ESG-MINDED STRATEGIES AND THE FUTURE OF THE WORKPLACE
SEEING NAVAL HISTORY IN A NEW WAY
HOW VIRTUAL STAGING IS CHANGING THE GAME FOR PROPERTY SALES
Zetlin & De Chiara LLP, one of the country’s leading law firms, has built a reputation on counseling clients through complex issues. Whether negotiating a contract, resolving a dispute, or providing guidance to navigate the construction process, Zetlin & De Chiara is recognized as a “go-to firm for construction.”
We’ve done hard things before, we do them all the time.
For most cancer patients, the usual options are surgery, chemotherapy, or radiation. So we’re working on ways to get the immune system to deploy billions of cancer-killing cells and help more patients survive.
When some people experienced mysterious COVID symptoms and had nowhere to go, our team created the first Center for Post-COVID Care.
It wasn’t that long ago we had to open up your whole chest for heart surgery. Now we’re pioneering a bypass that goes through a few tiny incisions. With this surgery, we can get you back on your feet in weeks instead of months.
So if anyone ever tells you there’s no other way—don’t listen.
be done.
We didn’t listen.
From coworking memberships to turnkey offices, WeWork gives you more flexibility with your workspace. Discover solutions that make hybrid work for you.
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Welcome to our summer double issue, which kicks off the season with a touch of California, New York style. Or is it New York, California style?
Mary Maydan’s story is a compelling one — an Israel-born journalist who came to New York and interviewed some of the most interesting people of the early aughts, who found a new career and calling in architecture upon her move to California.
Now, she has returned (at least in part) to bring her distinctive modern style to apartments here. It’s a piece about reinvention, both of careers and design.
Also look at the latest gathering of the National Realty Club, which featured Pam Swidler discussing how WeWork is continuing to adapt its concept to changing times. It’s always joyous to gather real estate greats at these events and introduce veteran and new professionals to learn with and from each other. And maybe get a few deals done.
But NRC is more than that — we’ve formed a foundation to support great causes that help New York and New Yorkers. That’s why we’re thrilled to announce the date of the National Realty Club Foundation’s Annual Golf Outing — October 2, 2023 at the Fresh Meadow Country Club. The event will honor Michael Kerr and Zach Kerr, chairman and president, respectively, of M&R Management Co. Inc. A day of golf will be followed by cocktails and dinner — so you non-golfers can enjoy, too!
My dear friends Jonathan Stern and Robert Romanoff are serving as co-chairs, and with the help of a top-notch Golf Committee, we know a fine time will be had by golfers and non-golfers alike. Contact me or Penny Herrera at penny@ nationalrealtyclub.org for more information and sponsorship opportunities.
Meanwhile, summer is here, so take a little break. We’ll see you in August.
It is not how much we have, but how much we enjoy that makes happiness”
–Charles Haddon Spurgeon
Meridian’s national dominance in multifamily financing gives us a unique vantage point from which to approach markets on our clients’ behalf. By leveraging our 30+ year relationships and depth of experience, we are able to see what others can’t and produce exceptional outcomes — especially in turbulent markets. Remain informed and be agile with Meridian.
TODAY’S MARKETS MOVE MORE QUICKLY THAN EVER.
A few issues back, we focused on construction and the people who build and maintain real estate dreams. So it seemed only fair to focus on the designers, those who create the visions in all sectors of the industry.
It’s always a bit challenging for one journalist to interview another, but our cover subject, Mary Maydan was a delight to speak with — and made me wish I had even an iota of ability to draw. Also look at some of our contributors’ views on contemporary challenges. TPG Architecture’s Samantha McCormack discusses ESG’s role in creating the new workplace. JD Lloyd of Bella Staging shows us how virtually staging a residence for sale can save money and time.
And if you check out nothing else, look at Tiffany’s stunning remodeling that both honors and contemporizes its image, and was well worth the years of waiting.
But now it’s time for a bit of a break because this is a double issue. Whether you’re heading to the Hamptons or the Cape, going down the shore or visiting the mountains, enjoy. We’ll be back in August.
The National Realty Club celebrated spring with a cocktail networking event at Versa in the Herald Square area. Real estate and finance professionals gathered for fine cocktails and food and to hear guest speaker Pam Swidler, chief legal officer, chief compliance officer and corporate secretary of WeWork, discuss how she and a revitalized team are changing the company in the post-pandemic era.
5. Jenna Catanese and Amanda Cady, Kramer Levin; Steve Fisher and Josh Becker, Kramer Levin
6. Becca Sciabarasi, Samantha Chichester and Pam Swidler, WeWork; Dan Berman and Steve Senie, Kramer Levin
7. Ryan Brenner, PWC Companies; Jeff Mann, Mann Publications and Roland Nader, COA 99 Hudson
8. Pam Swidler. WeWork and Jay Neveloff, Kramer Levin
9. Guest and Pam Swidler, WeWork
PHOTOS BY ©GIORDANO COURTESY OF NYU PHOTO BUREAU
At The Pierre in New York City, the NYU School of Professional Studies (NYU SPS) Schack Institute of Real Estate hosted its 27th Annual REIT Symposium, titled “Mind the REIT Gap,” where more than 400+ REIT industry professionals joined more than 110 NYU SPS Schack Institute students for lively program sessions with industry leaders about the state of the REIT industry.
In addition, at the Symposium, the NYU SPS Schack Institute unveiled a ground-breaking, student-run REIT Investment Fund, giving students hands-on, real-world experience in real estate securities investment management.
