Zetlin & De Chiara LLP, one of the country’s leading law frms, has built a reputation on counseling clients through complex issues. Whether negotiating a contract, resolving a dispute, or providing guidance to navigate the construction process, Zetlin & De Chiara is recognized as a “go-to frm for construction.”
We’ve done hard things before, we do them all the time.
For most cancer patients, the usual options are surgery, chemotherapy, or radiation. So we’re working on ways to get the immune system to deploy billions of cancer-killing cells and help more patients survive.
When some people experienced mysterious COVID symptoms and had nowhere to go, our team created the first Center for Post-COVID Care.
It wasn’t that long ago we had to open up your whole chest for heart surgery. Now we’re pioneering a bypass that goes through a few tiny incisions. With this surgery, we can get you back on your feet in weeks instead of months.
So if anyone ever tells you there’s no other way—don’t listen.
We didn’t listen.
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I hope that your holiday season was happy, restful and a preparation for what looks to be a fascinating 2023!
Welcome to our first issue of this new year, which spotlights the spectacular new Flagship Banking Center by our friends at Metropolitan Commercial Bank. As you’ll see, their reinvention of a branch into what is now a community landmark and prototype for the future is so beautiful, few words are needed. We’re delighted to showcase it for you.
We’ve also spent a lot of time reinventing Mann Publications, a process that will continue throughout 2023 — look for a greater social media presence, our upcoming quarterly retail publication and more in the months ahead!
I’m also looking forward to the continued growth of the National Realty Club, which quintupled its membership last year. (See photos from our last event of 2022 in these pages.) We are creating even more exceptional events to draw current and future leaders in real estate, and fundraising for our Foundation to help charities that support New York and New Yorkers.
And we’re looking forward to seeing how you reinvent your businesses in the months ahead.
If you find a path with no obstacles, it probably doesn’t lead anywhere.”
– Frank A. Clark
p clients a Happy and Healthy New Year!
Thank you for your continued trust, and helping us maintain the position as one of the industry's top Commercial Real Estate Advisory firms. We look forward to carrying the momentum of 2022 into the New Year!
Move-in ready oceanfront residences are here, but not for long. These contemporary yet timeless spaces will only remain available for a limited time. Don’t miss your chance to own in this tranquil oasis of only 30 oceanfront new-construction condominiums on the exclusive Palm Beach Island, featuring a beachfront pool, on-site ftness studio, full-time concierge, semi-private lobbies, private residence entrance, and access to amenities at the exclusive Eau Palm Beach.
This frst issue of 2023 focuses on the sector of real estate none of us can live without — residental.
While residental is on something of a roller coaster right now as interest rates contnue to rise, some interestng new concepts and trends are cropping up.
It was a delight to catch up with Esther Muller, and to hear about how many more of us are looking for adventure or a beter work/life balance by living overseas. (I’m torn between Italy and Mexico in a few years, myself.) Also learn more about insurance trends and how technology is afectng how and where we live.
The end of 2022 brought a number of events as well — see how Metropolitan Commercial Bank celebrated the opening of its Flagship Banking Center and then check out our cover feature on the design.
And as always, our columnists provide their expert points of view on management, law, insurance and more.
It’s a terrifc start to another new year.
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The National Realty Club (NRC) ended its 2022 schedule of events with a breakfast featuring guest speaker Brownette Cooke, master electrician and president of Evans Electrical Services, an MWBE company. More than 50 members and guests gathered at Versa to hear Cooke’s experiences as an entrepreneur, a second generation master electrician and a rare woman and person of color in the construction field.
The NRC plans a full roster of events for 2023, announced Jefrey Mann, president of the organization and CEO of Mann Publications.
“We spent 2022 celebrating the NRC’s 75th anniversary and reinventing it to return it back to the prominence it enjoyed decades ago,” he said. “That includes bringing in new and diverse voices. We can’t wait to show everyone our plans for 2023!”
Metropolitan Commercial Bank celebrated the grand opening of its new Flagship Banking Center at 1431 Broadway, New York, NY 10018, on the northwest corner of Broadway and West 40th Street. The Bank hosted A-list clients, New York
City ofcials, community leaders and friends. This banking center design combines sophisticated yet unexpected artful materials and bold digital technology that embrace the vibrancy of the Garment District, Times Square and Theater District neighborhoods.
07 10 12 13 14
08 09
11
01. David J. Gold, George J. Wolf Jr. and Robert C. Patent, Metropolitan Commercial Bank Board Directors; Mark R. DeFazio, President and CEO, Jefrey Casio and Roseann Manos, Metropolitan Commercial Bank.
02. David Naranjo, Metropolitan Commercial Bank and Rabbi Joseph Potasnik, The New York Board of Rabbis.
03. Alan Hofman, Janover LLC; Jef Mann, Mann Publications and Robert C. Patent, Metropolitan Commercial Bank Board Director.
04. Gregory Gresham and Sara Bergman, The Switzer Group; Martin Shkreli, Alba Construction and Leonard Carraturo, Metropolitan Commercial Bank.
05. Mark R. DeFazio, Metropolitan Commercial Bank; Mike Nassimi and Mouris Nassimi, Nassimi Realty.
06. Veronika Grmolcova and David Baccini, Supranext. 07. Nora Hirshman and Tal Shub, Modern Treasury; Nick Rosenberg and Patricia Guidi, Metropolitan Commercial Bank.
08. Yaakov Amar, First Choice Investments and Mark Wancier, Metropolitan Commercial Bank.
09. George J. Wolf Jr., Metropolitan Commercial Bank Board of Directors; Marc L. Hamrof, Morritt Hock & Hamrof LLP and Mark R. DeFazio, Metropolitan Commercial Bank.
10. Jessica Zeigerman, Metropolitan Commercial Bank; Julia Itzler, Free Arts NYC; Laura Capra and Jeffrey Casio, Metropolitan Commercial Bank.
11. Kevin Kim, Commissioner, NYC Department of Small Business Services and Mark R. DeFazio, Metropolitan Commercial Bank.
12. Jean-Marc Donics, Tortuga Equities; Roseann Manos, Metropolitan Commercial Bank and Michael Chetrit, The Chetrit Group.
13. Jason Jacobs, Esquire; Ismail Lunat, Milady Bridals; Mark Beinstock and Helen Ku, Express Trade Capital 14. Tamala Sookdeo, Patty Mei, Max Artymshyn, Roseann Manos, Sherry Khemraj, Radica Manjoo and Jefrey Casio, 1431 Broadway Banking Center Team.
The 25th Annual Collaborating for a Cure Gala benefiting the Samuel Waxman Cancer Research Foundation (SWCRF ) celebrated its silver anniversary at Cipriani Wall Street. The “fun-raiser as opposed to fundraiser,” as described by SWCRF Board Chairman Michael Nierenberg, raised more than $6 million toward the goal of funding the next five years of crucial SWCRF cancer research programs such as the Partnership for Aging and Cancer Research Program, the SWCRF Institute Without Walls and the Women’s Cancer Research Program.
Following a cocktail reception across the street, guests made their way to the main dining room where the evening’s emcee, Chris Wragge of CBS, welcomed the more than 700 guests, introduced the evening’s honorees and highlighted many of the Foundation’s groundbreaking achievements over the past 50 years.
“Tonight, we have a great program to celebrate two giants in the fight against cancer,” said Wragge.
Upon receiving the Vision and Leadership Award, SWCRF Board Chairman Michael Nierenberg said, “The real honorees are Dr. Waxman and the great heroes like him who treat and cure cancer every day.”
Founder and CEO Dr. Samuel Waxman, who received the Lifetime Achievement Award, spoke about his vision for a future in which cancer does not have to be a disease associated with aging.
“The incidence of cancer is increasing, in part, as a by-product of improvements we are making in human longevity,” said Dr. Waxman. “But through our collaborative research programs, we can flatten this curve.
I am thrilled to be a part of many amazing breakthroughs that have occurred in cancer research — with more to come.”
Special guest, author and breast cancer survivor, Musa Mayer, shared why she has been a longtime supporter of SWCRF and very generously ofered a $1 million match for all donations made during the gala. “I will be celebrating my 80th birthday soon thanks to the work of this foundation and Dr. Samuel Waxman,” said Mayer.
Notable attendees included Gala Event Chairs Spencer Waxman, Nicholas Santoro, Baron Silverstein and Marc Taub, Elin Nierenberg, Marion Waxman, Sandra Dugoff, Julie Waxman, Eliz Waxman, Jack Waxman, Sophia Bergan, Mario Pecoraro, Chris Arlotta, Mark D. Friedman, Jeremy Hoffman, Sara Waxman, Bettina Waxman, Scott Waxman, Bryan Griffin, Katya Tolstova, Nadja Sayej, William T. Sullivan and Erica Fineberg.
01. Dr. Samuel Waxman, Dr. Josep Llovet, Alan Rosmarin, Dr. Ethan Dmitrovsky and Jonathan Licht
Mario Pecoraro, Chris Arlotta, Marion Waxman, Dr. Samuel Waxman and Mark D. Friedman
Sandra Dugof, Julie Waxman, Eliz Waxman, Jack Waxman and Sophia Bergan 04. Jeremy Hofman, Sara Waxman, Bettina Waxman, Spencer Waxman, Marion Waxman abd Dr. Samuel Waxman
Gala Honorees Michael Nierenberg and Samuel Waxman, M.D
Elin Nierenberg and Michael Nierenberg
Michael Nierenberg, Elin Nierenberg, Marion Waxman and Samuel Waxman, M.D
William T. Sullivan and Erica Fineberg
Samuel Waxman, M.D. and Marion Waxman
American Friends of Rabin Medical Center (AFRMC) honored The Moinian Group Principal Mitchell Moinian with the Yitzhak Rabin Philanthropic Leadership Award at its AFRMC 22nd Annual Gala at the Plaza Hotel. Moinian was joined by Glenwood Management Executive Vice President Gary Jacob, who was honored with the Yitzhak Rabin Lifetime Real Estate Leadership Award, and Dr. Anthony S. Fauci, chief medical advisor to seven presidents of the United States, who was honored with the Yitzhak Rabin Lifetime Medical Achievement Award, and spoke about Yitzhak Rabin’s legacy and the importance of medical research.
Moinian and Jacobs were honored for their “outstanding and expert leadership in their fields and for being trusted partners, loyal friends, and exemplary philanthropists.”
Gala Master of Ceremonies Magalie Laguerre-Wilkinson, vice president of news programming, Nickelodeon and executive producer, Nick News, opened the evening, welcoming guests, friends and honorees, then brought onstage Scott Rechler, chairman and CEO of RXR Realty and chair of AFRMC’s honorary board, who introduced Dr. Fauci. After dinner, Fried Frank Chairman of Real Estate Jonathan Mechanic took the stage to present the award to Mitchell Moinian.
01. Front: Mitchell Moinian, Magalie Laguerre-Wilkinson, Cathy Jacob, Wendy Siegel, Rabbi Joshua Plaut and Howard Swarzman.
Back: Ron Cohen Gary Jacob amd Michelle Swarzman
02. Dahlia Jarashow, Dr. Anthony Fauci and A. Mitti Liebersohn 03. Gary and Cathy Jacob; Michelle and Howard Swarzman 04. Sheree, Max and Marc Holliday 05. Joe Moinian, Nazee Moinian and Jonathan Mechanic
Wendy Siegel presented the award to Gary Jacob.
