Banker Warburg

12. Ryan Brenner, PWC Companies and Dixi Wang, Amherst

13. Soumaya MaRose and Andrew Texeira, U.S. Bank

14. Soumaya MaRose

15. Soumaya MaRose

16. Soumaya MaRose

Mortgage Bankers Association of New York Hosts Annual Wine Gala

The Annual Mortgage Bankers Association of New York Wine Gala debuted at a new location the Stavros Niarchos Foundation Library. Familiar and new faces indulged in an array of wines poured by 20 top real estate sponsors. Attendees included representatives from Meridian Capital Group (Diamond Event Sponsor), Thompson Hine, Partner Assessment Corporation, Popular Bank, Cullen & Dykeman, Emerald Creek Capital, BankUnited,

Cornerstone Land Abstract, Forechelli Deegan & Terrana, BBG, White & Williams LLP, Signature Bank, Bowery, New York Community Bank, Merrit Environmental Consulting Corp., Commercial Observer, Colliers, Leitner Berman, LCS Inc. and SVS Standard Valuation Services.

Wine partner WineLine Co provided the featured sponsor wines and elevated the evening with its expertise and exceptional sponsor selections.

PHOTOS COURTESY OF GREG MORRIS PHOTOGRAPHY

The Annual Wine Gala highlighted the Association’s mission of promoting the welfare of the real estate industry, encouraging sound and ethical business practices, and a collective mission of giving back charitably. Elevating the evening just a bit more, the elite talent of Creative Edge Parties set up centerfold-worthy food stations with choices ranging from American cuisine to the shores of the Mediterranean. The event’s Kosher menu, present-

08.

09.

10.

11.

12.

ed and gracefully displayed by Weiss Brothers of

complimented the cultural tastes of South America and the Mediterranean for observing guests and sponsors.

Guests were presented with gift bags by the MBAofNY, inclusive of customized “Wine Gala” wines from Root Cause Wines of California.

01. Zahra Jafri, Lynx Mortgage; Jenn Smaragdas, C3S CoRE Consulting; Kitty Yen, Bank of America and James Ricca, Forchelli, Deegan & Terrana LLP.

02. Kitty Yen, Bank of America; Jenn Smaragdas, C3S CoRE Consulting and Robert Skelly, Creative Edge Parties

03. Ellen Hoey, BankUnited; Kitty Yen, Bank of America and Ben Stacks and Jonathan Smith, BankUnited

04. James Chiu, Moritt Hock & Hamrof and Dorian Lam, Cornerstone Land Abstract.

05. Maggie Ellis, Charlie Tallinger, Pete Biolchini, Ryan Reynics and Sarah Fonesca, Partner Assessment Corp.

06. Tony O’Sullivan, Colliers International and Johnshua Berman, Leitner Berman

07. Doug Unger and Erin Kates, Velocity Consulting; Mark Halloran, NV5 Company and Hitesh Patel

Katherine Sullivan and Kiera Reilly, Colliers International and Ashley Elezi, TD Bank

Marc Lawrence, World Wide Transfer and Kristin Worrell and Matt Karmin, Hillmann Consulting LLC

Cathryn Greenwald, Matthew Bechtold and Karen Kozlowski, Thompson Hine; John Manginelli, KeyBank and Kitty Yen, Bank of America

Chris Palmer and Steve Robinson of Cullen & Dykman LLP with guest in center

Guest, Jim Cinelli, Liberty Environmental; Kristen Kurth and Christophe Porsella, Joseph J. Blake & Associates

Nesher,

Fried Frank Holiday Party Brings Together Real Estate Industry’s Who’s Who

This year’s Fried Frank real estate holiday gala, held at Cipriani 42nd Street , was a celebration of a resurgent real estate market, attracting the real estate industry’s most well-known personalities. Powerhouse executives joined their colleagues in the star-studded yearly celebration. Hosted by Fried Frank’s real estate partners and Chairman of the Real Estate Department Jonathan L. Mechanic, admission to this party is one of the most sought-after tickets in town.

Featuring elegant décor, including a massive crystal ceiling centerpiece and images of New York City’s skyline on its walls, Cipriani 42nd Street provided the perfect backdrop and the ideal ambiance for the high-profile event.

02. Avi Feinberg, Fried Frank and Rob Sitman, Blackstone

03. Caelen Meggs, JPMorgan Chase, Kabaye Liku, Fried Frank and Mauricio Arnal Prieto. JPMorganChase

04. Cory Elbaum, Angelo Gordon; Julianne Befeler, Fried Frank and Adam Schwartz, Angelo Gordon

05. Erik Hovart, Olyan; Laurinda Martins and Rob Sorin, Fried Frank

06. Greg Conen, Tishman Speyer and Ross Silver, Fried Frank

08. ID Aruede, The Whitney; Carol Rosenthal, Fried Frank and Scott Solish, Greenland USA.

09. Janice Mac Avoy, Fried Frank and Suji Jhaveri, Jefrey Mudrick, Mary Bogino, Rockwood Capital

10. Jen Yashar, Fried Frank; Amy Arentowitz, Brookfield Properties and Allison Bukhtulov, Related Properties

11. Jon Mechanic, Fried Frank and Scott Rechler, RXR

12. Ken Cohen, Bank of America Merrill Lynch; Rob Sorin, Fried Frank and Charles Manna, Bank of America Merrill Lynch

13. Rob Sorin, Fried Frank and Alexis Kremen, Related

14. Susan Brustien Macgregor-Scott, Activation Blizzard; Jonathan Mechanic, Fried Frank and Kalpana Gajjar, Jack Resnick and Sons

01. Will Silverman, Eastdil Securted; Jonathan Mechanic, Fried Frank and Roy March, Eastdil Secured

07. Harry Sitomer and Andy Levine, SL Green and Cyril Touchard, Fried Frank

BABIES “R” US TO OPEN AT AMERICAN DREAM

First Toys, now Babies: WHP Global announced that Babies “R” Us will relaunch in the United States with a fagship at American Dream in Bergen County, New Jersey. The store is scheduled to open this summer.

The fagship will offer a full range of products, services and expertise

LEE & ASSOCIATES EXPANDS TO BATON ROUGE

Broker-owned commercial real estate rm Lee Associates has opened a new of ce in Baton Rouge, Louisiana. The of ce will specialize in industrial, of ce, land and retail brokerage, with plans to grow throughout southern Louisiana.

The Lee Associates Baton

for new and expecting parents and families. The store will debut interactive experiences for customers, such as a Stroller Test Track, Bon oyage Photo- pp station where parents can announce their new arrival and a Wishing Tree, where friends and family members can share their well wishes for baby.

International law rm Fried Frank will relocate its Midtown conference center to Park Tower Group’s 535 Madison Ave. in the Plaza District.

Fried Frank will occupy the entire 10th foor of the 37-story Midtown Manhattan building. The rm is expected to move in early 2024.

Rouge team will be led by Evan Scroggs, CCIM. During the initial start-up period, the Lee Associates Houston of ce will provide resources and assistance to support that the new Baton Rouge of ce.

Scroggs formerly was a senior advisor with NAI Latter Blum.

Fried Frank was represented by CBRE’s Steve Siegel, Craig Reicher, Tim Dempsey, Ramneek Rikhy and Marlee Tepliztky and the rm’s Jonathan L. Mechanic, Jennifer Yashar and Jackson Cole. CBRE’s Brian Gell and Laurence Briody represented Park Tower Group, along with Kenneth W. Sold of Loeb Loeb.

Photo via PRNewswire

Photo via Lee Associates

Photo by Thorney Lieberman

FRIED FRANK TO MOVE MIDTOWN CONFERENCE CENTER TO 535 MADISON AVE.

LIFE

TIME TO BRING ATHLETIC CLUB, RESIDENCES TO DOWNTOWN STAMFORD

Luxury tness and lifestyle brand Life Time will bring its rst Life Time experience to downtown Stamford, Connecticut in mid-2023 with a 52,000-s uare-foot athletic club, a 10,000-s uare-foot rooftop beach resort and 290 for-lease residences. Memberships to the athletic club will be available to anyone and Life Time

Living residents will receive a full-access Signature membership to the connected club and all of Life Time’s destinations across North America.

Located at 130 Tresser Blvd., Life Time will be centered around its athletic resort and is coupled with the residential tower.

PEMBROOK CLOSES $38.2M FOR LAS VEGAS MULTIFAMILY PORTFOLIO

Pembrook Capital Management LLC announced the closing of a 27.6 million rst mortgage bridge loan and a 10.6 million preferred e uity investment to ac uire and renovate 127 units located at 1455 East Katie Ave. in Las egas, Nevada.

The alencia Apartment complex

SAVILLS ACQUIRES SRS LEASE ADMINISTRATION

Savills Inc. has ac uired SRS Lease Administration LLC from SRS Real Estate Partners LLC. The group will combine with Savills’ existing lease management business.

Savills’ ac uisition of SRS Lease Administration LLC builds on its collaborative agreement with SRS. Last

comprises 21 two-story buildings for a total of 227 units spread across 10.5 acres. The nancing allows for the ac uisition of 127 units, 56 of the units, including 72 one-bedroom, 49 two-bedroom and six three-bedroom apartments, and provides funds to ac uire additional units over the next 27 months.

year, Savills and SRS announced a strategic alliance to offer occupiers, investors and owners enhanced access to experts and services in commercial retail advisory worldwide.

The SRS Lease Administration team’s client roster includes more than 50 tenants around the country.

Photo courtesy of PRNewswire

BHI PROVIDES $80M CONSTRUCTION FINANCING FOR GRAMERCY PARK CONDO

Full-service commercial bank BHI has provided an $80 million construction loan to 200 East 20th St. LLC. wned by the Tidhar Group af liate, the pro ect is a new condominium in the Gramercy Park neighborhood of Manhattan.

Designed by CetraRuddy Archi-

tecture, and spearheaded by Yoel Shargian, the 84,450-s uare-foot building will rise 19 stories and consist of 52 residential units, with ground foor retail spanning 2,730 s uare feet. Amenities will include a doorman, concierge, outdoor terraces, a tness center, pet spa, children’s room and bike storage.

LANDMARK PROPERTIES, MANULIFE EXPAND PORTFOLIO INTO CONNECTICUT

Landmark Properties has formed a new build-to-core oint venture with Manulife Investment Management to develop and operate residential properties in targeted markets throughout the nited States. The partnership has pre-identi ed several potential development opportunities, including The Standard at Four

Corners, an 890-bed pro ect at the niversity of Connecticut located in Storrs.

The Standard at Four Corners will be ready for occupancy in August 2025 and offers several distinct foorplans ranging from studios to three-bedroom.

LEGACY DEVELOPMENT SALES & MARKET JOINS FORBES GLOBAL PROPERTIES

Forbes Global Properties recently added Legacy Development Sales Marketing to its ranks. Led by industry veterans Mark Pordes and Adam Kaufman, the newly launched rm will serve as the exclusive representative of the Forbes Global Properties brand throughout Florida’s Miami-Dade and Broward counties.

Legacy draws from the team’s deep market expertise and over 3 billion of successfully sold luxury condominiums, commercial real estate and new development properties. Pordes and Kaufman are entrepreneurial real estate professionals with track records spanning more than three decades.

