Mann Report June/July 2022

Page 1

The International issue

New York Los Angeles Miami Hamptons Las Vegas

A Mid-year Look at Commercial, Multifamily Real Estate Finance ESG 1.0 vs. ESG 2.0 Real Estate: Flagged for Digital Disruption Within the Next Decade

Making Buildings Perform for People Worldwide


Penthouse Build to Suit w/ Terrace Brand New 3 Story Lobby Penthouse Build to Suit w/ Terrace Brand New 3 Story Lobby

Small Units Flexible Leases Small Units Flexible Leases

7 Full Floors, Adjacent to Amazon, New Hotels + Restaurants 7 Full Floors, Adjacent to Amazon, New Hotels + Restaurants

Divided Floors Hudson River Views Divided Floors Hudson River Views

9 East 37th Street William Carr 9 East 37th Street 212-400-6078 William Carr 212-400-6078 Fully Furnished, Move in Condition

270 Madison Avenue John Cinosky 270 212-400-2348 Madison Avenue John Cinosky 212-400-2348 Fully Furnished, Full Floor

20 West 22nd Street Robert Finkelstein 20 West 22nd Street 212-400-9525 Robert Finkelstein 212-400-9525 Best Location on Union Sq Park

29 West 38th Street Ben Waller 29 West 38th Street 212-400-9515 Ben Waller 212-400-9515 Entire Tower Floor, Fully Prebuilt

210 11th Avenue Audrey Novoa 210 11th Avenue 212-400-6091 Audrey Novoa 212-400-6091 Top Fl.w/ Rooftop, Views of

Private Full Floor Prebuilds Fully Furnished, Move in Condition Private Full Floor Prebuilds

Light on 4 Sides Fully Furnished, Full Floor Light on 4 Sides

Full & Partial Floors Best Location on Union Sq Park Full & Partial Floors

Move in Condition Entire Tower Floor, Fully Prebuilt Move in Condition

Union Sq, Mad. Sq Park + Hud. River Top Fl.w/ Rooftop, Views of Union Sq, Mad. Sq Park + Hud. River

LX57 / 695 Lexington Avenue John Brod 212-400-9521 LX57 / 695 Lexington Avenue

145 East 57th Street Robert Neborak 145212-400-2352 East 57th Street

200 Park Avenue South Charles Conwell 212-400-6088 200 Park Avenue South

1001 Ave of The Americas John Cinosky 212-400-2348 1001 Ave of The Americas

915 Broadway James Caseley 212-400-6075 915 Broadway

John Brod 212-400-9521

Robert Neborak 212-400-2352

Charles Conwell 212-400-6088

John Cinosky 212-400-2348

James Caseley 212-400-6075

Office & Retail Leasing • Investments • Advisory • Capital Markets • Property Management For Office Leasing & Information on Our Properties or to Learn More About Our Services, Contact: 212.400.6060 - • Investments • Advisory • Capital • Property Retail Leasing Markets Management

For Leasing Information on Our Properties or to Learn More About Our Services, Contact: 212.400.6060 - All information is from sources deemed reliable but is subject to errors or omissions of any magnitude, withdrawal from market, or changes in terms, all without notice. Brokers employment and payment only by written agreement.

All information is from sources deemed reliable but is subject to errors or omissions of any magnitude, withdrawal from market, or changes in terms, all without notice. Brokers employment and payment only by written agreement.




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Behind the Scenes President & CEO Jeff Mann

Art Art Director

Contributors David Amundson

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Editorial Editor

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Carla Giarrusso

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Associate Editors

Cover Photography

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Kris Kiser Troy Marek

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Connell McGill

Copy Editor

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Director of Communications and Marketing

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Director of Newsletter Division

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The opinions expressed by our columnists are not reflective of the views and opinions of the publisher or editorial staff of Mann Report. Publication of such views and opinions does not constitute endorsement by Mann Report. Any reproduction, including but not limited to internet usage, is prohibited without the express written permission of the publisher.

One Mann’s Opinion With summer finally upon us, it’s a thrill to see visitors back in the city. Broadway is thriving, stores are filled with shoppers and we’re ready to have a few days off ourselves. So welcome to our June/July issue. It’s been a busy first half here at Mann Publications. We’ve expanded our team, and introduced our redesigned website, making it easy to find the content from Mann Report and sister magazines Fashion Mannuscript and Mann About Town, as well as our ever-growing roster of newswires. We’re back on the road, attending conferences including Shoptalk, Magic, ICSC and FashionGo, as well as events here in our home base in New York City. Look for our increasing presence on Instagram, Twitter and elsewhere, too as we cover what’s going on around town and the world. Our second half will be just as busy — look for exciting news in coming months as we continue to provide new and innovative ways to give you the news and analysis you need to expand your business. Meanwhile, take some time to relax and enjoy this special double issue. We’ll see you on the beach, at the mountains and right back here in August. “Tradition does not mean to look after the ash, but to keep the flame alive.” — Jean Jaures

Jeff Mann Present / CEO, Mann Publications

Contents 46

Cover Feature 46 Making Buildings Perform for People Worldwide

Events 16 UJA-Federation of New York Holds First Real Estate Celebration 18 New York Landmarks Conservancy Presents 2022 Lucy G. Moses Preservation Awards

News Briefs 24 Commercial News 28 Residential News


32 Management News 36 Tech Talk 40 Breaking News

Features 52 Ask the Expert: Gemma Burgess on Diversifying Real Estate 54 A Mid-year Look at Commercial, Multifamily Real Estate Finance 56 Rockaway Beach Welcomes Women’s Health Facility


58 Nuveen Real Estate Launches Global Impact Investing Sector 64 It’s Time to Re-imagine Private Markets 66 Modular Proves Viable for Multifamily 72 A Middle East Pearl: Four Seasons and Q Bayraq Announce Luxury Development in Doha 74 AI and the Doorway 76 Daewoo Offers First Metaverse Application in Korea Property Market 78 ESG 1.0 vs. ESG 2.0 80 Real Estate is Flagged for Digital Disruption Within the Next Decade


AEC 102 To New Heights: The Palace Theatre is Raised on Broadway 104 Wine Meets Art at Edes Building 106 Warner Red Hill Commences Construction in Santa Ana

Colleges 112 Cal State Dominguez Opens Innovation and Instruction Building


Departments 8 One Mann’s Opinion 12 Editor’s Letter 84 The Articles 118 Executive Changes 124 Crossword 126 Commercial Corner: Gregory Kraut, co-founder and CEO of KPG Funds 128 By the Numbers: The Return of Global Real Estate

Editor’s Letter Maybe it’s my past work with a then-international trade association and my undying love of travel, but I’ve always believed that the world is interconnected, and that we can all affect and learn from each other. I think the last couple of years have proven me right. That’s why I’m excited to present our International issue, with articles and conversations about the similarities and differences in the real estate sector around the globe. In our cover feature, current RICS president Ann Gray tells us about global standards and trends, while Ferguson Partners President Gemma Burgess discusses the different definitions of sustainability here in the U.S. and elsewhere (and I’m totally thrilled to include C-suite women!). Also look for features on a new project in the Middle East, current investment opportunities and an important mid-year overview of all the changes in the commercial sector. Our columnists, too, offer their views on the importance of easements, preparing for hurricane season (it’s here, folks) and the need for more women in construction. The world is open again in many ways, and I can’t wait to see what globalization brings.


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UJA-Federation of New York Holds First Real Estate Celebration


Jonathan Moinian, Mitchell Moinian and Daniel Ghadamian

Marty Kravet and Ronald Dickerman

early 600 real estate industry professionals gathered for

UJA's Real Estate Division has raised more than $15 million to date

UJA-Federation of New York’s inaugural Real Estate Celebra-

for UJA’s annual campaign during the 2022 fiscal year running July 1,

tion at Cipriani South Street in New York City. The event hon-

2021 through June 30, 2022. Working with a network of hundreds of

ored Ronald M. Dickerman, president and founder of Madison

nonprofits, UJA extends its reach from New York to Israel to nearly

International Realty, with the Jack D. Weiler Award, and Mitchell Moinian,

70 other countries around the world, touching the lives of 4.5 million

principal at The Moinian Group, with the Larry A. Silverstein REX Award.

people each year. Every year, UJA provides approximately $180 million in grants. In addition, UJA has provided more than $11 million in

The event was chaired by Daniel Ghadamian of Capstone Equities; Mar-

Ukraine-related emergency funding.

tin Kravet of Royal Abstract; Jonathan L. Mechanic of Fried, Frank, Harris, Shriver & Jacobson LLP and Jonathan Moinian of Fortuna Realty Group.


Photos by Michael Priest Photography









01. UJA Real Estate Celebration ballroom 02. David L. Moore, UJA board chair; Mitchell Moinian; Amy A. B. Bressman, UJA president; Ronald Dickerman and Eric S. Goldstein, UJA CEO 03. Marty Burger, Jonathan Mechanic, Alex Chudnoff and Richard Mack 04. Laura Greenfield, David Robinov and Lee Deutsch


05. Ronald Dickerman, Mitchell Moinian and Simon Ziff 06. Mitchell Moinian and Joe Koicim 07. Mitchell Moinian and Carmelo Anthony 08. Jon Estreich and Laura Estreich



New York Landmarks Conservancy Presents 2022 Lucy G. Moses Preservation Awards


Jeffrey Murphy, Rev. Phillip Jackson, Mary Burnham, Zach Poole - Trini

Front row, from left, Yuien Chin, John Reddick and Heather Jason, Standing, from left, William Morache, Karen Asner, Carolyn Brown, Lula Urquhart and Nancy Cole

he New York Landmarks Conservancy celebrated The Lucy

received the Special Award for Preservation Service in honor of his

G. Moses Preservation Awards, the Conservancy’s highest

nearly 23 years as director of preservation services at the New York

honors for excellence in preservation, with a ceremony at

Landmarks Conservancy before his 2021 retirement. The Preservation

The Cathedral Church of St. John the Divine in Manhattan.

Organization Award was presented to Prospect Park Alliance for excel-

The Lucy G. Moses Preservation Awards, known as the “Oscars of

lent stewardship of its collection of historic structures and sites.

Preservation,” are made possible through the support of the Henry and Lucy Moses Fund.

The New York Landmarks Conservancy, a private non-profit organization, has led the effort to preserve and protect New York City’s

The 2022 Lucy G. Moses Preservation Project Award recipients includ-

architectural legacy for nearly 50 years, the organization said. Since

ed: 1 West 123rd St., 55 Reade St., 74 Grand St., Astoria Park Pool and

its founding, the Conservancy has loaned and granted more than $54

Play Center, Empire State Building Mooring Mast, Farley Building Post-

million, which has leveraged more than $1 billion in 1,850 restoration

al Lobby, Gage & Tollner, Helmsley Building, Highbridge Water Tower

projects throughout New York, revitalizing communities, providing

& Step-Street, Noonan Plaza Apartments, One Wall St., Power Station

economic stimulus and supporting local jobs. The Conservancy’s

at Berklee NYC, T Building and Trinity Church Wall Street.

work has saved more than 1,000 buildings across the City and State, protecting New York’s distinctive architectural heritage for residents

In addition, Yuien Chin, preservation advocate, received the 2022

and visitors alike.

Preservation Leadership Award for her work in centering Harlem’s rich architectural and cultural heritage. Alex Herrera, preservationist,


Photos by Noel Sutherland













01. NY Landmarks Conservancy President Peg Breen and Joseph Fishman 02. Edwin Rodriguez, Danois Architects 03. Peter Sjolund, Empire State Realty Trust 04. Sue Donoghue and Christian Zimmerman, New York City Parks, Prospect Park Alliance 05. NY Landmarks Conservancy President Peg Breen, Adam Johnson and Endre Boks 06. Preservation Leadership Award winner Yuien Chin



07. Stephen Webber, Power Station at Berklee 08. Sohui Kim, Ben Schneider and St. John Frizzel , Gage & Tollner 09. Casey Martinez, United American Land 10. Alex Herrera, recipient of the Special Award for Preservation Service 11. Barry Langer, Vornado Realty Trust 12. Gregory Brown, RXR 13. Martin Dunn, Dunn Development


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EVP - Head of Retail, Vornado Realty Trust Tree of Life™ Honoree

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Principal Urban Company RE Gregory A. Davis Leadership Honoree

WEDNESDAY, JUNE 1, 2022 • 6:30 PM The Pierre Hotel 61st Street at 5th Avenue, New York City HONOR ARY C HA IRS

David R. Greenbaum, Vornado Realty Trust Jeffrey E. Levine, Douglaston Development M O R E I N F O R M AT I O N

Sarah Azizi, Director, Manhattan • 212.879.9305 x505


Marc Katz

Senior Vice President, Investors Bank

Monday, August 8, 2022 ∙ 9:00 am

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Brian Brian Nuzio, Nuzio, CPA, CPA, CCIFP, CCIFP, Partner Partner Brian Nuzio, CPA, CCIFP, Partner


ArtsDistrict Brooklyn Arrives This Summer ArtsDistrict Brooklyn, an immersive and ex-

and expanded their original work as “Limit-

periential arts venue, will open this July at 25

less AI,” a 70-minute show.

Franklin St. in Greenpoint. Founded by David Galpern and Charles Roy, ArtsDistrict Brook-

Vast datasets of painting, science and nature

lyn (AD/BK) will feature the U.S. premiere of

were fed into an artificial intelligence algo-

“Limitless AI” by internationally renowned

rithm that taught itself to create new works

artists Ferdi & Eylul Alici of Ouchhh Studio,

derived from those sources — 15 billion

the Istanbul-based creators of the award-

Leonardo da Vinci paintings and brush-

as they emotionally respond to their own

winning 2018 “Poetic AI.”

strokes; millions of physics textbooks from

music. “Limitless AI” will be presented as a

Galileo to Stephen Hawking and a real-time

10,000-square-foot immersive experience

depiction of a live musician’s brainwaves

and feature over 70 projectors.

For AD/BK, the artist couple has reimagined

Photo courtesy of PRNewswire

Jollibee Opens First Downtown LA Location Philippines-born international restaurant

to be crispy on the outside, cooked with

chain Jollibee, known for its Chickenjoy fried

precision to be juicy on the inside and mari-

chicken and Jollibee Chicken Sandwich,

nated to the bone for next-level flavor; Spicy

opened in Downtown Los Angeles (DTLA) on

Chickenjoy, the fiery version of the classic

May 12 at 729 West 7th St. in the heart of the

Chickenjoy; chicken sandwiches and peach

city’s Financial District.

mango pie, made with peaches and real Philippine mangoes.

Photo courtesy of PRNewswire

2700 Colorado Blvd. (Eagle Rock). In addi-

The brand is best known for its take on an American favorite — fried chicken. Some

The DTLA location joins Jollibee’s two exist-

tion to the new DTLA location, Jollibee plans

customer favorites include: flagship prod-

ing restaurants in the Metro Los Angeles area

to open a second location in West Covina,

uct Chickenjoy, delicately hand-breaded

— 3821 Beverly Blvd. (East Hollywood) and

California, by the end of 2022.

Newmark Acquires Retail Advisory Firm Open Realty Continuing to grow its global retail footprint,

Open Realty is led by Mark Masinter, who

Newmark Group has acquired North Amer-

heads the firm’s macro strategy and busi-

ican retail real estate advisory firms Open

ness development; Johnny Siegel, who

Realty Advisors and Open Realty Properties.

spearheads tenant advisory services and

Dallas-based Open Realty will join New-

asset management strategies for clients and

Newmark’s recent acquisition was of real

mark’s Retail Services business line with an

Steve Merkle, who co-leads tenant advisory

estate advisory firm BH2. In the retail space,

extensive national and global top-tier client

business endeavors. Masinter and Siegel

Newmark’s previous acquisitions include

roster, and its founders will assume signifi-

join Newmark as chairman of global retail

London-based Harper Dennis Hobbs, New

cant leadership roles to expand Newmark’s

and president of global retail, respectively.

York-based RKF and ExcessSpace, in 2019,

global retail footprint.

Merkle joins as vice chairman.

2018 and 2015, respectively.


Mark Masinter, Johnny Siegel, Steve Merkle Photo courtesy of Newmark



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Scott Galin, Principal/CEO

The information contained herein has been obtained from sources believed reliable. While we do not doubt its accuracy, we make no guarantee, warranty or representation about it. The prospective tenant should carefully verify each item, and all other information herein.


Prologis Bids for Duke Realty Global logistics real estate company Prologis

Following personal dialogue between the

transaction. Duke Realty rejected the Prolo-

Inc. has repeated its proposal to purchase

executive teams, Prologis first sent a letter to

gis proposal that same evening.

Duke Realty in an all-stock transaction for

Duke Realty on November 29, 2021 regarding

$61.68 per share, a premium of 29% to Duke’s

a potential transaction at an exchange ratio

On May 10, Prologis reiterated the offer, add-

closing price on May 9.

of 0.465, representing a 20% premium to

ing that it had engaged Goldman Sachs &

Duke Realty’s stock price at the time. On May

Co. LLC and Wachtell, Lipton, Rosen & Katz

Prologis sent a letter to Duke Chairman and

3, 2022, Prologis modestly increased the pro-

to assist in completing this transaction. The

CEO James B. Connor a proposal under

posed exchange ratio — representing a 34%

next day, Duke again declined the offer and

which Duke shareholders would receive

premium to Duke Realty’s stock price at the

said it has retained Morgan Stanley & Co.

0.466 shares of Prologis common stock for

time — in a final attempt to engage privately

LLC as financial advisor and Hogan Lovells

each share of Duke Realty that they own.

to reach agreement on a mutually beneficial

as legal advisor.

Silverstein Properties Acquires Florida Development Silverstein Properties has acquired a

acquired by Silverstein and Cantor Fitzgerald

34,000-square-foot site at 505 East Tyler St. in

L.P. through their Cantor Silverstein Opportu-

Downtown Tampa, Florida, with plans to devel-

nity Zone Trust Inc. (CSOZ Trust), a Qualified

op a 770,000-square-foot residential tower with

Opportunity Fund. The seller is an affiliate of

430 residential rental apartments, approximate-

1754 Properties LLC, an institutional owner,

ly 15,000 square feet of retail and a 600-space

operator and lender of hotels and other real

town Tampa, home to over 3,700 businesses

parking garage. Silverstein will serve as the

estate based in Weston, Florida and its part-

and access to nearby restaurants, area night-

lead developer for the project.

ner at Triangle Capital Group.

life, the Riverwalk pedestrian trail, Amalie Arena, the University of Tampa and Tampa

The three-quarter acre site property was

The project site is in upscale Northern Down-

General Hospital.

Watermark Lodging Trust To Be Acquired By Brookfield Real Estate Funds Consolidation continues in hospitality, with

The Watermark portfolio is comprised of

private funds managed by Brookfield to

high-quality lodging assets consisting of 25

acquire Watermark Lodging Trust for $3.8 bil-

properties totaling over 8,100 rooms. These

lion in cash, including the assumption of debt

luxury and upper upscale assets are located

and preferred equity. Brookfield will acquire

in drive-to leisure destinations and gateway

all common shares of Watermark for $6.768

urban cities across 14 states with a high con-

managing partner and chief investment of-

per Class A share and $6.699 per Class T, a

centration in the Sun Belt region.

ficer in Brookfield’s real estate group. “This portfolio is well positioned given its concen-

premium of over 7.5% from the most recently published Net Asset Values per share as of

“Hotels and resorts of this scale and quality

tration in high barrier to entry coastal desti-

December 31, 2021.

are difficult to replicate,” said Lowell Baron,

nations, gateway cities and the Sun Belt.”



Compass Changes Executive Structure Tech-enabled residential brokerage Com-

its initial public offering and reported positive

joined Compass in April 2020, after 23 years

pass Inc. announced that Chief Financial

earnings for five consecutive quarters. Com-

at Amazon.

Officer Kristen Ankerbrandt will leave the firm

pass has initiated a search for a permanent

in September to pursue opportunities out-

chief financial officer; both internal and exter-

“Greg is an extraordinary leader who, over

side the company. Chief Product Officer Greg

nal candidates will be evaluated.

the past two years, has applied his unique experience and passion for technology to

Hart has been promoted to the role of chief With this promotion, Hart adds leadership of

the cause of replacing the real estate indus-

the Compass Operations organization to his

try’s complex, paper-driven workflow with a

Ankerbrandt joined Compass in 2018. During

ongoing oversight of the Compass Product

seamless, all-digital, end-to-end platform,”

her tenure, she successfully steered the busi-

organization, bringing closer together the

said Robert Reffkin, founder, chairman and

ness through a time of rapid growth, oversaw

teams that work with agents each day. He

CEO of Compass.

operating officer.

Douglas Elliman Goes All-in on Las Vegas Douglas Elliman Realty has expanded its

we have been flawlessly executing a growth

Western Region division to include Nevada,

strategy in Texas, Florida, New England

opening an office in the Downtown Summer-

and now Nevada,” said Scott Durkin, CEO,

lin urban center of Las Vegas.

Douglas Elliman Realty. “With its status as a low-tax state, prime for residential growth, it

The addition of Nevada brings the number

is fitting that Nevada is the newest addition

of states in the firm’s Western Region to four,

to our national footprint, and we look for-

Goor, one of the leading real estate sales

alongside California, Colorado and Texas.

ward to serving our community of clients in

executives in Southern Nevada, has joined

the state.”

Douglas Elliman. Dan-Goor and his team will be based out of the brokerage’s Las

“In the months since we began a new chapter as an independent, publicly traded company,

The company also announced that Avi Dan-

Vegas office.

Mill District Neighborhood in Downtown Healdsburg, California Starts Construction Replay Destinations announced the start of

neighborhood will include an exclusive col-

construction and the general contractor se-

lection of 43 residences with open-concept

lected to build the first phase of its 9.6-acre,

living spaces. The Weitz Company, one of the

master-planned Mill District neighborhood in

oldest engineering and construction compa-

downtown Healdsburg, California. Construc-

nies in the United States, has been selected

tion of the Olson Kundig-designed residenc-

to serve as general contractor for the first

es on the former Nu Forest Product lumber

phase of Mill District.


remaining from the original mill, including the drying kiln that has been used in recent

mill site began in May. The first residences of the $500 million new

Photo courtesy of PRNewswire

In the meantime, other workers will com-

years for community and charity fundraisers,

plete the removal of the last of the structures

cycling events, concerts and art installations.