In addition to Mechanic and Rechler, gala chairs included Robert J. Ivanhoe, Jefrey Levine and A. Mitti Liebersohn. Co-chairs included Andrea Himmel, David Himmel and Harrison Sitomer. Other attendees included SL Green Chairman and CEO Marc Holiday, Cushman & Wakefield Chairman of Global Brokerage Bruce Mosler, as well as executives from Bloomberg Philanthropies, Savills, Crown Acquisitions and others.
06. Nazee, Mitchell and Joe Moinian 07. Mitch and Bonnie Rudin and Bruce Mosler 08. Cathy Jacob, Wendy Siegel and Robert Ivanhoe 09. Arthur and Elizabeth Mirante, Mitti and Melissa Liebersohn 10. Gary Jacob 11. Dr. Anthony Fauci 12. Scott Rechler, RXR Realty and Dr. Anthony Fauci
Previous AFRMC award winners include Stanley Fischer, Nava Barak, Stephen Siegel, Peter Riguardi, Stanley Chera, Timothy Cardinal Dolan, Scott Rechler, Robert Ivanhoe and Jonathan Mechanic, among other notable industry leaders.
AFRMC’s Executive Director Rabbi Joshua Plaut closed the evening by announcing the naming of two Rabin Medical Exchange Fellowships in honor of Mitchell Moinian and Gary Jacob at Israel’s Rabin Medical Center.
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Eatery Dos Caminos has renewed its 13,900-square-foot lease at the base of 373 Park Avenue South, announced ATC Properties Management. The restaurant’s ve-year lease renewal spans 6,500 square feet of ground foor space as well as 7,400 square feet on the basement and mezzanine levels.
At sister building 381 Park Avenue South, ATC signed a lease renewal with global compensation management company eqom North America Inc. Secretariat Advisors LLC, the organization behind 1973 Triple Crown champion Secretariat, renewed its 3,974-square-foot eighth foor suite at the building.
Primark continued its .S. expansion with three stores to open at presstime in the New York City metropolitan area by the end of 2022. The rst of the three opened in November at Roosevelt Field Mall in Garden City. nits on Jamaica Avenue in ueens and City Point in rooklyn will follow.
The 44,290-square-foot Long Island store will be the company’s 14th store in the .S. and 409th unit overall. Primark has announced plans to reach 60 stores in the country by 2026. Founder Arthur Ryan opened Primark’s rst store in Dublin, Ireland in 1969 as Penney’s. It expanded to the .K. in 1973.
Tishman Speyer and Mitsui Fudosan America (MFA) have formed a programmatic oint venture dedicated to the acquisition, development, redevelopment and operation of industrial properties in leading .S. cities.
The newly created Tishman Speyer-Mitsui Fudosan America Logistics
enture will be seeded by an initial 500 million commitment from an af liate of MFA along with co-investment capital from Tishman Speyer. The funds will be used to pursue ground-up development pro ects as well as the ma or repositioning or redevelopment of existing value-add industrial acquisitions.
The partnership will focus primarily on ma or urban centers with dynamic workforces, growing populations and high barriers to entry.
Tishman Speyer will invest in industrial assets that facilitate the movement and delivery of goods and services, including distribution and warehousing.
Luxury hospitality chain AKA has opened its second South Florida location, AKA West Palm, located at 695 South live Ave. in West Palm each’s central business district. The ve-story property features 215 brand-new hotel residences comprised of studios, one- and two-bedroom accommodations, and
penthouse suites that combine the ambiance of a private residence with the services of a luxury hotel. Ensuite amenities include sleek kitchens, washers and dryers and private terraces, while public spaces offer an indoor outdoor lounge and bar, a resort-style pool and deck and a state-of-the-art Technogym.
DIF Capital Partners, Colibri Equity entures and Fin Capital have signed leases totaling 11,872 square feet at 10 Grand Central, said landlord Marx Realty. Global asset manager Fin Capital will take the entire 33rd foor while independent fund manager DIF Capital Partners and venture capital rm Colibri
Equity entures took space on the 23rd foor.
DIF Capital Partners was represented by Anthony Manginelli of C RE Gabi Koshgarian of icus Partners represented Fin Capital. JLL’s Carlee Palmer represented Colibri Equity entures in the transaction.
It’s winner take all ICI Properties Inc., 50.1 owner of the oint venture that owns MGM Grand Las Vegas and Mandalay Bay Resort, has agreed to acquire lackstone Real Estate Income Trust Inc. ( REIT)’s 49.9 interest in the venture for 1.27 billion in cash and the assumption of REIT’s pro-rata share
of the existing property-level debt. The property-level debt has a principal balance of 3.0 billion. The transaction is expected to be completed early in the rst quarter of 2023.
MGM Grand Las egas and Mandalay ay feature over 18 million building square feet.
Forbes Global Properties, a curated consumer marketplace of luxury homes and an invitation-only membership network of top real estate rms, has welcomed Los Angeles South Bay area expert Strand Hill Properties. Strand Hill serves luxury communities including Manhattan, Hermosa and Redondo Beach and
Palos Verdes, California.
Founded in 2014, Strand Hill is the market leader in Manhattan and Hermosa Beach, responsible for more than US $1 billion of successful real estate transactions. The rm has more than 75 agents working across three of ces.
Foreclosure lings across the .S. in November 2022 rose 57% year-over year, according to Attom’s .S. Foreclosure Market Report, but were down 5% from October. Foreclosure completions were up 64% from last year, but down 9% from the prior month.
“We may be at or near a peak level of
foreclosure activity for 2022, said Rick Sharga, executive vice president of market intelligence at Attom. While foreclosure starts and foreclosure completions both increased compared to last year’s arti cially low levels, they declined from last month, and lenders often put a moratorium on foreclosures during the holiday season.
States with the highest foreclosure rates were Illinois (one in every 2,401 housing units with a foreclosure ling) Delaware (one in every 2,736 housing units) New Jersey (one in every 2,916 housing units) South Carolina (one in every 3,195 housing units) and Wyoming (one in every 3,237 housing units).
Naftali Group and Access Industries, a .S.-based industrial group with global strategic investments, have closed on a 385 million construction nancing package for 470 Kent Ave. The rooklyn property will include three buildings reaching as tall as 22 stories with more than 645,000 square feet of space and 561 total
units between them, as well as approximately 19,000 square feet of commercial space.
The 385 million nancing package consists of a 310 million senior mortgage loan provided by ank K and 75 million mezzanine nancing provided by arings.
Time Equities Inc. (TEI) has closed on a 35 million construction loan for the development of Phase II at illas at Suncrest in Panama City each, Florida. The nancing was provided by M T ank Corporation.
Phase II which is slated for an early 2024 delivery is an expansion of
the existing 116 condominiums and townhomes (Phase I) at illas at Suncrest.
Phase II will add 108 rental units, for a total of 224 residential units at the site. It will also expand the onsite amenities, which will be accessible to both Phase I and Phase II units.
From adding catios to foregoing a home that’s not pet-friendly, many homeowners and buyers are prioritizing their furry friends when making pivotal real estate decisions, according to a survey conducted by Realtor.com and Harris among 3,001 .S. adults. More than eight in 10 (82 ) of Americans with pets
who are planning to buy a home within the next year consider their pets’ needs ust as important, if not more so, than their own needs or those of their family.
Some 79 of pet owners say they factored their pet in when choosing which home or apartment to live in.
Savills has announced the expansion of its relationship with The Corcoran Group. The cooperative agreement, which already covers New York, The Hamptons and South Florida, now also encompasses Miami. The alliance, a cross-referral agreement covering residential property services, allows Savills and Corcoran
clients to connect with buyers and sellers in more than 70 countries.
Corcoran has an incredibly impressive track record and their commitment to high levels of client service are a perfect t for our brand, said Rory McMullen, head of the Savills North America desk.
Built Technologies has launched enhanced Inspection Technology & Services solutions designed to streamline tedious inspection workfows, increase pro ect visibility, mitigate risk and proactively accelerate construction draws.
Lenders have more options to
digitally verify their pro ect’s process. They can expedite inspection scheduling and gain access to a nationwide network of prequali ed inspectors or use their own partners through the Built platform. By automating a manual, time-consuming process, uilt offers a proactive, secure, compliant workfow.
Burrell Aviation and Lemartec will develop regional municipal airport pro ects to increase access to air cargo services.
A program ... for smaller, strategic airports in communities [is] critical to meeting the ever-expanding cargo and logistical needs of an
The International Well Building Institute (IWBI) has launched The Well Equity Rating, designed to help organizations act on their diversity, equity, inclusion and accessibility goals, and improve company culture and employee health. ver 30 organizations — including AvalonBay Communities, Canderel, Empire State
ever-growing e-commerce platform, said Manny Garc a-Tu n, president of Lemartec.
“The U.S. airport system is in dire need of new investment and focused attention on non-passenger infrastructure, said John Carver, urrell Aviation CE .
Realty Trust and JLL have enrolled in the rating.
The Well Equity Rating empowers organizations to better address the needs of marginalized and underserved populations and take an action-oriented approach to creating equitable, people- rst places.
IDB Bank’s Commercial Lending offers your business the level of attention you deserve and the capital you need to grow.
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Mack Real Estate Group, LLC (MREG), a vertically integrated, institutional real estate developer, operator, investor and lender, announced that it is expanding its relationship with Project Destined, a leading social impact platform that provides training in nancial literacy, entrepreneurship and real estate.
Beginning in 2021, MREG partnered with Project Destined in the New York area to provide participants with mentors from across MREG’s debt, equity and development platforms. Over the last two years, MREG has sponsored four student teams representing more than 50 Project Destined participants.
Real estate investment rm Centennial has been awarded the management contract for MarketFair, an enclosed lifestyle shopping center in Princeton, New Jersey. Under the contract, Centennial will provide a full spectrum of management, leasing, tenant coordination, marketing and accounting services for the
shopping center.
MarketFair marks Centennial’s second management contract in New Jersey, and the third in the region. It also manages Marlton Square in Marlton, New Jersey, as well as The Promenade Shops at Saucon alley in Center alley, Pennsylvania.
neKey MLS has appointed Melissa King as chief operations of cer. An experienced professional with more than a decade in collaborative real estate technologies, King was most recently vice president of strategic alliances and partnerships at a large neighboring multiple listing service, right MLS. In addition to oversee-
ing the day-to-day operations of OneKey, King will help the organization’s executive team implement its new strategic plan.
Prior to her role at right MLS, King was director of industry relations for Compass. She began her career in the industry at Stellar MLS.
Matthew Adam Properties is a long-time leader in bringing innovative ideas and programs to the properties we manage. Contact us to find out how we can innovate your building to a new level.
BuildOps, the all-in-one management software built for the modern commercial contractor, has formed a strategic partnership with Orion Group, a commercial facility services platform backed by Alpine Investors.
The BuildOps-Orion Group partnership brings together cutting-edge
technology and industry expertise to provide signi cant growth opportunities for high-performing eld service companies speci cally in commercial HVAC and mechanical industries. Orion has raised capital from Alpine to invest in family-owned, owner-friendly commercial HVAC and plumbing businesses.
Dottid has added Dynamic Projections to its AssetOS platform. The asset optimization platform will offer a clear inquiry, deal and properties pipeline between management with data fowing both ways.
Dynamic Projections gives users the ability to project property perfor-
mance in a graph that responds to selections of deals in their deal pipeline and upcoming renewals. Initially, customers can project occupancy percentage, with future releases adding other metrics. The new platform features connected products such as Insights, a BI/ Analytics tool tied to the user’s whole data set.