Photo courtesy of BHI

Photo Courtesy Dwell Design Studio

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THE GOTHAM ORGANIZATION UNVEILS THE SUFFOLK IN THE LOWER EAST SIDE

RESULTS MIXED FOR LUXURY HOME SALES NORTH OF NYC IN 2022

WNC RAISES $118M TO DEVELOP AND RENOVATE AFFORDABLE HOUSING UNITS

Photo via Gotham

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AMTRUST RE, VTS LAUNCH “AMTRUSTRE” TENANT EXPERIENCE APP

AmTrust RE has launched “AmTrustRE,” a tenant experience app powered by TS Rise, across most of its seven-building, 6.2-millionsquare-foot Chicago portfolio. AmTrust worked with TS to customize the technology for each property.

The mobile app enhances tenant

DESIMONE ACQUIRES DOWCO GROUP

Global full-service engineering rm DeSimone Consulting Engineering

DPC has agreed to acquire Dowco Group’s global detailing, preconstruction and building information modeling services business.

DeSimone can now more uickly deliver projects by bringing engi-

interactions with every aspect of their buildings, offering them new conveniences while also maximizing existing amenities. Using the app, tenants are able to sign up for building amenities and conference rooms and gain easy building access for themselves and visitors without the use of a key card.

neering and detailing into the design phase early, said Stephen DeSimone, chairman and CE of DeSimone. “Together, we are building a global digital design and detailing team, which allows us to offer structural solutions for clients inclusive of design, detailing, BIM and virtual construction services.”

DUVAL & STACHENFELD LLP RENAMES AS ADLER & STACHENFELD LLP

Real estate law rm Duval Stachenfeld LLP has changed its name to Adler Stachenfeld LLP.

In its rst 25 years, led by Managing Partner Terri Adler and Chairman Bruce Stachenfeld, the rm became a respected and sophisticated law rm serving the real estate indus-

try. The rm’s new name underscores its continued commitment to providing the highest level of business and legal counsel to the real estate sector.

Adler Stachenfeld LLP handles billions of dollars of real estate matters on behalf of clients annually.

Photo courtesy of AmTrust RE

Photo courtesy of Adler Sachenfeld

FIRST HOME HEROES DEBUTS MORTGAGE PROGRAM FOR FIRST RESPONDERS

First Home Mortgage Corporation has introduced First Home Heroes, an initiative that will help drive homeownership for rst responders, teachers and medical professionals by reducing some closing costs associated with loan applications.

This reduction is made possible by

eliminating certain lending fees. Eligible borrowers will have their application, underwriting and processing fees credited back to them at closing, up to a maximum of 1,585. Eligible borrowers include police of cers, re ghters, educators and medical professionals including nurses, doctors and other healthcare workers.

WESTERN SPECIALTY CONTRACTORS, KBS TO RESTORE CURTAIN WALL IN CHICAGO

Western Specialty ContractorsChicago Fa ades Branch and real estate owner/operator KBS are restoring a curtain wall at Accenture Tower, a 1.46-million-s uare-foot, 42-story, of ce and retail property at 500 West Madison St. in Chicago.

KBS contracted Western Special-

ty Contractors–Chicago Façades Branch in 2021 to completely restore the existing curtain wall at the property. The project, which is expected to continue through 2025, includes the removal and replacement of the original 35-year-old sealants on the entire 588-foot-tall building’s curtain wall and bridge over Canal Street.

SELECT GROUP AWARDS AED3B IN CONSTRUCTION CONTRACTS

Dubai, AE-based Select Group has awarded China State Construction Engineering Corporation (Middle East) LLC, Engineering Contracting Company LLC (ECC Group), iB ILD Construction LLC and Al Basti Muktha LLC (ABM) with construction contracts worth over AED 3 billion, e uivalent to over 10 million s uare

feet of development.

iBuild Construction LLC was awarded the contract for Six Senses Residences The Palm, Dubai. Al Basti Muktha LLC (ABM) will help deliver Peninsula Five, The Signature Collection and Jumeirah Living Business Bay, a

branded residence.

Photo via Western

Photo via PRNewswire

GODOCS UNVEILS GODOCS COMMERCIALCONNECT

GoDocs, the developer of commer cial loan document generation, has unveiled its API solution, GoDocs CommercialConnect. Designed especially for the commercial lending space, it allows for connectivity between third-party and proprietary lending platforms. Built speci cally for commercial lenders, the solution

NIECON TO TOKENIZE LUXURY VILLAS IN AUSTRALIA

Australia-based real estate devel opers Niecon has partnered with NFT Real Estate Platform All Set by Xillion to tokenize, fractionalize and sell several luxury villas worth over $3 million in small pieces starting at $10 per piece.

Several luxury villas located in the

LOWER UNVEILS MORTGAGE AS A SERVICE PLATFORM

To help consumer brands offer mort gage product services to their cus tomers, Lower has debuted a Mort gage as a Service (MaaS) platform. pendoor has moved its mortgage ful llment to Lower exclusively.

The MaaS platform allows consumer nance, banking and real-estate

The MaaS offering allows compa nies to offer their consumers home nancing options.

Photo via PRNewswire

REALNEX MARKETPLACE, YARDI COMMERCIAL CAFE OPEN SYNDICATION CHANNEL

RealNex has launched a new syndication channel, adding Yardi’s CommercialEdge Listing Network to its MarketPlace listing syndication capability. The new channel will enable the RealNex community to gain exposure for their 75,000-plus for sale and lease listings among the network’s two million monthly visitors.

Part of the Yardi family of solutions, The CommercialEdge Network includes websites such as the CommercialCafe CommercialSearch, 42Floors and PropertyShark listing services. The network hosts more than 260,000 spaces for lease, 50,000 properties for sale and 6,000 coworking spaces, Yardi reports.

With RealNex, brokers can manage their entire workfow. Driven from their robust commercial real estate centric CRM, users maintain all their property and client information to generate business and manage deals. They can readily leverage their data to create nancial analyses and marketing collateral as well promote offerings.

REDFIN ADDS ENERGY COST ESTIMATES FOR U.S. HOMES

Through a partnership with energy software company WattBuy, technology-powered real estate company Red n has added energy cost estimates for more than 85 million homes across the U.S. Consumers can now use Red n to better understand the costs of living in a home, including utility bills.

Each eligible Red n home detail page displays an estimate for the home’s monthly electricity usage, bill and seasonal changes in usage and cost. It also estimates how much homeowners could save on longterm energy costs by installing solar panels. The feature is located below Red n’s existing payment calculator.

NEW SHOWINGTIME+ SERVICE HELPS AGENTS DELIVER DYNAMIC LISTINGS

Zillow Group brand ShowingTime has launched Listing Media Services, the rst of two next-generation listing marketing products from the software suite, in select markets. Listing Media Services is currently available in Milwaukee, Wisconsin Atlanta, Georgia Dallas, Texas and Los Angeles,

California, with Tampa and rlando, Florida coming. ther markets will access to the service soon.

With just a few clicks, agents can schedule a professional photographer with on-demand booking to capture all the media they need to build a compelling listing.

Photo via Business Wire

Photo via PRNewswire

Fried Frank

Where major real estate transactions happen

HUDSON YARDS

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

CHELSEA MARKET

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

BLACKROCK HEADQUARTERS

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

MANHATTAN WEST

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

PENN STATION

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

CENTRAL PARK TOWER

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

ONE VANDERBILT

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

20 TIMES SQUARE

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

JP MORGAN CHASE HEADQUARTERS

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

New York | Washington, DC | London | Frankfurt | friedfrank.com

Attorney Advertising. Prior results do not guarantee a similar outcome.

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

— Chambers USA

ASHKENAZY ACQUISITION CORP. REFIS MANHATTAN RETAIL CONDO FOR $20.6M

Ashkenazy Acquisition Corp. (AAC) announced a re nancing of 20.6 million for the Chatham Retail Condo in New York City.

The 25,673-s uare-foot Manhattan retail condo located on Third Avenue received a 10-year, xed-rate loan from the Bank of Montreal. The loan

was a re nancing of a maturing CMBS loan on the property and was brokered by Meridian Capital Group. This transaction was negotiated by Meridian Senior Managing Director Ronnie Levine and Senior ice President Ben Jacobs. The property is 100 leased and anchored by 1Life ( ne Med) and TD Bank.

DALFEN INDUSTRIAL ACQUIRES SALT LAKE CITY INDUSTRIAL PROPERTY

COLLEGES

Dalfen Industrial has ac uired a new, three-building, 183,792-s uare-foot industrial park in Salt Lake City, tah that is 60 pre-leased.

The pro ect is situated in West Jordan, which resides in one of the fastest growing corridors in the .S. Population growth in the immediate

area is pro ected to be nearly 2.5 times the national average. Centrally located, the entire population can be reached in a 30-minute drive. Proximity to Highway 154 (1.3 miles) and the newly constructed Mountainview Corridor (2.3 miles) provides access throughout the metro. ther tenants in the area include racle and eBay.

SUBCONTRACTORS TRADE ASSOCIATION NAMES FARBER EXECUTIVE DIRECTOR

Felice Farber has been appointed as executive director of the Subcontractors Trade Association (STA), the rst woman to hold this leadership role in the association’s 66-year-old history.

Previously Farber served as senior director of policy and external affairs for the General Contractors Associa-

tion (GCA) of New York,.

Farber will be a leading voice of change in construction at STA, utilizing her vast experience in successfully infuencing the industry to further advance our mission of Building New York Better, said Anthony Acerra, STA president.

Photo courtesy of Ashkenazy

Photo via PRNewswire

Photo courtesy of STA

Felice Farber

FIRSTSERVICE

RESIDENTIAL TO MANAGE ONE UNITED NATIONS PARK

FirstService Residential has been appointed manager by building owner GO Partners for One United Nations Park, an ultra-luxury residential tower at 685 First Ave. in Murray Hill, comprising a mix of 148 condominiums, 408 rental units, more than 15,000 square feet of amenities and a ground foor retail component.

Designed by Meier Partners, One United Nations Park towers 42 stories above the East River waterfront. The building’s minimalist black glass facade offers a subtle nod to modern design, maximizes resident privacy and has created an instantly recognizable form among a crowded Midtown skyline.

MEDIACO TAKES 25,000SF AT 48 WEST 25TH ST. NOBU TO EXPAND

Savanna announced a new 25,000-square-foot, long-term lease at 48 West 25th St. with MediaCo Holding Inc., owner of New York radio stations Hot 97 and WBLS.

The lease comprises the entire second and third foors, the partial basement and ground foors. The

space will serve as the studio and headquarters for Hot 97 and WBLS.

Savanna was represented by Ethan Silverstein, Theodora Livadiotis and Bruce Mosler with Cushman & Wake eld. MediaCo was represented by Anthony LoPresti, also with Cushman Wake eld.

Nobu Hospitality will open ve new hotels in 2023, comprising Rome, Marrakech, Atlantic City, San Sebastián and Toronto, continuing its global expansion.

This year will mark Nobu Hotels’ 10th anniversary. Each of the existing 32 hotel destinations have been

selected based on the success of a Nobu restaurant, to reach 60 restaurants worldwide this year. With the concept of Kokoro — the Japanese word for heartfelt — tying the portfolio together, Nobu has continued to maintain a strong family feel over the last decade fueling its continued expansion, the company said.

Photo via Savanna

Photo via PRNewswire

Rendering by Binyan Studios

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LOU SWITZER: A Life In D esign

N ot many people turn a youthful fascination into a long-lasting and groundbreaking career, but Lou Switzer, the founder, chairman and CEO of The Switzer Group, a pioneering Black-owned interior planning, design and workplace strategy firm has done exactly that.

Switzer fell in love with design as a child.

“When I was 10 years old, my aunt’s husband was into design and was basically an architect,” he recalled. “I used to look over his shoulder and he did all of these beautiful designs and renderings of homes. I was fascinated and decided early on that this was what I wanted to do.”