Absolute Electrical Contracting of NY services commercial, industrial, residential and retail clients. Our construction division has the ability to do any task that is required of an electrical contractor. Our low voltage division provides electronic security, voice & data, fiber solutions and fire alarm installations for any size project. The project management team has over 100 years of experience.

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Corcoran Welcomes First Washington State Affiliate Corcoran Group LLC’s expansion continues

Coast footprint, and I’m thrilled that we’re

with its entrance into the State of Washing-

sharing in this milestone with Stephanie,

ton, with the launch of Corcoran Lifestyle

Keoki, and their very talented agents,” said

Properties, owned and led by Stephanie and

Pamela Liebman, President and CEO of The

Keoki McCarthy. Based in Bothell, Washing-

Corcoran Group. “The decision to enter Both-

ton, the firm serves the greater Seattle area

ell and the greater Seattle area was a very

years. Before starting their own firm in 2001,

from Snohomish to Thurston counties.

intentional and strategic one.”

McCarthy Real Estate, Stephanie McCarthy built her skillset in escrow, title, and mergers

“Establishing the brand in Washington State

Stephanie and Keoki McCarthy have been

and acquisitions. The two were formerly as-

is a pivotal moment in growing our West

involved in the industry for more than 20

sociated with Real Living Northwest Realtors. Introduces Data on Homes’ Wildfire Risk announced that it is the first

and technology group, as well as informa-

major real estate site to add property-spe-

tion from the U.S. Department of Agriculture

cific wildfire risk information to for-sale and

Forest Service.

off-market homes free of cost. An estimated one in five single family homes in the U.S.,

According to a recent survey from

representing $8.8 trillion in property value,

and HarrisX, 71% of recent homebuyers took

Users can acces data on interactive maps.

are at risk of being damaged by a wildfire

natural disasters into account when con-

In addition, the site’s listings now include an

over the next 30 years. Listings on realtor.

sidering a move. About half (47%) of recent

Environmental Risk section featuring an over-

com will now include a Fire Factor rating from

buyers are more concerned about natural

view of wildfire and flood risks. Wildfire risk

First Street Foundation, a nonprofit research

disasters today than they were five years ago.

data will be coming soon to rental properties.

Homebuyer Competition Drops Near City Centers, Zillow Reports For the first time since the Great Recession,

areas since July 2021. The typical home in

There are signs that demand may be shifting

buyers may have an easier time purchasing

the suburbs gained $66,490 in value in the

back in favor of urban homes. In each of

a home in the city than in nearby suburbs

past year, compared to $61,671 for the typical

the first three months of this year, the gap

this home shopping season. That’s because

urban home. That is a reversal from previous

between annual home value growth in the

homes in the suburbs recently have been

norms and from the first 15 months of the

suburbs and in urban areas has shrunk.

appreciating faster than urban homes, ac-

pandemic. From January 2013 — about the

cording to a Zillow analysis.

time when home values began to recover

Annual suburban home value growth out-

following the housing crash — through June

paced urban home value growth by about

Home values in suburban ZIP codes have

2021, urban homes were generally gaining

$7,250 in December, but only by about $4,820

been growing faster than those in urban

value more quickly.

in March.



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Daroff Design Inc + DDI Architects PC Merges with Nelson Worldwide Award-winning architecture, design and

knowledge and geographic reach, will allow

strategy firm Nelson Worldwide has merged

the firm to expand and strengthen its ability

operations with Daroff Design Inc + DDI

to deliver exciting and emotionally connect-

Architects, PC (DDI), an award-winning, in-

ed experiences within the built environment,

ternationally recognized interior design and

the firm said.

John (Ozzie) Nelson Jr.

project portfolio across the workplace, hospitality, multifamily and public sector. DDI’s

architecture firm headquartered in Center City, Philadelphia.

Karen Daroff

Photos courtesy of Nelson Worlswide

Founded in Philadelphia in 1977, Nelson

most notable clients include Comcast, NBC

offers services that include architecture,

Universal, The Durst Organization, Vanguard,

DDI’s creative team, grounded in innovative

interior design, graphic design and brand

Disney, JetBlue, Loews Hotels, St. Regis, Ritz

thinking, combined with Nelson industry

strategy. DDI joins Nelson with an expansive

Carlton, PIDC, Sheetz and MGM Resorts.

Eos Hospitality to Manage Key West Resorts Eos Hospitality, a full-service hotel manage-

Boasting the largest pool in Key West, Ha-

ment company, has been selected to man-

vana Cabana Key West blends the art and

age Havana Cabana at Key West and Tran-

culture of Cuba with chic, tropical design

quility Bay Beachfront Hotel and Resort, in

elements throughout its 106 guest rooms.

Tranquility Bay Beachfront and Hotel

the Florida Keys. Both properties are owned

The hotel features classic cars out front, mo-

Photo courtesy of PRNewswire

by DiamondRock Hospitality Company, a real

jitos and music poolside and custom murals

is a waterfront property featuring a blend

estate investment trust with 33 premium ho-

throughout. Guests can discover authentic

of luxury accommodations, with 87 private

tels and resorts containing over 9,400 rooms

Cuban fare at the hotel’s Floridita Food Truck.

beach houses and 16 guestrooms. It is nestled in the heart of Marathon, Florida and

concentrated in gateway cities and destination resorts throughout the United States.

Tranquility Bay Beachfront Hotel and Resort

surrounded by the Gulf of Mexico.

Romer Debbas Forms Diverse, All-Woman Agency Lending and Affordable Housing Department Real estate and general practice law firm

Azevedo has primarily focused on the rep-

Romer Debbas LLP has formed a fully diverse,

resentation of commercial lenders, seller/

all-woman Agency Lending & Affordable

servicers and other financial institutions in

Housing Department. The practice is led by 20-

the financing of multifamily properties.

Carmen Pagan Catherine Azevedo Pamela U. Norbert Photos courtesy of Romer Debbas

year industry veteran and firm Partner Carmen I. Pagan Esq., a native of Puerto Rico, who is

Norbert shares a primary focus on represent-

her representation of a wide range of clients

joined by Senior Associate Catherine M. Azeve-

ing commercial lenders, seller/servicers and

from construction lenders, seller/servicers

do Esq., a second-generation Filipino-Amer-

other financial institutions in the financing of

and other financial institutions in all aspects

ican and Associate Pamela U. Norbert Esq., a

multifamily properties, also with an emphasis

of commercial lending with a focus on af-

first-generation Nigerian-American.

on affordable housing. Pagan is tenured in

fordable housing.


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Schwartz Sladkus Reich Greenberg Atlas LLP Expands to South Florida New York City-based law firm Schwartz Slad-

areas including real estate, health care, not-

kus Reich Greenberg Atlas LLP will expand

for-profit, litigation, business and corporate,

to South Florida in a merger with Bresky Law

matrimonial and family law and trusts and es-

and Johnson, Ritchey & Feldman P.A. The

tates law. The South Florida office will focus

firm will continue to practice under the name

on appellate, matrimonial, family law, trusts

Schwartz Sladkus Reich Greenberg Atlas LLP

and estates, real estate, probate administra-

(SSRGA), and establish its Florida office at

tion and corporate law.

2424 North Federal Highway in Boca Raton. SSRGA is a full-service firm with practice

ida, handling criminal and civil appeals, administrative appeals and litigation support.

Since 2000, Bresky Law has become known

Johnson, Ritchey & Feldman P.A. is a matri-

for state and federal appellate work in Flor-

monial and family law firm.

Thurgood Marshall College Fund Partners with CBRE to Build More Diverse, Inclusive Talent Pipeline The Thurgood Marshall College Fund (TMCF),

TMCF has a history of success supporting near-

the largest organization exclusively representing

ly 300,000 students who attend HBCUs and

the Black College community, announced a

Predominantly Black Institutions (PBIs), the or-

new partnership with CBRE Group Inc. focused

ganization said. Since its founding in 1987, TMCF

on preparing students at Historically Black

has awarded over $300 million in scholarships

cation not only helps them succeed but also has

Colleges and Universities (HBCUs) for careers

for students and boasts a 90% graduation rate

a positive impact on their families and communi-

in commercial real estate. The partnership aims

for students in its programs.

ties,” said Harry L. Williams, TMCF president and CEO. “CBRE’s partnership with TMCF will help

to create a markedly more inclusive and diverse talent pipeline for the industry.

“Supporting students in achieving a higher edu-

HBCU students gain education.”

WNC Forms Preservation Equity Fund Advisors, Taps Caruana as President, CIO WNC, an affordable housing investment and

perience in the multifamily investment sector,

development firm has formed affiliate Preserva-

including nearly eight years specializing in

tion Equity Fund Advisors LLC (PEF Advisors),

underwriting and acquiring affordable rental

a registered investment advisory company

housing investments to create attractive eco-

committed to acquiring and preserving existing

nomic returns for investors.

affordable housing in high-cost markets. Ann Caruana has been appointed as president and

Caruana moves to president and CIO of PEF

chief investment officer (CIO) of PEF Advisors.

Advisors after three years as senior vice

Caruana has more than 19 years of direct ex-


Ann Caruana Photo courtesy of WNC

president of WNCs preservation equity funds

management teams. Prior to that, Caruana

where she oversaw the acquisition and asset

was with a private real estate equity firm.

Bringing Innovation to

property management 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.

Ira Meister, President | 375 Pearl Street - 14th Floor | New York, NY 10038 T: 212.699.8900 F: 212.699.8939 |


Cresa Adds Igor to Its Smart Buildings Solutions Initiative Cresa Global and the Cresa New York Smart

workspace, including lighting, access control,

Buildings Solutions (SBS) team announced the

heating and cooling systems, occupancy sen-

addition of Igor Inc. to their SBS platform. Igor

sors, audio-visual equipment, window shades

is best known for its Nexos IoT platform, an

and more. All are focused on today’s worldwide

end-to-end IoT platform that connects office

sustainability initiatives.

devices and sensors through a digital ceiling. “Igor’s Nexos platform is a natural fit for our di-

James A. Pirot Photo courtesy of Cresa

The platform enables users to concurrently

verse program of office-focused IoT partners,”

Igor’s Nexos has been devised as a user-friend-

manage a multitude of different systems,

said James A. Pirot, managing principal at Cre-

ly system with dashboards and common-sense

sensors and equipment across a building or

sa and founder of the Cresa SBS platform.

commands to link a wide range of systems.

Dickson Realty Unveils Smart Tech Powered by Delta Media Dickson Realty, the top-ranked real estate com-

offices, Dickson Realty was founded in 1973.

pany in Reno-Sparks, Nevada, announced the debut of its next-generation “smart tech” from

“At Dickson Realty, we didn’t become the re-

Delta Media. The technology leverages artificial

gion’s go-to source for real estate expertise by

intelligence (AI) and automation to deliver more

sitting on our laurels, especially when it comes

market exposure for sellers and greater local real

to technology,” said Nancy Fennell, CEO of

estate market insight to buyers across northern

Dickson Realty. Realty websites will leverage AI and automation.

Nevada and northeastern California. Home to nearly 325 agents and 10 real estate

Nancy Fennell Photo courtesy of PRNewswire

Fueled by Delta Media, creators of an all-in-one

Dickson Realty will deliver local home search

technology marketing platform, new Dickson

experiences for consumers, the company said.

Pacaso Launches in Coastal New Jersey Pacaso, the technology-enabled real estate

escape in close proximity to many gateway

marketplace that helps people buy and co-

cities such as Philadelphia and New York

own a luxury second home, has expanded

City, and we’re excited to offer a new solution

its service to the New Jersey beach cities.

for people looking to purchase a second

Pacaso offers buyers the opportunity to co-

home here,” said Pacaso co-founder and

own one-eighth to one-half of a contempo-

CEO Austin Allison.

New Jersey listing is located in Avalon. The six-bedroom, eight-bathroom beach house

rary second home. Situated on a large corner lot one block from

is a new construction home with a private

“With 127 miles of coastline stretching from

7 Mile Beach and a short walk to the heart

pool, a cabana, two outdoor showers and a

north to south, the Jersey Shore is a beautiful

of a thriving shopping district, Pacaso’s first

wraparound deck with ocean views.


VISION has become

Availabilities from 12,712 RSF - 30,289 RSF Bold New Entrances & Retail Storefronts New Turnstiles for Touchless Entry Newly Renovated Lobby with Sleek Modern Design State-of-the-Art Facial Recognition at Select Turnstiles New Grab & Go Coffee Shop & Lounge Area New Touchless Destination Dispatch Elevators to Maximize Service Experience the Transformation as it Unfolds Peter S. Duncan I 212.481.1137 I Matt Coudert I 212.542.2121 I Andrew F. Conrad I 212.542.2101 I


Senara Secures Pre-Seed Funding to Launch Pre-construction Lead-to-close System Canadian proptech company Senara has

while spending less. The proprietary system

completed pre-seed funding, allowing it to

uses AI to generate new higher quality home-

continue its North American expansion. The

buyer leads, appointments and firm sales,

funds will also provide the company with

based on algorithms built from tens of mil-

additional revenue to enhance existing AI

lions of leads, appointments and purchase

capabilities within the platform.

datapoints, the company said.

Senara is a pre-construction lead-to-close

Senara offers predictive analytics algorithms

ultimately profitability. Additionally, Senara

system that empowers developers and their

that can be layered into any brokerage CRM.

offers regional homebuyer insights gathered

listing brokerages to sell smarter and faster,

Benefits of Senara include lead generation,

through its system.

Photo courtesy of PRNewswire

prospect nurturing, pipeline intelligence and

UL Partners with InSite to Advance Building Intelligence, Technology Integration and Performance UL, a global safety science leader, announced a

tion capabilities and operational insights to pro-

new partnership with InSite, a provider of build-

vide relevant advisory expertise, such as carbon

ing intelligence solutions that enable organi-

accounting and net zero carbon emissions.

zations to optimize performance of real estate assets, achieve sustainability goals and fulfill

With this partnership, InSite will provide building

environmental, social and governance (ESG)

owners and property managers with building

ergy and water audits, commissioning advisory

reporting requirements.

intelligence data to complement UL’s ESG advi-

services and sustainability certifications.

sory, sustainability and energy advisory, indoor As part of the UL and InSite combined offering,

environmental quality and field services. UL’s

The platform will support reporting and disclo-

UL will leverage InSite’s extensive data integra-

advisory services include services such as en-

sure of ESG and sustainability data.

Tech-focused Brokerage and Marketing Platform Verada Launches Verada, a commercial brokerage and tech-

Verada was founded by Brendan Thrapp, for-

nology-focused marketing platform servic-

merly managing director of EXR’s commer-

ing neighborhood retail, launched in May.

cial division and Nathaniel Mallon, a former

Verada combines content-based marketing,

commercial real estate director at EXR. The

market understanding, emerging technolo-

platform combines the founders’ web exper-

gies and an extensive media content library

tise with a personal touch.

Brendan Thrapp

Nathaniel Mallon Photos courtesy of Verada

sign, neighborhood videos and a blog that launched with over 60 pages of information.

to generate opportunities for landlords, tenants and neighborhoods while delivering a

It centralizes resources for tenants, such as

This also includes hundreds of hand-illus-

modern approach to the way the world per-

virtual tours for exclusive listings, interactive

trated prints and other self-made videos that

ceives retail real estate, the company said.

media, marketing decks, architecture, de-

help tenants navigate the retail marketplace.



partnerships are built on a foundation of trust. With more than 40 years of experience managing the most iconic residential properties in New York City, FirstService Residential serves as a trusted advisor to leading developers, building owners and board members – from pre-development through sponsor transition and ongoing management operations. Contact us to learn how we can make a difference for your property. MARC KOTLER SVP, New Development Group 212.634.5410

Photo credit: Giles Ashford

Scan the QR code to download our Developer Services brochure.




NoMo SoHo Hotel Launches First The Jewish Museum 26th Annual Corenet Women’s Golf Outing Partners NFT With Hotel StayMost Experience Amazing New York Art & Design Tour


with Bees Trees Water

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



NoMo SoHo and its ownership, the global

neighborhood’s NoMo Kitchen restaurant

real estate and investment firm Sapir Corp

and cocktail bar Nina’s x Liquid Lab.

Ltd., have launched a curated non-fungible


token (NFT), making the hotel the first in

Using SolidBlock’s platform and technology,

the U.S. to offer guests an innovative way to

NFTstays (a selection of curated NFTs) are

The sleek, 26-story, 264-room NoMo SoHo,

NoMo SoHo. Guests booking these pack-

hotel. NFT options include The Lovewall in

managed by Highgate, is the tallest building

ages will have access to exclusive preferred

NoMo Kitchen and “The Tunnel of Love,” the

in the neighborhood, flaunts sweeping pan-

rates at competitive prices by purchasing

hotel’s archway at the main entrance. NFT

oramas of the city skyline and is home to the

an NFT depicting a recognizable part of the

packages start at 0.4 1 ETH ($836).

REBNY Hosts Annual Golf & Tennis Outing packaged CHIP’s 21st Annual Golf & Tennis Outing with three- to six-night stays at book stays using blockchain technology.


Century 21 Returns

Crohn’s & Colitis Foundation


Local New York City retail legend Century

ruptcy and shuttered all of its locations in

21 is making a comeback, relaunching in

September 2020, citing a lack of payment on

Spring 2023 at its flagship location down-

its business interruption insurance (due to

town across from the World Trade Center.

enforced closing as a result of COVID-19) as



The retailer and purveyor of off-price luxury fashion have teamed up with global premium experiences company Legends to return to physical retail.

One Mann’s Opinion


a cause. The flagship had also been closed in 2001 as a result of the 9/11 attacks, but had received insurance payments at that time. “Century 21 is, and always will be, a New York

The chain, which at one point had 13 stores

Editor’s Letter City brand,” said Raymond Gindi, Century

in New York City and environs, filed for bank-

21 co-CEO. “Our flagship store has been a


FedEx Takes 2,276SF at 477 Madison Ave.

Tech Talk

86 The Articles

square feet of retail space at the newly repo-

in the building and its retail spaces signals

foot traffic and dense office community, but


from its location a few blocks to the west

Zinovoy of Newmark.

“FedEx chose this location not only for the

Having aRaymond Voice: Student Input Aids IG Design Gindi Gindi of Pratt Residence Photos courtesy of Century 21 long-time symbol of this city’s resilience and unwavering spirit. We could not be more excited to bring Century 21 back home.”

Executive Changes

combined with RFR’s significant investment

Midtown, announced Retail by Mona.



FedEx has signed a long-term lease for 2,276 sitioned 477 Madison Ave. office tower in

Photo courtesy of Business Wire 15th Annual Hamptons Happening Supports SWCRF


confidence in the future of the Midtown office market.”

Landlord RFR Realty was represented by a

Retail by Mona team led by Singer along withBy The Numbers: Commercial Corner: Michael Cody and Sara Armet. also for the building itself,” said Brandon Bruce Schanzer, president and FedEx OfficeMore than Warehouses wasofrepresented by Joshua Singer, CEO of Retail by Mona. “The move CEO Cedar Realty TrustStrauss and Scott

Bruce Schanzer 40 MANN REPORT | JUNE & JULY 2022

477 Madison Ave. Photo courtesy of RFR

Schulte Roth & Zabel’s Real Estate Group


Schulte Roth & Zabel LLP New York | Washington DC | London The contents of these materials may constitute attorney advertising under the regulations of various jurisdictions.


Long Island Regional Planning Council designates JLL’s Midway Crossing a “Project of Regional Significance” The Long Island Regional Planning Coun-

the 2.7-million-square-foot development con-

tion would be connected via a walkable

cil, the region’s leading planning body, has

sists of medical research, healthcare, hotel

1,800-foot corridor, with Midway Crossing’s

designated JLL’s proposed Midway Crossing

and convention center, sports, entertainment

elements occupying 179 acres of under-used

development in Suffolk County, New York, a

and retail components. Midway Crossing

and undeveloped land mostly owned by the

“Project of Regional Significance.” The $2.8

also would create an intermodal, transporta-

town and the county. A true “train-to-plane

billion project is being developed in a pub-

tion-oriented hub, modernizing and moving

solution,” Midway Crossing leverages $15

lic-private partnership between the Town of

Long Island MacArthur Airport’s terminal to

billion-plus in investments in the MTA’s East

Islip, Suffolk County and JLL.

the property’s north side.

Side Access and Main Line Expansion projects to allow millions of New Yorkers to travel

Located in Ronkonkoma in the Town of Islip,

The airport and the Ronkonkoma LIRR Sta-

between New York City and the airport.

Marotta Controls Opens Second Facility in Parsippany Aerospace and defense supplier Marotta

solely out of its Montville location for more

Controls has opened a second facility locat-

than seven decades. The company has add-

ed in Parsippany, New Jersey. The company

ed more than 200 members to its employee

Marotta Controls

will retain its Montville, New Jersey build-

base. Its solutions in markets outside its leg-

Photo by Business Wire

ings, using the freed-up space to expand its

acy valve offerings are shifting from develop-

production capacity, development labs and

ment phase to volume production, creating

functions — including the engineering,

testing facilities.

the need for exponentially more manufactur-

human resources, program management,

ing and assembling capacity on site.

marketing and finance departments— will relocate to the Parsippany address, which

The move is driven by a significant growth across Marotta Controls, which has operated

The company’s executive and main business

spans 50,000 square feet.

Skyview On the Hudson Taps Akam for Property Management Skyview On the Hudson has appointed

a three-tower complex located at 5700,

“Riverdale is the ultimate balance between

Akam as its new property management team.

5800 and 5900 Arlington Ave. and several

urban and suburban living. We look forward

Akam, a residential property management

other prestigious properties in the area.

to bringing our boutique sensibility with big

company serving New York and South Flori-

These new additions join Akam’s existing

capabilities to these incredible communities,

da, is now the top choice in management for

Riverdale buildings.

and further enhancing them with services that combine the best of both worlds.”

properties within the Bronx neighborhood of Riverdale, the firm announced.

“Akam is elevating the bar for property management, recognized for our hospitality-driv-

Akam’s portfolio consists of over 60,000

New Riverdale properties now under man-

en approach service which is unique for this

re s i d e n t i a l u n i t s s p a n n i n g 3 0 0 - p l u s

agement include Skyview On The Hudson,

industry,” said Michael Rogoff, president.

premier buildings.