GFP Real Estate LLC announced seven new lease transactions totaling 16,201 square feet at the Flatiron District’s 230 Fifth Ave. GFP Real Estate Principal Jane Gural-Senders and Executive Managing Director Harvey Richer represented the landlord, GFP Real Estate and the tenant in each of the leases.
The new leases were with: Marvel Home Fashions (1,999 square feet), Arroya Studio LLC (4,245 square feet), LS Mills Ltd (967 square feet), Reevooy Corp. (870 square feet), Maisonette Tekstil (3,989 square feet), Arkwright LLC (1,867 square feet) and Libeco Ligae (2,264 square feet).
MRA LEASES 70,000 SF AT HUB LIC
Metropolitan Realty Associates LLC (MRA) announced that five transactions totaling over 70,000 square feet of leases have been executed at Hub LIC, 47-25 34th St. in Long Island City, Queens, New York. Hub LIC is a four-story, 346,000-squarefoot flex industrial building. MRA owns and manages the building
with Nuveen Real Estate. Newmark brokers Scott Klau and Ryan Gessin represented the landlord.
Satis&Fy leased 11,192 square feet to serve as its New York operations warehousing and offices. Satis&Fy was represented by Newmark’s Jordin Gosin and Alex Rosenblum.
JLL's Capital Markets group arranged a $350 million debt and equity capitalization for the development of The Italic, a luxury mixed-use community located in Long Island City, Queens, New York. JLL represented the borrower, American Lions, a joint venture between Fetner Properties and the Lions Group. JLL also arranged
the joint venture equity.
The Debt Advisory team was led by Senior Managing Director Christopher Peck and Director Alex Staikos. Senior Managing Director Rob Hinckley, Senior Director Steven Rutman and Director Nicco Lupo led the Equity Advisory team.
Marx Realty announced that investment advisory firm Helix Partners Management has signed a five-year, 7,000-square-foot lease on the eighth floor at 545 Madison Ave. The firm is relocating from 399 Park Ave.
Helix Partners was represented by Greg Maurer-Hollaender of CBRE,
INNOVO, AFFINIUS CLOSE $334M RECAPITALIZATION
while a Cushman & Wakefield team led by Tara Stacom represented Marx Realty.
Namded after Marx Realty Founder Leonard Marx, the recently unveiled, 7,000-square-foot Leonard Lounge represents the culmination of 545 Madison's top-to-bottom renovation.
Innovo Property Group (IPG) with Affinius Capital LLC (Affinius Capital) closed a $334 million recapitalization of 2505 Bruckner Blvd., a one million-square-foot, premium urban industrial facility in the Bronx. The existing construction lender, Bank OZK, provided a $250 million senior mortgage, while PIMCO provided a
$84 million mezzanine loan.
Delivered in 2022, 2505 Bruckner Blvd. is a multistory urban industrial facility featuring industrial amenities including 28- to-32-foot clear height ceilings, 106 loading doors and 664 interior parking spaces for cars and sprinter vans.
MERCY COLLEGE RENEWS LEASE AT HUTCHINSON METRO CENTER
Simone Development Companies has signed a long-term renewal with Mercy College for 125,522 square feet of classroom, administrative and amenities space at 1200 Waters Place in the Bronx.
James MacDonald, vice president of leasing at Simone Metro Properties,
assisted by Sean Heneghan, assistant general counsel, represented the owners. Bill Cuddy and Greg Maurer-Hollaender of CBRE represented Mercy College in the renewal.
In 2003, Mercy College became the second anchor tenant at 1200 Waters Place.
Forbes Global Properties has welcomed luxury specialist Best Invest to its ranks. Best Invest will exclusively represent the brand in the Republic of Turkey (Türkiye Cumhuriyeti).
Best Invest's team of professionals provide services including investments, purchases, sales, rentals, le-
gal services, insurances, government permits and banking.
A popular destination, Turkey saw more than $165 billion in foreign investment from 2003-2020, with one-third of activity stemming from England, the Netherlands and the United States.
The Ritz-Carlton Residences, Estero Bay achieved $240 million in sales through April, as it begins construction this summer. The property, led by London Bay Development Group, will feature 224 residences within two 22-story towers on nearly a mile of waterfront on the shore of the Estero Bay aquatic preserve.
Residents will have a world-class marina with a five-star waterfront restaurant, an 18-hole championship golf course designed by Raymond Floyd, a nine-hole short course for all ages and levels, and hundreds of acres of nature. Priced from $3 million, residences range from 2,628 to 3,885 square feet.
Gamma Real Estate and JVP Management announced that listings are officially live at Sutton Tower, a new 120-residence condominium development located at 430 East 58th St. Designed by Danish architectural designer Thomas Juul-Hansen, Sutton Tower is the only new development tower in Sutton Place.
The tower’s design — Bavarian limestone with a champagne bronze-adorned crown — showcases the building’s assimilation with its historic surroundings. Each of Sutton Tower’s residences are located on a corner, providing vistas of up to 850 feet over the New York City skyline and East River waterfront.
Curbio Inc., the pay-at-closing home improvement solution, has launched a home staging service. Real estate agents can leverage Curbio's latest offering to help stage their clients’ homes with no upfront costs, saving sellers time and helping them make more money. Curbio's physical home staging services includes a team of
Habitat for Humanity and its partners around the world have launched “Home Equals,” a five-year campaign seeking policy changes at the local, national and global levels to increase access to adequate housing in informal settlements.