He studied sketching throughout his high school years, then moved to New York at the age of 17 and found a job in the mailroom at a design firm.

“They knew that I wanted to be a design professional, and given that opportunity, I took advantage of It,” he said. “They realized I had talent, that I could draw.”

He also had a portfolio of sketches, astounding for a teenager. It was clear he had as much talent and experience as many of the employees. Those who saw the drawings were astonished at their maturity and skill, and Switzer was promoted to a draftsman in three months — once he found a replacement for the mailroom.

“They told me, you’re just 17, just out of high school. I told them I had a high school mentor who was an architect and taught me mechanical drawing. It only promoted the desire to become a professional. I was very fortunate that someone mentored me at an early age,” he said. “I happened to be at the right place at the right time with the right concept as to what I wanted to do.”

For that, he needed a bit of help. It was clear to Switzer even as he was working full-time as a draftsman that he’d need a college degree to progress. He applied to Pratt Institute and was quickly accepted. Paying for it was another situation.

“I asked my mentor at the ofce, ‘Do you have a tuition program? It costs money to go to Pratt, and I can’t aford it’” he recalled.

LOU SWITZER

How much, the boss asked?

“I gave him a number and he called a bookkeeper. ‘Make a check out to Lou,’ he said, then stopped. ‘Actually, make it out to Pratt Institute,’” Switzer recalled with a chuckle.

Switzer went to school at night while receiving on the job training while working full time. His first firm specialized in corporate ofces, especially in the finance industry downtown, and Switzer spent the early 1970s serving major Wall Street firms.

It wasn’t always easy for a young Black architect. Switzer recalled spending more than three years on a project, only to be pulled when his firm brought in a young white peer. Switzer then left for another firm shortly thereafter. But a year later, with Switzer involved in other projects, he got a call from that colleague, who had left to head facilities worldwide for that client.

“He said, ‘I want you to be my assistant director. You’ll be responsible for negotiating the leases and designing and getting all these facilities done,’” he said. “My answer was, ‘When do I start?’” A quick meeting with the CEO, who had been impressed with Switzer’s work on the company’s Atlanta ofce, sealed the deal and Switzer moved over to the client side — for a while. Switzer left Wall Street after that company closed and started a small firm in 1973 with a partner.

When that partnership ended, he launched Switzer Group in 1975, one of the first Black-owned design firms in the city. But New York was in an economic crisis, Switzer related.

“I couldn’t think of a better time [to launch],” he said. “I knew that by the time things recovered, I would be an established business, and that came true.”

WEEKS MARINE OFFICES

His first client, First National City Bank, came through a quick meeting, a letter and a follow-up that was particularly convenient; the company was located down the street from Switzer’s 54th Street ofces.

From there, Switzer Group built a business around providing workplace solutions that meet the clients’ needs. Collaboration and listening are paramount, with a goal of creating community and assessing how a space will be used. This is especially true today, as companies right-size their ofces in light of hybrid and co-working. Ironically, those concepts aren’t new — Switzer pioneered it decades ago.

“We went through this in the 1970s, when corporations were going through all kinds of changes,” Switzer said.

“We were among the first firms to do hoteling. We had a client in New Jersey with 400,000 square feet they wanted to convert to 100,000 square feet. We created a space where you’d come in, get a desk and a file. It’s very similar to what we’re trying to do today. Every client is looking at that.”

And that’s what Switzer Group, now a 70-person firm, still does, for clients as varied as AMC Networks, Roku, Metropolitan Commercial Bank, Blackstone, JPMC, District-37, Paramount, BlackRock, Global Relay and St. Francis College (see story in this issue). Services can include interior design, sustainability and even furniture consulting, to give each client a modern, yet timeless look that (pun intended) works.

“When you look at our designs, they’re fairly classic,” he said. “They still hold up 10 years later.”

It comes down to working with the client to project their brand. Maritime construction company, Weeks Marine, wanted its Cranford, New Jersey ofces to reflect their state-of-the art equip-

ment. The design included materials and forms reminiscent of boats, cranes and rivets. The reception desk even resembles a ship’s hull. A financial headquarters in New York City was created with employee experience in mind. The new home for St. Francis College in Brooklyn takes cues from its industrial neighborhood and the diversity of its student body.

And diversity is important as well. Switzer has donated a “substantial” sum to Pratt to assist minority students.

“That has paid of significantly,” he said. “We have the very first recipient of that scholarship working for us.”

The company has also expanded to an ofce in Los Angeles, after the Group was tapped to help a client open in California. Switzer called a peer to share the eforts, and then saw the opportunity to grow. The two ofces collaborate constantly.

Now, after more than 50 years, the master draftsman who loved design from childhood spends more time delegating and meeting with clients — though he keeps a careful eye on the details.

All of that pioneering and success resulted in an honor or two. He is a member of the Minority Business Hall of Fame and Museum, and in 1993, he was inducted into the Interior Design Magazine Hall of Fame.

“That was an exciting time for me, that my peers thought I had enough talent to be inducted,” he said. “But each and every one is special.”

Ultimately, the real satisfaction is in the listening and the work.

“It constantly comes back to the quality and the service we provide,” he said. “You learn from listening, paying attention and creating from what you hear and see.”

WEEKS MARINE

WEEKS MARINE PHOTOS BY COLIN MILLER PHOTOGRAPHY

Honoring

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Siena Lending Group

DINNER TREASURER

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Ziegfeld Ballroom, New York City

Group Director and Senior Vice President Signature Bank REGISTER

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DEMAND FOR LUXURY HOMES AROUND THE GLOBE CONTINUES TO GROW

As we enter new landscapes around living, economics and the prioritization of how luxury consumers view short-term and long-term investments are key drivers that have been recognized over the past two years.

Increasingly on the rise is the desire to invest financially to maximize time. This fuels the ability to connect with a certain lifestyle that is driven by motivations that include service, security, wellness and the overall ability to enhance the quality of family and life for the long term. This applies to all sectors of the luxury market. As multiple generations continue to gather in one place and those who purchase homes around the globe increases, there is a distinct expansion of home collectors who share one common thread — the desire and intent to create a foundation that fulfills their lifestyle expectations.

Daily, we track a variety of statistics. Whether these pertain to global markets, outcomes of our favorite sports teams or where the hottest travel destinations are, we emotionally connect in one way or another to these statistics. Recent trends and data inform us about the important attributes that are driving real estate transactions. If we look at high-profile areas, we can see that the housing market is influenced by demand and interest in discovering new places, forming new memories and realizing new economic returns. Here is where we recognize some substantial real estate trends in growth areas and factors on a more global stage as well.

In recent years, it is no secret that second home ownership has been in high demand, with luxury buyers seen as the main accelerator. Whether it is a holiday destination or a quick getaway to the city, buyers want more out of a second home. Some want to replicate their primary residence but in a diferent location that gives them access to private beaches, the mountains or an urban environment.

With remote work globally now part of everyday life, homeowners find it easier to stay in their vacation properties longer, using them as their second primary homes, and not just visiting during the occasional weekend or renting them out when not in residence. The most coveted properties and those ofering the ultimate in privacy and access to personalized services are catering to the needs of discerning individuals.

The fastest growing segment in luxury real estate are those properties that ofer a hotel branded experience through real estate oferings. The extension of service, amenities and overall brand trust and loyalty provide true ease of living and access to an array of experiences that are combined with high quality and functional design to deliver an efortless way to live for a weekend, a week or a month. Everything from from property management to personalized itineraries is overseen. Significant expansion is meeting overall demand with inventory of more than over 100,000 residences across the globe. Most importantly, branded residences are historically highly resilient during any economic turbulence. These sought-after opportunities are desirable for those seeking to enhance their real estate portfolio while also enjoying incredible and meaningful experiences.

Market growth in this space spans from gateway cities to remote and exotic locations along with areas that have emerged and appeal to buyers seeking refuge for a place to call home. In a market like Tampa, Florida there has been a surge of activity. At Montage, for example, we are embracing the community with substantial plans including a Pendry Hotel and Residences now under development on the Riverwalk in the heart of downtown Tampa. Early sales activity of the condominiums has been robust with over $150 million in residential contracts already underway.

Fully serviced living is appealing to those seeking to enjoy a vibrant lifestyle in the epicenter of Tampa. We have experienced incredible success ofering owners throughout our 20-year tenure, with a $5 billion growing real estate portfolio, an opportunity to enjoy highly personalized living along with the expertise in preserving their assets for generations. We are grateful to have the opportunity to build long lasting relationships that provide meaningful satisfaction to many families in our communities. With the recent launch of Montage’s first private island resort, The Residences at Montage Cay in the Bahamas and Los Angeles are producing record-breaking market success at Pendry Residences West Hollywood, and these desirable locations fulfill the demand recognized in the luxury market. There is significant value not only from early-stage projects but those who recognize impactful appreciation in our legacy locations as well. The service and experiences stand the test of time in these vibrant and sought-after destinations.

Despite some recent shifts in nearly all real estate segments, the broader luxury sector has sprung into growth mode with impactful trends from exotic locations like Barbados to private golf club communities in places like Colorado or Utah, as well as in more established prestigious areas like the Hamptons. In all of these locales, there are important factors and trends being recognized when considering primary or second home ownership.

At Pendry Residences West Hollywood, we have a keen spotlight within our Southern California home base; we look at all of the micro-market impacts that are currently being recognized and look ahead to the near term as well. With new local Los Angeles tax codes being contemplated on luxury real estate and other financial factors, which can and will impact buyer decisions, we refer to a recent CoreLogic Real Estate Trends Report (November 2022). It reports that while home prices continue to trend upward across the country, and rising mortgage rates dampened housing demand nationwide, the out-migration of homebuyers is fueling enthusiasm. Of the top 10 metropolitan areas, for example, Los Angeles had a price increase of 7.5% year-over-year. Homes that have sold for $10 million or more climbed 100% in the past few years. For the ultra-luxury homebuyer looking for properties in international markets such as Los Angeles, they are less price sensitive, and more interested in the amenities and lifestyle oferings that suit their needs.

Real estate is still a long-term play, and California has traditionally attracted buyers from all over the world, and in desirable locations such as West Hollywood. It brings that cachet that transcends market trends, particularly if you are an ultra-afuent buyer looking for a second or third home or pied-á-terre

Whether you are purchasing a home in a branded residential community or you are considering a luxury real estate purchase in a new or well-established locale, there is a meaningful opportunity to pursue life’s passions and build a prime real estate portfolio with a collection of primary residences. The outlook is bright, and the trends are being set as luxury consumers focus on the prioritization of long-term investment, family and time.

EXECUTIVE VICE PRESIDENT OF RESIDENTIAL, MONTAGE

TINA NECRASON

STRONG DIVERSITY, EQUITY AND INCLUSION (DEI) PROGRAMS IN THE CORPORATE ENVIRONMENT

By Pay Wu, president, MWBE Unite

Between 2020-2022, numerous companies among the Fortune 100 announced hiring a chief diversity ofcer in the U.S. This trend is heightened as social equity and impact conversations have become front and center in discussions about Diversity, Equity and Inclusion (DEI), both in workforce and in supplier diversity. More organizations are adopting DEI programs, typically covering workforce and workplace diversity by outlining distinct policies with goals to increase representation and participation from diverse gender, ethnicity, backgrounds, experiences, abilities and skill sets. The programs are aimed at those from historically underrepresented groups.

Diversity, Equity and Inclusion: A Breakdown Diversity

Models of diversity within the workplace have changed and continue to evolve. The goal of most companies today regarding diversity is to actively consider all the many experiences, diferences and perspectives

an employee brings to the workplace.