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RICS' Goal: Making Buildings Perform for People Worldwide By Debra Hazel


and best practices.”

eal estate, like politics, may be local — but there are a number of issues that have become a global

That was one factor behind the creation of

concern, including sustainability,

IBOS, which was intended to support organi-

supply and labor issues and returning people

zations in attracting people back to the work-

to the office after COVID-19.

place, by delivering confidence for end-users that the building they’re in is supporting

Ann Gray, CEO of Gray Real Estate Advisors,

their wellness, and benchmarking success

now serves as president of RICS (formerly

against driving down the commercial sector’s

the Royal Institute of Chartered Surveyors),

carbon footprint.

which recently launched the International The standard, which is supported by com-

Building Operation Standard (IBOS), a new, data-based approach to measuring and man-

Ann Gray

mercial and public sector organizations as well as service providers and existing certi-

aging how buildings perform for people, especially in a new era when flexibility is key. It

“You can start to measure the impact you’re

fications such as Well and Wired, is the first

builds upon traditional building performance

having on carbon before you put a shovel

of its kind globally to deliver a consistent

assessments to include user experience to

in the ground,” she said. “These are huge

approach to help organizations assess and

satisfy the needs of occupiers, investors, ad-

trends and they’re not going away.”

improve their building’s performance in such a broad way, RICS said. It will provide data on

visors and end-users. In fact, she observed, climate change is

buildings with people at the center of future

“There’s a real recognition now that sus-

posing an existential threat to the survival of

decision-making and help embed ESG into

tainable investing has a higher return,” Gray

entire nations.

real estate strategy.

majority of people in our profession are con-

“One of the things that excites me is what’s

Many organizations already monitor their

sidering sustainability when they participate

growing out of COP 26 [the 2021 United Na-

properties’ performance, including how

in a project. That’s a positive trend. The data

tions Climate Change Conference]. It started

sustainable a building is. But according to

is there.”

as governments getting together to discuss

respondents to the RICS Global Commercial

fighting emissions and climate with some

Property Monitor, only 79% of America’s re-

That’s why RICS is among 50 professional

kind of consistency,” she said. “What’s really

spondents believed that there are currently

organizations worldwide that have a created

emerged from that is a body of shared global

techniques and practices in place to measure

carbon standard for embedded and emitting

thinking about how we tackle these issues.

the environmental impact of buildings. Those

carbon, she said.

It’s thrilling to see that sharing of knowledge

that are in place need further development.

said. “All of our surveys are showing that a



Also, while there is plenty of research on how

be used,” said Patrick Turner, chief technol-

fewer large companies, which have stock-

people and buildings interact, data from the

ogy officer of engineering for Acuto, in the

piled construction materials due to supply

same survey shows that 81% of US and 86%

announcement. “IBOS does just this and is a

chain issues that linger after the pandemic.

of Canadian respondents are seeing a rising

foundational step for the sector to fully lever-

Land banking is also taking place. As a re-

demand for more flexible workspaces. As

age data in the years to come — ultimately to

sult, smaller builders are struggling.

property use changes, and the importance of

drive better performance in buildings wheth-

a healthy work-life balance increases, there

er for people, the planet or finances.”

is a growing gap in measuring how a build-

“Real estate was always kind of an odd, democratic process; all different kinds of people

ing impacts people’s wellbeing and how to

But climate is just one of many global issues

used their talent and ingenuity to meet mar-

attract people back to the workplace, where

that Gray will consider during her term as

ket demand whenever and wherever it was

it is beneficial.

president. Others are not so positive — yet.

needed,” Gray said. “It was a ragtag democ-

“The effective use of data can provide huge

“Another trend that I’m hoping is reversible is

a surge in demand and with the logistical

benefits in buildings. However, as the defi-

the concentration of wealth in fewer hands,”

challenges in getting materials and labor that

nition of building performance evolves and

she said.

there is a massive unfair advantage to a few

racy. With the pandemic, there has been such

expands it is vital that there is a robust frame-

players. At some point, we will end up with an

work detailing the elements that need to be

The post-Great Recession consolidation of

exaggerated investment in a few key sectors

considered and the corresponding data to

the industry has consolidated wealth among

when we really need it somewhere else.”



RICS' Goal: Making Buildings Perform for People Worldwide By Debra Hazel


and best practices.”

eal estate, like politics, may be local — but there are a number of issues that have become a global

That was one factor behind the creation of

concern, including sustainability,

IBOS, which was intended to support organi-

supply and labor issues and returning people

zations in attracting people back to the work-

to the office after COVID-19.

place, by delivering confidence for end-users that the building they’re in is supporting

Economic trauma oftenReal will Estate lead toAdvisors, consoliAnn Gray, CEO of Gray dation, as smaller, weakerofcompanies can’t now serves as president RICS (formerly

of constraints on what people can enter what

with laws,and globalization can success provide their local wellness, benchmarking

trades,” Gray related. “In the United States,

invaluable bestdown practices to the industry, against driving the commercial sector’s

survive and are acquired, she observed. And the Royal Institute of Chartered Surveyors), that is taking place now. the International which recently launched

the unions have always created the appren-

especially for smaller countries that lack apcarbon footprint.

ticeships. Those structures don’t exist quite

praisal standards and therefore don’t attract

Building Operation Standard (IBOS), a new, “The wealthapproach gap, eventoinmeasuring the property data-based andsector, man-

as formally in other parts of the world.”

as much investment. The standard, which is supported by com-

Ann Gray

mercial and public sector organizations as

is growing,” she said.perform for people, esaging how buildings

Globalization can offer extraordinary oppor-

“What me to RICS the ideacertiof a well asattracted service providers andisexisting

pecially in a new era when flexibility is key. It That isupon exacerbated by the supply chain builds traditional building performance

tunities. of an RICS member who “You canGray startspoke to measure the impact you’re

worldwide professional ethicWired, that we fications such as Well and is all thework first

specialized in mapping having on carbon beforeand youdata put aanalysis shovel

to: transparency, standardized of its kind globally to deliver a appraisals, consistent

issues that plague the industry worldwide. assessments to include user experience to It takes time to make the materials needed, satisfy the needs of occupiers, investors, ad-

and was hired byshe the World Health Organizain the ground,” said. “These are huge

avoiding and money laundering, approachcorruption to help organizations assess and

tion to and mapthey’re the spread of theaway.” Ebola virus so trends not going

these kinds ofbuilding’s things thatperformance surround theinpropimprove their such

including and mining the ore. visors andfinding end-users.

medical professionals could stop it. In addi-

erty business everywhere,” Gray said. data on a broad way, RICS said. It will provide

tion to his own skillset, heclimate had to learn about In fact, she observed, change is

buildings with people at the center of future

“It’s going to be a slow process to ease “There’s a real recognition now that susthings out,” she said. tainable investing has a higher return,” Gray

infectious achieve his survival goal. That posing an diseases existentialtothreat to the of

These standards have decision-making andlong-ranging help embed economESG into

portability of skills is what excites Gray about entire nations.

ic effects. real estateCountries strategy. without a strict appraisal

said. “All of our surveys are showing that a Developing professionals to join theare industry majority of people in our profession con-

the real estate industry, she said.

standard don’t have the tax dollars to solve

“One of the things that excites me is what’s

housing and sanitationalready crises, she observed. Many organizations monitor their

also is asustainability global issuewhen that will time to sidering theytake participate resolve. TheThat’s causes of the shortage the in a project. a positive trend. Theindata

“You can out be facilities manager in United the U.S.Naor growing of COP 26 [the 2021

properties’ performance, including how

Paris the Change jobs look roughly theIt same,” tions and Climate Conference]. started

“A lot of that acomes fromis.that sustainable building Butfaithfulness according to to

U.S. vary from retiring senior professionals is there.”

Gray said. “Mapping in Colorado Kenya as governments getting togetheror toindiscuss

abide by a settoofthe rules, including intellectual respondents RICS Global Commercial

and what many believe is an overemphasis

is probably roughly the There’s flexfighting emissions andsame. climate with asome

capital in developing anti-money laundering, Property Monitor, only 79% of America’s re-

on college vs. trade school. ElseThat’s why education RICS is among 50 professional

ibility creativity. There are“What’s no silosreally like kind ofand consistency,” she said.

whistleblowing standards and spondents believed that there arevaluation currently

where in the world, shortages are aoccurring organizations worldwide that have created

there usedfrom to be. It’sisaablast, I encourage emerged that body and of shared global

standards. seems like ainhigh-falutin’, pietechniques Itand practices place to measure

for otherstandard reasons.for embedded and emitting carbon

young people pursue thinking abouttohow we it.” tackle these issues.

in-the-sky concept, but itofactually makes a the environmental impact buildings. Those

carbon, she said.

It’s thrilling to see that sharing of knowledge

difference in people’s everyday lives. That that are in place need further development.

“For example, in India, they have other kinds

So while individual properties must contend

excites me.”



2 1 0 0



4 1


W O R L D W I D E˚

Helping clients identify opportunity and manage risk. With five decades of business-driven legal experience and more than 60 real estate lawyers serving the New York real estate market.

Also, while there is plenty of research on how

be used,” said Patrick Turner, chief technol-

fewer large companies, which have stock-

people and buildings interact, data from the

ogy officer of engineering for Acuto, in the

piled construction materials due to supply

same survey shows that 81% of US and 86%

announcement. “IBOS does just this and is a

chain issues that linger after the pandemic.

of Canadian respondents are seeing a rising

foundational step for the sector to fully lever-

Land banking is also taking place. As a re-

demand for more flexible workspaces. As

age data in the years to come — ultimately to

sult, smaller builders are struggling.

property use changes, and the importance of

drive better performance in buildings wheth-

a healthy work-life balance increases, there

er for people, the planet or finances.”

“Real estate was always kind of an odd, dem-

is a growing gap in measuring how a build-

ocratic process; all different kinds of people

ing impacts people’s wellbeing and how to

But climate is just one of many global issues

used their talent and ingenuity to meet mar-

attract people back to the workplace, where

that Gray will consider during her term as

ket demand whenever and wherever it was

it is beneficial.

president. Others are not so positive — yet.

needed,” Gray said. “It was a ragtag democ-

“The effective use of data can provide huge

“Another trend that I’m hoping is reversible is

a surge in demand and with the logistical

benefits in buildings. However, as the defi-

the concentration of wealth in fewer hands,”

challenges in getting materials and labor that

nition of building performance evolves and

she said.

there is a massive unfair advantage to a few

racy. With the pandemic, there has been such

expands it is vital that there is a robust frame-

players. At some point, we will end up with an

work detailing the elements that need to be The post-Great Recession consolidation of exaggerated investment in a few key sectors Greenberg Traurig, LLP | MetLife Building | 200 Park Avenue | New York, NY 10166 | 212.801.9200 considered and the corresponding data to the industry has consolidated wealth among when we really need it somewhere else.”


T R A U R I G ,








The hiring of a lawyer is an important decision and should not be based solely upon advertisements. Before you decide, ask us to send you free written information about our qualifications and our experience. Prior results do not guarantee a similar outcome. Greenberg Traurig is a service mark and trade name of Greenberg Traurig, LLP and Greenberg Traurig, P.A. ©2019 Greenberg Traurig, LLP. Attorneys at Law. All rights reserved. Attorney advertising. Contact: Robert J. Ivanhoe, in New York at 212.801.9200. °These numbers are subject to fluctuation. Images in this advertisement do not depict Greenberg Traurig attorneys, clients, staff or facilities. 32969

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Ask the Expert: Gemma Burgess on Diversifying Real Estate By Debra Hazel


t’s no secret that real estate is an in-

We helped them set up their first diversity

dustry that’s slow to change — and

initiative, where organizations could sign to

that includes diversifying its members

help promote ethnicity across the industry.

in terms of race, ethnicity and gender

In gender, we’re making good steps forward.

to better reflect the world at large. But diver-

There are still areas in seniority that we lack

sity, equity and inclusion (DEI) is finally an

— often, when people have families, they

issue that’s coming to the forefront, one that

leave. Sometimes they come back, some-

Gemma Burgess, newly promoted president

times they don’t. Ethnicity is getting up there.

of global talent management firm Ferguson

But there are other things, [such as] the LG-

Partners is determined to pursue.

BTQ+ conversation. For me, a part is income diversity, bringing people into the industry who aren’t rich kids whose families were also

Burgess joined Ferguson Partners in 2007 and has developed a global acumen, origi-

Gemma Burgess

in real estate. If you grow up in a less affluent neighborhood, you might not even know

nally based in the firm’s London office, and then transitioning to oversee its New York

see that on public company boards. Across

City office before taking on responsibility

organizations, it would be very unusual to find

for the U.S. search business and then, most

organizations without women leadership at

Even for us at Ferguson Partners, this is the

recently, the global search business. Burgess

all. The interesting thing is how we continue to

first year we’ve set up our own analysts pro-

was responsible for creating the inaugural

evolve that conversation.

gram. We’ve done recruiting from community

what a career could look like in real estate.

colleges in Chicago to get those kids who

diversity partnership in 2020 with the Real Estate Executive Council (REEC); she contin-

We’ve been very focused on ethnicity diversity

didn’t grow up with an Ivy League education

ues to be an active participant with the asso-

across the U.S. Even as we’ve started to make

and need an opportunity to grow and build

ciation. Below, she talks about the growing

great progress on the gender piece, for me it was

their career, and don’t look like I do.

attention being paid to DEI. The conversation

really shocking how white the real estate industry

has been edited for clarity and length.

is and continues to be. I’ve personally made it a

At this point, the industry has no choice but to

mission to see what we could do to help with the

evolve. And the things that motivate people

Has the real estate industry had the wake-

ethnicity piece. We got introduced to REEC [Real

today are very different from two years ago and

up call regarding DEI?

Estate Executive Council] and I went to its spring

very different from 20 years ago. People don’t

We’re doing better than we were previously. In

conference five years ago. I was probably one

want to stay at the same job for life. Kids want

the 15 years I’ve served the real estate industry

of the only white people in the room, and it was

to trade jobs every two years, and rightly so;

on a global basis, there’s a lot more gender di-

awesome to sit and hear the programming and to

they want different experiences and different

versity than there used to be. You can certainly

be part of the process.

things. The industry has to get its arms around



the change in human capital and their feelings

sity study survey with associations around the

Serena sold me this dream: come to real

and thoughts to continue staffing; otherwise,

world, and we started with defining diversity. In

estate, it’s much more fun, and it’s different.

you’re going to continue to have hundreds of

Asia, you might be talking more purely about

It was refreshing. With the global financial

vacancies at different firms.

gender diversity. In London, gender diversity

crisis, I thought, “What have I done? I’ve just

is very much still part of the conversation, but

joined an industry that’s blown up the capital

Are some sectors better than others?

in the U.S., particularly after Black Lives Matter,

markets of the globe.”

Some parts of the industry are just more di-

ethnicity is definitely part of the conversation.

verse anyhow by either gender or ethnicity.

But what started as a disaster became the

Where you need a pipeline of profession-

Have we been making progress?

opportunity. I became the person who went

als and your industry is still very white and

We’re definitely making progress at the top.

back and forth to the U.S. clients and then go

male-dominated, is where you go to indus-

The boardroom has been more diverse than

back to Europe and help them hire people

tries that are already more diverse. If you’re

ever before. And you say that change has to

on the ground. The U.S. got back to business

trying go hire a lawyer, accountant, tech

start at the top and be pushed down from

so quickly and the European capital markets

person, HR person, go to industries that are

the top. And we’re making progress in junior

were in such disarray with nonperforming

much more diverse and make those diverse

ranks. Where there is a problem, and will be

loans and distressed debt.

hires. It may not be by sector, but by function.

for a long time, is in mid-level to senior lead-

Some are going to take more time. Construc-

ership roles. The pool you’re fishing in is just

I was doing this work across the Atlantic and

tion work will take a long time for that to be

not very diverse to begin with. That’s where

in 2013, when I was two weeks back from

truly diverse by gender, for example.

I say that you have to go to other industries

maternity leave, Bill asked me to run the New

that have been more diverse.

York office. He gave me up to a year to make

How early must you start?

the move.

Historically, firms have talked about campus

You can’t just recruit from Ivy League colleges

recruiting from university. What is interesting

anymore, and you can’t just hire someone

How does an individual company get

now is that a lot of organizations are doing

who’s had one job for 10 years because you’re

started on diversity?

high school outreach. To get people to think

just not going to have a pool to begin with.

There are a lot of resources. The big asso-

about a degree that would be helpful in the

What firms now are doing for the first time is

ciations, like NAREIT and ICSC have affinity

real estate world, you have to get them earli-

breaking down a role to the skills you need

groups and diversity initiatives. I would start

er. What we can do better is to try to join the

rather than the experiences you have. You want

there. At this point, at least people realize that

dots from all the different jobs in real estate,

someone who thinks differently, who looks

everyone has got an issue, and it’s okay to

from investment management to construc-

differently, who challenges differently. When

say, “We have a problem, and we need help.”

tion to development to property manage-

you add that different industry knowledge, your

Just have the conversations. That’s when you

ment. We have to educate these kids that

real estate becomes better because you have

can start getting some change.

there is a place for everybody in real estate.

different perspectives in the room. Overall, how is the health of the industry?

We’re trying to recruit a number of clients to put together some programming where we

What brought you to Ferguson Partners?

It’s a very exciting time for real estate, with all

can educate interns on what other programs

Fifteen years ago, I worked with Serena

of the changes happening — baby boomers

are doing to build a library of different indus-

Althaus, who runs Ferguson’s European

retiring, younger people coming into organ-

tries and roles in real estate.

business. I worked at a firm that did board

izations, technology and DEI and ESG initia-

placements and Serena was the only person

tives. It’s an exciting time to be in real estate

How is the U.S. faring compared with oth-

who did real estate. Serena got recruited by

and the human capital part of real estate.

er parts of the world?

Bill [Ferguson] to open the first international

There’s a lot of change and change creates

Diversity is different things in different parts

office when global capital was becoming a

opportunity. I’m excited to see the industry

of the world; we’re not even talking with one

real opportunity for American firms to put

focus on these important initiatives like DEI

common voice. We did a massive global diver-

boots on the ground in London.

and see some changes.



A Mid-year Look at Commercial, Multifamily Real Estate Finance By Troy Marek


Troy Marek

f there’s one word to describe busi-

In April, however, MBA adjusted its com-

Drilling down deeper, not all commercial as-

nesses and the overall economy

mercial and multifamily lending forecasts for

set classes share the same finance outlook

over the last two years, it would be

2022, citing the shifting economic and inter-

as multifamily. For example, the health of the

“resilient.” Despite uncertainties, U.S.

est rate outlook. MBA expectations are that

office sector remains unpredictable. The

economic growth was still strong in the first

commercial and multifamily lending will hold

“work-from-home” effects of the pandemic

quarter. At the same time, the near certainty

steady at a projected $895 billion in 2022,

are yet to be fully realized. Many companies

of higher interest rates calls for prudent plan-

roughly in line with 2021’s $891 billion. Mul-

are using hybrid or fully remote models,

ning in the commercial real estate sector.

tifamily lending, which is included in these

downsizing or fully jettisoning their office

There is also the backdrop of the conflict

figures, is expected to dip to $418 billion this

space, Trepp reported. In February, MBA

between Russia and Ukraine and gas prices

year, down from 2021’s estimated $470 billion.

noted a 122% year-over-year increase in the

that remain significantly elevated.

However, MBA still considers this multifamily

dollar volume of office loans. As of April, the

expectation robust and anticipates borrow-

office sector encompassed 4,907 loans at

Despite all this, the economy in March add-

ing and lending to grow in 2023 to nearly $950

a total balance of $197.66 billion, with urban

ed 413,000 jobs and the unemployment

billion of total commercial lending, with $442

offices comprising 71% or 2,592 loans at a

rate dipped to 3.6%, a decline of 0.2%. This

billion in multifamily lending part of this total

$140.36 billion balance. Lenders today are

unique set of variables has contributed to

expectation. MBA notes that, even with rising

evaluating office transactions based on lo-

a shift in the year’s commercial real estate

interest rates likely to impact lending volumes

cations, both pre- and post-pandemic tenant

finance outlook, according to Trepp’s April

this year, healthy property values and fun-

stability, tenant creditworthiness and lease

2022 monthly report.

damentals should support the markets and

rolls during the loan terms.

maintain commercial real estate mortgage In February, the Mortgage Bankers Associa-

demand at strong levels.

tion (MBA) released a report on commercial

In the retail sector, supply chain bottlenecks, a continued increase in online shopping

and multifamily mortgage originations for the

“If the pandemic proved anything, it was that

and higher costs due to inflation are all ar-

fourth quarter of 2021. The report pointed to

rental housing is essential,” said Ed Hussey,

eas to watch; however, COVID-19-related

the quarter as a record end to a record year

head of conventional agency lending at Sabal

shutdowns no longer keep customers from

of lending. MBA’s numbers demonstrated a

Capital Partners. “Lenders remain bullish on

entering stores. Per the MBA, retail deliv-

79% increase in originations year-over-year

multifamily and are committed to financing it.

ered a year-over-year increase, from 2020 to

and a 44% increase over the previous quar-

Properties that serve the country’s workforce

2021, of 109% in the dollar volume of loans.

ter. Rebounding property fundamentals, re-

and lower-income earners remain top targets

Likewise, Trepp’s Year-End 2021 report found

cord sale transaction volume and low interest

for lenders as demand continues to surge for

annual retail property loan delinquency rates

rates were among reasons cited for the jump.

these units amidst lackluster supply.”

declined; however, it also noted a significant



drop in CMBS loan activity, demonstrating

hit 16%, and the direct vacancy rate was

family lending is expected to remain strong

that lenders remain cool and cautious on

just 3.4%, according to CBRE’s 2022 North

throughout the year despite inflation, interest

this sector.