Morty, the online mortgage marketplace, has expanded its marketplace to include FHA loans, providing customers with access to more fexible down payment and credit score requirements. This expansion refects the evolving needs of homebuyers and advances Morty’s mission to be a single point of access to home
nancing, the company said.
Expanding into FHA loans marks the next step in a year of marketplace and state footprint expansion for Morty. This includes the launch of HomeReady, jumbo loans, ARMs and foat down options and a 14-day closing program,
Safeguard Applied Innovations, a company that uses automated decision making to reduce construction site accidents, announced that it will now operate under the name and brand Otoos, A Safeguard AI Company.
SafeGuard’s transition to Otoos
JLL Technologies, the technology division of JLL, announced the launch of the Strategic Technology Program, which provides assessment, strategic planning, goal setting and performance measurement services for real estate technologies.
Real estate leaders can use the Stra-
refects its elevated status in the industry for making construction management smarter, safer and more intuitive for workers, managers and organizations and the new branding for Otoos evokes the owl, the company said, embodying Otoos’ dedication to staying watchful over construction sites.
SkySlope, a provider of real estate transaction and brokerage software, has partnered with Weichert Realtors to bring its digital transaction management to Weichert’s over 7,000 corporate associates.
SkySlope is an all-in-one platform designed for brokers and agents to
tegic Technology Program’s technology assessment, management and measurement offerings to align their technology portfolio to their building systems and data, sustainability and facility management ob ectives. The offering helps companies in building, workplace, sustainability and data and analytics.
execute, store, organize and audit real estate documents. In addition to its core transaction platform, SkySlope offers a set of solutions that are integrated with the platform for added functionality, such as DigiSign, a digital signing tool that can be used to send real estate documents out for electronic signature.
— Chambers USA
Counsel to Related Companies and Oxford Properties Group in connection with the development of and all leasing activities at the 26-acre Hudson Yards on the West Side, the largest private development in Manhattan since Rockefeller Center.
Counsel to Google in connection with its US$2.4 billion acquisition of Chelsea Market in New York City.
Counsel to BlackRock in its 850,000square-foot lease for its planned headquarters relocation to 50 Hudson Yards.
Counsel to Brookfield Property Partners on all aspects of the development of Manhattan West in the Hudson Yards District, including its recent lease to the National Hockey League.
Counsel to Vornado Realty Trust and Related Companies on the redevelopment of Penn Station, including the redevelopment of the James A. Farley building and construction of Moynihan Train Hall.
Counsel to J.P. Morgan, as lead lender, in its US$900 million construction loan syndication to Extell Development for the development of Central Park Tower.
Counsel to SL Green Realty Corp., including all zoning approvals, in connection with the development and leasing of One Vanderbilt Avenue, an iconic 1,401-foot tall, 1.7 million square foot office tower being constructed on the full block to the west of Grand Central Terminal.
Counsel to Maefield Development in its approximately US$1.5 billion acquisition of the EDITION hotel, retail, and signage project known as 20 Times Square.
Counsel to JP Morgan Chase in connection with various aspects of its planned 2.5-million-square-foot headquarters redevelopment at its 270 Park Avenue location.
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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.”
Property management company
FirstService Residential has promoted two executives in its Manhattan of ce Marc Kotler to president of the New Development Group and Christina Forbes to president of the Manhattan Condo/Co-Op Division.
Kotler oined FirstService Residential
in 2004 as a senior property manager and formed the New Development Group in 2005.
Forbes oined the company in 2009 as an onsite property manager. She was promoted to managing director in 2012, vice president in 2014, then senior vice president in 2017.
Gparency, the online marketplace, celebrated its rst anniversary by expanding its sales force with over 100 new part-time and full-time salespeople by rst quarter 2023.
The new positions offer fexible hours, the ability to work 100% remotely and a guarantee of an annual salary of 50,000 for part-time staff
and 100,000 for full-time employees, with stock options.
Having launched its free Digital Marketplace directory in October, Gparency has accrued over 26,000 better than off-market listings and updates and grows its directory by more than 2,500 listings per month.
Hyatt Hotels Corp. and Dream Hotel Group announced an agreement for a Hyatt af liate to acquire Dream Hotel Group’s lifestyle hotel brand and management platform including the Dream Hotels, The Chatwal Hotels and nscripted Hotels brands,
This acquisition will include 12
managed or franchised hotels, and 24 signed long-term management agreements for future notels .
pon closing Hyatt will pay a base purchase price of 125 million, with up to an additional 175 million over the next six years as properties come into the pipeline and open.
Newmark has arranged a 300 million programmatic oint venture between Maya Capital Partners (Maya) and Artemis Real Estate Partners focused on high-quality, value-add self-storage assets in the northeastern nited States. The Newmark team was led by ice Chairmen and Co-Heads of the Debt Structured
Finance team Dustin Stolly and Jordan Roeschlaub.
Transactions will comprise both marketed and off-market acquisitions of high-quality value-add properties and certi cate of occupancy leaseup plays with the goal of creating a diverse portfolio of assets.
Roc Nation, the full-service entertainment agency founded by Shawn Jay- Carter, will be the of cial entertainment partner of SL Green and Caesars Entertainment in their bid for a new gaming facility at 1515 roadway in Times Square. As a partner, Roc Nation will help re-imagine programming in the dis-
illow Group has closed on the acquisition of R Media, a media marketing and services company known for its aerial drone photography, virtual staging, 3D tours, high-denition photography and fast-media delivery through its national professional photographer network. illow Group will continue to offer R
trict’s bow tie, the partners said
In November, SL Green and Caesars announced plans to redevelop 1515 roadway as a premiere entertainment and gaming destination in the heart of Times Square. The casino would be the rst in Manhattan and the second in New York City.
Media’s services through the ShowingTime software suite.
This acquisition will help ful ll ShowingTime ’s vision of offering elevated listing products and experiences to help agents differentiate their listings and provide better shopping and selling experiences to clients.
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“Metropolitan Commercial Bank (the “Bank”) began a new strategy for its Retail Banking Centers in 2015 with our 111 Great Neck Road location on Long Island. The plan was simple: create Banking Centers that are comfortable for our clients and provide space that they and the community could utilize. Ofer banking products and services that employ advanced digital technologies the best fintech has to ofer. We never envisioned that a pandemic would make our 111 Great Neck Road Banking Center a welcome resource to residents of Long Island with business interests in New York City.
We applied that same design strategy to our Upper East Side Banking Center at East 85th Street and Lexington Avenue in 2018, but on a smaller scale.
In 2021 we added artful materials and cuttingedge digital technology – fintech, proptech and displaytech – to our Retail Banking Center Strategy. All of this was included in the design of our Flagship Banking Center, located in the heart of midtown Manhattan at the north/south borders of the Garment District and Times Square neighborhoods, and opened in September 2022.”
Mark R. DeFazio President and CEO Metropolitan Commercial Bank Member FDIC
Flagship branding, community, news, weather and an occasional sporting event are delivered on a state-of-the-art LED digital display that is 10 feet x 10 feet with a 1.2 pixel pitch and can be watched from across Broadway. This open area can host informal business and community meetings for up to 70 people.
Above: The traditional check-writing counter is ultra-modern and doubles as an informal meeting space.
Right: The universal banker transaction spaces feature concierge services, open-concept, state-of-the-art digital tools and comfortable seating with built-in social distancing.
Top: A soundproof conference room with a 75inch LCD digital display and shades for total privacy.
Bottom: A very comfortable and informal meeting area boasts an 86-inch LCD digital display that projects the Bank’s brand and other communications across Broadway.
“We look forward to welcoming our clients, business and residential neighbors and community leaders to our new Flagship Banking Center. This state-of-the-art retail banking experience with concierge service and cutting-edge digital banking products and services elevates our reputation for personal service and fintech innovation.
Our Flagship Banking Center at 1431 Broadway sets a new direction for Metropolitan Commercial Bank and retail banking as a whole. Banking is about relationships. Creating a space where people want to be will help us better serve our clients, whether their banking needs are for business, commercial or personal, or global payments, and that will benefit them now and into the future.
Anyone interested in visiting the Banking Center is welcome. To learn more about Metropolitan Commercial Bank, please call us at (212) 643-6981 or visit mcbankny.com.”
Laura Capra Executive Vice President Head of Retail Banking
Metropolitan Commercial Bank
“This Banking Center design combines sophisticated yet unexpected artful materials and bold digital technology that embrace the vibrancy of the Garment District, Times Square and Theater District neighborhoods. Private one-on-one meetings and more significant events with local businesses and residents are at the forefront of this Banking Center experience.”
Gregory Gresham, AIA, NCARB Executive Creative Principal The Switzer Group
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BY DEBRA HAZEL
Esther Muller is a global real estate industry expert with over 30 years of experience in the real estate market, and more than $1 billion in sales. As an owner, broker, investor, author and coach, Muller has established herself as an authority in the industry. She has authored two books: “Tips from the Tops” and “Success is the Destination.” Her current mission is making the home-buying process in Israel smooth for her clients. An Israel-born daughter of Holocaust survivors, Muller is a real estate associate at Sotheby’s with homes in both New York City and Tel Aviv, Israel. Mann Report spoke with her about the growing market for homes overseas.
What types of people are looking at living abroad? I’m traveling the world, but my real focus is people in America who are interested in going to Israel. There is a common denominator, a similarity in terms of thinking. One if it is that, after the coronavirus, there is a change of attitude and a state of mind, that “I don’t have to be confined to one country or one place. I’ve always dreamt about going to certain places,” whether it’s Italy or Portugal or Israel.
Especially since I’m interested in the Abraham Accords [joint normalization agreements between Israel, the United Arab Emirates and Bahrain] and I’m interested in Israel, I’m particularly sensitive to those, but they have similar thinking. If they are young, it could be a vacation home. It could be an investment opportunity that the country is ofering them. Especially right now, many countries, including England, France and Germany, European countries where the dollar is much stronger than many of their currencies, allow Americans to think this is a good time to buy a holiday home. Good friends made the move to Italy. They’ve always had that dream and they decided when they retire to make that choice. They became Italian citizens — it took two or three years of preparation — and they’re happily living in Italy right now.
You’ve got personalities who might have wished to live in Jerusalem or Tel Aviv or retire once the children have grown up. I find many children who go to live in Israel then find their parents are interested in living in the country. There’s a common thread about being adventurous, fulfilling a dream they might have had to go to diferent parts of the world, to diferent countries.
The priorities become your lifestyle. Maybe you don’t need to stay in the city. It’s very convenient to work from home, and home doesn’t have to be America. It could be Paris or London. You might have to commute once a month.
I’m a good example. I’m an advisor and a broker at Sotheby’s and I have ofces all over the world. Wherever I go, I have an ofce. That’s where we’re moving to: having one world. The interest rates are very much similar throughout the world. I don’t think interest rates are much of a motivator. It’s the lifestyle.
Is that a huge shift from just a few years ago? Yes. COVID-19 gave us time to reflect, to review our lives and to reevaluate. And some of us in America are rethinking: “Do I really have to move to Florida?” There are other places where the sun is shining, and the weather is beautiful. That’s really the trend right now, to really evaluate and reflect and decide where in the world do you feel comfortable. Some
countries allow you to have tax advantages if you become a citizen.
Are you seeing big influxes of new residents?
There is certainly a big influx in Israel, especially with [the war in] Ukraine. There are many Ukrainians and even Russians — the last number I heard was close to 40,000 immigrants, and that’s a lot. Portugal is attracting a lot of people, as are some of the Caribbean islands. The buzz is out that there’s time to look.