At the global level, Habitat for
design experts who strategically lay out furniture and decor to highlight and accentuate a home's most appealing assets.
Home staging joins Curbio’s other services including cleaning, painting, organizing, full kitchen remodels and whole-home makeovers.
Humanity is calling on G7 member states — a group of leading industrial nations — to recognize housing as a critical lever for development progress and commit to addressing housing needs in informal settlements to advance international development priorities in areas such as economic growth, health and education.
Greene Realty Group of Thurston County, Washington, has joined the Sotheby's International Realty network and will now operate as Olympic Sotheby's International Realty. The addition marks the Sotheby’s continued growth in the state of Washington and its 16th office in the state.
The company is owned and operated by Jim Greene, who brings 30 years of experience to the company. The company is headquartered in the city of Olympia, Washington and will service the entire Thurston County area, including the cities of Lacey, Olympia, Tumwater, Tenino and Rochester and nearby counties.
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National Asset Services (NAS) has assumed asset management of Wrigley Marketplace, a 130,272-square-foot, grocery-anchored shopping center at Long Beach Boulevard and Willow Street in Long Beach, California.
Shadow-anchored by Albertson’s
Tishman Speyer has launched ZO Global Access, the expansion of its ZO amenities program for all those who work at a Tishman Speyer property. Office workers at any of the 41 Tishman Speyer buildings around the world that participate in ZO will have reciprocal access to all other facilities.
and CVS Pharmacy, the shopping center is 100% occupied and features 20 national and local tenants.
Los Angeles-based NAS manages a commercial real estate portfolio of 183 diverse commercial properties, comprised of 25 million square feet, in 31 states.
ZO is available in cities across the country (including New York, Seattle, Chicago, Boston, Los Angeles and San Francisco) and eight international locations (in countries including Brazil, Germany, France and England). Previously, customers had access only to the services and spaces available in their building.
Tutor Perini Corporation, a civil building and specialty construction company, has been awarded a $2.95 billion contract by the New York City Department of Design and Construction (DDC) for the design-build Program for the NYC Borough-Based Jails System, Brooklyn Facility. Upon receipt of a Notice to Proceed, ex-
pected this month, design will begin.
“We look forward to partnering with them to deliver a state-of-the-art facility that will enable DDC’s plan to close Rikers Island and replace it with a smaller network of safer modern jails,” said Ronald Tutor, Tutor Perini’s chairman and CEO.
Pool season is officially upon us and Seauto, a provider of smart, autonomous pool cleaners announced two new additions to its collection: Shark and Seal. Both are fully autonomous with smart route planning powered by sonar technology, a first in the robot pool cleaning industry, that enables them to clean an entire pool
thoroughly and efficiently.
Designed for all above-ground and inground pools up to 2,150 square feet, they work with both flat and bowl bottoms and feature a high filtration system and super suction power that removes debris with ease, the company said.
The City of New Rochelle has selected FXCollaborative to transform its downton Train Station and Transit Center. The busiest stop on the Metro-North New Haven line, New Rochelle’s historic train station has been an anchor, and now even more so with the City’s downtown redevelopment effort.
TPG Inc., a global alternative asset management firm, has agreed to acquire Angelo Gordon, a $73 billion alternative investment firm focused on credit and real estate investing, in a cash and equity transaction valued at $2.7 billion.
The addition of Angelo Gordon
The New Rochelle Train Station was added to the National Register of Historic Places in 2009. Originally built in 1887, it has since undergone several renovations and expansions. FXCollaborative is an architecture, planning and design firm with experience in designing transportation hubs and urban landscapes.
marks a significant expansion into credit investing for TPG, establishing additional levers to drive organic growth and further expanding the breadth, diversification and reach of the TPG platform, the company said. The transaction will enable TPG and Angelo Gordon to be an even stronger partner to limited partners.
PlanetRE announced Aelo.ai, a fully automated AI-driven virtual staging platform that helps agents and builders to create home interior or exterior space transformations. Aelo.ai generates images in seconds.
Creating pictures for most common living spaces, the target styles offer
diverse choices like modern, tropical, vintage etc. The tool can even display use transformations, such as turning a spare bedroom into a furnished office space. Transformed pictures are generated in 256, 512 or higher resolutions with a minimum of one to a maximum of 12 possible images per click.
POINTR LAUNCHES INDOOR LOCATION SYSTEM AT ABU DHABI'S REEM MALL
Pointr, a provider of indoor positioning and mapping, is launching one of the world's largest single-site indoor location systems at Reem Mall in Abu Dhabi, United Arab Emirates. Covering all public areas of the 2.3 million-square-foot mall, Pointr and its partner Dimension Data created an indoor positioning system that
LEV LAUNCHES LEV MATCH
Lev, the digital transaction platform for commercial real estate, has launched Lev Match, a marketplace for debt financing. The technology has been used by Lev's capital markets team to close more than $2 billion in debt financing and it is now being made available through a first-of-its-kind "self-serve" experience.
For borrowers, Lev Match provides instant access to lending programs from thousands of national and regional lenders. Borrowers can view detailed profiles that spotlight the best-fit lenders for specific deals and financing requirements. Intuitive templates enable borrowers build and submit digital deal books and collect and negotiate
enables app users to find their position within the mall quickly, browse interactive maps and wayfind to a large number of points of interest.