America Industrial Big Box Review & Outlook.

rate hikes and other concerns. However, bor-

Newer buildings with state-of-the-art systems

rowers are likely to find that lenders are more

Industrial real estate continues to shine. 2021

continue to be the most sought-after proper-

enthusiastic to participate in transactions

represented the second consecutive year

ties, though older product has also benefited

within asset classes demonstrating contin-

that the North American industrial and logis-

from favorable market dynamics. The year-

ued demand. Additionally, with rates increas-

tics market reported record performance,

over-year increase in industrial loans by

ing, borrowers have likely found they need to

attributed to strong economic growth, size-

dollar volume was 113%, per the MBA. Today,

bring more equity to their deals.

able job gains and increased retail sales. To

lenders continue to favor industrial and distri-

address the surge in online consumer activity,

bution facility assets. Consequently, compe-

Troy Marek is head of real estate capital mar-

increase safety stock and limit the impact of

tition for loans is robust among portfolio and

kets for Regions Bank and leads Sabal Capital

supply chain disruptions, occupiers leased

capital markets lenders alike.

Partners LLC, a wholly owned subsidiary of

an unprecedented amount of space — a total of 450 million square feet. Annual rent growth

Regions Bank and national commercial and Generally speaking, commercial and multi-

multifamily real estate lender.



Rockaway Beach Welcomes Women’s Heath Facility The facility brings much-needed health services to the Rockaways.


ockaway Beach has long been a playground for New York

way Beach Blvd. in Rockaway Park, New York, is so important. Devel-

City, with surf, sand and, at one time, an amusement park.

oped by St. John’s parent Episcopal Health Services and CHA Partners,

But the densely populated peninsula has long lacked

the state-of-the-art facility, part of the new Rockaway Beach Medical

sufficient medical facilities. The region (and neighboring

Arts Complex, offers top-quality medical care in a modern setting to a

communities in adjacent Nassau County) is served by St. John’s Epis-

medically underserved area in Rockaway Beach.

copal Hospital, a 257-bed building providing preventive, diagnostic, treatment and rehabilitative services.

“Since our inception, CHA has remained focused on filling the void for medical and healthcare services where they are needed most, and

That’s why the opening of the Margaret O. Carpenter Women’s Health

the opening of the Margaret O. Carpenter Women’s Health Center will

Center, the first-of-its-kind specialty medical facility at 105-20 Rocka-

mark a new day for patients in the Rockaway Beach region,” said CHA’s



State-of-the-art equipment is available.

The complex was conceived after Peninsula Hospital closed in 2012.

Managing Partner William J. Colgan. “We are thrilled to stand alongside

CHA Partners conceived of the Rockaway Beach Medical Arts Com-

executives from St. John’s and all of the key stakeholders who made the

plex to meet the demand for local healthcare created when the region’s

completion of this project and opening of this facility a reality.”

Peninsula Hospital closed after Hurricane Sandy in 2012. NYCEDC helped support the project with $9 million New Markets Tax Credit

The Margaret O. Carpenter Women’s Health Center will provide gyne-

(NMTC) financing in collaboration with Chase Community Develop-

cological and obstetrical care with a wide array of women’s healthcare

ment Bank. The NMTC program is a federal funding program designed

sub-specialty services in one location including: maternal fetal medi-

to encourage investment in underserved areas of the city.

cine, urogynecology, gynecology oncology, breast surgery, nutrition and behavioral health. State-of-the-art equipment including two 3D

“This is an important milestone in Rockaway’s recovery from

mammography machines, a bone density machine and ultrasound

COVID-19, as we advance Mayor Adams’ commitment to providing

machine will also be available to the community.

community healthcare in neighborhoods most impacted by the pandemic,” said New York City Economic Development Corpora-

“The goal for the Women's Health Center is to improve and maintain

tion President and CEO Andrew Kimball. “NYCEDC is proud to have

the health of women to prevent a decline in health and the need to

supported the development of the Rockaway Beach Medical Arts

be hospitalized in the future,” said Jerry Walsh, chief executive officer

Complex, which will house the Margaret O. Carpenter Women’s

of Episcopal Health Services. “The lack of accessibility to healthcare

Health Center and offer lifesaving, affordable preventative care to

services is evident in the fact that the Rockaway community sees a

Rockaway residents.”

higher rate of pregnant women who seek late or no prenatal care when compared to the overall New York City rate. By creating this Women’s

“We’d like to extend a special thank you to the NYCEDC for sharing in

Center in the community, we are improving access to women’s health

our vision for this project and providing the tax incentives that led to

services in Rockaway.”

the opening of this facility, which will serve the community for many years to come,” said Kobi S. Leifer, partner at CHA Partners.

The Rockaway Beach Medical Arts Complex, which was completed in 2019, reintroduces high-quality, community-based healthcare services

Additional tenants at the Rockaway Beach Medical Arts Complex in-

to the Queens neighborhood. With a wide range of on-site services,

clude MercyFirst Children and Family Care and the Ambulatory Surgery

Rockaway residents will now have access to a wide range of health-

Center of Rockaway Beach. The medical center will provide healthcare

care services other than the Women’s Center, including primary care,

services for approximately 5,000 community members annually.

dermatology, endocrinology, physical therapy, behavioral health, cardiology, neurology, general surgery and cancer care.

Photos by Dominick Totino Photography



Nuveen Real Estate Launches Global Impact Investing Sector


uveen Real Estate has launched

the U.S., Europe and APAC in identifying and

a comprehensive global impact

pursuing relevant real estate impact invest-

investing sector that will focus on

ments, while growing the overall sector. Set-

building the vitality and sustaina-

tles will also continue to lead investments as head of the New York office.

bility of entire communities by enriching the lives of their residents.

Pamela West brings 25 years of industry experience, of which nearly a decade has been

The new global real estate sector will provide strategies that address some of the most

address some of the most pressing challeng-

dedicated to deploying capital into affordable

pressing social and environmental challeng-

es in local real estate across the globe, while

housing strategies and addressing social

es in the U.S., Europe and the Asia-Pacif-

creating an avenue for investors to have a

and environmental issues. She will continue

ic region (APAC), supporting growth goals

significant impact. ”

to oversee the framework’s strategy, portfolio construction and client relationships.

of up to $15 billion in real estate assets under management by 2026.

The new real estate impact sector will invest in early-stage projects and take an

In April, the firm launched the German liv-

Specifically, the mandate is designed to im-

impact-led approach to increase the supply

ing impact platform to deliver social and

prove communities by providing supportive

of social and affordable housing by targeting

environmental impact through affordable

services, enhancing residents’ quality of

low-income and disadvantaged popula-

housing. Nuveen also recently closed its first

life and financial outcomes and ensuring

tions, while also focusing on regeneration

global private equity impact platform, which

affordable, sustainable and climate safe

projects within healthcare, education and

targets investments that promote energy

housing, while supporting Nuveen’s commit-

transportation services.

efficiency and an expansion of services for underserved communities.

ment to making its global property portfolio net zero carbon by 2040. Nadir Settles will

“By leveraging Nuveen Real Estate’s in-

serve as global head of impact investing

dustry expertise, we are going beyond just

“We have been very intentional about bridg-

and Pamela West as senior portfolio manag-

affordable housing to focus our attention on

ing our core competency in real estate with

er, impact investing.

community revitalization,” Settles said. “We

community impact,” West said. “Our portfolio

see an immediate opportunity to scale our

is dedicated to creating change by placing

“We are competitively positioned to deliver a

strategy and leverage our leading position in

environmental and social impact at the heart

market-leading sector globally and at scale,”

the industry to support tenant well-being and

of our investment strategy, which ultimately

said Chris McGibbon, Nuveen global head of

create a more sustainable future.”

drives better outcomes for residents and inclusive communities while delivering a

real estate. “Under Nadir and Pamela’s leadership, I am confident that this new sector will


Settles will lead an international team across

healthy financial return.”

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

HUDSON YARDS Counsel to Related Companies and Oxford Properties Group in connection with the development of and all leasing activities at the 26-acre Hudson Yards on the West Side, the largest private development in Manhattan since Rockefeller Center. CHELSEA MARKET Counsel to Google in connection with its US$2.4 billion acquisition of Chelsea Market in New York City. BLACKROCK HEADQUARTERS Counsel to BlackRock in its 850,000square-foot lease for its planned headquarters relocation to 50 Hudson Yards.

MANHATTAN WEST Counsel to Brookfield Property Partners on all aspects of the development of Manhattan West in the Hudson Yards District, including its recent lease to the National Hockey League. PENN STATION Counsel to Vornado Realty Trust and Related Companies on the redevelopment of Penn Station, including the redevelopment of the James A. Farley building and construction of Moynihan Train Hall. CENTRAL PARK TOWER Counsel to J.P. Morgan, as lead lender, in its US$900 million construction loan syndication to Extell Development for the development of Central Park Tower.

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ONE VANDERBILT Counsel to SL Green Realty Corp., including all zoning approvals, in connection with the development and leasing of One Vanderbilt Avenue, an iconic 1,401-foot tall, 1.7 million square foot office tower being constructed on the full block to the west of Grand Central Terminal. 20 TIMES SQUARE Counsel to Maefield Development in its approximately US$1.5 billion acquisition of the EDITION hotel, retail, and signage project known as 20 Times Square. JP MORGAN CHASE HEADQUARTERS Counsel to JP Morgan Chase in connection with various aspects of its planned 2.5-million-square-foot headquarters redevelopment at its 270 Park Avenue location.

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It's Time to Re-imagine Private Markets Alex Robinson

By Alex Robinson, CEO and founder, Juniper Square

the very nature of private partnerships that underpin them. Sponsors of private investment funds today face technological and operational challenges that threaten their ability to build lasting private partnerships. Even as investor and employee expectations for access and visibility to data are rising, the processes and tools needed to enable the efficient and effective flow of information between partners in a private partnership have not kept pace. Today, more than ever, general partners (GPs) must modernize their partnerships by leveraging data and systems to maximize outcomes for their investors, their investments and their business.


The Challenge with Private Partnerships ccording to McKinsey, private

fraction of the $100 trillion in professionally

Like any relationship, thriving investment

equity accounted for $9.8 trillion

managed assets worldwide.

partnerships rely on mutual trust and empowerment — built over the course of many

in assets under management globally in 2021, with fundraising

reaching dizzying heights of $1.2 trillion up

What stands in the way of broader participa-

interactions. But GPs and limited partners

tion in private markets?

(LPs) often fall short of fully optimizing their exchanges because they lack systems for

20% year-on-year. Yet, despite blistering growth, private markets still represent a small


The problem isn’t markets themselves — it’s

shared visibility and workflow. The lack of


modern systems manifests itself across three

pectations for accessibility, communication

key areas of the partnership:

and transparency continue to rise. Deliver-

insights that fuel business growth.

ing this type of experience requires shared

Transparent, Seamless Administration

Inadequate Experiences for LPs: Tradi-

visibility and workflow around partnership

The use of technology shouldn’t be con-

tional methods of investor communications

details, enabled through an interactive,

strained to the four walls of a GP’s of-

and reporting that fall short of investor ex-

on-demand portal. Investors should be able

fice. Third-party administration providers

pectations through over-reliance on manual

to easily view account-wide returns, drill in

must be connected through technology

efforts and static documents.

and view the performance of specific funds

to deliver exceptional experiences for in-

or assets and update subscription or pay-

vestors. Yet only 24% of GPs report that the

ment details, all with the click of a button.

investor experience is a focal point of their

Disjointed and Time-consuming Oper-

ations for GPs: Teams that struggle to deliver a consistent and high-quality experience for

administrators’ offerings and 43% say their

investors because of siloed data, processes

Building Partnerships that Scale

administrators are not focused on it at all. The

and systems.

Forward-thinking GPs understand that

concern doesn’t end with the LP experience

Opaque and Disconnected Adminis-

delivering an exceptional investor experi-

— administrators can often create data silos

tration: Outsourced fund accounting and

ence requires more than a portal. It requires

of their own, limiting information sharing with-

investor services that add to data silos create

enabling teams with the data, systems and

in the GP organization and stifling growth.

unnecessary back-and-forth and limit the

processes to manage that experience across

flow of information to investors.

the lifecycle of a partnership. And making

To save sponsors time without adding to

these investments delivers increasing returns

operational overhead in other ways, adminis-

Addressing each of these areas requires a

to scale — with sponsors that consistently

tration needs to be modernized. Accounting

new approach, one that puts a single, shared

increase technology investment each year

workflows must be seamlessly integrated

view of the partnership at the heart of digital

reporting they are more likely to exceed cap-

with the GP’s operations to support a single

processes and tools. By creating a universal

ital raising and acquisition goals than those

view of the partnership across fundrais-

system for partnership enablement, GPs

who do not.

ing, investor on-boarding and investor

can re-imagine the experience for investors,

relations. More importantly, accounting

scale their operations and deliver transparent

But not all technology is created equally. GPs

outcomes need to be delivered in more inno-

and trusted administration outcomes.

need purpose-built systems that deliver a

vative formats, offering full transparency into

consistent and complete view of partnership

the capital balance as well as the ability for

Re-imagining the LP Experience

data to every team that touches investors.

LPs to view and understand the details in an

Increasingly GPs are realizing that the inves-

For example, customer relationship man-

intuitive, on-demand portal.

tor experience is central to growth. In a re-

agement (CRM) that supports fundraising

cent Juniper Square survey, sponsors report

efforts should incorporate details on investor

Modernizing Private Partnerships

that a great investor experience prompts

positions, returns and preferences. The in-

The potential for capital flows into private

more repeat business (86%), more referrals

vestor onboarding experience should flow

equity is many times greater than the market

(83%) and larger investment commitments

seamlessly and digitally from the moment

today, but digital evolution will be necessary

(62%). Despite this, many GPs today contin-

prospects enters a data room to the mo-

to reach that potential. In the face of techno-

ue to rely on portals that serve only as a re-

ment where they view their investments in

logical and operational challenges, GPs need

pository for static and incomplete PDFs and

a portal. The tools used to generate notices

to re-imagine the partnership experience, for

don’t enable investors to self-manage the

and statements must connect investment

LPs, for their teams and for their administra-

basics of their account or payment details.

data consistently with the information seen

tors. GPs that modernize through a holistic ap-

by investors in the portal and fundraisers in

proach to partnership enablement — ground-

As investors are increasingly exposed to

their CRM. And finally, the fundraising and

ed in universal systems and shared data will

interfacing with the public markets and their

investment data you collect should be easily

lead and succeed, realizing outsized growth

brokers through digital applications, their ex-

aggregated across these tools to provide

and delivering outsized impact for investors.



Modular Proves Viable for Multifamily:

Ideal Scenarios for Affordable and Market-rate Builds By David Amundson and John Kately


Dave Amundson Project executive C.W. Driver Companies

ultifamily is in high demand,

John Kately Project executive C.W. Driver Companies

Modular saves time and money.

from both the investor and consumer standpoint. Sales are back to pre-pandemic

levels as investors leverage low interest rates and are buoyed by rent increases and low vacancy rates. Renters, especially those seeking affordable or workforce housing, are limited in options, and new supply is greatly needed. In order to close the housing gap in California, 3.5 million homes need to be built between 2020 and 2025. Apart from high land cost and zoning restrictions, current supply chain issues, rising material costs and labor shortages are pushing interest in alternative construction methods. At first glance, volumetric modular construc-

C.W. Driver Companies, a premier builder

ular construction firms, the team has been

tion offers many benefits, including speed

serving California since 1919, has been at

able to conduct a benefit analysis and apply

to market, cost savings and predictability.

the forefront of modular construction, laying

the methodologies to current and upcoming

However, developers remain hesitant and

the groundwork to instill confidence in the

builds. With the efficiencies that come from

risk-averse due to the method’s infancy, es-

delivery method. By conducting in-depth in-

the assembly-line prefabrication, modular

pecially in Southern California.

terviews with national and international mod-

has the potential to skyrocket into a major



Hope on Hyde amenities include a roof deck.

player over the next decade.

cally sized downtown Los Angeles, California

dential over the concrete podium. It included

site with minimal demolition requirements.

four floorplans (junior, one-bedroom and

Optimization Studies

two-bedroom/two bath), with a varying num-

Thought leaders at C.W. Driver Cos. created

The results were favorable. The affordable

ber of units on each level. Amenities includ-

two award-winning case studies to demon-

housing case study accounted for seven sto-

ed pools on multiple levels, a courtyard and a

strate the potential time and cost savings for

ries of residential over the concrete podium

roof deck. The speed-to-market was reduced

both an affordable and market-rate scenario.

level. The design maximized efficiencies with

by 27%, reducing the construction schedule

The studies were a collaboration with Opti-

154 one-bedroom units with 22 on each floor

from 22 months to 16 months. Cost savings

mum Modular Solutions, Englekirk, Steinberg

and basic amenity spaces. Cost savings in

were 13% ($92.6 million vs. $106 million), and

Hart and KTGY. The team prepared a concep-

this scenario were 13% ($29.6 million vs. $34.2

the revenue captured from the compressed

tual design, rough order of magnitude (ROM)

million) with speed-to-market savings at 25%

schedule was over $4 million.

budget and schedule for both a steel volu-

(down to 12 months from 16 months for a

metric modular system and a conventional

conventional build.) The revenue captured

Both case studies proved that in an ideal sce-

Type III construction in order to compare

by saving four months from the compressed

nario, significant time and cost savings can

and contrast the details. Both case studies

construction schedule would have exceeded

be realized through modular construction.

assumed the use of double-loaded corridor

$1 million.

Looking more closely at reality and taking

modules, concrete cores utilized to carry

into consideration current limitations, the

lateral loads, prefabricated roof modules and

The market-rate housing case study was

real benefits lie in speed-to-market, enabling

a portion of the exterior façade system in-

developed for the “missing middle” demo-

developers to start earning revenue several

stalled on site. Onsite costs, building codes

graphic rather than the usual luxury complex-

months sooner on rents. Cost savings come

and seismic requirements assumed a typi-

es. This design allowed for six stories of resi-

from about a 20% reduction in prevailing



Hope on Hyde.


wage costs, but that is usually canceled out by shipping costs. Projects in Progress

Modular construction has been utilized to address the need for transitional housing and support Los Angeles’ chronically homeless. Developed by Aedis Real Estate Group, Hope on Hyde Park is a 60,000 square-foot,


five-story residential community located on a 0.49-acre site. The building is constructed

comprised of 184-steel modular units for 96 apartments. All furniture, fixtures and

MONDAY, design that includes contemporary furniture MAY 4 and floor-to-ceiling windows. Completing in equipment are installed offsite with a modern


from locally fabricated building units and


summer 2022, the project’s goal is to serve as

made upfront, rather than midway through

a replicable model that helps deliver housing

construction. Still considered by many to be

quicker and more efficiently to communities

in its infancy, builders and manufacturers are

erations can be optimized for efficiency and

in need.

pushing the boundaries, developing lessons

ensure a smooth project flow.

manufacturer. By integrating the roles from

the outset, SERVICES design, manufacturing and opLOS ANGELES REAL ESTATE AND FINANCIAL


learned and evolving the process to maxi-

Anthony Behrstock mize the efficiencies and benefits. C.W. Driver Cos. is also in the preconCommonwealth Land aand Title struction phase of Third & Spring Street,


220,160-square-foot, mixed-use project in

David Sonnenblick Preconstruction can make or break a modu-

Sonnenblick-Eichner lar project, and it’sCompany the role of the contractor


The most important piece of advice is to

to set up the coordination, logistics, sched-

downtown Los Angeles. At 15 stories, this Eberly determine modular as the typeLionetti of construcZach Brandler Charles Fred

ule, cost control, utilities coordination and Michael Rosenblum

volumetric modular can do. The residential

value to the job.

Douglas Elliman Estate for whatThe Eberly Company Business Broker and Consultant Rosenblum Law Officeand bring project pushes theReal boundaries steel tion from the project outset rather than work phasing to ensure smooth delivery

Jonathan Canter

backward to adjust a conventional build to

Ronald Friedman

Jeff Mann

Todd Sherman

portion will include 266 one-bedroom and LLP meet the constraints of Mann modular once the JP Morgan Securities Marcum Publications 65 two-bedroom market-rate units, with 37 project has begun. The modular design and

Not every project is suitable for modular

units reserved for very low-income house-

building design need to be done in tandem,

construction, and it’s important to take site

Eric Nelson portion that opens around an internal,William open- Levinson the factory while the building’s site utilities

storage of modular units and the space for a

sky courtyard, in addition to retail space and

and foundation are being constructed at

crane into consideration. However, with the

23,500 square feet of open amenity space.

the site.

right team in place and a thorough assess-

Steven Cohen

Carrie Jenkins

Deborah Medway

First Pacific Financial

Paul Stern

Real Estate Investment and Triumph Business Capital Commonwealth Land Title Guggenheim Commercial Real holds. The design also Principal calls for a U-shaped as the units of the project are being built in location, transportation, weather Operational Exec and Estate Finance, LLC conditions, Carlton Fields

Rimrock Real Estate Ventures

ment of the opportunity, modular can deliver Reserve your foursome or sponsorship today at Similarly, the developer should assemble a the benefits of speed-to-market, predictaor contact Steven Prawat at 818.905.1300 or The modular approach requires a mentality disciplined and experienced team that inbility and quality control, making it a viable Lessons from the Field

shift as many of the decisions need to be

cludes the architect, contractor and modular

option we will see more of in the future. Photos by Jun Tang Photography


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Witness a first time meeting between a donor and recipient

Brooke saved Sabastian’s life







A Middle East Pearl: Four Seasons and Q Bayraq Real Estate Investments Announce Luxury Development in Doha

The property is situated on a private beach.

An indoor lap pool is among many amenities.

eading luxury hospitality company Four Seasons Hotels and

“As Four Seasons continues to grow and diversify its develop-

Resorts continues to expand its diverse offering of hotels,

ment pipeline in the Middle East, we are proud to be part of The

resorts and residences in the Middle East with the announce-

Pearl-Qatar development, an innovative project that will perfectly

ment of a new project currently under construction in The

complement our existing hotel in the city,” said Bart Carnahan,

Pearl-Qatar landmark development in Doha. The new property is in

president of Global Business Development and Portfolio Man-

partnership with Q Bayraq Real Estate Investments, a specialized

agement, Four Seasons Hotels and Resorts. “Four Seasons at The

real estate investment development company focused on high-end

Pearl-Qatar offers a unique opportunity to be part of a community

projects in Qatar.

of residents and guests enjoying incredible on-site amenities


and the unparalleled luxury service for which our company is Situated on a private beach and surrounded by lushly landscaped gar-

renowned worldwide.”

dens and pools, the 19-story building will offer resort-style luxury living in the heart of the city. Available for short and long-term stays, 161 fully

All accommodations will be fully serviced by a dedicated Four Sea-

furnished apartments ranging from one to three bedrooms will feature

sons team, creating an ideal base for doing business in Doha, or for

full kitchens, en suite laundry and expansive living areas including

vacationers seeking a resort experience with easy access to all the city

outdoor terraces, all finished by Wimberly Interiors with bespoke de-

has to offer, the companies said. Private residence owners will enjoy

tails throughout. In addition, 84 private residences will be available

enhanced privacy and exclusivity while having complete access to the

for purchase.

property's services and amenities.