In most of these places, English is the language, and the dollar is very strong right now. It’s an exciting time, considering the darkness of this crazy disease. But it opened a whole new world for all of us in many ways, including asking, “Do I really want to stay in America or am I better of somewhere else?”
Some places are much more afordable. You need to investigate, to do your research. Most places speak English, so why not? If it doesn’t work out after a few years, you can always come back.
Are you seeing this is a second home phenomenon or are they moving permanently?
It seems to me that for some, it’s, “First, let’s look at the holiday home.” Then, for some the holidy home becomes the permanent home. It’s a very individual decision. I think the majority are looking for a retirement home that’s afordable, fun and has [good] weather.
This big city is every expensive. It’s crazy when you have a meal out that costs $50 to $100 a person. It’s also an attitude that is growing with the younger generation — do I have to work so hard? What am I going to accomplish? That’s why you have more people looking abroad. [They say], “I’m not going to live forever. It’s costing so much money. I want my lifestyle to have more meaning. And I want to be able to aford it. I just can’t aford to live in certain places, so I need to find where I can.”
That’s always why people have left, but I think COVID-19 changed so much of our working habits. The majority of my business in the last two-and-a-half years has been online. Nobody wants to go to open houses anymore; they want to tour through video. I sold a man in Florida a Fifth Avenue apartment. He never came to see it. He came for the closing and that was the first time he saw it.
The lifestyle, the way we want to work and our priorities dictate where we want to live. You do have a tremendous amount of people who really want that second home to divide their time. It’s become
one world.
Where in Israel are people looking?
I have 10 buildings exclusively. Five are in Natanya, which is the Miami or the South of France of Israel. It’s on a clif overlooking over the Mediterranean. It’s also where I was born and lived for 10 years. My own apartment is in that location. Natanya is an English-speaking community, and it attracts a tremendous number of people from South Africa, Canada, France and the U.S. I also have five buildings in Ra’anana, all brand-new luxury high-rises that will be complete in the next two years.
While people love Tel Aviv, it’s extremely expensive, much the same caliber as Manhattan with the prices in the same category. The rise of anti-Semitism around the world is drawing people who just want to feel that they’re at home in a religion that’s comfortable for them.
Are they paying cash?
Mostly, they’re paying cash because the banks are as strict as the banks here. The want to know where the money is coming from and who it is going to. There is some financing being given, but interest rates are high here — they’re not too far of [U.S. rates]. I would say the majority of those who are buying sell their homes here and have the cash, especially if they sell at a high price and are moving to a place that is much more afordable.
Does this trend shift when mortgage rates do?
It’s not related to the mortgage rate. I’ve been in the business over 30 years, and I’ve seen the cycles. Six percent or even 7% seems so high, but it isn’t. Fifteen, 20 years ago, we were at 15%, 16%. We were very high for several years, so 2%, 3%, 4% was totally abnormal. Six, seven percent is not the end of the world. It’s still tax deductible and afords you the American dream.
It’s what happened with COVID-19, and the working habits. [People are asking,] “What do I want in life?” Even the war by Russia has created questions. Everyone agrees that it’s been a crazy world, and so, where do you want to live?
And how fabulous is it that we can? Most of the major large companies [have] people working all over the world [communicating] with Zoom and Teams. It’s aforded us the opportunity to be creative and explore. That’s what I’m doing. I go all over the world now, and the first thing I do is walk into my Sotheby’s ofce. You can live anywhere. The internet and technology have given us one world.
The $800 billion United States home insurance market is currently being challenged by three significant market conditions. The companies that respond the best to these challenges will provide the biggest benefits to consumers and win their trust, while old-fashioned insurance agencies that fail to adapt, risk becoming irrelevant very quickly.
It’s important to understand how market conditions afect an industry as large and valuable as property insurance — both as a homeowner shopping for home insurance policies and as a potential investor seeking to understand how insurance companies can gain significant market share heading into 2023.
How Inflation Afects Home Insurance
Inflation wreaks havoc on all types of consumer goods and services, and insurance is not immune to its damage. The cost of insurance rises during periods of inflation in response to the cost of items that impact claims and premiums.
For example, the cost of repairing a home has increased in 2022. Materials and labor costs have gone up due to inflation and a shortage of skilled labor. As the cost to cover a claim spikes, insurance providers raise their premiums. That’s a costly double hit for the consumer.
For consumers who are already feeling their budgets squeezed by rising prices just about everywhere, higher insurance rates can be crippling. The good news is that this is an ideal time for consumers to shop around. In addition to finding lower premiums from a diferent provider, consumers might also discover discounts and incentives that they didn’t know they qualify for.
Customization of insurance coverage is key during times of high
inflation. It’s important for consumers to compare rates from as many companies as possible to make sure that they aren’t paying more than they need to or paying for items on their policy they do not need.
Companies that can leverage bundles while lowering overhead by keeping stafng and internal costs down are able to pass more savings on to the buyer. Times of higher inflation put a strain on everyone, but they can also reveal which insurance companies are working with the consumer’s best interest in mind.
Natural Disasters are Increasing Tracking data on natural disasters reveals a dramatic increase in catastrophic events, especially from 1980 to today. In the 10 years, natural disasters have cost the US $200 billion per year. Similar to the inflation model, as costs of repairs increase with the frequency of natural disasters, the cost of insurance premiums will follow.
In addition to homeowner’s insurance premiums going up across the country, many property owners are not properly insured against catastrophic events like floods. According to the Federal Emergency Management Association (FEMA), floods are the most common and costly natural disasters in the United States. Still, many homeowners are misinformed about flood insurance. There are several misconceptions about what flood insurance covers, how to buy it and what it should cost. It’s important to consult an agent who can ofer guidance on insuring a home against natural disasters, like floods. Too many homeowners discover after a flood that their policy doesn’t actually include flood insurance.
The truth is: all home insurance policies should include flood insurance. It’s too big of a risk right now for a homeowner not to have it.
Esther Muller is a global real estate industry expert with over 30 years of experience in the real estate market, and more than $1 billion in sales. As an owner, broker, investor, author and coach, Muller has established herself as an authority in the industry. She has authored two books: “Tips from the Tops” and “Success is the Destination.” Her current mission is making the home-buying process in Israel smooth for her clients. An Israel-born daughter of Holocaust survivors, Muller is a real estate associate at Sotheby’s with homes in both New York City and Tel Aviv, Israel. Mann Report spoke with her about the growing market for homes overseas.
What types of people are looking at living abroad? I’m traveling the world, but my real focus is people in America who are interested in going to Israel. There is a common denominator, a similarity in terms of thinking. One if it is that, after the coronavirus, there is a change of attitude and a state of mind, that “I don’t have to be confined to one country or one place. I’ve always dreamt about going to certain places,” whether it’s Italy or Portugal or Israel.
Homeowner’s who think they are protected because they live in a desert climate that isn’t listed as a flood zone, should consider the recent deadly flooding that occurred in southern Nevada including Las Vegas. In fact, FEMA notes, 25% of all flood claims come from people living outside of high-risk flood areas.
With climate change causing an increase in catastrophic weather events across the country, the environmental impact to the insurance industry will only become more severe. It’s important for consumers to understand what their policies do and do not cover when it comes to natural disasters.
This type of coverage is also a big diferentiator when comparing insurance companies.
competitive rates and superior customer service should be able to grow, despite challenging economic times.
Consumer Concerns
According to a Consumer Pulse Survey conducted by Transunion in Q2 of 2022, topping the concerns of most Americans are inflation, the possibility of a recession and increased housing costs. As people reduce their spending in response to anxiety, they also take a closer look at their current expenses, including what they pay for home insurance.
Especially since I’m interested in the Abraham Accords [joint normalization agreements between Israel, the United Arab Emirates and Bahrain] and I’m interested in Israel, I’m particularly sensitive to those, but they have similar thinking. If they are young, it could be a vacation home. It could be an investment opportunity that the country is ofering them. Especially right now, many countries, including England, France and Germany, European countries where the dollar is much stronger than many of their currencies, allow Americans to think this is a good time to buy a holiday home. Good friends made the move to Italy. They’ve always had that dream and they decided when they retire to make that choice. They became Italian citizens — it took two or three years of preparation — and they’re happily living in Italy right now.
You’ve got personalities who might have wished to live in Jerusalem or Tel Aviv or retire once the children have grown up. I find many children who go to live in Israel then find their parents are interested in living in the country. There’s a common thread about being adventurous, fulfilling a dream they might have had to go to diferent parts of the world, to diferent countries.
During the height of the pandemic and continuing into 2022, a rise in remote work opportunities encouraged many Americans to move. Forbes reports that the Southeast saw the biggest increase in population, as people left places like California, New York and Chicago for warmer and less congested states like Texas, Florida and South Carolina.
More consumers are likely to visit digital insurance aggregators in times of uncertainty. The ability to personally compare rates from more than 50 insurance providers at once, without having to speak to a salesperson, can ofer consumers a sense of control that they want — especially when facing an uncertain future.
The homeowner’s insurance market is very complex and still fragmented despite recent consolidations. Many insurance companies have failed to modernize their systems to the levels of customization and speed that consumers expect from service providers. That puts ofine insurance companies at a huge disadvantage — at the very same moment when more people are shopping around.
The priorities become your lifestyle. Maybe you don’t need to stay in the city. It’s very convenient to work from home, and home doesn’t have to be America. It could be Paris or London. You might have to commute once a month.
I’m a good example. I’m an advisor and a broker at Sotheby’s and I have ofces all over the world. Wherever I go, I have an ofce. That’s where we’re moving to: having one world. The interest rates are very much similar throughout the world. I don’t think interest rates are much of a motivator. It’s the lifestyle.
As more people got mortgages in states where they hadn’t previously lived, many homeowners got their home insurance from companies they had not previously done business with. While almost every state in the country saw home insurance premiums increase, lower taxes, housing prices and the overall lower cost of living made the Southeast very attractive to budget-conscious consumers.
This influx of new residents ofers a valuable opportunity to insurance companies that cover Southern states. Providers who can ofer
Is that a huge shift from just a few years ago? Yes. COVID-19 gave us time to reflect, to review our lives and to reevaluate. And some of us in America are rethinking: “Do I really have to move to Florida?” There are other places where the sun is shining, and the weather is beautiful. That’s really the trend right now, to really evaluate and reflect and decide where in the world do you feel comfortable. Some
The type of insurance company that will be seen as the remedy to all the insurance anxiety people are feeling will be one that has the best access to the data needed to deliver quotes from the most providers, ofer a seamless online shopping experience, and be able to ensure people that they are getting the coverage they need at the best price. Survivors know how to turn challenges into opportunities. The home insurance landscape will reveal this truth as well as any industry heading into 2023.
FROM
Marshal Cohen, chief retail analyst of the NPD Group, was born for the retail industry; after all, he started working in his father’s store selling sheets and towels in downtown Manhattan at eight years old. This is where Cohen developed skills that led him to become the retail analyst to top manufacturers and retailers today.
At the family store, Ezra Cohen Corp., Cohen learned how to merchandise the sales floor, redefine the merchandise and even more importantly, how to size up the shopper.
“Learning how to understand what the customer wants and needs was ingrained in me from an early age and has proven to be valuable even now,” said Cohen.
Cohen played team sports through college and was a standout, not just for his long hair, his speed or even his flashy shoes, but also for the way he sized up the competition. He knew when to steal a base or throw behind a runner to catch him of guard. He studied the competition and knew just how to be one step ahead of them. While playing baseball and basketball for American University, Cohen integrated creativity into his game play, much in the way he develops creative strategies for retailers to improve their businesses today.