In addition, the mall's 6,000 parking spots were individually mapped, enabling the app to direct visitors to free spots as they arrive.
term sheets within the product.
Outside of transactions, borrowers can use Lev Match to build new lender relationships by harnessing search functionality and an integrated lender communications hub. Lenders can manage their profiles and current program availability.
Mount Sinai New York–Concierge Care is a membershipbased medical practice that has brought the worldrenowned care of the Mount Sinai Health System in New York City, here to you in The Palm Beaches.
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Most importantly, you gain access to the full resources of the Mount Sinai Health System, for all of your health care needs. This is the health care experience you have been looking for.
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The Community Preservation Corporation (CPC), a nonprofit multifamily finance company, has partnered with Esusu, a financial technology company leveraging rent reporting for credit-building, to provide the company’s innovative rent reporting, analytics and rent relief services to CPC borrowers and their tenants.
Nester, the first tool to help homebuyers determine the long-range costs of homeownership, unveiled its new homeowner product, helping owners nationwide plan and budget for repairs and maintenance. Nester is designed to ensure homeowners avoid unexpected costs of repairs and maintenance.
Yardi has launched Yardi Case Manager, a solution to help public housing agencies (PHAs) and affordable housing providers track their daily tasks and workloads.
CPC and Esusu are committed to reducing the racial wealth gap by breaking down barriers to financial stability and generational wealth creation. By reporting on-time rent payments, renters with poor credit scores or no credit scores can build a positive credit history and a chance at a stronger financial future.
Designed to track and resolve every request an organization receives, Yardi Case Manager helps team
Nester homeowner platform users will get: a 15-year timeline of major maintenance; Nester Fund, which is projected monthly savings needed to cover maintenance; expert tips for completing maintenance jobs large and small and an inventory of major home systems with product information.
members collaborate, communicate and prioritize how they serve clients. Cases can track issues such as resident complaints, requests for reasonable accommodations, referrals to third party services, welfare checks, concerns from outside entities such as local governments and more.
Counsel to Related Companies and Oxford Properties Group in connection with the development of and all leasing activities at the 26-acre Hudson Yards on the West Side, the largest private development in Manhattan since Rockefeller Center.
Counsel to Google in connection with its US$2.4 billion acquisition of Chelsea Market in New York City.
Counsel to BlackRock in its 850,000square-foot lease for its planned headquarters relocation to 50 Hudson Yards.
Counsel to Brookfield Property Partners on all aspects of the development of Manhattan West in the Hudson Yards District, including its recent lease to the National Hockey League.
Counsel to Vornado Realty Trust and Related Companies on the redevelopment of Penn Station, including the redevelopment of the James A. Farley building and construction of Moynihan Train Hall.
Counsel to J.P. Morgan, as lead lender, in its US$900 million construction loan syndication to Extell Development for the development of Central Park Tower.
Counsel to SL Green Realty Corp., including all zoning approvals, in connection with the development and leasing of One Vanderbilt Avenue, an iconic 1,401-foot tall, 1.7 million square foot office tower being constructed on the full block to the west of Grand Central Terminal.
Counsel to Maefield Development in its approximately US$1.5 billion acquisition of the EDITION hotel, retail, and signage project known as 20 Times Square.
Counsel to JP Morgan Chase in connection with various aspects of its planned 2.5-million-square-foot headquarters redevelopment at its 270 Park Avenue location.
“An extremely talented real estate group with an impressively deep bench: the team is ideal for handling the most complex matters.”
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Atco Properties & Management announced that four of its current office tenants — Cornerstone Office Services, Telsey Holdings, N-Tier Financial Services and SBR Wovens — signed lease renewals totaling 24,102 square feet.
Cornerstone Office Services Inc. will
BAYPORT FUNDING PROVIDES $4.7M FOR UPPER WEST
remain at 555 Fifth Ave. in 12,281 square feet. In the same building, Telsey Holdings LLC renewed for 6,879 square feet. At 381 Park Avenue South, N-Tier Financial Services LLC renewed 2,534 square feet and textile firm SBR Wovens LLC has renewed its lease for 2,508 square feet.
Bayport Funding, a leading direct portfolio lender for real estate investors, has provided a $4.7 million acquisition and construction loan for the ground-up construction of 76 West 105th St. The six-story property, developed by Moonshot Development, will span nearly 7,000 square feet across two triplex townhomes.
The property follows in the visual footsteps of INOA Architecture’s signature aesthetic, with a unique asymmetrical design, thin frame and granite-hued façade. This exterior provides for ample space for an outdoor community garden, while the upper levels have access to a full roof deck outlined by glass railings.
BeyondView, a digital twin technology firm, launched a new augmented reality (AR) feature for its enterprise, digital twin software. The AR feature will be introduced across a sampling of BeyondView’s clients including Healthpeak Properties, Silverstein Properties, Daiwa House USA, Physicians Realty Trust, Lillibridge,
Farley White Interests and WeWork.
The new AR feature blends the physical world with the digital universe, providing real-life context to BeyondView’s digital twins. Users will plunge into BeyondView’s platform which aligns the real-life space to the coordinating digital twin.