Expansive living areas sport amazing views.

Residences boast up to three bedrooms.

The hotel is an ideal base to explore Doha.

The development has five restaruants and bars.

The development will feature five restaurants and bars, including a signa-

Cairo and Dubai. Born in Tunisia and educated in Switzerland at the

ture dining experience by Michelin-starred Chef Joël Robuchon; a well-

prestigious École Hôtelière de Lausanne, he speaks English, French,

ness center with spa and salon, fitness studio and indoor lap pool; a su-

Arabic and Spanish.

pervised indoor/outdoor kids club; a private screening room with an open kitchen, an outdoor terrace, two outdoor pools (one adult and one for families) and a private beach, all managed and serviced by Four Seasons.

After a slowdown during COVID-19, the residential real estate market in the country has seen a surge of activity in 2022, largely due to additional demand being generated by the FIFA World Cup, which will be

In addition to the on-site amenities, Four Seasons guests and resi-

held from November 21 through December 18, as well as an increase

dents will be within walking distance of numerous restaurants, bars,

in Freehold Zones, which allow non-Qataris to purchase property.

shopping, cinemas and other entertainments in the immediate area. For those arriving by water or wishing to explore, The Pearl-Qatar is

This new project will join the existing Four Seasons hotel in the city,

also home to many marinas.

Four Seasons Hotel Doha, along with the growing collection of properties in the Middle East, including the upcoming Four Seasons Private

Veteran hotelier Mehdi Zaanoun has been appointed general manager

Residences Dubai at Jumeirah, Four Seasons Hotel Diriyah, Saudi

of the Four Seasons at The Pearl-Qatar. Most recently general manag-

Arabia, and the recently announced Four Seasons Resort and Private

er of Four Seasons Hotel Casablanca, Zaanoun began his Four Sea-

Residences Muscat, Oman.

sons career 20 years ago at Four Seasons Hotel George V, Paris before pursuing opportunities with several leading hospitality brands in Paris,

Photos courtesy of PRNewswire



AI and The Doorway By Merilee A. Kern, MBA


t’s projected that by 2025, there will be a total of 291.2 million digital buyers in the United States, Statista notes. The organization also reports that by the same year, more than 10% of all retail sales in America are expected to be generated via mobile commerce.

Merilee Kern Forbes Business Council Newsweek Expert Forum and Rolling Stone Culture Council Member Merilee Kern, MBA is an internationally regarded brand strategist and analyst who reports on cultural shifts and trends as well as noteworthy industry changemakers, movers, shakers and innovators across all categories, both B2C and B2B. She is founder, executive editor and producer of “The Luxe List” as well as host of the “Savvy Living” lifestyle TV show and the “Savvy Ventures” business TV show that airs nationally on Fox Business TV and Bloomberg TV.

With this exponential digital retail growth comes a litany of problems. Of course, there are pitfalls a plenty on the infrastructure and supply chain side, but it is delivery security that has one inventor frothed up. Ron Carter, a tech savant who holds the patent for the Ring smart video doorbell technology (and that for many other video doorbell companies), has again created and patented entry management technology intended to safeguard the burgeoning e-commerce economy. The timing could not be better or the need more clear. The signifcance of new developments in the home delivery package protection space cannot be overstated, especially as one considers study findings published by Safewise in December 2021. The results revealed that around

Deliveries can be left inside the home.

210 million packages disappeared from porches across America over the prior 12-month period. Disconcertingly, the study also exposed

Alarm Force, HeathCo/Zenith, Chamberlain, Live Watch Security and

that “package theft happens even when you have security measures in

Zmodo — I caught up with him for some fresh insight.

place,” citing that “58% of recent package theft victims reported using a security camera or video doorbell camera.”

Merilee Kern: How would you describe Glo and its usefulness? Ron Carter: In addition to capturing video, the Glo AI device creates

It’s clear that “porch pirating” is escalating to a level that’s become a

a new category referred to as “entry management,” as opposed to se-

bona fide challenge for e-commerce sales. Carter and his 100% mi-

curity. The system utilizes a sophisticated AI-driven device that may be

nority-owned company 1Ahead Technologies looks to rectify this cir-

integrated with smart mailboxes, smart locks, e-commerce logistics

cumstance with Glo, a first-generation Artificial Intelligence (AI) entry

and endless other smart devices.

management technology introduced at the 2022 Consumer Electronics Show (CES) in Las Vegas.

Overall, Glo AI can recognize delivery personnel, record their actions, allow them to leave packages in a smart box or monitored area, open

Knowing Carter is responsible for much of the current video surveil-

the door and enable access via a smart lock, record messages, pro-

lance doorbell industry — with some of his previous patents licensed

vide logistics to the delivery person, read images that act as keys, ag-

by household-name companies beyond Ring, like CPI Securities,

gregate data and more.



MK: The Glo AI entry management device is supported by “VALT” technology. Can you elaborate on that? RC: Yes, VALT is an acronym for “Virtual Access and Logistics Technology” and is our patented platform that enables Glo to offer such unparalleled capabilities. It’s a first-generation AI technology designed to provide e-commerce security, access control and management, e-commerce logistics support and a security response that surpasses the current marketplace offerings of ineffective video notifications and alarms. AI expands the video doorbell’s utility.

VALT represents a very secure and effective way to address access

MK: What’s the origin story for your new company? What in your

and logistics at the fraction of the cost of personnel, physical keys

career led you here?

and related expenses. Mobile devices are inherently secure be-

RC: I am the inventor of patent #7,193,644, which involves wireless vid-

cause of the associated IP address and biometric access feature on

eo doorbell surveillance tech. After assigning the patents to the prior

locked devices.

company, I lost control of the company in 2017. The original patent was conceived to offer convenience to homeowners, providing the ability

The core features of VALT make everyday transactions more managea-

of seeing someone at a door via mobile device. The patent offered

ble in support of streamlined communications and access options for

some security benefits. However, the technology was initially primarily

merchants, customers and property owners.

designed to offer convenience. Today, the video doorbell industry markets video doorbells for security purposes primarily but, as a security

This technology offers commanding potential to solve logistics-relat-

product, video doorbells offer very little in the way of threat mitigation.

ed issues in the e-commerce industry and beyond. In fact, VALT technology impacts other vertical markets beyond residential/consumer

Additionally, I saw an opportunity to shift the notion of “security” to one of

benefits such as corporate/commercial facility access, real estate,

“entry management.” I was able to add a robust upgrade through the addition

property management and property exchanges like Airbnb. We’ve filed

of Artificial Intelligence, which offers unlimited capabilities. Our technology

continuation applications to further expand VALT's capabilities across

employs computer learning and logic, which enables the ability to provide

industries and sectors.

event-specific logistics: networkable keys, utilizing images and photos that can be transmitted via mobile devices — all of which is encrypted so that they

MK: Is it a subscription-based platform?

cannot be duplicated or forwarded. Our company was also recently award-

RC: Yes, the VALT application is membership-based and functional

ed additional patents with more advanced features that we look forward to

within a network of individual and business subscribers, facilitating

announcing in the near future. This elevated iteration of our Glo product fea-

two-way communication and oversight for end users experiencing

turing VALT technology will offer consumers an even better response and en-

transactions. Glo technology will likely retire many current video door-

hanced capabilities. Our solutions will supersede static video doorbells with

bells, although the solution will be priced comparably to current video

a far more advanced and responsive technology to address today’s breed of

doorbell devices.

challenges and those ever evolving.

MK: In your estimation, how pervasive is the porch

A critical moment in time for online commerce is upon us, and inno-

pirating problem?

vative machine learning driven solutions can resolve the urgent need

RC: At best, it’s frustrating for consumers and costly for merchants. We

to maximize security, logistics support and access capabilities for

stand today at a critical moment for online commerce, where innova-

end users amid the modern in-demand marketplace. For the e-comm

tive solutions are urgently needed more than ever to provide security,

industry and end consumers alike, it seems Carter’s industry disruptor

logistics support and access in assisting merchants and end-users to

Glo just might just be the ingenious AI way to go.

mitigate loss. Glo offers an effective response.

Product photos courtesy of Ron Carter



Daewoo Offers First Metaverse Application in Korea Property Market


Photo courtesy of PRNewswire

ntroducing the first metaverse application for the South Korea property market, Ubitus K.K., a Japan-based graphics processing unit (GPU) virtualization

technology and cloud streaming platform, has worked with telecommunications company KT Corp. and Daewoo E&C, a Korean real estate developer, to launch Daewoo Prugio Metagallery, an interactive online house tour service. The ability to reach potential customers with just one browser link without them visiting the showroom should generate more interest and buying opportunities and realize more sales quickly. Daewoo Prugio Metagal-

After Daewoo set up the apartment 3D model

utilizing technology and their knowledge in

lery allows potential customers to browse

in game engine with the HDRP (high-defi-

construction. It is our pleasure to work with KT

each property, virtually walking through the

nition render pipeline) feature, Ubitus used

and support Daewoo Prugio Metagallery. We

property to understand the layout, views

patented Gamecloud technology to cloudify

believe this cutting-edge project will greatly

and flows, without physically visiting the

and stream the model that enable visitors

assist property touring and simulate interests

showroom. While the physical showroom

to visit Daewoo Prugio Metagallery in a

in the long run,” said Wesley Kuo, Ubitus CEO.

usually showcases just one property lay-

360-degree view across devices from laptop,

out of the entire project, Daewoo Prugio

mobile to tablet. The finished Daewoo Prugio

Founded in 1973, Daewoo E&C has been

Metagallery can demonstrate every single

Metagallery was ready to run on KT’s existing

dominant in the construction industry in

property layout on offer, allowing customers

cloud gaming infrastructure. More metaverse

South Korea, including the development

to experience the layout and attributes of

applications in different industry domains,

of its Prugio premium apartment complex

their most interests. With the option of pro-

following similar development and deploy-

brand, the first in the country to introduce

jecting furniture and appliances in Daewoo

ment cycles, should be expected.

sustainability to apartment complexes. Its urban redevelopment projects Prugio Summit

Prugio Metagallery, customers can feel confident that what they see is what they get, the

“As an innovator in the market, Daewoo has

projects can be found in major areas includ-

companies said.

been dedicated in smart home for years by

ing Seocho, Banpo and Yongsan in Seoul.



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ESG 1.0 vs. ESG 2.0 By Connell McGill

Connell McGill co-founder and CEO of Enertiv


s the real estate industry re-

everything from the way their products are

companies, private property funds, devel-

sponds to pressure from inside

made to how they are packaged and deliv-

opers and investors — is increasing rapidly.

and out to take environmental,

ered. Even major oil and gas companies are

Ten years ago, this level of commitment to

social and governance issues

investing heavily in renewable energies. But

sustainability, social responsibility and gov-

what about the real estate industry?

ernance were only for a few. Now, it’s for the

(ESG) seriously, property firms are setting

many, as investors are judged for their ethics,

increasingly ambitious ESG goals. But the data used to set these goals is insufficient to

Encouragingly (and while there is still plenty

as well as financial results.

drive meaningful action. How do firms move

of work to be done), there is lots of evidence

from simple measurement and disclosure to

to suggest that the real estate industry is fully

What’s abundantly clear is that whether

actually improving outcomes?

aware of the importance of ESG factors on

or not individual real estate companies

the way it builds, invests and operates. Many

and leaders are as passionate as Gen Z,

Over the last 10 years, the growing realization

major real estate companies and brands are

ESG is now a fundamental part of strategic

of humanity’s obligation to protect the world

leading the way in applying ESG standards,

decision-making within the industry. What’s

we live in has started to shape the outlook of

setting the tone for the rest of the industry.

also true is that progress differs from com-

almost every developed economy. Spurred

Whether it’s developing greener buildings

pany to company. Commitment to ESG is

by a growing understanding of how global

(the “e” bit), tackling social imbalances

very much on a broad spectrum. While the

warming is impacting the world around us

through greater provision of affordable hous-

vast majority of real estate players recognize

and championed by a passionate Gen Z,

ing or care centers (the “s” bit), it’s rare to

its importance, many are still trying to work

more and more people see climate change

find a company that hasn’t committed to ESG

out exactly what it means to implement a

as the biggest existential threat facing

standards in its long-term strategy.

meaningful commitment to ESG as part of their day-to-day operations. As owners and

humanity today. Importantly, investors are also bringing their

operators are increasingly held accountable

Lawmakers, businesses and citizens are all

weight to bear by ensuring they invest re-

for their environmental and social impact,

responding accordingly, making significant

sponsibly and not purely for financial gain.

how can they evolve from measurement and

changes in a bid to be more sustainable

The fact is, what money says matters a lot.

disclosure to a clearly defined plan of action?

and environmentally conscious. Across the

The ESG stance taken by BlackRock, for ex-

We believe that the simple answer is for most

United States, cities like New York, Boston

ample, has seemingly shifted the investment

companies to move from ESG 1.0 to ESG 2.0.

and Los Angeles are taking matters into their

community overnight. Participation in the

own hands and passing laws designed to

Global Real Estate Sustainability Benchmark

ESG 1.0 is the first step most real estate own-

reduce carbon emissions at both a corporate

(GRESB) real estate assessment — the

ers and operators have taken to demonstrate

and individual level. When it comes to busi-

investor-driven global ESG benchmark

commitment to sustainability. What does this

ness, industries like retail are thinking about

and reporting framework for listed property

look like in practice? Broadly speaking, ESG Headshot courtesy of Enertiv



1.0 is essentially the work of centralizing util-

both in terms of the time frame and of the

across day-to-day operations ultimately re-

ity consumption data, either through brute

components that make up that high-level

sults in meaningful outcomes when it comes

force (manual processes) or using software

consumption. What’s needed is transparency

to sustainability and ESG. ESG 2.0 is all about

(automated processes). Once the data has

into the three primary drivers of consump-

truly actionable insights.

been centralized and visualized, it can then

tion: tenant usage, common equipment us-

be used to benchmark a portfolio or build-

age and the performance of on-site staff. It’s

The reality is that for the last 18 months, the

ings against each other, as well as against

this granular level of detail and insight that

commercial real estate industry has been

the wider industry. This is often done through

ultimately drives actionable change.

scrambling to get its ESG reporting in place.

reporting frameworks like Energy Star and GRESB. But ESG 1.0 doesn’t go far enough.

The baseline expectation is that investors, For example, granular data for common

owners and operators take their environmen-

equipment usage can be analyzed to drive

tal, social and governance responsibilities

Now that companies have submitted their

greater efficiency by making changes to the

seriously. In a bid to meet those expecta-

utility data for several years, they have access

way it’s used, or perhaps even creating a

tions, quarterly reporting has naturally led to

to a bank of data, which provides a baseline

data-driven capital plan for upgrading equip-

ESG goal setting and the need for clear plans

from which they can measure. Using that

ment over time. Another example may be the

of action to deliver meaningful outcomes.

baseline, they have been able to set clear

use of modern tenant submetering to provide

ESG 1.0 may have helped in setting targets,

ESG targets, such as becoming net zero by

better transparency into usage. In turn, this

but ESG 2.0 will help the industry deliver on

2050. ESG 1.0 may help set the goals, but

information can then be used to help sup-

them. Embracing technology to access gran-

ESG 2.0 helps companies to achieve those

port tenants’ own ESG initiatives, as well as

ular insights from boardroom to boiler room

goals. ESG 2.0 helps companies get from

influence the behaviors of their workforce at

is absolutely vital in both measuring and

their baseline to meet the ambitious change

an individual level.

improving ESG performance. Those that do

targets they’ve set. Monthly utility bills are not granular enough,

will set themselves on a path to achieving the Having access to granular data that identifies

environmental goals they have committed

where meaningful changes can be made

themselves to.



Real Estate is Flagged for Digital Disruption Within the Next Decade Mac Christian Chief marketing officer of National Land Realty, a real estate land brokerage

By Mac Christian


s the transport truck pulls away with your old car loaded up, your new automobile sits in your driveway, ready to drive. This transaction was driven

by an industry worth $51.04 billion in 2021, which is slated to grow to $204.94 billion by 2028 (according to Fortune Business Insights). Nowadays, people can merely download an app, enter information to value their current car, select their automobile of choice, click a few buttons and an exchange transaction for a new car has been initiated. The question we keep hearing in the real estate industry is, “When can I buy my house this way?” We first saw disruption in the service industry

into a catchall for this type of disruption, and

through the financial sector. E-Trade, founded

real estate is squarely in the crosshairs.

in 1982, was one of the first companies of its

public does not. In the past, this knowledge was a guarded

kind to take hold of the financial industry. At

The reason that real estate is such a hot topic

secret that was as opaque as the paint on your

first, this business model seemed to be some-

in the world of e-commerce is easy to see.

walls. Consumers were forced into a position

thing of a novelty, but that opinion quickly

Real estate, much like the financial and au-

of trust that left many feeling fleeced or kept

changed. Today, nearly all investments and

tomobile industries, relies on service profes-

in the dark. Commissions in the auto, financial

bank transactions can occur online without

sionals to facilitate the purchase of a product.

and real estate industries have traditionally

interaction with a banker or financial advisor.

These professionals act as consultants who

been challenging to understand. Service pro-

Even the act of portfolio balancing has been

traditionally take a commission for their part in

fessionals have been flagged as notorious be-

automated with robo-bankers introduced into

the process. Service professionals are relied

cause of a few bad actors. Finally, the answer

the mix. This is just one small piece of the “dig-

upon to have a depth of knowledge regarding

has been apparent: eliminate the middleman,

ital transformation,” a phrase that has turned

the product they work with that the general

remove high commissions for the consumer



and make the product easier to purchase. The Path Toward Real Estate

fool you. That is more a result of market un-

businesses in specific geographic locations,

predictability. These innovators are far from

tax laws, traffic patterns and land values.

retired, and they will eventually find a solution.

There are opportunities for disruption here

Digital Transformation

and industry leaders in the commercial sector,

The complexity of the product is one of

How Digital Transformation Looks Today

such as CoStar Group and Crexi, are making

the most common defenses against digital

Many pieces are currently in place for a digital

moves in technology, but there has been very

transformation in the real estate industry.

transformation of real estate, accelerated by

little in terms of a viable automated solution.

This is a valid defense because real estate is

the COVID-19 pandemic. 3D photography

enormously complex and is often the most

allows consumers to tour a home on the other

Rural land has also proven to be highly insu-

important purchase people can make during

side of the globe. You no longer need step

lated from automation. One might need to

their lifetimes. Shopping is stressful. Inspec-

foot into a house to walk through it, and buy-

find hunting parcels, ranches, farms, timber

tions must be performed, negotiations must

ers can even complete the inspection process

investments or simply land for recreational

take place and it is often difficult to assess the

from a distance. Undeveloped land can also

use in this sector. Rural land is so complex,

quality of real estate until you walk inside for a

be toured with technology such as National

site-specific and specialized that it would be

first-hand view. However, one does not have

Land Realty’s LandTour360. Aggregator web-

decades before any AI-enabled system could

to reach very far to see the same defense of

sites now show real estate listings, interest

satisfy this niche sector.

the auto industry just a few years ago, and

rates and loans from hundreds of lenders all

companies like Vroom, Carvana Co., CarMax

in one place. Market prices of homes are be-

Consumers must find an agent qualified in

and Autotrader have had a thunderous reply

coming increasingly automated and accurate

the specific land type and geography where

to that defense.

as data-centric companies compile home

they are considering buying or selling in

sales prices for reference comparables.

this sector. Site indexing for timber yield, assessing water or mineral rights on a state

The messaging inside the real estate industry has been a unified front against digital

The human touch will probably always be

or county level, auditing access road quality

transformation. Most people desire to offload

needed to purchase and sell real estate, but

or homesite locations can only be done with

the stress of property purchases and sales

that does not mean it will exist as it traditionally

“boots on the ground.”

onto an agent. There is so much paperwork

has. Salaried employees can facilitate inspec-

involved that it would be difficult for even the

tions or walkthroughs of properties from a

There are many great arguments that real

savviest consumers to understand. Combine

central home base, while others may facilitate

estate will not follow industries like the auto

this with the details of finding a loan, and you

the loan process. The transaction process will

industry. Similar statements have been made

have an intimidating transaction for nearly

continually change as it is simplified. The role

for banking, investments and website design.

everybody. Nevertheless, the future is here,

of a sales agent may diminish as the industry

Highly creative fields such as graphic de-

and you can see that reflected by the most

evolves and consumers steadily seek to reduce

sign have been disrupted with platforms like

prominent players in the industry who are at-

high commission fees or eliminate the risk of a

Canva, and a pattern is emerging throughout

tempting to simplify this process.

negative experience with an agent.

all business sectors that nobody is above

Zillow’s recent failed gamble into buying and

Are There Exceptions to the Rule?

is undergoing a massive paradigm shift, but

selling homes is a perfect example of the

Real estate is not limited to home transactions.

until we find ourselves looking at purchase

long-term direction of the real estate indus-

There are several different real estate sectors,

kiosks in car lots, the age of the salesperson

try, and it is not the only one. CoStar Group,

and some are highly insulated against digital

is not yet dead. Some consumers like the

which started primarily as a data company,

transformation. For example, the commercial

human touch in their transactions, which will

has been on an acquisition rampage of $2.03

and rural land sectors have proven very diffi-

protect the real estate industry over the next

billion, purchasing technology, IT and real

cult to automate compared to the residential

decade. However, as technology has proven

estate-specific companies. Zillow’s recent

sector. Commercial real estate agents must

consistently, few industries are immune to

venture may have failed, but do not let that

have a high aptitude to assess competitor

disruption and real estate is no exception.

automation and disruption. The auto industry




Condo-Co-op Helpline:

Easements and Development By Carol A. Sigmond, partner, Greenspoon Marder LLP

One call that managing agents dislike receiving is from a board president who is facing outraged unit owners or shareholders about to lose lot line windows. Often, there is little to do but work with the developer to close off the windows with fire-proof material such as brick and block and sheet rock and paint the new wall area. The time to try and save lot line windows is not when the developer is knocking on the door, but before the property is in that status, when the owner might be willing to sell an easement prohibiting developing five feet or so from the wall with the lot line windows. Buying the air rights is relatively straightforward. An easement is a right owned by one property owner that benefits his or her property at the expense or inconvenience of the other property owner. One example of an easement is a shared driveway. Generally, for an easement to be enforceable, there must be two distinct properties with distinct ownership; the benefit conferred to the first property by the second property must be real estate-related. An easement may not be used to a personal benefit, such as a loan, job security or gift. Finally, the easement must be well defined and narrowly stated so that the burdened property owner remains in control of the property.

ing a tenant in an existing building, the developer merges the lots using the consolidated floor area ratio (FAR) to build a larger building on vacant property. Following construction, the parcels are separated. At that point, the new building has the extra FAR. The developer protects the new building with an easement that restricts the use, height, density and/ or location of any new building on the now separate lot. A few years later, both properties have new, distinct buyers. The owner of the restricted property now applies to the Department of Buildings for a building permit for a full-height, full-density building up to the property line. The proposed use is not consistent with the easement terms. The property that holds the easement restricting the use, size or location of the proposed new building must act. The steps would likely include sending a demand letter to the developer pointing out the terms of the easement, notifying the New York City Department of Buildings that the easement is being violated and, if necessary, seeking a declaratory judgment and permanent injunction against development of the restricted property beyond the terms of the easement.