Of course, existing legal protections, such as the Americans with Disabilities Act and other U.S. Equal Employment Opportunity Commission (EEOC)-enforced laws, make it illegal to discriminate against a particular set of these characteristics, including: disability, age, gender, marriage and civil partnership, pregnancy and maternity, race, religion or belief, sex and sexual orientation. But beyond these attributes are individual experiences, identity, skills, diversity of thought, personalities and diferent skill sets we must consider. All these distinctions are important in understanding the meaning of diversity, as every individual is diferent.

Equity

Equity is defined as freedom from bias or favoritism. The term difers from equality, which is understood to be the state of being equal. Workplace equity provides employees access to the same opportunities, and that access may look diferent depending on each individual need. For example, an employee with a disability may require a reasonable accommodation to perform an essential function — access to and delivery of such an accommodation is considered equitable.

While equality and equity are essential in the workplace, instilling equity within company policy is the more actionable road to both. Productive equity programs level the playing field and are valuable tools to help achieve true inclusion.

Inclusion

It’s often assumed in workplaces that if there is diversity, there is also inclusion. The value of strong DEI programs comes in the power of a company’s culture, starting from the top down. In order to create an inclusive workforce, first identify actions you can take to ensure that the diversity and equity you work so hard to improve and increase will not be eroded by the lack of inclusion in daily employee experiences.

A common counter to the concept of inclusion is the idea of symbolic efort or “Tokenism.” Tokenism is the hiring of a person or persons from marginalized groups for the sake of the appearance of diversity, often to save face or avoid criticism for lack of diversity. But without any intention of giving that individual room to present all they can ofer to the organization, their presence proves inefective and is not considered actual inclusion.

Profile of a Strong DEI Program

More organizations adopt some sort of DEI program every day. However, Gartner research revealed that only about 20% of organizations believe their DEI programs to be efective. So, what exactly makes a DEI program successful?

Studies show that strong DEI initiatives are based on transparency.

Pay Wu

Transparency is the bedrock of trust, and the whole of an organization must trust the DEI programs for it to thrive. Frequently, employees whose identities are underrepresented are left outside the loop. Leadership must be deliberate in stating motives, decisions, and processes surrounding DEI programs. Transparency not only helps all employees know their value, but also sets the tone for any future changes. Gartner also reveals three helpful focuses when creating quality DEI programs.

Establish an Employee-centric Approach

When companies bring the focuses and interests of historically marginalized employees to the forefront, DEI initiatives are more likely to excel for all employees. Successful initiatives typically took the time to understand structural challenges and issues raised by individuals within the company before preparing DEI strategies.

Create Metrics to Track Progress

Research shows that only 57% of organizations with DEI initiatives use metrics to track progress made by their programs. It is crucial that employers understand which strategies executed drive inclusion and equity in the workplace. It’s also paramount that all data findings are used to alter strategy as needed, moving forward.

Embed DEI Strategies Throughout the Organization

Quality DEI initiatives should incorporate policy decisions into all facets of

operations; this means going beyond policy statements during new employee on-boarding to truly encompass all areas of business, including day-to-day business processes and employee relations.

The value of establishing strong DEI programs comes in the power they must move the needle forward within the company culture and the workforce in meaningful ways.

Why are DEI initiatives important?

Organizations that enact strong and sustainable DEI initiatives reap many benefits. Companies report up to 20% increases in organizational inclusion after sustained implementation of quality DEI programs. Among other advantages are a reported average of 56% increase in job performance and a 50% reduction in employee turnover.

A more diverse, inclusive, and equitable workplace helps everyone. Great DEI initiatives use deliberate strategies to implement a more comfortable and satisfying workplace for all, and the advantages of such a shift can show benefits for both employer and employee.

BRINGING WOMEN OWNERS INTO CRE

BY DEBRA HAZEL

Even as commercial real estate tries to include more women, there are some secrets beneath the stats. Despite years of eforts and outreach, women occupy just 36.7% of the commercial real estate sector, according to a 2020 Commercial Real Estate Women’s (CREW) network survey.

The percentage of commercial real estate owned by women is so small that it’s even hard to verify, though 3% is a number being shared. Now, however, a group of women CRE professionals are investing in various categories of the industry and helping others learn how to do so to build sustainable wealth and a legacy for their own families and women overall.

It’s just a matter of informing women of what is possible, noted Sydney Phillips, a serial entrepreneur who is using her growing investments in CRE to allow her to invest in other industries.

“The risk level was so tempting to me. Tech startups are very high risk but very high rewards,” she observed. “I went into commercial real estate as stability and the portfolio for my wealth.”

Why aren’t more women doing it? A lack of knowledge and some misconceptions, including that a lot of money is needed to start.

“The reason they don’t is fear. They don’t see it,” said Beth Azor, president of Azor Advisory Services. “If they see it, they can be it.”

Often, it has taken family or colleagues to open their eyes. DeLea Becker, founder and Broker for Beck-Reit Commercial Real Estate Beck-Reit Asset Management in Austin, Texas, came into ownership through Norman Reitmeyer, her contractor husband Russ Becker’s business partner.

“Norman taught Russ that you have a construction company to

NATASHA FALCONI

generate the returns to buy real estate,” she said. They acquired a building in East Austin though a partnership in 2006. The building became the corporate headquarters. In 2012, DeLea got her broker’s license, and the next year found a warehouse to lease even before she purchased it.

“I’m a control freak,” she said. “I try to buy things for the future. All of this is to be handed to my children.”

Nearly all of the women had some background or mentors in the industry — Phillips’ family were commercial real estate entrepreneurs. Azor started in the industry as an assistant at Florida-based Terranova Corp., and worked her way up to president. But it took encouragement from founder Stephen Bittel to cross over to the ownership side.

“He said, ‘I’m taking you to a bank and co-signing a loan, as long as you agree to save 20% of each commission going forward to an investment account,’”she recalled. “After that, I was in seven limited partnerships over the next 10 years.”

She then formed Azor Advisory Services while continuing to invest. Today, she owns five deals worth $80 million, after buying and selling properties.

Similarly, Natasha Falconi, president of Falconi Capital, became an investor in multifamily properties after a career as a CPA, working for a shopping center owner (eventually becoming president) and chairing a bank.

“I was looking at my next chapter, and saw I didn’t have any equity,” Falconi said, adding that it’s often ingrained that women must get a job and work for others. “I was an entrepreneur managing someone else’s business.”

She founded Falconi Capital in 2019, and is focused on multifamily in Hialeah, Florida and Miami. Using savings to buy her first properties, she then began doing syndications and finding others to invest with her. Her bank connections and knowledge have been helpful.

“I’ve been sitting on both sides of the table when they were having conversations about deals. Because I had that knowledge, I was able to navigate the process,” she said.

Now, the women are spreading the word about commercial real estate investments to others. Falconi has produced an investment guide. Others are speaking about the topic. Becker committed in 2022 to building two buildings a year with women and is working exclusively with women clients going forward. Through her Azor Academy, Azor runs in-person seminars to educate women about investing in CRE. All say that their eforts will create a solid basis for future generations — whether it’s their own children and grandchildren or for future generations of women.

“I lost my father really young, and it made me think about legacy from the time I was 14. Mine would certainly be freer women,” Phillips said. “With money comes freedom.”

SYDNEY PHILLIPS

DELEA BECKER

NATIONAL REALTY CLUB, REBORN FOR A NEW ERA

Schneider, Alvin Schwartz, Aaron Gural, David Rose, Irving Mann, Lawrence Wien and Jack D. Weiler, the National Realty Club thrived in the post-World War II years, and continued through the 1980s and 1990s, attracting a new generation. Crucially, it provided an opportunity for younger executives to rub elbows with senior leaders to learn and build relationships.

“I started going to NRC in the mid-1980s. I got to have lunch with titans of the industry who may not have even taken my calls, including Allan Riley, John Samuelson and Alan Simon,” said Bob Knakal, chairman of investment sales at JLL, who served as NRC president in 1990 and 1991. “It was a great, great organization back then and it kind of slipped and faded away.”

Helping Jefrey Mann, Irving Mann’s son, rebuild the NRC is a group of friends and real estate leaders.

“Jef is a friend of over 20 years, and I knew his vision of bringing back a real estate networking group was brilliant,” said Robert Romanof, president of Absolute Electrical Service. “It’s needed now because real estate and construction are facing huge post-pandemic issues.”

It isn’t often that an organization experiences a rebirth at its 75th anniversary, but that’s what has happened with the National Realty Club (NRC), a group of professionals in real estate and allied industries who meet to exchange information about trends, network and make deals. After years of decline, the organization has quintupled its membership, expanded to a younger, more diverse group, organized multiple events and launched a charitable foundation to benefit New York City.

This rebirth has taken place under the watchful eye of Jefrey Mann, president of Mann Publications, whose family helped to launch the NRC after nearly a century in the real estate and apparel industries. Mann was approached by real estate luminaries including Greg Schanker of ABS Partners Real Estate, Jay Nevelof of Kramer Levin, Jonathan Stern of Meridian Capital Group and Jefrey Gural of GFP Real Estate, to bring back the NRC in an especially critical time.

“Real estate is not a business about buildings. It’s a business about people and their connections,” Mann said. “After more than a year of not seeing each other face to face due to the pandemic, we knew it was important to recruit a new and active board and bring back the events that had been so important from the Club’s founding and make them meaningful.”

Founded in 1947 by real estate legends including Harry Helmsley, Irving

“It’s a good place for young brokers to get to meet some of the more experienced professionals,” said Jefrey Gural, chairman of GFP Real Estate and son of NRC founder Aaron Gural. “It’s also an opportunity for those of us with friends in the industry to socialize.”

Events featuring a new generation of speakers were the key. Ed Wilkin, shareholder of WilkinGuttenplan, worked closely with Mann to create valuable content at the meetings.

“Jef made a lot of changes when he came in a year ago,” Wilkin said. “It’s been an amazing year.”

Word got around quickly, attracting even more support.

“The NRC has long been the gold standard for real estate advocacy and afnity groups in New York City,” said Jonathan Stern, senior managing director at Meridian Capital Group, which has been an event sponsor. “Hearing that Jef had a vision for reviving the NRC and knowing how efective he is in these types of endeavors, I wrote him an email thoroughly encouraging him and ofering to do whatever we could to help the NRC rebuild its membership and provide the tremendous value it has provided to its constituents.”

The organization’s mission also dovetails with Stern’s commitment to encourage young leaders and professionals by helping them gain access to mentors. It’s especially important in real estate, he observed.

JONATHAN STERN, MERIDIAN CAPITAL GROUP, JEFF MANN

“Real estate, unlike the stock market or purchasing gasoline or groceries, tends to be a very opaque market,” Stern said. “Any insights we glean are from personal relationships and sharing insights face to face. As the NRC rebounds, my involvement and the larger purpose is to get real stakeholders in the industry together in person to talk candidly about market conditions, the issues they face and the situation of being a landlord in a dynamic market environment.”

That includes, once again, bringing in the next generation of professionals. In his involvement with the NRC, Knakal has progressed from the newcomer eager to meet senior leaders to the senior leader others want to meet.

“A big part of being an intermediary is not who you know, but who knows you,” he said. “When you’re out at networking events, you get to know people on a diferent level, and they get to know you and before you know it, you are doing business together.”

And diversity now matters, too. At a recent breakfast, guest speaker Brownette Cooke, president-MWBE Master Electrician of Evans Electrical Services Inc., spoke of her experiences in the industry as an entrepreneur and person of color.