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Core Real Estate, in partnership with New Empire Corp. have broken ground on a residential building at 429 Second Ave. The full-service, 12-story residential building will be designed by DXA Studio, and offer a robust suite of services and amenity spaces. Designed by Paris Forino, common spaces will include a build-
The Necessity Retail REIT Inc. (RTL) have entered into a definitive merger agreement, under which GNL will acquire RTL in an all-stock transaction. GNL and RTL have also entered into a definitive agreement that will result in the combined entity becoming internally managed, with the external asset
and property management functions currently performed by affiliates of AR Global LLC being internalized.
Based on portfolios as of March 31, 2023, the merger will create the third largest publicly traded net lease REIT with a global presence. The combined internally managed company, which
ing roof deck and garden, coworking space, conference and media rooms as well as a fully equipped fitness center with steam room and sauna.
“This project brings highly amenitized living to Kip's Bay in a way we've not yet seen,” said Shaun Osher, CEO of Core Real Estate.
will operate as Global Net Lease, is expected to own and manage over 1,350 properties and have an aggregate real estate asset value of approximately $9.6 billion at the closing of the transactions.
The deals are expected to close in the third quarter of 2023.
VICI Properties Inc. has entered into definitive agreements to acquire the real estate assets of Century Casino & Hotel Edmonton, Century Casino St. Albert and Century Mile Racetrack and Casino, each in Edmonton, Alberta and Century Downs Racetrack and Casino in Calgary, Alberta from Century Casinos Inc. for an aggregate purchase
price of C$221.7 million (US$164.7 million) in cash. Simultaneously, the portfolio will be added to the existing triple-net master lease agreement between VICI Properties and Century.
"We are thrilled to announce our third international investment with the acquisition of Century's four Canadi-
an casino assets, demonstrating our ongoing desire to expand internationally and confidence in the Canadian gaming market," said John Payne, president and chief operating officer of VICI Properties.
The transaction is expected to close in the second half of 2023.
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Moving from a career in journalism to one as a residential architect might not at first seem a logical transition. But Mary Maydan, founder of Maydan Architects, has moved seamlessly from crafting feature stories to crafting modern homes that work for their owners in Silicon Valley and now, New York City.
What Maydan calls California Modern, combining clean lines, lots of glass, open floor plans and bold shapes, is becoming a staple of Manhattan as it reflects the more relaxed lifestyle that appeals today.
“Modern, if you do it right, is incredible,” she told Mann Report.
Maydan was born in Israel and grew up in Tel Aviv. The daughter of a prominent editor in Israel, she followed in her father’s footsteps and became a journalist, eventually sent by financial publisher “Globes” as a New York Citybased correspondent while still in her 20s.
“I specialized in feature stories, interviewing some of the most
inspiring figures of our time,” including Mikhail Gorbachev, Barbara Walters, Larry King and Jerry Seinfeld, she said.
“I loved it. It was such a privilege to sit in front of people you think very highly of and have carte blanche to ask them questions. I considered myself the luckiest person in the world. I had the best job.”
Her personal life brought her West in 2000, when she met and married a tech executive, moved to Silicon Valley and began house hunting, even as she continued reporting. Maydan, who grew up in contemporary highrises in Tel Aviv and lived in newer apartments in New York, couldn’t find anything that suited her modern tastes.
“I had never even thought about architecture,” she said. “Then we started planning our first house, and I realized I only liked one style — ultra modern.”
In Los Angeles in the 2000s, finding that style wouldn’t have been too difficult. Palo Alto was a different matter entirely, with most homes
BY DEBRA HAZELdistinctly traditional, Spanish Colonial or Mediterranean in style. They were beautiful, but were largely highly segmented, with closed-off rooms and smaller windows. There was no hint of an open floor plan.
“I wanted to bring the outdoors inside. I wanted our home to be light filled and uplifting,” she said. “What we saw was very compartmentalized — a formal dining room, a formal living room, pitched roofs and small windows. I really wanted an open floor plan and huge glass doors. I wanted a design that had clean lines and was free of unnecessary ornaments. I had a very clear vision of what I liked.”
Her realtor tried to dissuade her, noting that the lack of demand for modern architecture in the area could result in a price discount of 10% to 20% when it was time to sell. But Maydan and her husband knew this was their “forever home” — reselling wasn’t an issue. She began creating a vision and hunting for an architect who could make her ideas a reality.
“I found a really highly regarded architect in Los Angeles who agreed to work with us, but he
was older,” she said. “I found myself going to the planning department to research the code and find out information for him all because he couldn’t travel much.”
During the schematic design stage, in fact, the architect died, leaving Maydan once again on her own.
“Fortunately, I’m very good at 3D, I already had a clear vision and sketched what I liked,” she said.
Always gifted at math, she began studying how to translate those ideas, taking formal courses and working with a local consultant who could submit the plans as well as a builder to start construction.
The home was a revelation for the area and became the subject of an article in the Palo Alto weekly newspaper. People came from around the Bay Area to see the construction site and asked her to design for them.
What in the wrong hands could be cold and hard instead is elegant but livable. Maydan’s home boasts the strong,
straight lines that are her trademark. Large glass windows and doors blend the indoor and outdoor spaces, while soft furniture provide comfort. The style is warmed by softer furniture, accessories and texture to create a family home.
“I can’t have my four
kids live in a museum,” she said. “I had to give it life, make it softer and more inviting.”
Word of mouth brought Maydan business. Meanwhile, she took courses at the University of California, Berkeley and was supervised by an accredited architect for eight years before
taking her licensure exams.
Over time, the writing gave way to design. Her family saw that she was pursuing a passion.