His timing was just as important. On a hot summer day in college, he drove his girlfriend to a Bloomingdale’s opening in Tyson’s Corner, Virginia. Instead of waiting in the sweltering heat of the parking lot, he stepped into the store in hopes of some air conditioning. Upon entry, he was told that only employees and applicants could enter prior to the store opening in a few weeks. Cohen asked to fill out an application just to wait in the AC, but had no plans to actually interview.
He was called into an interview room where the head of Bloomingdale’s
human resources ofered him a job on the spot after hearing about his background in his family’s store. He was assigned a position in what was called Saturday’s Generation, the jean shop inside the men’s area. As a college student, he thought it would be nice to work a couple of nights and fold jeans all while listening to music. While his background working in his family’s store always aligned him with retail, the part-time gig at Bloomingdale’s would spark a long road of success.
In true Cohen fashion, while setting up the store for opening day, he was asked to put together the sweater wall in the men’s department, the premiere focal point as customers entered the area. Having spent his childhood folding towels and making them look eye popping was the prelude to this now legendary sweater wall. Taking all the inventory from the boxes, he folded them to perfection, using a clipboard to ensure that every sweater was exactly the same width (this was before the folding boards of today). The results were striking. Managers from departments all over the store were bringing their teams over to look at this sweater wall to establish a new set of standards for the store.
When then-Bloomingdale’s President Marvin Traub walked through the store prior to opening day, he stopped in the men’s department and stood for a minute in silence. Everyone waited with bated breath for Traub to speak. “Who did this?” he asked with an alarming sound in his voice. “Who is responsible for this sweater wall?” All heads turned to the long-haired young man standing of to the side by his post in Saturday’s Generation — and who fully expected to head home in about five minutes. Instead, Traub approached Cohen, extended his hand and said, “This is what Bloomingdale’s is all about! Who are you?”
Cohen then spent the next decade working his way up from parttime salesperson to merchandise manager in men’s, women’s and even children’s — but throughout, only known by Traub as “SG Man”
(for Saturday’s Generation). From that sweater wall in Virginia to roller skating contests down the signature “b-way” in the Manhattan store, Cohen made his career as a true merchant. His goal was to make the retail experience “like no other” and instilled that philosophy in others that he trained.
Running out of growth opportunities at Bloomingdale’s after having been promoted so often and at such a young age, Cohen sought to move on from retail. He found his way to working for designer Willi Smith. Once again, Cohen took on the task of reinventing a business and industry by taking Willi Wear from a Junior resource to creating looks to grow with its customer rather than introduce the line to new customers every few years.
He partnered with Norma Kamali, Leon Max and other businesses to create a new department for young women seeking contemporary looks. Utilizing his Bloomingdale’s connections, this group of brands developed the new business of Contemporary Sportswear, “Young East Sider” (YES) at Bloomingdales. Other department stores followed suit, and a whole new market was launched.
Cohen had other successes in the manufacturing side of the apparel business, such as president of Stanley Blacker Sportswear and the launch of Adrienne Vittadini men’s and women’s sport, leading him to partner with some colleagues from Bloomingdale’s several years later. This partnership bought out several chains of specialty stores, jewelry, accessories, athletic sportswear and even hosiery stores from coast to coast. This national specialty retail experience in mall-based and urban locations helped round out Cohen’s portfolio and understanding of retail, big and small.
“Retiring at age 40 was tough for me,” Cohen admitted. Selling his marketing company that he founded with his partner and close friend from Bloomingdale’s, he realized after six months, retirement wasn’t for him. He needed to stay engaged. He created what he called “Brand Extensions” — taking big-name brands and building products that were adjacent to the brand’s essence. For example, automobile companies design and build cars, but what do they know about accessories? Cohen’s team would design, build and, for some companies, distribute branded products outside of their core business to function as advertising and create a lifestyle brand rather than a one-dimensional brand. This elevated the brand licensing business to a new level.
Success in the marketing business led Cohen to exploring a new path. Answering an ad in the local paper, Marshal began working for a company, NPD, an amazing data resource. When he started at NPD, he found himself looking at the wealth of information and seeking a better way to collect it and deliver it. Within weeks of accepting this part-time position, he was promoted to the co-president of the apparel division after writing a letter to the CEO that outlined some of his ideas to progress the company. With amazing teamwork, NPD transformed the collection of selling information from mail-in surveys and point-of-sale data to a more 21st century method of utilizing online consumer surveys to learn who the shoppers were, what
they bought and how to project it up to represent the entire market. As the chief industry analyst, Cohen brought NPD to the forefront of retailers and manufacturing through delivering powerful industry data analysis to clients in a digital format. Learning how to take the data and turn it into actionable steps to grow the business became the key to making the data meaningful. So many businesses today use data, but what do they really do with it? Do they learn how to grow their business, what they missed as an opportunity? What more can they do to service their customers? Having the sales data from not only your own business but from the rest of your market and beyond can help one grow their business. Learning how to use data to understand the shifts and opportunities in the market is not as obvious as one would think.
Cohen and his team educated the market through trade shows and the media, appearing frequently on morning shows and business channels. NPD became the standard to report on how the retail industry was performing and the best resource for general merchandise industries. From the Wall Street Journal, The New York Times, CNBC and Bloomberg News, Cohen helped elevate the awareness of successes and opportunities for businesses and investors alike. He has written multiple books on consumer behavior and market research. He has given guest lectures at several universities, including the Wharton School of Business at University of Pennsylvania.
Merging and Re-emerging Today, NPD has partnered with Information Resources Inc. (IRI) to make the consumer picture even more clear by merging its information on general merchandise retail sales with consumer packaged goods, food and beverage.
“Making the retail community smarter with the complete view has become so important today. Just look at how much of an impact retail overall has on consumer spending today,” said Cohen. “As prices elevate at record levels for food and beverage, we find the consumer making trade-ofs for general merchandise. Understanding just how much the consumer has changed since pandemic-lifestyle consumption patterns have emerged and are ever-evolving remains the key to success.”
Helping clients to understand the opportunities so that they can adapt to the challenges of the future has become his latest pathway to success. You will find Cohen mining through the data, working with great teammates, finding storylines and, ever so importantly, speaking in stores to consumers and staf to learn just what works and what does not. Helping clients learn what they need to know and what they don’t know has made Cohen one of the most sought-after researchers in retail.
No one can predict the future in retail, but with the data at hand, an understanding of the consumer and a creative mind, finding growth is a valuable tool all retailers and manufacturers need, making research-based predictions even that much more relevant. How will retail perform, transform and reform as we navigate the next dynamic in retail where 2023 will establish a whole new set of paradigms for businesses and consumers?
Real estate technology, or proptech, can impact all sectors of the built environment. Proptech can transform the process of planning, acquiring, maintaining and managing commercial or residential properties. Typically, the goal when deploying proptech is to improve efciency, encourage profitability and enhance ESG performance. Proptech is constantly evolving, and there are few limits to what real estate can achieve with the help of technology. However, these benefits are only tangible if technology is deployed strategically and holistically. To add true value to both occupiers and owners, proptech must deliver three main components: composability, flexibility and sustainability.
As every building is unique, a one-size-fits-all approach to technology is redundant. Each property comes with its own individual set of uses, requirements and objectives. Solely within the workplace sector, there are difering capacities, needs and functions to cater to. Technology that embraces these nuances with a composable approach will add the most value to occupiers and owners. Composability is essential to enable landlords and building owners to craft a bespoke ofer that’s perfectly tailored to the needs of their tenants.
To achieve true composability, each element of a property’s technology should exist in a single, unified framework. Rather than multiple, confusing apps or services, connecting all of a building’s technology creates harmonious, user-friendly and efcient outcomes.
A composable and connected approach to proptech is also essential
for analytics. Without a unified framework, data exists in disparate silos. This restricts analysis and insight, meaning it’s impossible to make strategic, informed decisions. Furthermore, it’s important that any new technologies can be easily integrated into existing systems to create a seamless tenant experience.
Reflecting on the turbulence of the last few years, it’s evident that the only constant is change. To thrive in an unpredictable climate, the real estate industry must be poised to adapt at a moment’s notice. Take 2020, for example. According to VTS, ofce demand fell by a staggering 84% over spring 2020. Nearly three years later, ofce use is dramatically diferent from before the pandemic. With hybrid and flexible work now commonplace, it’s likely that the relationship between employees and their workspaces will be forever changed.
Technology is essential for landlords, building owners and businesses to deliver flexible workspaces that fit the needs of the contemporary workforce. With new regulations and expectations being introduced about working from home versus time in the ofce, the workplace transformation will likely continue. Those with the necessary technology to facilitate and adapt their workspace to these changes face a better chance of success.
Technology that enables building owners to modify their ofer in response to wavering demand or changing conditions is crucial to navigating an unstable climate.
The final, and perhaps most important feature of successful proptech is sustainability. With the real estate industry’s target of net zero by 2050 approaching, technology must deliver sustainable outcomes. This deadline is increasingly pressing when considering that the built environment is responsible for 40% of all carbon emissions worldwide.
Sustainability is an ethical responsibility, and progressively an issue of financial viability. A building’s ESG credentials are becoming a top priority for investors, with global ESG investment now exceeding $30 trillion, reports Global Sustainable Investment Review. Sustainability and environmental factors carry the most weight, with a recent BlackRock survey discovering that 88% of investors ranked the environment as the top priority within ESG.
This can also have a dramatic efect on a building’s profitability. Research from NAREIT reveals that green-certified buildings can benefit from a 31% increase in sales values, 23% higher occupancy rates and an 8% increase in rental incomes. It’s therefore vital that proptech helps enhance sustainability for buildings to remain healthy and profitable.
In coming years, the demands on the real estate industry will only continue to grow. Technology will play a crucial part in meeting those needs, and proptech will soon become a must have, rather than a nice to have. Those who deploy technology which delivers composability, flexibility and sustainability, will enjoy a better chance of success.
Greenspoon Marder LLP
590 Madison Avenue, Suite 1800 New York, NY 10022 carol.sigmond@gmlaw.com (212)524-5074
Cooperative apartment shareholders and residential condominium unit owners will have a dif cult 2023. New York City continues its over-reliance on property taxes, which excessively tax both cooperative and condominium apartment owners. For example, a 750,000 condominium in Manhattan pays 19,000 a year in property tax, while a single-family home in ueens of the same value pays less than 6,000 per year. That, the upward pressure on the cost of construction, utilities and the need to invest in energy savings to comply with Local Law 97 of 2019 (the Climate Mobilization Act), will drain building coffers, frustrate unit owners and shareholders and, with rising interest/mortgage rates, devalue the apartments.
ne possibility to helping unit owners and shareholders is de-bulking cable service.
Many of the bulk service arrangements between managing agents and cable companies in New York City are no longer viable or lawful. The Federal Communications Commission (FCC) has found these arrangements to be anti-competitive and harmful to consumers. There should have been an ongoing and comprehensive disclosure to unit owners and shareholders of the amounts paid to managing agents in connection with the bulking of service, how much of that money was retained by managing agents and how much was paid to cable companies. Instead, managing agents are ending the arrangements with cable companies without making full nancial disclosures.
oard members should demand a full dis-
closure of the bulk arrangements for their respective buildings. These disclosures include amounts paid to managing agents in connection with the bulking of service how much of that money was retained by managing agents and how much the amount paid to cable companies needs to be made known. The next step by board members should be to ensure that all the money that was provided to the managing agents for the so-called bulk services are being retained by the buildings and thus maintenance costs should be reduced, or the money paid into building reserves.