“Women and people of color continue to be underrepresented in commercial real estate,” noted Carol A. Sigmond, a partner at

Greenspoon Marder LLP. “But Jef Mann and his team are working hard to include more women and more people of color as members and guest speakers.”

And the evolution continues. Today, the membership has risen to more than 100 members. In time, Romanof said, the NRC will form committees to focus on various goals, including increasing the participation of professionals besides owners and developers such as construction and management.

In addition, Mann reported, the NRC has formed a charitable foundation that supports organizations that benefit the quality of life in New York City, with Romanof, among others, serving on the board. Events including the 2022 golf outing support the foundation. Charities that have benefited thus far include the Jewish Children’s Museum and Bronx Historical Society.

Knakal and Romanof both noted that attendance may be paying of for them as well, as some potential new business may be arising from connections formed through the NRC. But that’s just one of the benefits.

“You need to be in it to win it,” said Jay Nevelof, real estate chair at Kramer Levin. “It’s not just about getting clients, it’s about meeting people. It’s about being able to do your job more efectively.”

ROBERT ROMANOFF, ABSOLUTE ELECTRIC; JOSEPH MARTINEZ, JASON MCKAY AND JOE PAVONE, HOLT CONSTRUCTION

PHOTOS BY HOWARD WECHSLER

THE RISE OF

EXPERIENTIAL RETAIL IN NEW YORK CITY

BY NATHANIEL MALLON

PHOTOS COURTESY OF VERADA

xperiential retail has been on the rise as consumers have demanded more in their shopping experience. Traditional brick and mortar locations have sufered, while retailers that have incorporated the new concept have thrived.

As we move into the future, studies reveal that the demand for experiential retail is not slowing and retailers that want to remain prevalent must adopt this idea of “retailtainment.”

Paving the path in the industry are retailers in New York City, which have been integrating the concept into their locations since designers Rei Kawakubo and Adrian Jofe of Comme des Garçons launched Dover Street Market in Manhattan in 2013. Mimicking its original concept opened in London in 2004, Dover Street Market encompasses eight maze-like floors which include a restaurant, numerous fine art exhibits and possibly the continent’s most overwhelming, complete collection of contemporary clothing.

Since then, individuals have leveraged this new demand to introduce new, creative concepts throughout the city. Retailtainment now uses available retail and ofce space to provide community experiences, bringing like-minded individuals together. This model has been proven to improve the customer experience and increase sales for brands and businesses.

Notable Experiential Retail in New York City

Following pioneers such as Walt Disney, Nike and Levi’s, which first incorporated experiential retail into their New York City stores, other brands and businesses, both large and small, are now following suit. These retailers are adopting new concepts that create an experience for the consumer, increasing their time spent in their locations and ofering them the ability to create memories while making purchases.

Vital Climbing Gym

Indoor sports experiences are among the most popular in New York City as residents seek healthy outlets. One of the first introduced on the Williamsburg-Greenpoint border in Brooklyn was Vital Climbing Gym. Opened in 2018, the San-Diego based company executed a lease to occupy a 31,000-square-foot industrial property, with intent to build out the space to nearly 46,000 square feet.

Brendan Thrapp from Verada Retail led the landlord rep team through the transaction. Commenting on the transformation seen throughout the city, Thrapp said, “There has been a big influx of experiential retail in the city, and I see it only growing. Coming out of COVID-19, I think people are looking for more connection, more of a full sensory experience.”

Today, Vital Climbing Gym is a 24-hour gym that ofers climbing and training, as well as aerial, bouldering, fitness, cycle and yoga classes and workshops. At the time of lease execution, Vital Climbing co-founder

PADEL HAUS IS THE FIRST IN NYC

David Sacher shared, “The building is spectacularly underutilized. It’s really run down, and we can do something cool with it.” Vital Climbing has opened a second location in Manhattan.

Five Iron Golf

Five Iron Golf recently executed a lease to open its newest location in Midtown. Occupying a 30,000-square-foot space, Five Iron Golf will ofer an experience for both advanced and novice golfers.

“For the serious golfer, Five Iron hosts high-tech Trackman simulators, access to teaching professionals, practice time, leagues, club storage, showers, top-of-the-line clubs that are free to use during [their] booking, and in-house club fitting services,” the company’s website said. “For the less-than-serious golfer … Five Iron ofers flexible event spaces, a full-service bar, locally crafted food menus, table games like ping pong and shufeboard and widescreen TVs perfect for watching [their] favorite game.”

Padel Haus

In 2021, Santiago Gomez, co-founder of restaurants Cosme and Atla, announced his newest concept, Padel Haus. Padel Haus is the first padel club in NYC and ofers residents the opportunity to participate in this relatively new game, a combination of squash and tennis. According to the International Padel Federation, 18 million people now enjoy the sport in 90 countries. Padel Haus now occupies a 30,000-square-foot space in Williamsburg and includes both a club and restaurant.

Lego Group

Not only are sports making way in the experiential retail sector, but major brands, including Lego, are as well. Following years in a pandemic environment, Lego introduced its experiential retail NYC flagship store in 2021. The store features first-of-a-kind immersive digital and physical shopper experiences to inspire creativity and imagination.

Included in the location is the Lego Brick Lab, a world-first retail experience that immerses people and their LEGO builds in an amazing virtual world; the interactive Tree of Discovery, which is made from 880,000 Lego elements; an interactive Storytelling Table designed for adult fans, which brings to life the stories behind sets available in store and much more. The store occupies a 7,175-square-foot, two-story space on Fifth Avenue, and is the first of the brand’s new retail format.

Leveraging Artificial Intelligence to Improve the Retail Experience

Beyond experiential retail, retailers specializing in art, music, film or even food are quickly realizing the potential of using artificial intelligence (AI) to create an immersive consumer experience. If current trends continue, those businesses that can tap into our desire to do and feel, rather than simply go somewhere, are more likely to capture our collective attention and increase profits.

ArtsDistrict Brooklyn

ArtsDistrict Brooklyn, also known as AD/BK, is a new immersive arts

venue occupying 25,000 square feet at 25 Franklin St. in Greenpoint. This reclaimed warehouse, which overlooks the East River, has transformed into a massive art installation complex that features rotating installations.

Marketed as “the place where innovation meets imagination,” AD/BK combines daring creativity and unrivaled originality to spark curiosity and invite exploration. In addition to its exhibit space, the venue includes a daytime café, a pre-show destination where visitors can enjoy free Wi-Fi and an open-air patio space with outdoor seating. It also features an NFT gallery where visitors can purchase works from main stage shows.

Hall des Lumières

Located in the previously vacant Emigrant Industrial Savings Bank, Hall des Lumières invites visitors of all ages to experience art and culture from a new perspective. The 33,000-square-foot space, which sits across from City Hall Park, currently features the work of Austrian painter Gustav Klimt.

Unlike other experiential pop-ups that have opened in NYC, the Hall is a permanent proprietor of the immersive arts, dedicated to featuring entirely new, custom-curated exhibitions every 10 to 12 months, based on the work of diferent world-renowned artists. Culturespaces, a leading private manager of museums and cultural heritage sites in France, is head of the project.

Summit One Vanderbilt

Taking advantage of its unique location, height, and views, Summit One Vanderbilt blends elements of art, technology and architecture to take the concept of “observation deck” to a thrilling new level. At 1,401 feet, One Vanderbilt is the tallest commercial skyscraper in Midtown Manhattan and among the 30 tallest buildings in the world. Inside, visitors access a multi-sensory art experience that compels them to question their perception of the built environment, the natural world around them and their sensorial reality. Ascending 93 floors via one of the largest glass-floor elevators in the world, visitors step into an immersive art experience, curated by Kenzo Digital. A state-of-theart promontory ofers jaw-dropping views of all five boroughs with a choreographed procession of connective social spaces — including hallways, escalators and a skyline café.

Transforming the User Experience

Today’s consumers are becoming more selective about the brands and stores they choose to patronize, and 75% report that they prefer an experimental store versus non-experimental stores. This means they are looking for unique and seamless shopping experiences.

As a result, it is harder for retailers to grab and keep their attention. Experiential retail, including immersive commerce, aims to create an interactive experience that truly engages consumers in shopping instead of just briefly browsing, and this concept is forging a new pathway for retailers of the future.

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THOUGHTS ON OFFICE TO RESIDENTIAL BUILDING CONVERSIONS

The popularity of working remotely has given rise to sharing, or hoteling, of of ces and workstations, thereby reducing the demand for of ce space. However, the need for housing, particularly moderate-income housing in New York City for both rental and purchase, remains strong.

Carol A. Sigmond Partner

Greenspoon

590

carol.sigmond@gmlaw.com

(212)524-5074

As a result, New York City government and residents are facing the impacts of the systematic conversion of of ce buildings to residential or mixed-use residential buildings. This process has been in lower Manhattan since the early 1990s. The recently unveiled Task Force Report demonstrates that more conversions are coming.

The focus of the Task Force Report is regulatory and statutory, so the focus of the City will be on zoning changes and modi cations to the Multiple Dwelling Law with its density and windowed bedroom requirements in order to create more housing, some of it dormitory or supportive, as well as opening up the Midtown area for conversions. But the real driver for these conversions will be empty of ces the economics for some buildings to convert may just be too compelling.

However, because of the New York State Multiple Dwelling Law, which requires operable windows in multifamily homes (speci cally in bedrooms), many buildings are simply not appropriate for conversion.

Buildings with large foor plates are ust not

suitable. Too much space is unusable for residential purposes. Those with window or curtain walls lacking operable windows are also not good candidates. The cost of changing the façade is prohibitive. Buildings with smaller foor plates, or relatively smaller interior spaces with operable windows, are often the best options.

Changes required regardless of building height include converting gang bathrooms to individual units with sinks, showers and/ or bathtubs, and creating kitchens. Based on just physical considerations, it appears that buildings under 20 stories, with foor plates that allow for residential apartment layouts with windowed bedrooms, that do not require major façade or other structural work, are the best candidates for conversion.

The Task Force proposals for more dormitory or supportive housing in massive foor plate buildings, where there is limited or no passive ventilation from operable windows, are not necessarily wise. Creating stuffy dormitories without suf cient, operable windows to provide passive fresh air may be unwise from a public health perspective.

Co-op and condo boards and managers need to monitor these conversions in their respective neighborhoods.

This column presents a general discussion. This column does not provide legal advice. Please consult your attorney for specifc legal advice.

TOP CLAIMS AND PROACTIVE MEASURES FOR REAL ESTATE IN 2023

The loss of experienced employees due to injury can be a major threat to a real estate business. Understanding your risks and implementing proactive risk management strategies can help you prevent injuries and reduce insurance coverage costs.

In New York, due to Labor Law 240, employees of contractors and subcontractors who are injured on the job can sue property owners for construction-related injuries that occur on their premises in addition to ling a workers’ compensation claim against their employer.

Frank DeLucia Senior Vice President Hub International Northeast

frank.delucia@

hubinternational.com

(212)338-2395

Some common causes of workplace injuries include, but are not limited to:

Slips, trips and falls generate average costs of over $16,000 per claim, according to Zurich American Insurance Company. But most slips, trips and falls in the workplace are preventable. Investing in employee education and ingraining safety best practices into your workplace’s culture can lead to substantial long-term cost savings. In order to prevent risks associated with the ob, one must rst be aware of what they are.

Prolonged standing can result in swollen or painful feet or legs, tendinitis, heel spurs, varicose veins, knee problems, lower back pain and neck and shoulder stiffness. Overexertion can cause sudden trauma or cumulative strain, sprains and tearing injuries. Professionals who

spend a lot of time with paperwork or typing may experience nerve issues in their wrists. Employees risk having their ngers, hands or arms stuck in machinery. This may lead to serious crushing and tearing injuries.