“I was raised that journalism is a calling. But I know that I couldn’t keep two full-time jobs, with kids,” she said. “I
told my parents that I was just taking a leave of absence and seeing how it plays out.”
With their and her husband’s support, her business expanded as word of mouth spread. The family did in fact sell
that first home, but their second, called Floating Boxes because its façade resembles three stacked boxes that are in fact interconnected, continues in that style.
Maydan even has done some commercial work,
including the design of Houzz’s headquarters in Palo Alto.
Now, Maydan has expanded to New York City, when an early California client turned to her for help as they searched for an
apartment for their son in late 2021. It turned out to be something of a homecoming.
“I searched with them and rejected so many apartments right away. Then I saw one that was amazing,” she said. “It
was a hard sell because it wasn’t that attractive to begin with, but I saw that if some walls came down, and with light and careful planning, I could make a smaller apartment very useful, spacious and uplifting. I could see the potential.
And I lived two blocks away when I was in New York! I was in heaven. ”
While remaining true to her modern tastes, Maydan’s aesthetic has evolved a bit, inspired by her international travels.
“When I started, I had such an aversion to anything that seemed to be traditional. I just wanted gray and white. I was a lot stricter,” she said. “Now I look at the Italians, who always add a twist.”
And remaining fresh is a goal.
“I always tell my team, when you succeed in something, it’s very easy to fall into the trap of doing the same thing,” she said. “I want to reinvent and do something new and fresh all the time. And
there’s nowhere better than New York to be innovative.”
Finding the combination of historic exteriors and modern interiors awkward, Maydan does not work on older buildings and leans toward new construction projects or extensive remodels, where her vision can be implemented from the beginning, and she has the ability to “completely transform” a space.
Working on the two coasts are both similar and different. Sustainability is a focus in all of Maydan’s work and she’s accustomed to the different building codes of California and New York. But New York City does present other challenges largely because of the density of the buildings, including protecting other
new to us,” she observed. “I’m so happy and blessed to be working in New York. It’s a dream come true for me.”
Home, however, will remain in Palo Alto, where the youngest of her children is still in school. Now with a team of five, Maydan is keeping her boutique firm small so she can remain handson. Three are now under construction.
calling.
“They live with us in an attached guest house,” she said. “They’re happy about my career, and in the last few years, I have been doing more interviews and writing. So, when I consult with my father, he is in his element.”
So one home at a time, one story at a time, Maydan brings her vision of modern comfort to life.
high-rise homeowners from construction inconveniences, purchasing and scheduling of materials. She currently is working on a project on the Upper West Side and is consulting with several other clients in the city.
“There were a lot of complexities that were
Her favorite project: “I always say I’m in love with the last project I designed,” she said.
In a way, the shift from journalism isn’t that surprising. Maydan is still interviewing people, learning their stories and telling them through design rather than words. And her parents have come to accept her new
“You never really set out to change the world,” she observed. “It happens more naturally. I was so passionate about modern architecture, and convinced that it was a perfect fit for our area and context. I was very lucky that I fell in love with a style that became so popular, and I became a leader in this niche.”
Enjoy a dazzling gala celebrating two outstanding leaders in business and the community. Prepare to be captivated by live musical performances and show-stopping dancing when the ballroom doors open and we reveal the surprise theme.
Saturday, June 24, 2023
THE BEVERLY HILTON
9876 Wilshire Blvd., Beverly Hills, California 90210
6 p.m. Cocktails
7:30 p.m. Dinner, Dancing and More
Black-Tie Attire
Complimentary Valet Parking
Event Contact Information:
Keri Henning
818.905.1300
HenningK@njhealth.org
njhealth.org/lablackwhiteball
Jim Carlin Holthouse Carlin & Van Trigt LLP David Rainer Bank of Southern California
In the contemporary business environment, it is crucial to monitor, report and communicate environmental, social and governance (ESG) practices for sustained growth and prosperity. Employees, shareholders and prospective talent have all begun to place increasing emphasis on deeper transparency, ease of use and values-driven decision-making, pushing these principles to the forefront of many business leaders' minds. However, despite the growing demand for ESG-centric strategies and corporate standards, a well-defined framework for business leaders remains elusive, leaving many uncertain about how ESG can or should be relevant to their organizations.
ESG is a personal concept — each individual within an organization should experience its values just as shareholders do. Consequently, identifying moments or places shared by both staff and leadership can be an effective place to start. The office itself represents an important opportunity to make this connection, particularly for companies unsure of the future of their real estate strategies, by looking at space as a tool that can enhance and reinforce ESG practices and commitments.
As a New York City-based firm, we have seen the demand within our market first-hand. Nearly every inbound request for proposal (RFP) that we have received of late has had a focus on ESG. Clients want to ensure their ESG goals are embedded into every aspect of their organization, including their real estate. In fact, we are often provided with our potential client’s annual sustainability report in addition to any branding and real estate guidelines during the RFP process. These reference materials help us learn more about big-picture goals and inform how we approach the design.
Given the nature of the organizations asking these important questions, our expectation is that
organizations across the nation, particularly within other, large metropolitan areas, are keen for similar answers. Business leaders from across the economic landscape want to know what is being done from a design perspective to integrate these strategies. We believe that the most effective ESG commitments will seamlessly integrate with the organization's core values and mission, ultimately aligning with the overall workplace strategy that the design will support. It is vital for that design to reflect those values in a personal way –– the most successful applications often transform business methodologies.