As a rule of thumb, you should assume unit owners and shareholders will see a 50% increase in their individual bills about half of which may include an up-charge of 10 per cable box per month. That money needs to come back to the building owners. As duciaries for the shareholders and unit owners, board members have an af rmative duty to conduct this investigation and ensure that all the money that was paid to the managing agents on these bulk service arrangements is returned to the buildings in full.
The other area to pursue in savings is utility costs, including using energy ef cient light bulbs and automating non-emergency lighting lights. uildings should consider energy audits. These efforts will pay dividends longterm in reducing the nes and penalties under the Climate Mobilization Act.
This column presents a general discussion. This column does not provide legal advice. Please consult your attorney for specifc legal advice.
With infation reaching a 40-year high in 2022, interest rates will remain high and possibly continue to increase in 2023. Rising construction costs, as well as more frequent and extensive property claims, will exacerbate market challenges. Real estate owners and operators who understand their risks and embrace creative market solutions will have better insurance coverage options at lower cost. Heading into 2023, real estate owners and operators should take the following into account when it comes to their pro tability, vitality and resiliency
Frank DeLucia
Senior Vice President
HUB International Northeast frank.delucia@ hubinternational.com (212)338-2395
• Climbing interest rates have made loans and refnancing more expensive and rates are likely to stay high and increase in 2023. wners and managers must plan for further rate hikes and continued infation, which will make it more dif cult for their lessors to make rent.
• The insurance market will be diffcult. Various factors such as carriers’ increased scrutiny of insurance-to value, rising construction costs and supply chain disruptions can make an already dif cult insurance market even more challenging in 2023, with carriers pulling back on capacity and increasing insurance rates. Commercial property-casualty insurance is pro ected to rise as much as 20 in most geographies. Expect coverage for habitational and multifamily properties to rise about the same amount.
There are bright spots for top properties with lower risk pro les. For instance,
underwriters are still offering coverage for re-resistant, Class A, high-rise of ce buildings. est-in-class property risks will nd good coverage at a good rate. Carriers are more likely to offer coverage for properties where the owners or operators are actively trying to prevent damage or liability claims. nderwriters will target best-in-class properties and will require current building valuations before even considering risks.
This emphasizes the importance of working with experienced insurance advisors on initiative-taking strategies and risk management measures.
• A shrinking workforce will pose challenges. Like many other industries, real estate companies are struggling to nd capable employees. The labor shortage also is affecting real estate indirectly as construction companies are facing delays because they can’t nd enough workers and vendors for maintenance, security and cleaning services, which are also facing staf ng shortages. Real estate owners and operators can improve their own recruiting and retention through personalized bene ts based on data analytics.
Work with aninsurance advisor to develop a strategy that will protect your bottom line, support your workforce and build resiliency for 2023. To explore Hub’s full 2023 Real Estate Industry utlook, please visit hubinternational. com insights outlook-2023 real-estate .
Romer Debbas, LLP is a boutique law firm located in midtown Manhattan specializing in the areas of real estate, banking/private banking, general corporate law, real estate and commercial litigation, business/personal immigration, trust and estates and taxation.
The firm represents a wide array of clients including buyers and sellers of residential and commercial real estate, sponsors and developers, prominent lending institutions, landlords and tenants, foreign and domestic investors, cooperative and condominium boards, and small to Fortune 500 businesses.
New York (Main Office)
275 Madison Avenue, Suite 801• New York, NY 10016 Phone (212) 888-3100 • Fax (212) 888-3201 www.romerdebbas.com
Winter weather can wreak havoc for homeowners. Snow and ice can lead to broken tree branches, make driveways and sidewalks treacherous and, in extreme cases, even knock out power. Having the right outdoor power equipment on hand can help keep your property safe and make winter chores easier.
Keep safety steps in mind when using outdoor power equipment.
President and CEO
Outdoor Power Equipment Institute
1605 King Street
Alexandria, VA 22314
• Take stock of the machine to ensure it is in good working order before use. Follow all manufacturers’ instructions.
• Review owner’s manuals.
• Move equipment to a convenient and accessible location.
• Be sure the batteries are fully charged. For gas-powered equipment, the machine should be turned off and cooled down before refueling.
• Use the type of fuel recommended by the equipment manufacturer. It is illegal to use any fuel with more than 10% ethanol in outdoor power equipment and it is always best to use fuel less than 30 days old. Only store gas in an approved container and away from heat sources.
If the electricity goes out, a generator can keep power fowing at a reasonable cost.
Key safety tips: Never place a generator inside a home or garage. It should be a safe distance from the structure and not near an air intake. Install a battery-operated carbon monoxide
detector. If you don’t have a transfer switch, use the outlets on the generator. Plug directly into the generator and if you need to use an extension cord, make sure it is heavy-duty and designed for outdoor use.
Clearing driveways and sidewalks is no small task. A snow thrower (a.k.a. snow blower) can make a big job easy.
Key safety tips: Clear the area of any debris. Keep kids and pets inside your home. Always wear safety glasses, gloves and footwear that can handle slippery surfaces. Never put your hands inside the auger or chute. Always turn off your snow thrower and wait for all moving parts to come to a complete stop before clearing clogs. Never throw snow toward people or cars. Don’t try to clear steep slopes or hills.
A chain saw can remove tree branches.
Key safety tips: Always stand with your weight on both feet and angle your stance away from the blade. Hold the saw with both hands and anticipate kickback. Never over-reach or cut anything above your shoulder height. Have a planned retreat path if something falls.
A pole saw can help prune and remove tree branches and shrubs that are up high.
Key safety tips: Clear the area underneath where branches need trimming. Don’t operate the pole saw if people and pets are nearby.
The rst ICSC NY to be held at Javits Center in three years was both a fash to the past and a glimpse of retail future. It was wonderful to see the show return to its former home (though I also recall the days of the packed New York Hilton and Sheraton), and to see so many friends, colleagues and clients. That said, the show appeared to me to be about half its normal size, which had been around 12,000 attendees pre-pandemic.
We’re seeing fast casual, more entertainment, and gyms are back, he said as well as physical therapy and more.
ut the last three years have seen a complete rethinking of retail as it adapts to a new age and one that is still ongoing
Debra Hazel
President
Debra Hazel Communications
North Las Vegas, NV 201-618-5247
Still, a lot of people were thrilled and hopeful about the future of retail going forward. Kristin Mueller, chief operating of cer, property management of JLL, discussed how the lines between sectors are blurring.
There are a list of things retail and of ce have in common you wouldn’t have seen 10 years ago, she said. Food and beverage is key.
Flexibility is important, she continued, both from the user side and the landlord’s.
Walls are coming down, in tenant spaces, she said, offering Eataly as an example.
And as JLL continues to reimagine properties, it must adapt, being more fexible about demising walls, lease terms and what uses will actually be in the space.
Matthew Harding, CE at Levin Management, reported healthy meetings and a positive feeling among attendees. Even though many (including me) had speculated that leases would get shorter going forward, he said Levin was seeing lots of ve- and 10-year renewals.
Heading up to 2020, everything was set up in the pre-internet age, said randon Isner, Americas head of retail research at C RE. The pandemic forced a reckoning with how to integrate the internet into more traditional retail, and We’re not sure what the nal result will look like.
What is clear is that technology, including buy online pickup in store, has put customers in the driver’s seat regarding transactions, Isner continued. That will be enhanced as mobile purchasing becomes even more prevalent, giving more insight into consumer behavior.
“Data is great, but in reality, it trails real time,” he said. With real-time mobile data, retailers will be able to pivot more quickly.
And my own retail research also showed bright spots. Macy’s in-store Toys R s boutique is a triumph. And it’s a sign of what Mueller told me is a new trend toward partnerships that bene t all.
f course, adaptation isn’t anything new in what is most likely the most consumer-facing sector of real estate, all observed.
It’s not a bad way to kick off a new year.
Investors in digital assets most likely do not consider taxation the most exciting aspect of their investment. The Internal Revenue Service (IRS) has been working on the tax compliance, enforcement and reporting of digital asset transactions, which is very complex and continues to evolve. Per the IRS, digital assets are broadly de ned as any digital representation of value that is recorded on a cryptographically distributed ledger. This includes convertible virtual currency, cryptocurrency, stable coins and non-fungible tokens (NFTs).
must be reported as ordinary income subject to self-employment tax. For investors buying and selling cryptocurrency, the IRS classi es digital assets as property, and it is not subject to wash sale rules.
The IRS has launched an initiative to address the unreported crypto currency taxable income. In 2019, the agency sent out more than 10,000 education letters to taxpayers involved in virtual currency transactions. In 2021, the
John Britto Tax & Business Services Director Marcum LLP Boston MAjohn.britto @marcumllp.com
In Notice 2014-21, IRS classi ed virtual currency as property for tax purposes. Any gain or loss upon the exchange of virtual currency for other property is a taxable transaction. The calculation of gain or loss is measured by comparing the fair market value of the property received in exchange to the cost basis of the virtual currency sold, or vice versa.
The mining of virtual currency is a taxable event. If someone succeeds in mining virtual currency, the taxable amount will be fair market value on the date of the receipt and would need to be included in gross income. If the mining constitutes a trade or business and is not undertaken as an employee, the net earnings would be subject to self-employment tax.
In 2020, the IRS issued a memorandum regarding the tax consequences of receiving convertible virtual currency for performing microtasks through a crowdsourcing or similar platform. The IRS concluded that this is a performance of services by the individual in exchange for convertible virtual currency and
Federal Court in the Northern District of California authorized the IRS to issue “John Doe” summonses to crypto exchanges seeking the identities of U.S taxpayers who conducted at least the equivalent of $20,000 in transactions involving cryptocurrency in the years 2016 to 2020. In 2022, the owners of a cryptocurrency company were sentenced to eight-year federal prison terms for tax evasion. Taxable crypto transactions must be reported whether or not a taxpayer receives a Form 1099. To date, IRS enforcement has focused on individual taxpayers and not corporations or partnerships.
The Infrastructure Investment and Jobs Act requires Gross Proceeds and Cost Basis Reporting by brokers dealing in digital assets beginning in 2023. It also identi es digital assets as the equivalent of cash, requiring any person in a trade or business to report any one transaction (or two or more related transactions) involving $10,000 in cash/digital assets to the IRS on Form 8300. Digital assets taxation, enforcement and reporting willevolve in the coming years. The challenges to IRS will grow as different kinds of digital assets are introduced by the crypto world.
RCS Real Estate Advisors
470 Seventh Ave. New York, NY 10018
Economic downturn, infation and pandemic-related lockdowns over the past few years have deeply affected the retail landscape, leading many stores to close or le for bankruptcy. ut while retail was suffering, people discovered that in-person shopping means more than ust being an activity for buying new items. It was also recognized that e-commerce is a completely different experience from in-person shopping. For these reasons, and many more, the concept of brick-andmortar stores will never be obsolete.
Shopping malls, similar to traditional town centers, are places where people can engage with their community while searching and buying for all their needs. According to the American Psychological Association, people around the world experienced an increase in loneliness during the pandemic. The community aspect of shopping with friends or even ust being among others ful lls a deeper human need to socialize, commune and to feel seen, which can help stave off loneliness. So, while e-commerce continues to be prevalent, people will remain interested in in-person stores, where they can physically be with friends to participate in the shopping experience.
Shopping malls allow consumers an experience that is impossible to replicate digitally the feeling of physical touch and connection. For example, for big purchases like a sofa, the buyer can physically examine its material, plushness and its comfortability in a store. This contrasts with online shopping where, unfortunately, the digital appeal of a product doesn’t always translate into reality. Many consumers
can commiserate with the despair of receiving an online purchase and feeling dissatis ed with the item’s quality and looks.