Your business must have a workers’ compensation policy (WC) to pay the costs of injuries that employees sustain in the workplace. WC insurance pays monetary bene ts to in ured employees to compensate them for temporary and permanent disability associated with work-related injury or disease. It also supplies, at no cost to injured employees, medical benets related to the work-related in uries.

Most WC policies are comprised of two parts which address workers’ compensation and employers’ liability. In the rst part, the insurer agrees to pay a state’s re uired compensation amounts. The insurance company pays whatever the employer is statutorily obligated to pay because of an employee’s in ury. In the second part, the workers’ compensation policy provides coverage where an employee sues the employer for work-related injury or illness that is not sub ect to state statutory bene ts.

It also covers other kinds of liability that may be imposed upon an insured employer. It’s important to assess and manage workforce and workplace risks and create a WC coverage package that meets the employer’s speci c uni ue situation and insurance re uirements.

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

OF

EXPERIENCE.

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.

TURFMUTT FOUNDATION PREDICTS “BACKYARD

ING” ADVANCES TO A MASTER LEVEL THIS SPRING

The trend to move indoor activities outdoors that was made popular during the pandemic — known as “backyarding” — will continue to expand this spring, according to the TurfMutt Foundation, an environmental education and stewardship program that encourages outdoor living and caring for green spaces. As we master the backyard in new ways, we are also realizing more long-term mental and physical health bene ts of spending time outside. The TurfMutt Foundation predicts the following backyarding trends for spring 2023:

door learning for children and grown-ups.

Accessibility will become a bigger player in design. Raised garden beds eliminate the need to kneel to tend or view plants. Hard scape decks and wide paths can create level surfaces for access. Railings on steps and walkways provide support. Pollinator and herb gardens add sensory experiences.

Kris Kiser President and CEO Outdoor Power Equipment Institute

1605 King Street

Alexandria, VA 22314

turfmutt.com

(703)549-7600

Communities will expand in big ways. The building industry will incorporate outdoor space when conceptualizing planned communities and developments.

Bland yards and parks will be a thing of the past. More Americans will use themes or personalities to focus the purpose of their outdoor living spaces around speci c activities. Parks and other community green spaces also will refect their more purposeful nature.

Vacations will vibe year-round. Adding uality furniture, a deluxe re pit, a covered outdoor kitchen or luxury seating with heating, more backyards will transport people to lush experiences that feel a world away.

Homeowners will plant with wildlife in mind. Knowing the backyard is a habitat for pollinators, insects, birds and other wildlife, homeowners will choose plants, trees and shrubs that nurture and support wildlife, delighting in discovering them. Families may incorporate bird or bat nesting boxes into out-

Pet pampering will remain strong and expand. Fencing, sandpiles for digging, dog houses and even agility courses for pets to enjoy will become more common.

Yard maintenance will grow smarter. owners will install smart irrigation and other sensor devices. They will mulch beds and hardscape in weed-prone areas to reduce ongoing maintenance. Perennial plantings ll gardens and robotic lawn mowers quietly snip lawns while homeowners relax. They use out door power equipment for their unique needs.

Water-wise features will become more popular. Rain gardens and rain barrels help capture and reuse water in the garden. Bird baths cycle rainwater for wildlife. Strategically planted trees and grass will help with water runoff and ltration.

The backyard will be embraced as a sanctu ary for personal growth. Whether it’s reaping biophilic bene ts of observing wildlife in the backyard while drinking coffee, doing yoga on the grass or journaling while listening to birds, backyards will continue to give people a respite from the stresses of daily life.

DEB’S RETAIL DISH AND DEALS: HOLIDAY 2022 RECAP

So now we know. Or do we? Of course, I’m writing again about holiday retail sales. Whether early predictions were right all depends on what report you read.

As I wrote in November/December, prognostications on sales growth varied widely, from a 0.5% to 2.5% increase from our friend Marshal Cohen, chief retail industry advisor at NPD Group to Bain’s 7.5% predicted rise.

Macy’s, Target, Walgreens, Starbucks and other companies are selectively closing stores, resulting in some real opportunities for main streets and retail centers to bring in some new, smaller chains and different uses.

It also will be time for retailers to rethink their operations, including hiring and cost-cutting, Cohen observed in a note on NPD’s website.

Debra Hazel President

Debra Hazel Communications

North Las Vegas, NV

201-618-5247

GlobalData reported that physical store sales did rise 6.6%. But at least some of that increase derived from infation. The National Retail Federation, which had predicted growth of between 6% and 8% for the season, reported a sales increase of 5.3% for November/December, again, not ad usted for infation.

To a degree, some cooling off was needed after two years of post-pandemic bingeing.

The last two years of retail sales have been unprecedented, and no one ever thought it was sustainable,” NRF President and CEO Matthew Shay said. “Nonetheless, we closed out 2022 with impressive annual retail sales and a respectable holiday season despite historic levels of infation and interest rate hikes to cool the economy. ”

Sales are one thing pro tability is another. As I write this in late January, we’re already seen the ever-beleaguered Bed Bath & Beyond inch its way toward Chapter 11 bankruptcy, continuing to announce store closures amid a loss of 1.12 billion for the rst nine months of its scal year. Party City has already led.

“Business leaders will focus more on maximizing pro ts than pushing volume, Cohen noted. Retailers and manufacturers will both deal with the effects of stagnant product innovation and a paradigm shift in how, when and how much products are promoted.

So what else is next? Everyone’s 2022 love affair with the metaverse (including mine) might be progressing a bit slower than anyone would have thought a year ago. But AI will continue to grow both in terms of merchandising and back-of-store logistics.

But what really excites me — and should do for anyone in real estate — is the growing interest of major chains in opening smaller formats and partnering with other retailers. Bloomingdale’s much smaller curated concept Bloomie’s is opening around the country. Warehouse Reimagined by DSW (which curates parent company Designer Brands’ offerings into in-store boutiques) and Dollar General’s PopShelf (catering to more affuent, but still value-conscious suburban shoppers) bode well for the future.

Keep your ngers crossed.

THE ESTATE AND GIFT TAX EXCLUSION

The Internal Revenue Service has released the annual infation ad ustments for tax year 2023, which include increases for wealth transfer tax planning.

The gift tax annual exclusion will increase to 17,000 per recipient in 2023. The combined gift and estate tax exemption available to each individual taxpayer will rise to 12.92 million in 2023. It represents the total amount of gifts an individual may make during their lifetime, together with transfers made at death, before incurring gift or estate tax.

Daniel E. Smith Marcum LLP Boston, MA

daniel.smith@marcumllp.com

nder current law, the exemption amounts will continue to grow as ad usted for infation through 2025. In 2026 the sunset provisions of the Tax Cuts and Jobs Act of 2017 will cause the exemption to be halved, absent action by a future Congress. However, a variety of planning strategies can lock in the higher exemption amounts. You can take advantage of the higher exemption amount, and have the bene t of removing the growth of assets outside of your estate.

An Irrevocable Life Insurance Trust (ILIT) can be effective for transferring wealth to your bene ciaries without incurring any income tax or estate tax liability. An ILIT is designed so that death bene ts remain outside of your taxable estate. For example, you make annual exclusion gifts to such a trust. You must then notify the bene ciaries of their right to withdraw the gift for a limited time. This temporary right to withdraw creates a present interest in the gift and allows the ILIT to ualify for the annual gift tax exclusion.

An independent trustee uses these gifts to

ac uire and maintain life insurance on you. Because the ILIT owns the policy, the death bene ts are not part of your taxable estate. At the ILIT’s creation you control how and to whom the death bene ts are to be distributed.

You may gift, up to the annual exclusion amount, as many individuals as you wish without incurring gift taxes. Front-loading a 529 college savings plan allows you to make ve years’ worth of annual exclusion gifts at one time without incurring any gift tax liability. If, however, you should die within ve years of the gift, the prorated portion for the years after death will be included in your estate for estate tax purposes.

Charitable Remainder Trusts (CRTs) can help reduce your overall gross estate and create a higher cash fow during your lifetime while generating an income tax deduction, lower investment risk and greater portfolio diversi cation. A charity you choose is given a vested future interest in property. You retain an income for life with the remainder interest going to the charity.

Charitable Lead Trusts (ClTs) are used when income is not needed. The grantor donates to a charity an asset’s income interest for a period of years, with the remainder interest then passing to a bene ciary. The grantor or grantor’s estate receives a tax deduction for the value of the interest income. CLTs are often designed to take effect at the grantor’s death, thus reducing the gross estate.

ther strategies include grantor annuity trusts, family limited partnerships or LLCs and intentionally defective irrevocable trusts.

POLITICS ARE UNPREDICTABLE CRE INVESTMENTS SHOULDN’T BE

With political volatility on the rise and the possibility of a recession still looming, it’s important for commercial real estate investors to stay focused and avoid distractions. The key is to focus on your own actions and ignore what is outside of your control. Our company’s portfolio of income-producing assets and planned developments has been built by sticking to fundamental principles and practices that are time-tested and proven to outlast any transient market conditions. Here are ve core guidelines to consider and potential challenges to prepare for while staying the course.

Nikita Zhitov

CityPlat LLC

Raleigh, NC

1. in d m nd. Focus on markets where demand is strong but pay close attention to local economies. We’ve seen a migration to the Sunbelt. However, unprecedented growth in southern and western markets has created challenges. Supply cannot keep up with demand. The development boom is sometimes met with pushback from communities and government, and infrastructure is often unprepared. All these factors limit supply, driving costs higher.

2. Think adaptive reuse. The pandemic changed how people live, shop and work. Properties once considered grade-A assets, such as shopping malls and downtown of ce buildings, became obsolete. It’s critical to know how local demand for different commercial real estate assets is driving market behavior. ver the past three years I’ve li uidated most of our of ce holdings in favor of small-bay industrial and small-bay retail. With the possibility

of a recession in 2023, we’ll see more properties being repurposed in lieu of new development.

3. Think long-term. Most recessions have lasted two to four years. I wouldn’t get into a project right now with an exit plan in less than four years or get into any debt that matures in less than four years. In general, the best way to build wealth is to hold assets over a long period, especially now.

4. Think historical, not speculative. Look only at past and current market performance as a valuation baseline. The good news is that these nancing challenges will help you become a better negotiator and a more disciplined investor. Limited nancing options will force you to explore nontraditional nancing strategies, such as my personal favorite seller nancing.

5. Think resourcefulness. I recommend no more than 50% leverage. Have enough cash in reserve for 12 to 24 months of debt service. If you must sell half of your assets to pay off or adjust the debt on the other half, do it. Yes, you have missed the window to sell at the top, but you can still sell near the top. When institutional nancing dries up, cash will be king.

Being consumed by fear of the unknown is the surest way to slow your progress and make unwise decisions. Sticking to the fundamentals and focusing on long-term goals will help you preserve the value and performance of your portfolio.

ONGOING CO - OP/CONDO PROPERTY TAX DEBATE

Much recent discussion in co-op and condo circles has revolved around a state law that removes the property tax abatement for buildings not paying prevailing wages. This applies to non-union buildings.

The elephant in the room is the disparity between the tax rate for one- to three-family homes, co-ops, condos and rentals. The latter group pays a signi cantly higher property tax rate than the rst, creating a larger tax bill.

Ira Meister

President and CEO

Matthew Adam Properties Inc.