As designers, our job is to guide facilities managers and C-suite executives through the information-gathering process. Designers do these exercises — including interviews, surveys and curated visioning sessions — regularly to inform what a company wants or needs out of its spaces. Further, we are equipped with the expertise to tailor these strategies to the company.
What's important to staff and leadership is and will always be distinct from organization to organization. The designer's job is to organically open the door for these conversations, building a platform for business leaders to source and collect the information necessary
to define their company values.
Once the research is complete, careful consideration of space types and material selection takes place, allowing designers to incorporate tangible interpretations of company values into physical spaces. If the client’s core values include integrity, natural wood and stone could be added. If a client's core value centers around people and community, large communal spaces within the space will encourage community building. In a recent project for IEX, transparency was a guiding principle, leading the design team to incorporate an open mesh transparent ceiling system.
Translating the chosen objectives identified through data into design must align with a brand's corporate social responsibility objectives and requires a comprehensive approach. This encompasses environmental responsibility, real-time metric markers, optimizing technology, energy-efficient systems, smart building technology, internal and iterative benchmarking and embodying the values.
The “E” in ESG is often what companies talk about the most. Within the workplace, designers can help facilities managers and C-suite
executives integrate materials that alleviate environmental stressors. This can include providing clients with carbon analyses of material options such as carpet and ceiling tiles, adjusting HVAC set points to reduce consumption or having designers source local products and materials that can decrease energy usage and carbon emissions into the atmosphere. Another way designers can implement environmental responsibility within the workplace is by designing with reducing waste top of mind. Designers must strategically design in subtle ways that promote better day-to-day choices through recycling and waste stream awareness. This can be done through eliminating single-use paper and plastics or adding lighting and HVAC set points to reduce consumption.
When designers help weave ESG practices into daily work routines, digital boards can be integrated to display real-time measurements of air quality and carbon emissions within the office for employees and stakeholders. Key metric markers include volatile organic compounds, ozone levels, smog, water quality and occupancy density.
When facilities managers and C-suite
executives embrace technology and infrastructure upgrades, there is a significant increase in strengthening ESG integration in the workplace. By investing in energy-efficient systems, implementing smart building technology and promoting flexible work arrangements, organizations can create a more sustainable and environmentally responsible workspace. This, in turn, contributes to the company’s long-term growth and success while also showcasing the organization’s commitment to ESG practices.
Incorporating energy-efficient systems can also significantly contribute to a company's ESG goals. Businesses can effectively reduce their energy consumption and carbon emissions by adopting LED lighting, energy management systems and high-efficiency HVAC equipment. These systems contribute to the organization's environmental goals and result in long-term financial savings by lowering utility costs. Energyefficient systems can improve employees' overall comfort and well-being, leading to higher satisfaction and productivity rates.
Smart building technology can potentially optimize resource usage and significantly facilitate data-driven decision-making. For instance, installing sensor-based lighting systems can ensure that energy is not wasted on unoccupied areas, while automated window shades can help regulate indoor temperatures and reduce the need for air conditioning. Implementing energy monitoring software allows for real-time tracking of energy consumption, enabling organizations to identify areas for improvement and implement targeted energy-saving measures.
Integrating technologies like IoT (Internet of Things) can also enable better control over energy consumption and adapt to occupants’ needs, creating a comfortable and environmentally responsible workspace. Advanced building management systems (BMS) can monitor, control and optimize various aspects of the building's infrastructure, such as HVAC, lighting and security. By leveraging data analytics and machine learning, these systems can further improve energy efficiency, reduce maintenance costs and enhance overall building performance.
It’s important that facilities managers and C-suite executives understand that ESG goals aren’t static and space doesn’t have to be either — they are dynamic and adaptable. By having employees and shareholders outline benchmarks and creative "rewards," spaces can evolve as goals are met. For example, repainting conference rooms can visually indicate changes to those within the office.
Designs can also effectively convey tangible values within the workplace environment. For instance, using an all-glass design can emphasize a company's commitment to transparency. If focusing on wellness is a core value, incorporating efficient fixtures can help reduce water waste, while utilizing zero-VOC paint can improve air quality by limiting airborne toxins.
Another strategy facilities managers and C-suite executives can consider is having designers collaborate with landlords — as building selection is the single most significant decision affecting the ability to reduce
emissions in real estate strategies. To start, they must look at the building envelope and determine whether or not it has been upgraded. If not, what is the landlord’s stance? Once this happens, a full view of building systems is necessary. One system to examine would be HVAC — what materials are they submetering? Are there electric or condenser water systems? You must also consider the building and its proximity to transit. All of these aspects enable you to track changes in your emissions and meet sustainability goals.
In today's world, having designers incorporate ESG into workplace strategies is an increasingly crucial iterative process and the
business must embody it. The most significant ESG commitments are those that seamlessly integrate into clients' core values and mission, aligning with their workplace strategy. By conducting team interviews and utilizing curated exercises, designers can assist organizations in harnessing the full potential of ESG.
Consequently, by having facilities managers and C-suite executives work closely with designers, they are given the ability to incorporate environmentally responsible design elements, real-time metric markers, internal and iterative benchmarking and the “living” values within the workplace while evaluating the real estate strategy.
Heroes to Heroes helps veterans battling moral injury overcome guilt, shame and a loss of self. But we can only help if you do.