With the rise of entertainment and experiential offerings in shopping centers, visiting the mall has become more than ust an excuse to shop for goods. ne can visit the movie theater, play zones, clubhouses, bars, restaurants, wellness centers, arcades and more. The mall, with its myriad of activity options, has become more community-centric through event partnership and team-building potential.
When a mall has the right mix of offerings, including events and retail options, it is sure to succeed. For example, Del Amo Mall, a beautiful open-air and enclosed shopping center in Torrance, California, boasts a broad selection of high-end retail, specialty food, ne dining and other food and beverage options and service retailers which draw shoppers.
Despite the ease of online shopping, where purchasing items becomes as easy as a onetap checkout on your mobile device, retail rents and occupancy keeps rising and e-commerce sales are stagnating. Those who say that shopping malls will never become obsolete are both right and wrong. The best malls will always evolve with the times and will thrive nancially along with the retailers. If malls are strategic in their merchandising mix and create value as a center of business across all retail types including apparel, services, food and beverage, grocery, entertainment, wellness and more these in-person shopping centers will not be going away.
Back in 2019, I wrote about Local Law 97, which requires all buildings of more than 25,000 square feet to meet certain levels of carbon emissions by 2024; it imposes more stringent requirements by 2030 and beyond to 2050. The city estimated that about 20% of buildings would require work to meet the 2024 deadline and nearly 75% by 2030. It seemed a long way off then and with the pandemic descending about a year after the law was passed, the focus on complying was lax.
more bene cial to commercial properties than residential is permitting owners to comply by offsetting emissions from electricity by buying renewable energy credits from solar and wind projects. Most residential buildings run on fossil fuels for heating and hot water.
President and CEO Matthew Adam Properties, Inc. 375 Pearl Street – 14th Floor New York, NY 10038 imeister@matthewadam.com 212-699-8900
Well, the deadline is fast approaching and the city estimates about 2,700 buildings (including co-ops and condos) need to be upgraded to comply with the rst phase of the law. As with commercial buildings, most of those needing work are smaller properties.
“It’s a combination of factors,” said Darren Johnson, senior account manager of Bright Power, a provider of energy and water management services.
Smaller buildings often lack the data to know how compliant they are. Time is running out.
“One issue confronting buildings was the lack of rules, in effect putting properties in limbo,” noted Amanda Clevinger, policy and programs manager at Bright Power. The city released directives in October and after hearings is expected to nalize them in January.
The proposed regulations include formulas to determine a building’s energy use and annual greenhouse gas emissions and the limit to comply. It also sets forth the procedure to determine a building’s gross foor area for the purpose of reporting to the department. One area that is
What do buildings need to do to comply? Since most carbon emissions are generated within individual residences, buildings can leverage utility and NYSERDA (New York State Energy Research and Development Authority) incentive programs to reduce the use of energy in the units. Probably, the rst step is hiring an energy company to analyze current usage and help the building develop short and long-term plans.
The city requires annual benchmarking of energy use. This information can be used in determining energy usage and where reductions can be made. Technology can help properties control and equalize the fow of heat to reduce fuel use. Similar efforts can be made with cooling systems. Coupled with work on the exterior and windows, this helps to reduce the loss of heat and air conditioning.
For hot water, Johnson points to such basic efforts as reducing the xtures’ fow. Many larger properties have installed these improvements, but they do cost. While numerous buildings and individuals now use LED bulbs, lighting overall does not represent the largest use of electricity in an apartment building.
Buildings requiring work to meet the 2024 requirements should take a long-range view, Johnson and Clevinger said. Just meeting the minimum standards for 2024 leaves a big gap to ll by 2030.
Recently, panicked headlines about rising interest rates have dominated the real estate space. Buyers are spooked by rates skyrocketing from just over 3% to 7% in just months — the fastest shift in 100 years. This volatility is creating uncertainty and causing many buyers to reconsider their home search. While the speed of this change can certainly contribute to anxiety around homebuying, there are a few things that are helpful for buyers to remember:
moving to get their offers in — even if below asking price. In 2023, we will continue to shift toward a more balanced market and, in some places, start to tip toward a buyer’s market for the rst time in several years.
Court Cunningham CEO and co-founder Orchard
195 Broadway, 26th Floor New York, NY 10007
The past two years are the anomaly. There was not a time in history where mortgage rates were below 3% until the past two years; in fact, the average 30-year mortgage rate since 1971 is 7.7%. The COVID-19 pandemic prompted a wave of buyers to relocate from cities to suburbs, and demand for single-family homes skyrocketed. While families may have had more buying power with lower rates, many were faced with competition from others able to make cash offers sometimes $100K over asking prices.
It’s unlikely that rates will go back down to sub-5% anytime soon. One way that buyers can ensure they get the best possible rates is by locking their rate in today.
Buyers are now getting the upper hand. In the past 18 months, there have been effectively no seller concessions. Many buyers have needed to waive appraisals and take care of repairs themselves. With some buyers getting cold feet or getting priced out of the market entirely, home prices are seeing a rapid decline for the rst time in two years. It’s the perfect time for buyers who have no choice in
Depending on the market and level of competition, buyers may be able to negotiate the price, pre-paid property taxes through the end of the year, etc. I recommend that buyers always partner with an experienced agent who can help them to navigate what to ask for, and be their advocate.
Homes will continue to be a good longterm investment. For buyers who may be wary of a recession, note that home prices have increased during eight of the last nine recessions. The 2008 housing crash had very different underlying causes that we have done a good job of mitigating since.
Most homeowners average eight to 10 years in home. A decade is enough time to feel condent that you will be able to maintain and more likely grow your equity.
New construction homes are also worth consideration. Builders with inventory near completion are testing incentives, averaging 2% to 4% of the sales price in best-selling communities, and up to 15% in communities where new builds are selling the slowest.
While the start of the year is likely to see less activity than prior years, demand continues to outpace supply and there will still be millions of home sales in 2023.
For a city that’s home to major biotech companies, it might be surprising that Boston is just now getting its first purpose-built life sciences development with the groundbreaking for Forum, a $500 million project that broke ground at 60 Guest St. in September for a 2024 delivery.
Co-developers Lendlease and Ivanhoé Cambridge selected multi-disciplinary firm SGA, to create the nine-story, 350,000-square-foot life science building, located one one of last available sites in Boston Landing, a 15-acre mixed-use community along the Massachusetts Pike in Boston’s Allston-Brighton neighborhood.
Designed by SGA for LEED Platinum, WiredScore Platinum and Fitwel certification, Forum will have net zero operational carbon upon completion, aligning with Lendlease’s Mission Zero initiative and Ivanhoé Cambridge’s commitment to achieve net zero carbon by 2040.
“Forum will be an ultra-modern life sciences building in an area that has such robust demand for specialized life sciences and research facilities, considering its close proximity to Kendall Square, the epicenter of Greater Boston’s life sciences sector,” said John Sullivan, AIA, president of architecture at SGA.
The building will include ofce/lab space and a robust amenity program featuring a multi-purpose ground floor and outdoor spaces at key locations throughout the building. Features that set 60 Guest St. apart from the rest of Boston Landing include a two-dock loading area, a 5,000-pound service elevator, parking within the building and eclectic amenities at street level.
Boston Landing is home to New Balance’s global headquarters, the Boston Celtics’ Auerbach Center and Bruins’ Warrior Ice Arena, as well as an indoor track and entertainment venue, lab/ofce and residential uses and a planned 175-room hotel.
The vision of Ivanhoé Cambridge and Lendlease is to deliver their tenant partners state-of-the-art lab/ofces, curated spaces, experiences and accessible services that will propel their human potential. From easy transit access to sustainable infrastructure and indoor-outdoor experiences on multiple floors, Forum will be the perfect environment from which to do this important work in Boston, the companies said.
“Upon completion, Forum will establish Boston Landing as the leader of Allston-Brighton’s emerging life sciences cluster, ofering a highly amenitized environment and industry-leading lab infrastructure that will attract and retain top biotech talent,” said Nick Iselin, executive general manager of development in Boston for Lendlease. “With inviting and engaging public spaces, Forum will also be the neighborhood gathering spot within the vibrant, urban mixed-use district.”
Tenant amenities on the third floor include a shared kitchen and eating area, as well as a 7,000-square-foot terrace with cabanas, seating areas, grilling stations and high-speed Wi-Fi. Meeting and collaboration spaces with A/V capabilities are also ofered in a variety of configurations to accommodate conferences and meetings. In addition to a 288-stall parking garage with electric vehicle charging stations, the building will ofer storage for 146 bicycles and on-site locker rooms.
The leasing agent for the building is JLL. Consigli Construction Company is serving as general contractor and BR+A Consulting Engineers as project engineer. McNamara • Salvia is structural engineer.
Freshmen students at Augustana University in South Dakota can share living space with other years thanks to the completion of Wagoner Hall, a mixed-grade housing complex designed by St. Louis-based KWK Architects. The growing campus also welcomed its largest first-year student class since 1970 with more than 550 full-time undergraduate students.
Rather than assigning diferent classes to their own buildings, the new $16.75 million Wagoner Hall opened in August to students from any grade, as was the case for other residence halls on campus. Freshmen occupy the first floor of new Wagoner Hall and upper-class students are on the remaining two floors.
“We have so many diferent styles of residence halls now, and they come at diferent price points,” said Augustana University Director of Housing Operations Jenna Bump in ”The Augustana Mirror.” “We’ve kind of opened it up to have all students choose whatever option will work best for them, for their living style, for their price point.”
Construction on Wagoner Hall began in summer 2021 on the south end of the university’s north campus near 33rd Street and Grange Avenue. The L-shaped, three-story hall houses up to 200 students and includes semi-suites with four beds and a bathroom in each unit. A community building at the front of the hall features shared multi-purpose spaces and incorporates living and learning environments for faculty, students and afnity groups on campus.
“The 54,000-square-foot hall is multi-functional for the entire campus community and features flexible classroom space that can be used for programming during the day, then utilized for community interactions in the evenings and weekends. A kitchen and lounge area in the hall further promotes community,” said KWK Principal Paul Wuennenberg.
The university’s new housing plan for the south end of campus is part of a long-term comprehensive plan to transform Augustana’s physical campus. Once these projects are complete, the university will assess their impact, along with the most current enrollment projections to best determine how to proceed with the next phase of the comprehensive plan — a new 75,000-square-foot North Residence Hall for 279 students.
Independent full-service brokerage Ripco Real Estate has hired the team of Steven Winters and Michael Horne as executive vice presidents for the firm’s New Jersey market.
Both will focus on central and northern New Jersey and join Ripco from CBRE, where they worked for nine years after CBRE purchased Fameco Real Estate, a brokerage that specialized in retail real estate and the shop-
Full-service property management company
Ram Partners LLC announced that Caroline Dunaway has rejoined its executive team as a group vice president of operations.
She will lead properties across the South Central and Southeast regions in this new role, including Arkansas, Tennessee, North Carolina and Georgia.
ping center industry, in 2013.
Winters has over three decades of experience in landlord and tenant representation, investment and land sales, development layout and design expertise and advisory services to retail and mixed-use property owners, developers and tenants.
With over 35 years in the retail real estate
business, Horne has extensive experience in site selection, market analysis, site development and dispositions.