A properly drafted easement may be used to limit the height or location of a building on the burdened property to protect the adjacent property lot line windows or provide a second means of egress for the adjacent property.

During the pendency of the injunctive proceeding, it is possible that the moving party that holds the easement rights may have to post a bond to secure the temporary or preliminary injunction. However, no bond will be requirement for the permanent injunction.

Note: Easements may lapse over time. Consider the following scenario: a developer owns two parcels of land that are contiguous. To make construction efficient and avoid disturb-

The amount of the bond will vary with court’s initial assessment of the easement. The clearer and more specific the easement, the more closely the proposed injunction tracks the express lan-


guage of the easement, the less the court will be concerned with damages to the developer. Developers will use the threat of damages to block enforcement of easements. They will also argue that the easement is overbroad, unclear or abandoned. However, New York Courts will generally enforce an express easement based on its express terms. How can a developer not comply with an express easement that restricts development? Sometimes, the developer is careless in its due diligence and misses it. Or the developer thinks he can bluff or threaten a neighbor into accepting a building that is inconsistent with the terms of the easement. Some developers hope that the holder of the easement has “forgotten” and will not try to enforce until it is too late. Easement enforcement can be blocked by the doctrine of laches (which bars a party from raising a claim due to an unreasonable delay), so if you own an easement that restricts development, assert it as early as possible. Sophisticated developers will sometimes try to negotiate with the easement holder for modification of the easement. As with the purchase of an easement noted above, this is a real estate transaction for which you will need appraisals and counsel to help you. This column presents a general discussion. This column does not provide legal advice. Consult your attorney for specific legal advice. Carol A. Sigmond Greenspoon Marder LLP 590 Madison Ave., Suite 1800 New York, NY 10022 (212)524-5074

READY FOR A CAREER IN NEW YORK REAL ESTATE ? New York Real Estate Center is your home for salesperson and broker licensing courses.




2022 Hurricane Season Preparedness For Your Real Estate Business By Frank DeLucia, senior vice president, Hub International Northeast

From flood waters, property damage and power loss to spoiled food, coping with the aftermath of a powerful storm could be very troublesome for real estate owners and operators. During the Atlantic Hurricane season, which officially runs from June 1 through November 30, real estate businesses must take a multipronged approach to safety. This begins with crisis communications, management and business continuity planning, followed by back-up efforts with the proper insurance coverage. In 2021, there were 20 separate billion-dollar weather and climate disasters. The total cost for these events was $145 billion, according to the Colorado State University Tropical Meteorology Project. For this year, its team predicts an “above-normal” Atlantic hurricane season with 19 named storms, including nine hurricanes, four of which will be major hurricanes. Taking the proper steps before a hurricane can lessen the impact. Generally, the three main goals of any disaster management plan are to manage the business during the crisis, resume normal operations as quickly as possible and recover losses when it is over. By taking these goals into account when surveying the most critical areas of the business, companies can determine what steps to take to be fully prepared for hurricane season and beyond. Having a crisis communications, management and business continuity plan in place will help ensure employee stability. Pre-determined employee notification channels will be critical to disseminating information. Similarly, understanding individual risk is key to necessary business continuity planning. Try isolating the business risk first. Is it wind, power outage or hurricane damage? Will your business be down for a week, a day or a month? Review


your business assets and make sure the most critical operations have built-in redundancy or are covered by insurance. It’s important to examine insurance policies (and any potential gaps in coverage) in advance with your advisor, as there are a variety of policies to help coastal and non-coastal businesses recover from an event — each involving a different aspect of the restoration. Business Income Coverage Review your business income coverage limits, which include loss of income as a result of an event, to ensure they are sufficient. Extra expense coverage often accompanies business income coverage for necessary costs, such as temporarily relocating business operations. Flood Coverage Most business property policies exclude flood coverage. In addition, businesses typically buy minimum flood coverage limits, but don’t consider that floods can come from even minor storms or no storm at all. Note: The Federal Emergency Management Administration (FEMA) has rolled out a new risk methodology for flood insurance pricing called Risk Rating 2.0, resetting flood insurance rates for the first time in decades. As of April 1, this revised rating methodology for National Flood Insurance Program (NFIP), flood policies applies to all policies, new and renewing. In addition to elevation, the location of machinery and equipment and the cost to rebuild, the new structure accounts for flood frequency, distance from a water source and the likelihood for multiple flood types such as river overflow, storm surge, coastal erosion and heavy rainfall.

Examine Deductibles What type of deductible do you have on property coverage — percentage or flat? Calendar year or occurrence? If your business has a lot of locations, occurrence or percentage deductibles could be more costly. Additionally, many policies will have lower deductibles for wind and hail events than for a named storm. Currently, the insurance market is very turbulent with rate increases across the board. Insurance carriers are much more strict regarding inspections and recommendations. With your insurance advisor, demonstrate why the marketplace should want your business: • Proactive on safety to reduce claims. • Proactive on contractual risk transfer. • Demonstrate property upgrades where possible, i.e., roof, electrical, plumbing, etc. • Implement outstanding recommendations from previous insurance carrier inspections. • When implementing risk control measures, first consideration should be given to improvements that have the greatest influence on loss severity. • Regarding past losses, be prepared to explain corrective actions taken. Hurricanes can pose a major challenge for the real estate industry. By taking the appropriate steps ahead of time and working with experts, real estate companies can help to ensure that they can weather any storm. Review your policy with an experienced insurance advisor now. Frank DeLucia Hub International Northeast Woodbury, NY (212)338-2395

New York’s Full Service Real Estate Firm. 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


Direct-Owned Real Estate in an IRA By James M. Philbin, CPA, PFS, MST, CFP, partner, Marcum LLP

Assets in individual retirement accounts (IRAs) totaled $13.9 trillion at the end of 2021. As of 2020, there were over 28,000 individuals with IRA accounts exceeding $5 million. IRAs are generally invested in financial assets, including stocks, bonds, mutual funds, and exchange-traded funds (ETFs). Another investment option is to hold directly-owned real estate. Direct-owned real estate refers to properties in which an investor (or subsidiary company) has a fee or tenancy-in-common (TIC) ownership of the property. Real estate held in IRAs can also create unique planning challenges not normally associated with traditional investments. Direct-owned real estate must be held in a self-directed IRA as an alternative investment accepted or offered by a qualified custodian, an entity specializing in self-directed accounts that may manage the investment and complete required financial and tax reporting, including IRS Form 5498, IRA Contribution Information. The real estate property must be solely for investment and not used as a vacation or second home, or as an office for a related business. These rules apply to the owner of the IRA as well as to related people deemed disqualified by the Internal Revenue Service, including the owner’s spouse, parents, children, grandchildren, service providers of the IRA and any entity that owns more than 50% of the real property. Purchasing real estate inside of an IRA is easiest when doing so with 100% cash. Financing the transaction is possible but adds a layer of complexity. Financing the property could sub-


ject any rental revenue from the property to be considered unrelated business taxable income (UBTI). UBTI is a tax on income from a trade or business that is not significantly related to charitable, educational, or other designated purposes of an exempt organization. UBTI applies when the earned income is over $1,000. If the self-directed IRA uses a non-recourse loan to buy the real estate, the debt-financed part of the profits is subject to UBTI. The profits generated from the non-recourse loan’s percentage of ownership would be taxed. This would be considered Unrelated Debt-Financed Income (UDFI), or income derived from the use of “acquisition indebtedness” in the self-directed IRA. “Acquisition indebtedness” is income from a property where debt is acquired during the purchase of the property. There are certain instances where UBTI does not apply, including when investing in a subsidiary entity taxed as a C Corporation. The C Corp (or an LLC electing to be taxed as such) will pay any income tax associated with the net rental real estate income. Since the entity will have already paid any required tax before paying out any dividends to the IRA, the distribution would be tax-deferred or tax-free depending on the type of IRA. UBTI would not apply if, instead of the IRA investing directly into the property, it makes a loan to another real estate investor. The loan can then be secured by a lien on the property. Also, when property is not leveraged and was acquired via direct purchase, UBTI would not apply to its rental Income.

Despite the myriad rules and requirements involved with holding real estate in an IRA account, there are benefits. Real estate helps diversify a portfolio, often moving counter to financial markets. Real estate has historically appreciated over time, ideal for an IRA’s longterm investment horizon. Real estate can provide a steady income stream from rents, and any rental income collected grows tax-free within the IRA. The drawbacks are that a self-directed IRA needs to be set up with a custodian, and deductions for property taxes, mortgage interest, depreciation and other property-related expenses cannot be claimed unless a C Corp entity is used. In addition, all expenses, repairs and maintenance costs and third-party management fees must be paid with IRA funds, hopefully, and a net of rents to cover. IRA owners subject to annual required minimum distributions (RMDs) and holding direct-owned real estate need to be mindful of the overall liquidity of aggregate IRA holdings. The real estate portion may not have available funds for distribution and the investor will need to draw from other IRA sources. It is also important to emphasize that the owner of the IRA and their relatives can’t live in or run a business out of the property. James M. Philbin Marcum LLP Boston, MA



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Scott Galin, Principal/CEO

The information contained herein has been obtained from sources believed reliable. While we do not doubt its accuracy, we make no guarantee, warranty or representation about it. The prospective tenant should carefully verify each item, and all other information herein.

815200978- HRE - Mann Report - 561 7th - 20th Floor-Ad-2022_V5.indd 1

1/19/22 1:37 PM


Deb’s Retail Dish and Deals:

A SEASON OF CHANGE By Debra Hazel, president of Debra Hazel Communications

In pre-pandemic years, one of the highlights of the annual ICSC conference in Las Vegas was Marcus & Millichap’s industry overview. The pandemic shifted the event online and a bit before the conference, a format and timing the firm kept in 2022 as we all prepared to gather in person again for the first time in three years. The lingering effects of COVID-19 were an early topic for discussion. “Everything has changed, and everything has continued to change,” said Hessam Nadji, president and CEO of Marcus & Millichap. Unlike the last major crisis, the Great Recession of 2008, quick and massive intervention helped save the day. Government response in 2008 took 13 months and totaled 6% of gross domestic product (GDP). In 2020, the response came in seven to eight weeks and ultimately totaled 26% of GDP. Also remember, Nadji said, that the economy was in much better shape in 2020 than in 2008. “Even as we head into choppy waters, [note that] in ’08 and ’09, we had a systemic disease. There was a liquidity crisis,” he recalled. “That is not the case here.” Two years out from a global shutdown, the jobs that were lost have been recovered and the U.S. is almost back to full employment, he continued. “We can see the change in society; people are not wanting to do the same work they were doing before the pandemic,” Nadji said. “There are now more job openings than qualified workers. That’s a sign of strength.” And yet — inflation, the result in large part of so much money being injected into the system


with few places to spend it during quarantine, as well as supply issues and the ongoing war in Ukraine.

The day-to-day retail also will remain strong, as noted in the report that accompanies the annual presentation.

“We have an unbelievable run-up in consumption. At the same time, because of our inability to spend in 2020 and 2021, a lot of pent-up demand is coming back into the market,” Nadji noted. “That’s another very important underpinning of the economy.”

“Necessity retailers, value stores and restaurants with drive-throughs will continue to perform well, while other, more buffeted concepts are poised for a comeback. Improving leisure travel and anticipated office returns will boost foot traffic in commercial hubs and tourist destinations,” the report said.

Even so, inflation is better than undershooting the stimulus, which could have resulted in a depression during the pandemic, he observed. Though the Federal Reserve Board will have to be “very aggressive” to bring inflation back down to a range of around 2%, “This is a good problem to have.” Remember, he noted, that even if interest rates rise quickly, they’re still well below historical averages (other speakers at the event noted that they could be a full point higher by this time next year). And, unlike 2008, the economy is not dealing with a troubled banking or housing system; fundamentals are strong. And as we have found a way to cope with the virus, and the world has reopened, we are seeing changes in retail real estate as people return to stores while remaining committed to online shopping. More stores opened than closed last year, a welcome reversal from previous years. “We’ve seen people who didn’t use e-commerce use e-commerce now,” Nadji said, so physical retail will really have to up its game to compete. “What’s really important is that the experience of retail, fitness and food that was on fire before the pandemic will be on fire now. That is normalcy. You’ll see an explosion of experiential retail.”

Investors should, in fact, be looking for lower-tier, tired shopping centers that can be reinvented, Nadji said. “We cannot judge the retail book by its cover,” he observed. There are headwinds, the report said. Supply chain issues continue to restrict inventory, limiting retail growth as it can’t keep up with pent-up consumer demand. Service-oriented retailers still face staff shortages and unexpected absences. As interest rates continue to rise, capital remains constrained for ground-up development. Redevelopment is key in the current environment. Investor demand is back to pre-pandemic levels, especially for properties in the Sunbelt and for proven single-tenant assets such as large fitness centers, auto part stores and fast-casual restaurants. It was an interesting start to what will be a fast few days of reconnecting and, with luck, a lot of dealmaking. I’ll keep you posted. Debra Hazel Debra Hazel Communications North Las Vegas, NV (201)618-5247

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“Good Cause” and Effect: What Good Cause Eviction Means for NYC Landlords By Robert Rahmanian, principal of Real New York

New York State’s legislature has been considering a bill that would require “good cause eviction,” which would set rent increase limits and allow for automatic lease renewals in most circumstances. This legislation had been introduced previously by state Senator Julia Salazar of Brooklyn and Assembly Member Pamela Hunter of Syracuse in 2019 and 2021, without coming up for a vote. Given recent market conditions, including a spike in rent prices coupled with the recent end of New York’s eviction moratorium, the momentum is building for city council members and other elected officials to do something to help struggling tenants cope with the high and continuously increasing cost of living. But what about landlords? What is Good Cause Eviction? The Good Cause Eviction bill, should it pass on a statewide level, would guarantee tenants in market-rate leases the right to a renewal, so long as they pay on time and remain in compliance with their traditional lease agreements. The bill would also make it more difficult to fight evictions that are contingent upon rent hikes above 3% per year. This legislation could very well apply to nearly all rental buildings with few exceptions and would also require landlords to propose their desired rent increases in court to ensure it is reasonable. This, along with many other elements of the bill, presents a multitude of limitations for landlords which will trickle down and result in additional issues that will ulti-


mately affect tenants as well. How exactly will this bill affect tenants and landlords? 1. Reduced inventory: If this bill goes into effect, there will be an extreme reduction in the amount of housing available for renters because there will naturally be less turnover with existing tenants. 2. Less affordability and lower quality: While one of the elements of the bill is to cap rent increases, this does not necessarily mean that rents will be affordable. In fact, it will result in the total opposite, forcing landlords to raise and keep rents extremely high due to the reduced inventory, which is already very low in the current market. Due to the bill’s proposed rent caps and policies surrounding traditional lease agreements as we know it, homes will end up priced well below market rate for many years throughout a tenancy, which can negatively impact building operations. Rents need to increase to coincide with higher costs of living, services, vendors and compensations for building staff. This means fewer repairs and upgrades due to lack of funds. 3. Value depreciation and tax increases: A property or building’s value will plummet, and fewer properties will sell and/or trade. This will lead to a huge decrease in the taxes that the city receives on an annual basis, which is not good for any New Yorker. What can be done to prepare for the possibility of Good Cause Eviction? New York City is facing a very serious and real

housing shortage, and if Good Cause Eviction passes, it will only exacerbate the issue further. These types of regulations can have a negative impact on affordability in an already high cost of living location. In turn, rent will continue to skyrocket as housing supply dwindles. Real New York is advising landlords in various creative ways, including building micro roommate apartments for transient clients as well as pricing smart, with higher gross rents paired with complimentary months. What’s next for Good Cause Eviction? Recently, Rochester’s City Council voted against Good Cause Eviction, making it one of the latest as well as largest municipalities to reject this bill. Several other localities in New York have supported or passed some form of this under their own jurisdictions, however Rochester’s failure to pass the bill indicates the reduced plausibility of it on a statewide level. The legislation as it currently stands would result in higher property taxes, higher rents, lower inventory, more court hearings and other adverse effects on landlords and tenants alike. However, the probability of this bill being revisited in its current form in the near future is still on the table, so it is important for all property owners to take the appropriate measures now to ensure economic stability and safety. Robert Rahmanian Real New York 164 Ludlow St. New York, NY 10002


Lessons Learned from the Pandemic By Ira Meister, president and CEO, Matthew Adam Properties Inc.

So, what have we learned in the more than two years of the pandemic? It’s been a time when we had to quickly adopt new systems and procedures to fight COVID-19, analyze what we had in place and move forward. In doing so, we saw that many of the established procedures helped and we found areas where we could improve. The result: property managers found innovative ways to manage and upgraded systems to help keep residents and staffs safe and healthy. When the pandemic initially hit, a supply drought created supermarket shelves bare of toilet tissue and paper towels as well as many cleaning and disinfectant products. Those were the days when it was thought the virus could spread by touching a surface. Matthew Adam Properties represents many institutions which have protocols to maintain sufficient supplies. This contrasts with many properties that utilize just-in-time deliveries. We had sufficient supplies on hand for these properties. Importantly, we also had relationships with suppliers of the products and the supply chains, so we could ramp up orders faster than most. We were experienced in ordering and getting the essentials to the buildings as rapidly as possible. The institutions also had procedures in the event of an emergency, such as elevator protocols that we were able to immediately adapt to our other properties. We quickly established requirements for masks, screened guests based on rules established by the board and significantly increased the cleaning of all public areas, including gyms, meeting rooms and


children’s playrooms. We are continuing this increased cleaning. In adopting procedures, we followed recommendations from the NYC Department of Health and the Centers for Disease Control. By the way, as part of our green initiative to help maintain a healthy environment for residents and staff, several years ago we adopted the use of non-toxic products in many of our buildings. Residents and staff have overwhelmingly supported this effort. Going forward, we must remain vigilant as we may not have seen the last of COVID-19, with the possibility of unknown new variants. I believe that in the future we will manage COVID-19 as we now manage the seasonal flu, always aware of its presence and taking the necessary steps, including vaccinations, to prevent serious illness and hospitalizations. This requires us, and everyone, to be proactive. Another area where we learned much is with Zoom meetings. We find them more productive than in-person sessions and easier to have a quorum. Now, rather than requiring attendees to be physically present, those participants who are away on business or personal trips can join the meeting. This reduces the need for postponements. The meetings, interestingly, have become more businesslike with reduced chatter adding a new level of professionalism and fewer interruptions. We email the board package prior to the meeting, giving board members an opportunity to review the material prior to the meeting.

We have also successfully held multiple annual meetings via Zoom for many of the same reasons we made the switch for board meetings. We have found that attendance is greater, as it is more convenient for residents to join via Zoom rather than leave their apartments to go to a meeting, often held off site. Again, this allows people who are out of town to participate and increases transparency. One final note: We are grateful to the staffs of our buildings and to the employees of Matthew Adam Properties for their performances in this most trying of times. From the beginning, staff at our properties adjusted and went the extra mile with the new guidelines for visitors and residents as well as helping those who were homebound and needed assistance. The years of ongoing training along with the relationships built up with individual employees contributed to the overall quality and caring performances. There were many examples of individual staff members going beyond their normal duties to assist residents. Our staff at Matthew Adam Properties, back-office, administrative and asset managers all met the challenges of the pandemic as we were able to keep building operations functioning. Ira Meister President and CEO Matthew Adam Properties, Inc. 375 Pearl St., 14th Floor New York, NY 10038 (212)699-8900


Six Ways to Appreciate — and Share —

Set the Stage for Backyarding

The Value of the Backyard

family’s outdoor lifestyle means taking stock of what you might need to care for your green space.

By Kris Kiser, president & CEO of the Outdoor Power Equipment Institute and the TurfMutt Foundation By using and caring for the green space around our homes, schools, municipal parks and other managed areas, the outdoors can be available to anyone at any time. If we have learned anything in the last few years, it is the stress relief and health benefits available through connecting with nature. Understanding and supporting our natural world starts at our own backdoors. The following tips will help all homeowners appreciate the value of their backyards, parks, school yards and other managed green spaces, year-round. Think of the ways you can move activities normally done indoors to the outdoors. From playing to working and from exercising to dining, more people are finding their front and backyards are an extension of their home. Consider what you can take outside instead of settling for the artificial light and closed spaces of our indoor areas. They’re wonderful in inclement weather, but the outdoors is terrific for grabbing some Vitamin D, fresh air and stress relief. Create a five-star event space. The pandemic made traditional celebrations and gatherings challenging. But the outdoors came to the rescue for events. Now we all know the family yard and community park are five-star event spaces that are always easy to book for graduation parties, family reunions, birthday celebrations and holiday gatherings.