375 Pearl Street – 14th Floor

New York, NY 10038

imeister@matthewadam.com

212-699-8900

Prior to the recent prevailing wage law, co-ops and condos since 1997 were entitled to an abatement on their property taxes ranging from 28% on properties assessed below $50,000 to 17.5% for properties assessed over $60,000. This is based on assessed valuation, a small percentage of the actual selling value.

The new law requires co-ops and condos to pay the prevailing wage with bene ts, what union members receive, or lose the abatement. Employees included are doormen, porters, handymen, janitors, security guards and others who work at least eight hours a week in the building. In effect, it is the entire service staff.

Whether or not buildings opt to pay the prevailing wage and maintain the abatement or exit comes down to dollars and cents. Some estimates say that the cost for a union employee is about 50% higher than a nonunion employee. Buildings analyze if they bene t with the abatement and paying the prevailing wage, or by opting out.

Co-ops and condos have until February 15 of

each year to decide the route for the upcoming year. Properties with more than 30 units and an assessed valuation of more than $60,000 and those with less than 30 units with assessed valuation of $100,000-plus need to le an annual certi cation that they are paying the prevailing wage.

A side note: Because of the corporate structure of condos and co-ops, the abatement affects each differently. Shareholders in co-ops pay the real estate tax as part of the monthly maintenance fee. The abated funds are returned to the building but the cooperative must distribute the abatement. What many/ most cooperatives do to recover approximately the same amount is to levy a per share assessment on all shareholders at the same time as they distribute the abatement. In condos, the unit-owner pays the taxes directly to the city and the abatement is returned to the unit-owner. To be eligible, the unit must be the primary residence.

While the abatement helps reduce taxes for residents of co-ops and condos, it doesn’t cover the disparity in real estate taxes between them and owners of single-family homes. The city tax rate for single-family homes is comparatively low compared to taxes in the region. To make up the difference for the city coffers, the burden is placed on co-ops and condos.

Right now, the focus is on prevailing wages, which impacts a certain number of non-union buildings. Long term, this will have a negative impact on those properties, but the real focus is on the overall imbalance in the tax rates.

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.

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NAVIGATING THE CHALLENGES OF INVESTING IN HOTELS

It has often been said that hotels as a commercial real estate asset class have one distinct advantage when compared to other asset classes: an owner can literally adjust the rent nightly. However, hotels are an operating business and, consequently, have all the complexities of an operating business.

Clifford J. Risman Partner

Foley & Lardner LLP

2021 McKinney Ave., Suite 1600 Dallas, TX 75201

crisman@foley.com

(214)999-4287

Hotels have employees and all the issues that come from hiring and maintaining staf ng levels and related employment liabilities. Also, in many major metropolitan areas, particularly on the coasts, hotels are unionized and have the challenges of collective bargaining, multi-employer pension plans, union work rules and the potential for strikes and other labor unrest.

Most hotels also have food and beverage operations. Operating food and beverage comes with its own challenges, such as achieving independent pro tability and potential liabilities that range from dram shop to other alcoholic beverage service laws. Liquor licensing matters, food service, banquet licensing and permitting requirements must be considered. There is also the added layer of dealing with the hotel brands and their various operational and physical branding standards that must be met regardless of if a hotel is franchised, its level of pro tability or cash position. .

Then the hotel industry was devastated by COVID-19. While the hotel industry has recovered with a velocity expected by few, many hotels will never reopen, and the highly publicized industry recovery has not been consistent. Many resorts, particularly those in vacation destinations, have recovered to or

exceeded their pre-pandemic pro tability levels, as have extended-stay assets. However, so called “big box” hotels, those typically used by business travelers and those hosting large corporate meetings and other events, continue to suffer.

Most recently, we see infation and rising interest rates affecting hospitality investors. The Federal Reserve raised benchmark interest rates by another 75 basis points bringing them to a range of 3.00% to 3.25% and plans to raise the interest rates to 4.60% in 2023. According to a study by Cornell Center for Hospitality Research, a 100-basis-point increase in a 10-year treasury rate results in a 28-basis-point increase in hotel cap rates. Many hotels have been nanced with ad ustable-rate debt and the recent increase in rates will most likely lead to pain. That can range from decreased operating income or in some circumstances the inability to service indebtedness and eventual defaults and foreclosures. Even those assets that can service their debt will likely experience signi cantly higher employment, utility and other operating costs.

Despite the challenges listed above, investors should still see the value in hotel assets. Hotels as an asset class may be excellent investments for those with access to capital and who understand the complexities of hotels. That said, investors who have not previously owned or invested in hospitality should become conversant with the issues and challenges faced by hotels and partner with professionals who are experts in hospitality and hotel assets.

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ARE TINY HOMES BIG OPPORTUNITIES FOR LAND INVESTORS IN 2023?

The tiny home market continues to grow quickly, and is anticipated to increase toward 3.57 billion in 2026, according to Technavio. In the nited States, only 1 of all homes are tiny homes. Still, this country is poised to see a growing number of people opting for tiny houses because Americans want a more sustainable way of living. Downsizing is the only way many people can continue to afford a home of their own.

separate of ce space. AD s do not have their own address tiny homes are real homes.

Utilities

The lots on which tiny homes are built are almost always too small to put in a shared septic tank. Investors will need to look for land that is connected to the sewage system or allows for an easy connection.

Tom Smart

Land Professional

National Land Realty

1196 Rambling Road Simi Valley, CA 93065

(805)242-3882

The solid secular tailwinds of the tiny home market make it a potentially lucrative opportunity for land investors. Developers can sell to (or partner with) and build as many as 32 traditional site-built tiny homes on a single acre of land. Following are three essential considerations for land investors setting out to ac uire land for tiny home development.

Permits

Investors must research whether or not a lot allows for the construction of tiny homes. Real estate agents check zoning laws and building re uirements. There is no standard de nition for what makes a tiny home.

Investors also need to realize that not every county in a state (or every city in a county) will have zoning ordinances and/or building requirements in place that are hospitable to tiny homes.

“Tiny homes” should not be confused with AD s, or Accessory Dwelling nits, which are small dwellings close to a standard home. These are typically used to house a family member or allow the owner to have a

Another concern is water. In many parts of the country, drinkable water is abundant. But easy access to water should not be taken for granted, especially in the West, .

Two Investment Scenarios

Land investors can take either of two directions. ne route is to buy the land, hold it until it is approved and then sell it to a developer who will secure the entitlements and proper approvals for the tiny homes.

Another opinion is buy the land and partner with a developer with plenty of experience with tiny homes.

There is no right or wrong way to choose either route; investors must make a conscious decision beforehand based on what they want to accomplish.

The tiny home market is expanding in this country, and the strong secular tailwinds for this type of housing will continue to promote growth in this market. Land investors can pro t from this opportunity if they do their homework and ask the right questions before they get out their checkbooks.

LANDING TO

CARIBBEAN STYLE IN TRINIDAD

RENDERINGS COURTESY OF URBAHN ARCHITECTS

THE EXTERIOR REFLECTS CARIBBEAN STYLE

TROPICAL PLANTS SURROUND THE POOL

THE HOTEL IS NEAR THE AIRPORT TERMINAL

THE MODERN LOBBY

aribbean style will meet corporate branding with the building of a new Four Points by Sheraton hotel and conference center at the International Airport Estates at the Piarco International Airport in Trinidad and Tobago, which broke ground late last year.

Prestige Hotels Limited is the owner and asset manager of the upcoming Four Points by Sheraton, which will be the first hotel to operate within the grounds of one of Trinidad and Tobago’s two main airports, and the first hospitality project in Trinidad and Tobago to be developed in compliance with the Environmental, Social and Governance (ESG) international ethical business conduct and responsible investment standards.

Prestige Hotels Limited is 70% owned by Stages Group and 30% by Urbahn Architects. Stages Group, through its afliate, Stages Consulting Engineers Ltd., with ofces in Trinidad and Tobago, Jamaica and Guyana, is the lead developer, investor, construction manager and MEP engineer for the new hotel. Urbahn Architects of New York City is co-developer, co-investor and architect. Washington, D.C.-based SEAF (Small Enterprise Assistance Funds), via its SEAF Caribbean SME Growth Fund, is an additional equity partner. Marriott International, which owns the Four Points by Sheraton brand, will serve as property manager. The property is the first Four Points by Sheraton managed directly by Marriott in the Caribbean.

The $25 million project is located 800 feer from the airport terminal, ofering convenience and service geared toward business travelers and air crews visiting the two-island nation. The hotel will serve as the anchor tenant and first component to operate within the new 167-acre International Airport Estates. It will ultimately contain distinct zones for hotels, international trade, entertainment, ofces, retail, warehousing and cargo facilities and aviation services. The development site is the first parcel to be developed within the International Airport Estates. Completion is expected in early 2025.

“The architecture of the new 154-room, four-story hotel will reflect local aesthetic preferences and materials, while complying with the Four Points by Sheraton brand design standards. The Caribbean-specific elements will include roof canopies, rosewood exterior panels and locally sourced blue limestone finishes. An outdoor dining and lounging area will also reference Trinidad and Tobago’s love of outdoor entertaining,” explained Urbahn Principal Natale V. Baranco, AIA, LEED AP.

“SEAF is proud to partner with Stages Group and Urbahn Architects in bringing international best practices in real estate development and construction to Trinidad and Tobago and the Caribbean, particularly in the areas of energy efciency and resilient design,” said Hubertus Jan van der Vaart, co-founder and chief investment ofcer of SEAF.

GSAL Designs Ltd. of Trinidad and Tobago serves as the local architectural partner. Twelve Thirteen ID of Atlanta, Georgia is the hospitality design consultant; FoodStrategy Inc. of Rockville, Maryland provides

food services consulting; and the Dominican Republic-based ReCua is the landscape architect.

The hotel’s design and aesthetic incorporate local flavor, including the festive blend of cultures, atmosphere and outdoor living that are specific to Trinidad and Tobago. The property will feature outdoor recreation, dining spaces and lush landscaping, while the interiors and building facades will showcase locally sourced materials.

The four-story building plan is L-shaped, wrapped around the outdoor amenity and pool areas. On the first floor, a double height space extending the full depth of the building, housing the lobby and restaurant, will be framed with large windows on the east and west building facades to ofer open views of the outdoor dining section, pool and main entrance. A 4,574-square foot conference, convention and banquet facility with flexible meeting rooms and a glass walled pre-function space, as well as a fitness center, will be conveniently located adjacent to the lobby.

“Exterior finishes mirroring the local landscape will be used for the façade, in a combination of sand and bronze toned stucco, silver aluminum composite material (ACM) panels, composite cladding in a rosewood finish and locally sourced limestone veneer,” said Urbahn Associate Ryan E. Bieber, LEED AP.

Limestone and rosewood will also be featured in the lobby and restaurant, as well as at the pool and outdoor dining area. A dramatic limestone-clad backdrop wall featuring a waterfall element will define the pool area and provide a focal point for the view from the restaurant and lobby. Lush tropical trees and plants, and a large shade canopy will complete the relaxing outdoor guest space.

Aluminum framework, developed by the Columbian manufacturer Forsa SA, will be used to accelerate the installation of the lightweight concrete structure. According to Stages Project Director Gerald Lodie, “The majority of the building will be constructed utilizing load bearing integral concrete core floor and wall units that will be standardized based on the dimensions of each guest room type. In addition, concrete beams and columns will be utilized for larger spans and specialized spaces on the first floor.”