“At Ripco, we are actively recruiting top talent to join our New Jersey team and both Steven and Mike were at the top of our list,” said Mark Kaplan, president of Ripco. “They bring expansive market knowledge and decades-long relationships, but more importantly, they’re fantastic people who fit right in with our existing team. We are confident that they will quickly get rolling in our Elmwood Park ofce and expand our presence throughout northern and central New Jersey.”
Her experience runs the gamut of management, including renovation/repositions, acquisitions and new development/lease-ups.
Dunaway was most recently a vice president with Asset Living and brings more than 30 years of experience in all areas of property management, including new business development. In addition, she previously held executive roles with Lincoln Property Company, Meta Real Estate Partners (previously known as SWH Management) and Summit Property Company.
Oliver Baker recently joined Cityview, a Los Angeles-based multifamily investment management and development firm, as director of development, the firm announced.
In his new role, Baker manages the development process for Cityview’s ground-up
projects, from due diligence for acquisitions through design, coordination, permitting and construction. Leveraging more than 15 years of real estate experience, Baker leads internal teams and external consultants through every step of the project, including entitlement, community engagement, design,
“Ram Partners is a best-in-class property management firm with the brightest and most talented associates I've had the privilege to work with,” said Dunaway. “Ram successfully cultivates long term partnerships with both institutional and private owners, while ofering a desirable boutique firm approach. We will continue to learn and grow as fast as the industry is changing, and I am honored to be surrounded by such collaborative and empowered colleagues.”
budgeting, construction management and property turnover.
Baker previously served as vice president of development at CIM Group, where he oversaw large scale entitlements and managed the development of more than $1 billion in various types of real estate projects.
Baker holds a master’s degree in real estate development from the University of Southern California and a bachelor’s degree from Haverford College.
First National Realty Partners (FNRP) announced a key new hire and executive promotion within its c-suite. Industry veteran Michael Hazinski has joined the team as chief investment officer, while Jared Feldman, who formerly held that role, has been promoted to executive chairman.
The executive appointments support the company’s strategic growth initiatives as it continues to increase its market share of grocery-anchored and necessity-based, openair shopping centers nationwide.
“Recruiting top talent and rewarding outstanding performance is critical to our success as we expand FNRP’s portfolio and geographic reach,” said Christopher Paler-
mo, co-founder and co-chairman. “Mike and Jared exemplify the caliber of professionals who possess the expertise and the dedication necessary to help us move our company forward.”
Hazinski will leverage his more than 19 years of retail real estate investment experience to design and implement strategies to grow FNRP’s portfolio. As of November, the company had closed or had in contract more than $800 million of property investments and is setting its sights on approximately $1 billion of new acquisitions in 2023.
Prior to joining FNRP, Hazinski was senior vice president, director of investments at Retail Properties of America Inc., where he ex-
Architecture, design and planning firm MVE + Partners announced the promotion of Pieter Berger and Terrence Seah, NCARB to principal. Each has more than 15 years of professional experience and has moved up within the company from senior associate partner positions.
Berger has created many of the firm’s most notable mixed-use, residential, and international projects. As the design director of the
Irvine, California office, he explores unique and innovative solutions to create a timeless design with sensitivities to context, materiality and client goals, the firm said. Berger’s projects include The Residences at Pacific City, The Mandarin Oriental Residences Beverly Hills, Post House in Salt Lake City, Dixon Place in Salt Lake City and The Ritz Carlton Residences Newport Beach. He holds a bachelor of arts in architecture with honors from the University of California, Berkeley.
ecuted over $4 billion in closed transactions encompassing acquisitions, dispositions, debt financing and joint venture equity. He was also an asset manager for a portfolio of closed-end funds invested in retail and multifamily assets. Hazinski earned an M.B.A. from the University of Chicago Booth School of Business and a bachelor’s degree from the University of Dayton.
Feldman joined FNRP in 2020. In his new role, he will focus on strategic initiatives that include creating an Institutional Equity Program for FNRP and developing educational content for investors, along with the implementation of other key initiatives to support the company’s future growth.
“I am incredibly proud of what the entire FNRP team has accomplished during the past three years,” said Feldman. “As an organization, we are just getting started, and I am excited to help the company continue to execute on its long-term strategic vision.”
Seah leads many of the firm’s large scale, complex, urban, mixed-use projects with an emphasis on bringing a design vision to a constructible reality that meets MVE’s client goals. As director of MVE’s San Francisco Studio, Seah is passionate in realizing design visions and has the distinctive ability to facilitate collaborative teams on multifamily, mixed-use, and urban infill assignments. He is currently overseeing several thousand new units in the firm’s northern California portfolio. He holds two masters’ degrees from the University of California, Berkeley: one in architecture; the other in Structural Engineering. His bachelor’s degree in civil engineering and material science is from Cornell University.
Since 1983, the Rent Stabilization Association has worked for property owners in good times and bad. Now, during a public health crisis that is straining the economics of our industry, we are working hard to keep tenants in their homes and ensure that owners can continue providing safe and adequate housing.
RSA represents over 25,000 members with more than one million apartments. We provide cost effective and practical solutions to help owners run their buildings. In Albany and at City Hall, we are a forceful and consistent voice for the common sense needs of property owners. Our membership is deeply diverse and in every neighborhood. Though government and policy is unbalanced now, we’ve fought back through tough times before. And we’re doing it now.
We advocate for programs and funding.
We provide services to help our members comply with all laws and regulations.
We fight against reckless policies that unfairly target the industry.
Our counselors help members with any problems or government agency issues that come up.
Our monthly RSA Reporter is an industry must-read, always providing information necessary to keep owners up to date on compliance issues and other policies. We have weekly email blasts, policy action alerts, and updates on political and legal issues.
We are constantly fighting for policy that provides a fair balance to the needs of both building owners and their tenants.
Extensive years of Industry Experience covering Deposits, Lending and Technology.
At Webster Bank, you’ll find products designed for the property management industry – and a team of professionals with the experience to put them to work for you.
Your Webster Bank Relationship Manager and Property Management Team know the challenges you face and give you access to the tools you need to efectively manage them.
Value, solutions and service – put our resources to work for you.
Segment Leader
Sr. Managing Director
O f ce: 212.661.0790
Cell: 908.720.4223 rguanlao@websterbank.com
Anna FusGorniak
Managing Director, Relationship Manager
O f ce: 212.661.0236 Cell: 917.231.6758 afusgorniak@websterbank.com
1412 Broadway, 7th Floor New York, NY 10018
John Kowalski
Managing Director, Relationship Manager O f ce: 212.661.2307 Cell: 646.629.9586 jkowalski@websterbank.com
Mark Reid
Managing Director, Relationship Manager
O f ce: 215.900.1874
mreid@websterbank.com
Trevor Hintzen Director, Relationship Manager
O f ce: 212.661.0739
Cell: 917.727.5272 thintzen@websterbank.com
Property Management Banking from Webster Bank
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Robert Mallimo Director, Relationship Manager
O f ce: 212.661.0943
Cell: 631.620.4444
rmallimo@websterbank.com
Rainier “Ray” Guanlao By Myles Mellor
The financial backing of a global bank, and the streamlined structure and agility of a boutique bank that will keep your business moving forward.
BHI offers full commercial banking services that combine the personal attention of a prestigious boutique bank with the expertise and financial strength of Bank Hapoalim – the leading financial institution in Israel.
With a footprint in the largest U.S. metropolitan areas, we are committed to creating innovative funding solutions for your short– and long-term needs and providing convenient banking and liquidity products for your everyday business needs.
www.bhiusa.com
BHI is a registered service mark of Bank Hapoalim B.M. Member FDIC. Deposit accounts offered by the New York Branch are fully insured by the FDIC to the maximum extent permitted by law. Deposit accountsoffered by the Americas Tower Branch and Plaza Branch are not FDIC insured.
Danielle Dib was recently appointed vice president of business development and finance at Dib Management, a New York City-based real estate development and management firm, founded by her father Roland Dib in 1987.
In her new position Danielle Dib will lead the company through its growth period with new acquisition and asset positioning.
Prior to joining Dib Management, Danielle spent three years as an underwriter for Valley National Bank in New York City. She worked on the commercial real estate team, underwriting all asset types such as industrial, multifamily, commercial and residential, totaling over $400 million in loans. Prior to Valley National, she participated in the development of 124 West Houston, previously the location of Bob Dylan’s studio.
How long have you been in the industry?
Being in a family business, it feels that I have been in the real estate industry all my life. But officially I have been in the industry since I completed my undergrad, so about six years now.
Why join your family’s firm?
A er completing my undergrad, I joined the business with the development of 124 West Houston in New York City. I worked alongside my father throughout the development. I loved
learning about all the details of what it takes to bring a project from an empty lot into a fully occupied building. In an effort to continue learning and growing, and to be er understand the financing side of real estate, I joined Valley National Bank where I underwrote commercial loans.
Graduate school was always my plan and a er a number of years at Valley I decided it was the right time. In 2021 I graduated with my masters in Real Estate Development from Columbia University. Between my time working on 124 West Houston Development, my underwriting experience, and my studies at Columbia, I felt I was a well-rounded candidate for any position. I figured there was no better place for me to grow than to begin the transition of taking over the family business where I could continue the company’s expansion.
ff
We are a family business. We micromanage the process. We are the designers, we move the bricks and we lease the spaces. We are owners, operators and developers which allow us to provide an efficient and be er quality of service to our tenants with no lag in communication while ensuring the highest return on our investments.
What recent deal are you most proud of?
I am most proud of our newest acquisition of 5714 First Ave. in Sunset Park, Brooklyn. The property was built in 1917 with a view of the New York City harbor, next door to the Brooklyn Army Terminal.
The four-story commercial and industrial building was added to our portfolio of properties to become our 21st acquisition in the industrial space. We have been present in the Sunset Park neighborhood for over 30 years.
The property consists of a mix of industrial and commercial tenants within approximately 100,000 square feet over four floors, with additional available air rights of roughly 25,000 square feet. The building will undergo a renovation to bring it to its highest potential.
My dad inspires me. He came to this country for an education and an opportunity and he built a real estate empire. Knowing what he has accomplished pushes me to expand our footprint in that same way.
I am excited about the game of real estate and I am always energized about the possibilities. Building in New York City is ever challenging but my enjoyment of the industry forever pushes me to the next level.
The median sales price for new single-family homes in November 2022.
(U.S. Census Bureau)
The number of homes for sale in the U.S. in October 2022, up 5.4% from October 2021. edfn
The projected number of home sales in 2023, down from 7 million in 2021. (Freddie Mac)
The year-over-year decline in pending home sales in October 2022. Sales declined 4.6% from the previous month. (National Association of Realtors)
What a difference a year makes. The residential sales market, still high-fying at the beginning of the year, is coming back to earth thanks to a series of interest rate hikes that have doubled mortgage rates from about 3% at the beginning of 2022 to 7% at year-end. The move, to tame persistent post-pandemic infation, has been a shock to the housing system, even as mortgage rates remain historically low. The result could turn a seller’s market into an advantage for buyers, as we can see by the numbers.
National average rate for a 30-year xed rate mortgage as of November 30, 2022. (Bankrate)
The decline in home price growth in September 2022, the sixth straight month of declining home price appreciation. (CoreLogic)
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 and nd solutions others o erloo . he results s ea for the sel es. e ha e layed key roles in many iconic projects, including Hudson Yards, Central Park Tower and the Moynihan Train Hall at Penn Station. Let us show you how results-oriented counsel can make your next project a reality.
www.kramerlevin.com
Kramer Levin Naftalis & Frankel LLP
1177 Avenue of the Americas, New York, NY 10036 212.715.9100
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