Creating a yard that supports all aspects of your

Take an inventory of your yard, your individual needs, landscape and equipment needed to care for it to make sure your space will always be there for backyard memory-making. Then follow these steps from the TurfMutt Foundation to set the stage for backyarding.

Utilize the best video call backdrop, naturally. No need to turn to technology when outdoors. The natural setting created by your yard’s living landscape — trees, flowers, bushes and other plants — is the best video call background, bar none.

Plant with purpose. Location, maintenance,

Enjoy a truly “green” spa. The healing power of nature is only a few steps away. Let stress blow away in the breeze as you swing in a hammock. Clear your mind with a few breaths of fresh air. Meditate to the sounds of nature. Do yoga to the soundtrack of songbirds. Make your lawn your exercise mat.

drought-prone areas and also will survive foot traffic, children’s play and pets.

Explore a living laboratory. Your backyard or park is an active and growing place for learning even when school isn’t in session. Take online classes under the shade of a tree. Do homework at a patio or picnic table. Brush up on STEM education by planting and studying flowers, insects, wildlife and weather watching. Sign up for Mutt Mail, a monthly e-newsletter with backyarding tips and all the news from the TurfMutt Foundation. To learn more about creating the yard of your dreams, visit Kris Kiser Outdoor Power Equipment Institute 1605 King Street Alexandria, VA 22314 (703)549-7600

sunlight and watering needs should all be considered, as well as your climate zone and lifestyle. Select the right grass. There are hundreds of varieties of turfgrass, and some of them — like Buffalo and Bermuda — even do well in

Mix native plants with adaptive plants and grasses. In man-made cities and suburbs, we must incorporate plants in areas with a lot of concrete, asphalt, people and traffic. You will need to utilize both native plants and drought-resistant adaptive species that can thrive in these conditions. Keep pollinators in mind. Remember that bees, butterflies, bats and birds are backyarding, too. Your yard and our community green spaces are part of the connected ecosystem that provide food and shelter to them, year-round. Plant to slow and capture water. Grass and plants slow down and capture the water that sheets off hard surfaces in cities and suburbs, recharging underground aquifers. Water wisely. Only water your yard when it is necessary. Install watering solutions — like smart controllers on irrigation systems — to help you use less water while maintaining a living landscape.

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Women In Construction By Carla Giarrusso, senior project manager, Suffolk Construction and REBNY fellow

As New York continues its post-pandemic recovery, industries statewide are making valiant efforts to bounce back. Workforce development is a critical piece of that effort. Within the construction industry — vital to the role of economic recovery — steps to grow and diversify the field have been slightly lacking. But they don’t have to be. We need to meet the growing demand for key infrastructure projects, tackle the housing crisis and help promote the creation of sustainable cities. But to equitably build toward this future, an equal balance and partnership between women and men is necessary. Only then can this sector reap full benefits and drive recovery forward in a more substantial way. We must build women up in our workforces. This is integral to help with the current labor shortage and is especially needed because COVID-19 has also increased the pressure on working mothers, with many becoming unemployed due to a lack of childcare. If this continues, the widening gender disparity in the labor market will only expand. New York City-based organizations like NEW (Non-Traditional Employment for Women) are key to supporting women as they help prepare, train and place women in careers in the skilled construction trades. Also, the Real Estate Board of New York (REBNY) is committed to helping the real estate sector cultivate diverse talent and build a leadership pipeline that brings new ideas, experiences and relationships to the table via its Fellows Leadership Program, which I’m honored to be a part of this year. To that end, we must go back and challenge the gender-based ideologies that persist in the


construction industry and hinder women from seeking out what I believe to be such enriching work. The first step of that process is to dispel some common industry misperceptions that I’ve seen firsthand, so that other women feel more comfortable taking it on as a profession. People often perceive construction as strictly blue-collar, consisting of “just” manual labor. But it truly is a science. It is a profession that requires much knowledge and continued learning, along with problem solving and working with people from different walks of life. No one project is the same and, within each project, there are many vital roles tailored to individual skill sets. Championing construction will help balance the perception of degree versus trade, as well as bolster young people, women in particular, to get involved. It is also a perfect opportunity for people who don’t want to work in an office and aspire toward more onthe-ground field work. One of the most remarkable things about my 25-year career is the extent to which I feel at home as a woman in construction. My experience with all my colleagues or mentors, past and present, have been nothing short of positive. I hope that sharing my positive experiences encourages other women to join in the trade. It’s also important to do your homework on the companies you’re applying to. A company like Suffolk Construction values diversity and inclusion and has a DEI department that helps to ensure women play a central role in the business. This is invaluable. Every day, people take for granted the spaces that we live, work, play and eat in. A career in construction allows you to take that step

back and really appreciate the physical world because you know you had a hand in building it. Not only is every project unique, but every day brings new challenges and lessons. Immediately, you’re brought on as a partner in the development of communities, whether it be a tower, bridge, school or factory. A career in construction is something that all women can aspire to. We can be a driving force for change, not only as laborers, but also as managers. There are several opportunities for long-term growth and it helps to note that the gender pay gap in the construction industry is lesser than the national average. In the face of economic recovery, a once male-dominated industry is finding itself in need of women — and we must oblige. It’s ultimately a win-win scenario. Women will re-enter the workforce, secure their footing in the labor force and close the gender pay gap while the industry gains access to diverse, qualified and talented men and women. It’s imperative that we take advantage of this chance to transform our industry for the better, so that other trades can also begin to take notice. Women have just as much of a place in the construction industry as we do anywhere else. Let’s continue to pave the way toward more female involvement and job growth as we continue to recapture the essence of our great city. Carla Giarrusso Suffolk Construction One Pennsylvania Plaza, Suite 5500 New York, NY 10119 (646)952-8000

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Harlem is Back With a Vengeance By Amanda Jhones, associate broker, Coldwell Banker Warburg

I recently met with a politician friend at Harlem Shake to enjoy the performance of C. Kelly Wright, who is one of the partners of Harlem’s Late Night Jazz, an organization that promotes musical events around the five boroughs. I wanted to chat about our new mayor, Eric Adams. In my opinion, Adams will be a great lawand-order mayor for our city. While many will disagree with his stop-and-frisk tactics to clear the city of weapons, I completely agree with his decision. During our conversation, we discussed the real estate market and what’s new in Harlem, including the fact that more Hollywood personalities are looking to invest in properties in New York, especially Harlem. “They had better hurry; every plot of land and nook and cranny in Harlem that I’ve seen has a project on the site,” I said, as my friend mentioned that the Bronx is the new frontier. I reminded him that I am a realtor and I had just joined Coldwell Banker Warburg. He congratulated me on joining this esteemed real estate company with another round of drinks. A Changing Harlem As we strolled the corridors of Harlem after dinner, it was great to see new stores and restaurants that have opened their doors in the community and finally, seeing the stores and restaurants that survived the pandemic. Sylvia’s continues to overflow with tourism


business. My favorite place, Jacob’s, is enlarging its space. When the famous Red Rooster shut down, the community was concerned that it would not be re-opened, but Red Rooster is back in business! The Apollo Theatre has opened its doors, too, and Minton’s Playhouse is back, as well. Good food and music are seemingly around every corner of Harlem. As we continued to stroll down 125th Street, we noticed all the new skyscrapers — in fact, 125th Street is beginning to mirror Madison Avenue without the hefty price tag. Even so, I was shocked when I found the perfect place for my commercial client to open a coffee and pastry shop. It was absolutely what he needed. When I contacted the broker about this property on Fifth Avenue and 111th Street, she informed me that this 670-square-foot storefront’s asking rent was $65 per square foot — that adds up to a cost of more than $43,000 per month! Harlem is not inexpensive anymore; those days are gone. On the residential side, the average monthly rent has soared — a cozy, walk-up, two bedroom/two bathroom, no doorman building, has risen from from $2,600 to $3,000. Yet some would say that’s still an excellent price, even with no amenities. Harlem is Back — But Different It is a beautiful sight, sound and feeling to walk along the streets of Harlem, seeing different people from all walks of life. When the pandemic hit, the area around Lenox Avenue and 125th Street was a ghost town — except for

the near-constant, mile-long line to get into Whole Foods. Now that COVID-19 is subsiding and somewhat under control, new construction has started again (unfortunately for residents at 7:30 a.m.). It’s back: 125th Street is alive again. The tour buses and walking tours are back. Tourism is back. Sidewalk vendors are competing with the name brand stores. If you chat with the street vendors, they will let you know that business is as complex as it’s ever been, and that maintaining their business among the growing construction projects all over Harlem is changing things in a big way. The mom-and-pop stores have vanished. They have been replaced by Victoria’s Secret, Mac Cosmetics, T.J. Maxx, Spectrum and Whole Foods. Wells Fargo bank has taken the space of the legendary Lenox Lounge, where Billie Holiday, Miles Davis and John Coltrane performed. The community took it hard, and there was even a local uproar about the design of Wells Fargo Bank. Harlemites were dismayed that the architect did not consider the rich history of Harlem and of the Lenox Lounge. Many feel that Wells Fargo is an eyesore to the community, and that the building developers showed a lack of respect for the rich history and the community of Harlem. Amanda Jhones Coldwell Banker Warburg

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To New Heights: The Palace Theatre is Raised on Broadway


heatergoers seeking the historic Palace Theater on Broadway now must look up. Landlord L&L Holding Company literally has raised the rafters (and the rest of the building) 30 feet above Times Square as part of the TSX

Broadway development. TSX Broadway is a 46-story, 550,000-square-foot, $2.5 billion mixeduse development in the heart of Times Square that will reimagine hos-

pitality, experiential retail, dining and entertainment and is expected to be open in 2023. Along with the Palace Theatre, the project will also include Times Square’s only indoor/outdoor performance venue, the district’s largest outdoor terrace, a 600-plus key hotel, 51,000 square feet of building signage and nearly 100,000 square feet of retail and entertainment space. Lifting the theater to unlock 100,000 square feet of valuable ground floor retail space, while maintaining and preserving the landmarked theatre required techniques that defied conventional engineering, the company said. The building combines hotel, retail and the theater.

Thirty-four hydraulic lifting posts were used.


The building was raised 30 feet.


The Palace Theatre’s 14-million-pound theatre box was lifted to 30 feet above Times Square (the third floor of TSX Broadway) by utilizing a mechanism that is a hybrid between a structural steel shoring post and a hydraulic jack. There were 34 hydraulic lifting posts pushing up on the ring beam around the perimeter of the theater box. The theater lift took seven weeks and one day from production lifting beginning on February 14 to the final elevation on April 5, followed by a month of structural infill and load transfer. “The completion of the Palace Theatre lift marks a milestone in this innovative project that is revitalizing Times Square and emerging as a symbol of the spirit of New York City’s economic and cultural strength in one of its most iconic destinations,” said David Levinson, chairman and CEO of L&L Holding Company. “We are thankful to all of our partners for accomplishing this never-before-seen feat of engineering, which will preserve the legacy of this historic landmark while unlocking its full potential as a modern-day entertainment destination.” Partners on the project include: Mancini Duffy, architect of record for the core, shell and hotel; PBDW, architect of record for theater design and historic preservation; Jablonski Building Conservation, historic preservation consultant; Urban Foundation Engineering, lift engineer of record and contractor; Langan, special operational equipment/foundation engineering consultant and Severud, structural engineer of record. With the lift complete, the 1,650-seat Palace Theatre will soon un-

The elevation took nearly two months.

dergo a $50 million renovation and restoration project, including refurbishing the theatre’s landmarked interior and upgrading and expanding the lobby, reception area and backstage, including adding 10,000 square feet of back-of-house space. A grand chandelier will be installed in its original historic location, and a new marquee added. “We look forward to inviting everyone to visit the Palace Theatre in its new home in the coming years. This project symbolizes the essence of Times Square, a district that sits at the intersection of our city’s history and its future,” said Tom Harris, president of Times Square Alliance. “This remarkable engineering project will elevate the theatre’s prominence as a part of TSX Broadway, which will create new experiences for all who visit.” Photos courtesy of L&L Holding Company

A grand chandelier will be placed in its original spot.



Wine Meets Art at Edes Building

Large windows open to Morgan Hill’s downtown.


here’s nothing like strolling through

Featuring architectural elements that create

an art gallery with a glass of wine

a captivating, sculpture-like exterior and a

— as residents of Morgan Hill, Cali-

contrastingly light interior, the building is de-

fornia will see next year when KTGY’s

signed to be a piece of art in itself. Inspired

design of the Edes Building opens in 2023.

by the local landscape, the differentiated aesthetic of Edes Building draws on timber con-

The mixed-use art gallery and wine bar,

struction in an eclectic urban context. Mass

which recently received its building permit

timber, a sustainable material chosen for its

and will break ground shortly, is designed

organic finish, is echoed throughout the in-

Drawing on the movement of visitors, Edes

to knit together a multi-use art gallery and

terior — creating a unique experience com-

Building brings the outdoors in with large

pedestrian promenade to re-engage a key

pared to the standard white-box approach

windows open to Morgan Hill’s charming

downtown intersection. It will provide two

of more traditional galleries. While offering

downtown while creating an intriguing and

levels of open gallery space, allowing for art

a more sustainable and economical option

flexible space. The first floor will consist

displays, display-style storage and a variety

than a concrete or steel structure, timber has

of large glass panels designed to engage

of art classes, along with a wine bar, café and

a natural appeal that is leveraged throughout

visitors and offer a preview of displayed art,

views of the surrounding rolling hills.

the interior and exterior of the building.

while a lantern-inspired staircase entices


Sustainable mass timber is used in the interior.


The design features custom shelving and displays.

The two-level space can host various events.

Flexible design can highlight pieces of various sizes.

visitors from the light and open first floor to

the flow of gallery visitors to accommodate

beyond simply viewing art. With an emphasis

an equally open second floor providing ad-

various-sized art pieces and create a flexi-

on building connections, Edes is designed

ditional gallery space and the ability to host

ble yet unified space. The first-floor gallery

to blend both social and artistic experiences

various community art classes and events.

leads to a wine bar with modern furniture, a

in the heart of downtown Morgan Hill.

functional seating area and a combination of “Edes Building provided an exciting opportu-

displayed wine and art pieces inspired by the

KTGY partnered with property owner, Dan

nity for KTGY to break the mold of traditional

surrounding rolling hills and outdoors.

McCranie; Twelve22 Ventures, the construction manager; KPFF, the civil engineer;

art galleries,” said Sean Martino, associate principal at KTGY. “By embracing the sur-

“Our integrated approach has resulted in a

K2D, which serves as the mechanical and

rounding rolling hills and greenery, along

holistic design that complements the archi-

plumbing engineer; RANA, the landscape ar-

with the movement of downtown, we were

tecture and meets the gallery’s needs to host

chitect; John A. Martin Associates, structural

able to design a flexible gallery that serves

a diverse collection of art,” said Gina Deary,

engineer and Chromatic, which serves as

the community through art and entertain-

principal in KTGY’s interior design and brand-

lighting designer.

ment while paying homage to the history of

ing studio, “The building itself is designed to

Morgan Hill.”

be a piece of art, and we wanted to capture

“Dan McCranie is a pioneer that is elevating

the uniqueness of this venue and allow it to

the arts and culture experience in Morgan

Edes Building is the first development for

be a beacon of creativity and inspiration in

Hill. We are fortunate for his vision, com-

which KTGY has provided both architectural

the community.”

mitment and passion for the arts,” said City of Morgan Hill Assistant City Manager

and interior design. It offers a unique challenge to create a versatile design that em-

Previously, the site was host to Edes Gro-

Edith Ramirez. “KTGY’s design of the Edes

braces the building’s mass timber structure

cery Store, the first business on the site in

Gallery masterfully uses cross laminated

and blends the warmth of the wood with an

the 1920s, which inspired the name for the

timber, an eco-friendly sustainable material

airy, modern design. Custom shelving and

development and, most recently, a pop-up

which offers an aesthetically pleasing con-

display units will accommodate a myriad

park that sparked the need for community

temporary design while honoring the site’s

of art, including canvas and prints, jewelry,

engagement through art and connectivity.

historical significance.”

pottery and glass pieces. Custom-made ro-

With the goal of re-engaging the community,

tating walls are designed to pivot and adjust

the design of the gallery offers experiences

Photos courtesy of KTGY



Warner Red Hill Commences Construction in Santa Ana

Warner Red Hill redevelops a former industrial site.


former industrial site is on the way to becoming a mixed-

“The design of Warner Red Hill celebrates Santa Ana’s industrial and

use community in Santa Ana, California, as construction is

cultural heritage with an inviting neighborhood and tech aesthetic,”

underway on Warner Red Hill, one of the largest such pro-

said R.C. Alley, managing director of AO, the architecture firm that de-

jects being developed in Orange County.

signed Warner Red Hill. “The project will offer a vibrant mix of residen-

Developed by Greystar Real Estate Partners, Warner Red Hill is located

tial and retail with a special community dining area that will encourage gathering for artists, musicians and foodies alike.”

on 14.7 acres near the edge of the Tustin Legacy development, which many consider to be the gateway to the city of Santa Ana. The project

The energetic mixed-use project will feature 80,000 square feet of re-

is scheduled to be completed in 2024.

tail space accessible from the central public plaza and a neighborhood



Three saltwater pools are on the rooftop.

The project is at the gateway to Santa Ana.

of five-story rental apartments. The 1,100 apartment units will range in

brick veneer, to smooth light washed facades with rhythmic window

size between 631 square feet to 1,362 square feet; future residents will

arrangements. The retail corner acts as a beacon of light and transpar-

appreciate amenity-rich living that will include three rooftop saltwater

ency, comprising glass, steel cross bracing and custom LED lighting.

pools and one courtyard saltwater pool, outdoor kitchens, lounges and barbecue areas and a fitness center. The project also includes five

“With our established multifamily and commercial studios, AO was able to

acres of publicly accessible spaces surrounded by extensive land-

leverage synergies within to create an efficient solution for Greystar,” Alley

scaping and curated streetscapes to encourage pedestrian and bicy-

added. “As modernization efforts continue to be developed throughout

cle activity. At the front is a 20,000-square-foot market hall designed

Santa Ana, we look forward to bringing our expertise to additional pro-

to be to be an asset for Santa Ana residents with plans to host social

jects that serve a multitude of residents and communities.”

gatherings, food trucks, entertainment and other events. The project includes the demolition of three industrial buildings on the As designer and architect of record, AO infused timeless elements

site and will be built in a phased approach. AO is partnering with MJS

into the structures such as faux steel beams, steel cross bracing, brick

Landscape Architecture to develop the landscape and open spaces

and glass. The residences express a diverse architectural character,

and Parisi Portfolio to customize the interiors.

where old meets new to form an eclectic urban village ranging from industrial lofts with floor-to-ceiling corner fenestration and cool gray

Photos courtesy of AO

Residences form an eclectic urban village.

Public spaces will bring the community together.


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Cal State Dominguez Hills Opens Innovation and Instruction Building The four-story building features multiple classrooms, labs and event spaces.


he transformation of California

a commercial kitchen and a café. The new

“We have enjoyed our partnership with

State University, Dominguez Hills

home of the College of Business Administra-

CSUDH, lending our years of experience

in the heart of the South Bay area

tion and Public Policy, the building opened

constructing projects for California universi-

of Los Angeles continues with the

for classes in spring 2022.

ties to complete another cutting-edge facility

completion of its $66.5 million Innovation

designed to support the evolving needs of

and Instruction Building. The new four-story

At 107,600 square feet, the Innovation and

higher education,” said Tom Jones, project

structure features a 250-seat auditorium for

Instruction Building is part of the school’s

executive at C.W. Driver Companies. “With

teaching and symposia, one 120-seat active

larger initiative to transform the campus with

several active learning classrooms and ex-

learning classroom, two 60-seat case study-

major capital projects that include the Sci-

ternal collaboration areas, interaction and

rooms, meeting rooms, computer labs, event

ence and Innovation Building, completed by

continuous learning are encouraged among

spaces, faculty and administration offices,

contractor C.W. Driver Cos. in 2019.

students and educators.”



A central stairway connects all four levels.

Business School model — are unique assets to students in the College of Business. A small broadcast room accommodates interactive lectures as well as distance learning. The third and fourth floors are comprised of 92 faculty and departmental offices as well as additional classrooms. All four levels are connected by a central open stairway that enhances visibility of the programs and interactions of the students, faculty, administration and community. “The outstanding design and dynamic quality of the Innovation and Instruction building are ushering in a new era of campus facilities that match the caliber of the academics taking place,” said Roshni Thomas, director of facilities planning, design and construction at CSUDH. “The C.W. Driver team was an excellent partner in bringing our vision to The ground floor welcomes students and

an active-learning environment.

visitors with an open lobby, a four-story

life, helping us to navigate this challenging period for construction.”

atrium, advising center and student café.

The building’s second floor is comprised of

The active learning classroom doubles as a

classrooms and computer labs. A simulated

C.W. Driver Companies partnered with HGA

university event center with kitchen support

trading room with lighted ticker tape informa-

Architects & Engineers on the CSUDH Inno-

and is designed to host speakers and con-

tion, as well as one 60-seat case-study room

vation and Instruction Building.

ferences and also serve as a banquet space.

(there is a second case study room on the

A classroom on the ground floor is utilized as

third floor) — as promulgated by the Harvard

Photos by Chase Magdaleno at Drone Works Media The complex is part of a major campus transformation.


sAve the dAte

7.18.22 The bronx chapter of


GoLf & teNNis oUtiNG July 18, 2022 The Village club of sands poinT

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worked as head of product of Urbint, a data

B6 Promotes Mercado to COO

intelligence company focused on helping cities become more resilient. Adrian Mercado

He previously served as managing director of research in the Capital Markets Group at Cush-

B6 Real Estate Advisors has promoted

team, comprised of the engineering and

man & Wakefield from 2015 to 2016. In this

Adrian Mercado from chief information

research departments.

position, he was responsible for the department’s day-to-day activities and a member of

officer to chief operating officer. In this new role, Mercado is responsible for the

Mercado began at B6 in July 2018 as partner

the Global Data and Technology Strategy team.

strategic growth of the firm as well as

and chief information officer; he will remain a

From 2010 to 2015, he served as vice president

oversight of the day-to-day activities of the

partner moving forward. Prior to joining B6,

of Research at Massey Knakal Realty Services.

firm’s operations team. He is also respon-

Adrian founded Alero Advisors, a data strat-

sible for the design and implementation of

egies advisory firm that focused on the real

Mercado graduated with his bachelor’s de-

the company’s insights strategy and data

estate technology sector. Before Alero, he

gree from University of Connecticut.