Engineers at FORSA used the design documents to produce customized U-shaped tunnel forms, including cutouts for doors and windows, which will enable the floors and walls to be installed as one monolithic pour. The roof structure, as well as the canopies above street level, will also be installed utilizing the aluminum frames. The building will sit on grade, bearing on strip footing foundations. Due to the ongoing international supply chain challenges, the project team has procured as many locally sourced materials as possible. Rebar and concrete, as well as many of the interior finishes and stone cladding, will be produced in Trinidad and Tobago. The hotel is designed to meet the international Greenkey hotel certification criteria. The property will feature an extensive rooftop solar panel array, which will provide a significant portion of the hotel’s energy demand.

A NEW HOME FOR ST. FRANCIS COLLEGE

PHOTOS BY PETER DRESSEL/ PETER DRESSEL PHOTOGRAPHY

After 160 years, sometimes you just outgrow a space. That was the case with Brooklyn’s St. Francis College, which was in need of a new larger home to accommodate a student body that grew from 2,300 to 2,700 in just four years. The college expects more than 3,500 students by 2026. The result: a move from its Remsen Street home to the lobby and floors five through seven at the Wheeler Building, 181 Livingston St. in Brooklyn, just blocks away.

Working with project architect Switzer Group and Sterling Project Development, JRM Construction Management completed the campus as a JRM Core and Shell project for Tishman Speyer. JRM coordinated all vendor activities to allow the client to focus on its core competency and to ensure that this extensive project was completed for the new school year.

“The project is very exciting,” said JRM’s Joseph Romano. “And we have

a great team which makes all the diference.”

The new, 277,000-square-foot school includes a full cook-in kitchen, kitchen servery and a cofee bar. In addition, there is a cafeteria/ multipurpose room, a 300-plus seat auditorium, screening room, student library and an open bleacher staircase connecting the fifth and sixth floors. An interior enclosed convenience staircase will connect the sixth and seventh floors. The campus also features a shared roof deck, a 38-seat chapel with an expandable multi-faith room and art gallery spaces.

Other features of this project include classrooms, labs and a locker room as well as faculty rooms, with an executive boardroom and a fitness studio. Special features include Lutron lighting controls and Barbizon theatrical lighting. There will also be two radio broadcasting booths, a data center with in-row cooling, dry coolers, computer room air conditioning units and supplemental air handling units. There is extensive AV throughout, including a television wall in the lobby, a precipitator as well as a custom millwork reception/library desk.

Blue Onyx Companies Hires Driscoll as SVP, Development and Acquisitions

Privately held full-service commercial real estate firm Blue Onyx Companies has hired real estate veteran James Driscoll as senior vice president of development and acquisitions. Driscoll joins the firm at a pivotal moment in its history, as Blue Onyx continues to expand its Northeast portfolio and shift focus to larger-scale multifamily and mixeduse developments in key urban markets throughout the New Jersey and New York metropolitan areas.

Driscoll will be responsible for overseeing the full life cycle of Blue Onyx’s development projects — including both ground-up

development and value-add repositioning of multifamily and mixed-use assets — from acquisition to completion.

Driscoll comes to the firm with over two decades of industry experience leading billions of dollars of development initiatives for a variety of rental and residential product types across the tri-state area. He formerly served as the senior vice president of development for Waypoint Residential, where he led all rental residential development in the Northeast region — from Washington, D.C. to Boston. In prior years, Driscoll held the same title at the integrated real estate

Ewing Joins Nelson Worldwide as CCJ&E Regional Practice Leader

Architecture, design, and strategy firm Nelson Worldwide has added Brad Ewing as regional practice leader of the civic, community, justice and education (CCJ&E) practice. Ewing will provide oversight and expertise in building upon the practice’s success, working collaboratively with national and

regional leadership to create opportunities for continued growth.

“Brad brings both versatile design expertise and keen business acumen to Nelson and the CCJ&E practice,” noted Chairman and Chief Executive Officer at Nelson World-

firm LCOR, a position in which he led all rental residential development in the New York metropolitan area. This work included involvement with recently completed projects like the Valley and Bloom mixed-use property in Montclair, New Jersey and The Continuum multifamily property in White Plains, New York.

Earlier in his career, Driscoll served as division president at K. Hovnanian Homes, where he managed an average of $500 million in assets under development each year overseeing homebuilding operations for the firm’s Hudson Valley Division, which includes Northern New Jersey and New York; in this role, he also spearheaded the development of a wide range of for-sale communities such as luxury residential, firsttime and move-up townhomes, active adult and mixed mid- and high-rise communities.

wide, John “Ozzie” Nelson Jr. “Through his leadership and direction, the practice will continue to see success and exciting growth within and outside of the region.”

Ewing is an experienced senior architect and project manager with extensive knowledge in building design and space planning. Throughout his career, he has managed and designed a diverse range of projects, including retail spaces, courthouses, correctional facilities, federal buildings, healthcare facilities, aerospace and manufacturing facilities, among others.

James Driscoll

Brad Ewing

Procore Appoints Kibler as Chief People Officer

Procore Technologies, a global provider of construction management software, announced Olga Kibler as its chief people officer. Kibler will lead Procore’s people strategy and will join Procore’s executive leadership team and report to Founder, President and CEO Tooey Courtemanche.

Most recently, Kibler served as chief people officer at Five9 leading all aspects of the human resources function. Prior to Five9, she served as vice president of talent services at DocuSign and was integral in leading the

Olga Kibler

company through a growth strategy, which focused on building a diverse team and inclusive culture across 20 countries.

As Procore expands its global workforce to better serve its customers and business worldwide, Kibler will drive Procore’s continued growth across all elements of the organization, including talent acquisition, talent activation and growth, talent business partners, employee relations, talent operations, total rewards and diversity, inclusion, equity and belonging.

Miret to Lead Marketing and Communications at Inovues

Inovues, a provider of technology that enables existing building facades to be retrofitted without removal, replacement or disruption, has hired Jen Miret to spearhead its marketing and communications efforts. Miret brings with her 15 years of experience in the architectural glass industry.

“Jen’s expertise in branding and content marketing will fuel our growth,” said Anas Al Kassas, Inovues founder and CEO/CTO. “Building owners immediately recognize

the benefits of our retrofit technology, but many are not yet aware of our solution. We need an experienced, dedicated marketer to get the word out and help us accelerate the transformation of existing buildings into energy-efcient, sustainable properties.”

Miret will develop, optimize and distribute content that is targeted and educational to increase awareness of Inovues’ insulating glass retrofit technology. She will also help calibrate the company’s go-to-market strate-

“When we started Procore, we committed to investing in our people and our culture no matter our scale. With more than 20 years of experience, Olga will lead our talent organization as we expand globally and continue to build high-performing teams while delivering a remarkable candidate and employee experience,” said Courtemanche. “Olga’s passion for people and excellence in the human resources practice, combined with her international leadership experience, is a huge asset to Procore. I am thrilled to welcome her to the team.”

Kibler holds a master's degree in international trade from Moscow University of Humanities and received a USIA scholarship in Economics at the University of Oregon. She lives in the Bay Area.

gy and establish formal marketing processes.

Previously, she was director of marketing at Bendheim, a supplier of specialty architectural glass systems, for 15 years. In that role, she was responsible for the company’s brand, new product introductions, digital marketing, search engine optimization and media relations. Miret has also held marketing management positions in two multinational companies: MIS Implant Technologies Inc. and Dantec Dynamics.

A presidential scholar at Ramapo College of New Jersey in Mahwah, New Jersey, Miret graduated with dual bachelor’s degrees in international business with a concentration in marketing and contemporary arts with a concentration in advertising design.

Jen Miret

Myles Mellor

Property Management Banking

Cell: 908.720.4223

rguanlao@websterbank.com

Cell: 917.231.6758 afusgorniak@websterbank.com

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Guanlao

Jeff Hendler

Logical Buildings is a sustainability, smart building and virtual powerplant software and solutions provider for the built world. Its ESG technologies are combatting climate change by empowering residential, commercial and industrial energy users to earn money, enhance building health and reduce carbon footprint, all from within user-friendly, award-winning mobile apps. Founded in 2012, the company operates in major national urban markets, such as New York, Boston, Dallas, Los Angeles, San Francisco, Sea le, Washington, D.C., Chicago, Miami, Camden, New Jersey and more.

How long have you been in the industry?

I have worked in the energy industry in various capacities for more than 25 years, starting with Wall Street commodity risk managers, major utilities and technology companies.

What brought you into the industry?

The proptech industry foundation is built on the integration of utility meter data, smart building tech and communications. The proptech industry requires the ability to extract live and actionable building data that drive cost/ carbon reductions, enhance building health, generate revenues and provide interactive grid

services. My multidisciplinary backgrounds in utility data extraction, energy risk management and technology communications prepared me to solve and evolve the industry.

Who inspires you?

In our generation, Steve Jobs and Elon Musk provide aspiring entrepreneurs with the inspiration to rethink system paradigms and create new products and services that have great impacts on society.

What is the main challenge facing the industry in terms of efficiency and communications? How can technology help?

Chief among the challenges facing the built environment is access to operational data and the ability to communicate data in real time.

The proptech industry is solving the data access and communication problems concurrent with the integration of AI technologies that transform our abilities to improve the built world. AI technologies are creating and accelerating friction-free information flow that seamlessly improves our lives and environment. The adoption of AI tools will achieve critical decarbonization goals and help people worldwide live be er lives.

You recently spoke at the Consumer Electronics Show. What new technologies are exciting you?

Every day, the built environment is becoming more “dispatchable.” Energy load management behind the utility meter is becoming more dynamic and controllable. Emerging technologies at CES demonstrated how homes can integrate circuit level controls, smart HVAC and appliances, EV charging, solar and battery storage to transform consumers into Virtual Power Plants that decarbonize the environment and earn money selling grid service. Logical Buildings plays an industry-leading role integrating these Virtual Power Plant technologies in residential and commercial properties to deliver those cost/ carbon reductions and create grid service revenue capabilities.

What keeps you up at night?

The race of AI to rescue the aging overconstrained utility grid network that threatens grid reliability and sustainability. Electrification demand is outstripping new renewable supply and distribution network capacity, making decarbonization goals quite challenging. Necessity is the mother of invention — exciting times ahead!

Jeff Hendler Co-Founder, President and Chief Executive Officer of Logical Buildings

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The average return on commercial real estate investments. Residential real estate has an average ROI of 10.6 and REITs an average return of 11.8% (Mashvisor)

9.5% $71 billion

The predicted total volume of CMBS and commercial real estate CLOs issuance, a decline from $94.5 billion in 2022 (Kroll Bond Rating Agency)

6.8%

The predicted decline for home sales in 2023 compared to 2022, returning to pre-pandemic levels (National Association of Realtors)

3.467

The 10-year Treasury yield on January 24, 2023 (CNBC)

THE INVESTMENT WHEEL TURNS

The party isn’t over for real estate investment, but it’s certainly calming down, as high infation, interest rate increases, the ongoing war in Ukraine and market volatility are providing ongoing challenges to both the commercial and residential industries. However, it’s good to remember that real estate has always been cyclical, and in time will turn again, as we will see by the numbers.

21

The percent of respondents who in January 2023 believe it’s a good time to buy a home (Fannie Mae Home Purchase Sentiment Index)

27%

The increase of commercial property prices nationally between late 2020 and late 2022 (FS Investments)

A new perspective opens a world of possibility.

Many of the biggest names in New York trust Kramer Levin for real estate and land use counsel. The reason is simple: We have the experience to view matters from all sides

key roles in many iconic projects, including Hudson Yards, Central Park Tower and the Moynihan Train Hall at Penn Station. Let us show you how results-oriented counsel can make your next project a reality.

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