Tullius will be responsible for orchestrating

Premier Elevates Tullius to Vice President of Development

the parties within the development process, leading the interplay between finance, leasRex Tullius

ing and construction and spearheading entitlements and government relations. Within this role, he will work to strengthen

Premier, an end-to-end architecture, interior

head of hotel development. “We see a

relationships with cities, co-developers

design, procurement and project manage-

tremendous opportunity to accelerate our

and various stakeholders throughout the

ment firm, has appointed Vice President of

growth through strategic partnerships

development process to grow Premier’s

Strategic Partnerships Rex Tullius as vice

and investments. Tullius has extensive

development pipeline, the company said.

president of development.

real estate development experience and

He will also be responsible for aiding in

invaluable relationships with key partners

business development.

“Tullius has played an integral role in

within hospitality and other industries,

building our project portfolio,” said Hector

and we’re excited to have him step into

Before joining Premier, Tullius worked at Leg-

Sanchez, CEO of Premier and Ashford’s

this new role.”

acy Development as a president.

facilities, finance, human resources, legal

U.S. Green Building Council Names Revitte Chief Operating Officer

and technology.

Lisa Revitte

“Lisa is an outstanding complement to our global leadership team,” said Peter Templeton, president and CEO, USGBC and GBCI. “I

The U.S. Green Building Council (USGBC)

Business Certification Inc. (GBCI). In this

am confident in her ability to help strengthen

has named Lisa Revitte as chief operating

newly created role, Revitte will support busi-

the capabilities and performance of our or-

officer, supporting both USGBC and Green

ness leaders in a variety of areas including

ganizations as we work to address urgent



challenges facing our communities world-

and innovation we need to advance a pros-

she served USGBC and GBCI from 2006-

wide. It is an important time for USGBC and

perous and equitable future.”

2014 in various capacities including director

GBCI, and having an experienced COO is

of operations for GBCI and director of enter-

vital as we continue to pursue our mission at

Revitte has 20 years of operations experi-

prise performance for USGBC and GBCI. She

even greater speed and scale. Lisa’s exper-

ence and served as the chief operating of-

holds a Master of Business Administration

tise will be fundamental as we seek to trans-

ficer for the Brady Campaign to Prevent Gun

degree from the George Washington Univer-

form USGBC’s strong legacy of leadership

Violence, and most recently held the same

sity, and a bachelor’s degree from the Univer-

into the platform of partnership, collaboration

position at Fox Architects LLC. Prior to that,

sity of Michigan.

viously, he was a senior commercial credit

BHI Expands CRE Team with Jeddah, Azizi

analyst at Capital One Financial Corporation. He earned a bachelor’s in economics from Stony Brook University. David Jeddah

Benjamin Azizi

Azizi will primarily focus on building BHI’s

Full-service commercial bank BHI is expand-

continue our growth and momentum going

growing multifamily platform and will be re-

ing its Commercial Real Estate (CRE) group,

forward,” said Doug Rutley, BHI senior vice

sponsible for loan origination, relationship

adding David Jeddah and Benjamin Azizi as

president and head of real estate.

management and business development. He served eight years at JPMorgan Chase, most

vice presidents and relationship managers. Jeddah will support Ilana Druyan, first vice

recently in the CRE division, where he origi-

“In 2022, we are targeting an enhanced em-

president who oversees international CRE.

nated multifamily loans and was involved in

phasis and strategic focus on multifamily

He will cover existing clients as well as build-

closing more than $800 million in transactions

projects, building on our robust activity in

ing his own portfolio. Jeddah joined BHI from

from 2020 to 2022. Azizi is a cum laude gradu-

the sector last year. BHI already finances

BankUnited NA, where he most recently

ate of Baruch College’s Zicklin School of Busi-

large projects in key locations and we plan to

served as CRE relationship manager. Pre-

ness with a BBA in finance and investments.

Butler Promoted to Managing Director of FirstService Residential’s Metropolitan Division

“Adam continuously exhibits strong leadership qualities, great attention to detail and a thorough understanding of the unique complexities and compliance requirements for New York City and Adam Butler

New York State Mitchell-Lama buildings, affordable housing and income-restricted properties,”

Residential property management company

residential units across eight multifamily

said FirstService Residential Executive Vice

FirstService Residential has promoted Adam

apartment complexes.

President Tal Eyal. “He is a true representation of service excellence and dedication to making a

Butler to managing director of the metropoli-

difference for the clients we serve.”

tan division, a segment of the company ded-

Butler joined FirstService Residential in 2017

icated to providing property management

as general manager of Bayridge Air Rights,

services to income-restricted and Mitch-

a New York State Mitchell-Lama cooperative

Butler began his career in property manage-

ell-Lama properties in Brooklyn, Queens,

with over 800 apartments. He quickly was

ment 14 years ago as an office administrator

the Bronx and Manhattan. Butler oversees

appointed account executive for several

and quickly worked his way up through the

a dedicated team of property managers

other Mitchell-Lama buildings in the Metro-

ranks to general manager before he joined

who are responsible for more than 3,200

politan Division portfolio.

FirstService Residential.



Berger joined the company as director of

Norman Bobrow & Company Promotes Berger to VP

commercial leasing and investment sales in 2009 and has quickly become one of the Josh Berger

firm’s top producing brokers. In 2014, he was named managing director of commercial leasing and investment sales. Some of

Josh Berger, managing director at Norman

“Josh Berger is an exemplary leader who

Berger’s clients include Equinox, Make-Up

Bobrow & Co., has been promoted to vice

represents the next generation to help

Designory, Boyar Value Group, Clear Street

president of the independently owned ten-

run our business,” said Norman Bobrow,

Management, Jordache Enterprises, MMGY

ant-rep commercial real estate brokerage firm.

founder and president. “Most importantly,

Global, Harborview Capital Management,

he follows each deal through to completion,

Museum of Women, Petsmart, WCD Group,

In his new position, Berger will help as-

often exceeding the expectations of his

The Center for Social Inclusion, Kargo and

sist the brokers in the firm to drive higher

clients. Josh stresses accuracy, attention to

Transit Wireless.

revenues and transaction activity in both

detail and an unparalleled level of service

Manhattan and the outer boroughs and

and professionalism which has enabled him

Berger received his bachelor’s degree in

help with the firm’s broker development and

to successfully represent his clients time

marketing/business administration from

internship programs.

and again.”

Yeshiva University.

Madison International Realty Names Moon Managing Director, Platform Investing

growth opportunities. Kenny has directly applicable experience and will be an invaluable addition to advance these initiatives,” said Kenny Moon

Ronald Dickerman, Madison International Realty founder and president.

Real estate private equity firm Madison Inter-

With more than 15 years experience in real

Moon previously served 12 years with Al-

national Realty has named Kenny Moon as

estate investment and finance, Moon will

manac Realty Investors, Neuberger Berman

managing director to advance the firm’s activi-

focus exclusively on Madison’s real estate

Group LLC, where his most recent position

ties in real estate platform investing. Moon will

platform initiatives, providing growth capital

was managing director. At Almanac, he

be based in Madison’s Los Angeles office.

to public and private real estate companies.

sourced, analyzed, underwrote and execut-

Moon’s investment experience spans numer-

ed entity-level investments into private and

Madison International Realty specializes in

ous property types, and he will seek to broad-

public real estate operating companies

providing liquidity solutions to existing real

en the utilization of the firm’s capabilities.

in the U.S. and Canada, and previously served on the boards of HRIP Holdings

estate investors, as well as acquiring partial ownership stakes and joint venture interests

“Madison has become a global leader in

and PREP Property Group. Earlier in his ca-

in prime properties and portfolios in select

providing liquidity solutions to sponsors and

reer, he held roles at ING Clarion Partners

sectors and major markets in the U.S., U.K.

property owners of quality assets located

and Citigroup.

and Western Europe. Madison also provides

in prime markets across the world. We also

equity solutions to real estate platforms

seek to apply this capability to invest equi-

Moon earned a bachelor’s in business ad-

seeking to retain assets, grow portfolios and/

ty in real estate operating companies and

ministration from the Haas School of Busi-

or raise capital more efficiently.

platforms which we believe offer substantial

ness at University of California, Berkeley.



vantage. To that end, BBG has a strong track

BBG Appoints Holman as CIO

record of utilizing advanced technology and hiring highly accomplished IT experts to Blake Holman

help create the best client outcomes possible as well as achieve our goals for strategic growth,” said BBG CEO Chris Roach. “We

BBG Real Estate Services, a national due diligence

Holman has led the IT strategy, development

are extremely fortunate to have someone as

commercial real estate service firm, has appointed

and operations for public and private compa-

talented and well-respected as Blake who

nationally recognized technology authority Blake

nies in the consulting, telecommunications

will play a pivotal role in taking our technol-

Holman as chief information officer. In his new role,

and financial services industries. Prior to

ogy leadership to the next level.

Holman will lead BBG’s efforts to continuously im-

joining BBG, Holman served as chief infor-

prove the firm’s state-of-the-art information technol-

mation and infrastructure officer at St. David’s

Holman received a masters’ degree in infor-

ogy infrastructure underpinning BBG’s business.

Foundation in Austin, Texas.

mation security and assurance from Western Governor’s University and a bachelors’ de-

Bringing more than three decades of experi-

“BBG has always embraced technology as

gree in mechanical engineering from South-

ence in the information technology field, Mr.

a key differentiator to gain a competitive ad-

ern Methodist University.

In 2017, Nunnally pivoted to general man-

Swinerton Promotes Nunnally to Chief Administrative Officer

ager for craft services, where she was charged with developing a new corporate Lauren Nunnally

department to enable the expansion and profitability of Swinerton’s self-perform operations. Assuming the role of vice pres-

National building company Swinerton an-

to project manager and gaining experience in

ident and chief talent officer in 2019, she

nounced that Lauren Nunnally has been pro-

numerous markets. After taking a brief hiatus

focused on aligning and adapting Swiner-

moted from senior vice president and chief

to continue her education, she returned part-

ton’s overall talent strategy to its business

talent officer to senior vice president/chief

time in 2013 to support Swinerton’s complex

strategy, leading and driving continuous

administrative officer, overseeing all talent

collaboration portal initiative and process study

improvements to workforce planning; tal-

management, HR operations and corporate

of operations. She completed her MBA at the

ent acquisition, development and mobility

responsibility efforts.

University of Pennsylvania Wharton School of

and succession planning efforts. In 2021,

Business and rejoined Swinerton full-time in

promoted to senior vice president, she

Nunnally started with Swinerton in 2005 as a

2014 as director of support within the Business

became the youngest board member elect-

project engineer in San Diego and remained in

Technology group, working to reorganize and

ed to the Swinerton Incorporated board

core operations for eight years, quickly rising

focus IT on the business of construction.

of directors.


To Benefit



Platinum Sponsor


At Westchester Country Club For more information contact David Lipson

LANGSAM PROPERTY LANGSAM PROPERTY SERVICES CORP., AMO SERVICES CORP., AMO Langsam Property Services Corp. is a Bronx-based real estate management company. These buildings areislocated in the Bronx, Manhattan, Queens, Langsam Property Services Corp. a Bronx-based real estate management Brooklyn, and buildings lower Westchester company. These are locatedCounty. in the Bronx, Manhattan, Queens, Brooklyn, and lower Westchester County. Langsam is designated as an Accredited Management Organization (AMO), a standard of excellence management conferred by the Institute of aReal Langsam is designated as an in Accredited Management Organization (AMO), EstateofManagement standard excellence (IREM). in management conferred by the Institute of Real Estate Management (IREM). 1601 Bronxdale Avenue New Avenue York 10462 1601Bronx, Bronxdale Tel: 718. 518. 8000 Bronx, New York 10462 Fax: 718.518. 8585 Tel: 718. 518. 8000 Fax: 718.518. 8585

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Summer Style

By Myles Mellor



1. Desirable view

1. Placed above

7. Urgent request for help

2. Difference between market value and

9. “But first and foremost, Area15 is a _____brand.” Michael Beneville, Chief Creative Officer 11. Org. that promotes, advances and connects

claims against it 3. Confidentiality agreement, for short 4. Investor’s expectation, abbr.

women in the engineering, architecture and

5. Prefix with profit

construction industries abbr.

6. Japanese pond fish

13. Word with sales or perfect

7. Stylishly luxurious and expensive

14. Starting agent’s first hurdle

8. One of a condo board’s roles

16. Roman 4

10. Pointed or Gothic arch

17. Glacier Bay state, abbr.

12. ___ house: realtor’s staple

18. Taos’ state, abbr.

14. Key factor in architectural designs

20. HGAR CEO and president and chief strategic

15. Chow down

growth Officer of OneKey MLS, Richard _____

19. ___ Tai

22. Phrase with carte or king, two words

20. Owned

24. “Life of ___” (2012 movie)

21. Hard to find

25. Property for occasional or secondary use,

23. Tenants’ documents

three words

25. Bachelor’s apartment in slang

28. EPA concern as regards autos, abbr.

26. Word with level or commission

29. Newly appointed President of NY Resorts

27. _____ nester: parent whose children

World Casinos, Robert ___ (two words)

have grown up and left home

32. Ivy Leaguer in New Haven

30. “Float like a butterfly” boxer

Answers at

33. Dress-shirt fastener

31. Words said at an altar, two words

35. Real estate agent and loan officer, for example

34. Doctor’s title, abbr.


BHI IS THE FINANCIAL PARTNER YOU NEED TO HELP YOU GROW YOUR BUSINESS SECTOR EXPERTISE. TAILORED SOLUTIONS. 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. 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.


Gregory Kraut Gregory Kraut Co-founder and CEO of KPG Funds


regory Kraut is the co-founder

Who inspires you and why?

force. We collaborate with top designers

and CEO of KPG Funds, a fully

There are several people who inspire me, but

to deliver our tenants a unique but functional

integrated real estate investment

the largest inspiration in my life was my high

bespoke workplace experience. KPG over-

platform at which he oversees

school English teacher Mr. Rolenhagen. He

sees each project through design, develop-

the strategic direction of the company, asset

came to school every day with a smile on his

ment, management and leasing with preci-

management and leasing. He also is respon-

face and the desire to help every student in

sion and direct management. KPG targets

sibe for maintaining and developing new

his classroom. I want to come in every day

architecturally significant but aging Class B

client and capital partner relationships.

and know that I will help those around me

and C properties that are underfunded which

and be able to smile throughout the day. I be-

require significant capital and modern-day

The company’s mission is to buy and reinvest

lieve in these tumultuous times, the CEO role

design and function.

in value-add, retail and mixed-use proper-

is one where I will do that every day for both

ties. To do this, Kraut and his team target

our employees and partners.

What investment trends are you seeing in New York City? KPG fills an institutional niche in the NYC

capital improvements and strategic re-ten-

What do you think makes KPG unique or different?

anting. Throughout his 20-year career in real

We invest in the high-barrier-to-entry New

ing market. This investment strategy offers

estate, Kraut has represented owners and

York City office building market. We have cul-

strong opportunities to add value and gen-

occupiers in transactions totaling more than

tivated a proven strategy and a robust portfo-

erate high returns. There is trending positive

10 million square feet. Before KPG, Kraut

lio of ultra-luxury boutique office assets that

demand and low supply in the locations and

was the founding principal and managing

have weathered the storm through market

type of product that we offer.

director of Avison Young’s New York office.

cycles. Focusing on high-demand areas and

Prior to Avison Young, Kraut was a senior

building luxury boutique office products has

executive at CBRE, the world’s largest real

enabled us to maintain above market de-

What advice do you have for someone starting out in real estate?

estate services company. Kraut graduated

mand while outperforming our underwritten

Where you are right now isn’t where you’ll

from George Washington University in 1997

rents and our market competition.

end up, and just keep moving forward. Where

underperforming, non-stabilized properties in New York City to generate value through

boutique, non-commodity office build-

you are in this moment isn’t where you’ll be

with a Bachelor of Arts degree in the field of International Relations and Affairs.

How important is design in creating value in office properties?

forever. Things will change. Something out

How long have you been in the industry?

Design sits at the apex of KPG’s “Inspired

know, your feet will land somewhere bet-

I have been in the New York City commercial

Luxury Product.” Our design-forward brand

ter. The key is to always move forward, no

real estate industry since 1997.

attracts and retains the modern-day work-

matter what.


of your control will happen. Next thing you



We would like to take this opportunity to thank the following people: Our team & staff for their endless dedication and support Our tenants for their cooperation to keep our buildings safe Our partners for their trust and confidence in these challenging times All New Yorkers working tirelessly to keep our city moving We hope everyone continues to be healthy and safe in 2021. KAUFMANORGANIZATION.COM


THE RETURN OF GLOBAL REAL ESTATE The result after a global pandemic that saw most of the real estate industry take a pause: global surges as the world reopens again. Not surprisingly, year-over-year transaction volumes, appraisals and more are seeing stratospheric increases around the world. Look at an industry as it comes roaring back — you can see it by the numbers.

$3.741 trillion


The projected size of the global real estate market, an increase of 10.5% over 2021

U.K. market valuation appraisals, at their highest level in 10 years as of November 2021, up 6% from November last year and 20% higher than November 2019

( Real Estate Global Market Report 2022)

(Knight Frank)



Increase in Q1 2022 office leasing volumes over Q1 2021

The increase in residential transaction volumes in Dubai in 2021, led by villa and townhouse developments.

(JLL Global Real Estate Perspective May 2022)

Your Square Footage and Dollar Values, Delivered.



$54.4 billion

$1.3 trillion

Volume of foreign buyer residential purchases from April 2020 through March 2021, 2.8% of the $1.96 trillion of the dollar volume of existinghome sales

Global volume of completed sales of commercial properties in 2021, 59% higher than the 2020 total and 22% ahead of the previous peak in 2019, according to MSCI Real Capital Analytics (RCA)

(National Association of Realtors, International Transactions in U.S. Real Estate)

(2022 Emerging Trends in Real Estate Global Outlook, PwC and Urban Land Institute)

A new perspective opens a world of possibility. Many of the biggest names in New York trust Kramer Levin for real estate and land use counsel. The reason is simple: We have the experience to view matters from all sides Xh\ Ƅh\ mieonbihm ina]lm ip]leiidΫ Qa] l]moenm mj]Xd ^il na]gm]ep]mΫ T] aXp] jeXs]\ key roles in many iconic projects, including Hudson Yards, Central Park Tower and the Moynihan Train Hall at Penn Station. Let us show you how results-oriented counsel can make your next project a reality.

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9235_Ad_Mann Report_v10.indd 1

MR March 2022 COVER.indd 3

12/11/2020 2:22:00 PM

3/1/22 9:14 AM


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

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

Articles inside

Editor’s Letter article cover image
Editor’s Letter
pages 14-17
New York Landmarks Conservancy Presents 2022 Lucy G. Moses Preservation Awards article cover image
New York Landmarks Conservancy Presents 2022 Lucy G. Moses Preservation Awards
pages 20-25
Commercial News article cover image
Commercial News
pages 26-29
Residential News article cover image
Residential News
pages 30-33
Management News article cover image
Management News
pages 34-37
Tech Talk article cover image
Tech Talk
pages 38-41
Breaking News article cover image
Breaking News
pages 42-47
Making Buildings Perform for People Worldwide article cover image
Making Buildings Perform for People Worldwide
pages 48-53
Ask the Expert: Gemma Burgess on Diversifying Real Estate article cover image
Ask the Expert: Gemma Burgess on Diversifying Real Estate
pages 54-55
A Mid-year Look at Commercial, Multifamily Real Estate Finance article cover image
A Mid-year Look at Commercial, Multifamily Real Estate Finance
pages 56-57
Rockaway Beach Welcomes Women’s Health Facility article cover image
Rockaway Beach Welcomes Women’s Health Facility
pages 58-59
Nuveen Real Estate Launches Global Impact Investing Sector article cover image
Nuveen Real Estate Launches Global Impact Investing Sector
pages 60-65
It’s Time to Re-imagine Private Markets article cover image
It’s Time to Re-imagine Private Markets
pages 66-67
A Middle East Pearl: Four Seasons and Q Bayraq Announce Luxury Development in Doha article cover image
A Middle East Pearl: Four Seasons and Q Bayraq Announce Luxury Development in Doha
pages 74-75
AI and the Doorway article cover image
AI and the Doorway
pages 76-77
Daewoo Offers First Metaverse Application in Korea Property Market article cover image
Daewoo Offers First Metaverse Application in Korea Property Market
pages 78-79
ESG 1.0 vs. ESG 2.0 article cover image
ESG 1.0 vs. ESG 2.0
pages 80-81
Real Estate is Flagged for Digital Disruption Within the Next Decade article cover image
Real Estate is Flagged for Digital Disruption Within the Next Decade
pages 82-85
The Articles article cover image
The Articles
pages 86-103
To New Heights: The Palace Theatre is Raised on Broadway article cover image
To New Heights: The Palace Theatre is Raised on Broadway
pages 104-105
Wine Meets Art at Edes Building article cover image
Wine Meets Art at Edes Building
pages 106-107
Warner Red Hill Commences Construction in Santa Ana article cover image
Warner Red Hill Commences Construction in Santa Ana
pages 108-113
Cal State Dominguez Opens Innovation and Instruction Building article cover image
Cal State Dominguez Opens Innovation and Instruction Building
pages 114-119
Executive Changes article cover image
Executive Changes
pages 120-125
Crossword article cover image
pages 126-127
Commercial Corner: Gregory Kraut, co-founder and CEO of KPG Funds article cover image
Commercial Corner: Gregory Kraut, co-founder and CEO of KPG Funds
pages 128-129
By the Numbers: The Return of Global Real Estate article cover image
By the Numbers: The Return of Global Real Estate
pages 130-132