Show your support as we honor Corey Tucker of Luman Tucker LLP and Neil Garfinkel of AGMB Law at the 13th Annual Heroes to Heroes Golf, Tennis, and Pickleball Outing on Monday, July 17, 2023 at Sunningdale and St. Andrew's Country Clubs in Westchester, NY.
For more information go to www.heroestoheroes.org or call (201) 851-240.
The Power of Together
Founded in 1775 before the United States was in fact the United States, the U.S. Navy has had a long and proud history, preserved and explained since 1961 at the National Museum of the U.S. Navy (NMUSN) at the Washington Navy Yard in Washington, D.C.
The yard originally served as a storage and shipbuilding facility and later evolved into a major industrial plant focusing on the development, construction and testing of naval guns. The site was one of the largest employers in D.C. at the time and led to the creation of a community participating in recreational leagues,
parades, air shows, Navy Band concerts, exhibitions and tours of different facets of the site. It became a major administrative center for the Service and was eventually dubbed the “Washington Navy Yard” in 1962.
But as time has passed, the current museum became constrained. Located in an active military facility, it is difficult to visit, and needed expanding and updating, preferably in time for the Navy’s 250th anniversary in October 2025. In October 2022, the Navy announced that a new facility would be created on six acres adjacent
to the existing site.
Following the Secretary of the Navy’s October 2022 announcement of the preferred location for the Navy's planned museum, Naval History and Heritage Command (NHHC) moved forward with its conceptual development phase and then initiated the ideas competition in an effort to explore the full realm of artistic ideas that might be incorporated into a new museum. Project management and owner’s representative firm MGAC conducted a design competition on behalf of the Navy History and Heritage Command (NHHC) to create a larger, more modern and interactive museum, announcing an open request for qualifications across the country. Eighty firms expressed interest in participating and 37 submitted applications. MGAC chose five prominent architecture firms to develop artistic ideas that will provide concepts for the Navy’s new museum campus, including Bjarke Ingels Group, DLR Group, Frank Gehry Partners, Perkins&Will and Quinn Evans.
“These concepts mark an important step in the museum-building process,” said Charles Swift, acting director of the Museum of the United States Navy, who oversaw the competition, in the announcement.
Now in the conceptual stage, the Navy envisions the future museum with greater public access, a new building, a ceremonial courtyard and the potential renovation of existing historical buildings.
“We’re moving beyond the Navy Yard to exhibit the Navy’s history and heritage,” said Rajshree Solanki, senior curator at the museum. “We hope to have the building accessible to the public so it can be used as a ceremonial space, as well."
The Navy’s history will be weaved into each area of the museum’s design, which will be interactive and reflect today’s Navy as well as its history, Solanki continued.
“You might see what sailors are doing on ships, on planes, perhaps looking at a control panel or being on the flight deck and hearing the sounds,” she added.
The Navy leadership has a long-held vision to build a state-of-the-art museum that will create a living memorial to the U.S. Navy’s heritage of victory, valor and sacrifice. It will provide future museum visitors with a greater understanding of the U.S. Navy’s role in the country’s national and economic security. The new NMUSN campus will be an educational, cultural and ceremonial center for all visitors, to include active-duty Sailors, veterans and the public. Solanki and her team have been working with various Navy communities, interviewing aviators, Seabees and families to create the a narrative about daily life.
“We wanted places of contemplation as well, that will allow visitors time to contemplate and collect themselves,” she said.
Since January, the firms developed their unique submissions of conceptual ideas to include a museum entrance, an atrium, a ceremonial courtyard and the incorporation of some of the Navy’s larger artifacts, such as a Corsair aircraft, a Swift Boat and the sail of a submarine. The planned museum campus would consist of approximately 270,000 square feet and will include about 100,000 square feet of net gallery space.
“The concepts unveiled today are a crucial step in exploring what is possible for the new National Museum of the U.S. Navy,” said NHHC Director Samuel J. Cox, U.S. Navy rear admiral (retired), in the finalists’ announcement. “We’ll tell the story of the Navy’s history as it continues to unfold, and the ideas developed by our finalists herald a new way of honoring that history by inviting visitors to participate.”
The final canvases from the competition remain on display for public viewing at the Navy's current National Museum at the Washington Navy Yard.
Sustainability in the built environment is an expansive industry and currently enjoying its time in the spotlight due to increased pressure from communities and governmental bodies to combat climate change. From building design initiatives such as net zero and electrification to renewables and green building certifications, it can be a complicated and overwhelming field to navigate.
Building owners and managers may question if they are pursuing the correct programs to minimize their organization’s negative impacts on the environment. With all the initiatives, buzzwords and fancy awards surrounding these initiatives, there are energy efficiency strategies available to buildings that cut through this noise. This includes strategies that are cost-effective, quick to implement, widely abundant and result in an immediate reduction in building greenhouse gas emissions.
Approximately 28% of global carbon
dioxide (CO2) emissions are generated from existing buildings, making the sector a prime target for improvement strategies. The climate change saga is at a point where we are working just to limit global warming to a surface global temperature increase of 1.5°C. The goal is no longer to avoid the negative impacts of climate change because that opportunity has already come and gone. What we can do as an industry is to help avoid the potentially more catastrophic consequences of climate change that appear inevitable if global temperatures increase above and beyond 2.0°C.
The Intergovernmental Panel on Climate Change (IPCC) published a report to highlight the consequences of global temperature increases from 1.5°C to 2.0°C, which include:
• Impacts associated with forest fires and the spread of invasive species (high confidence).
• Risks from droughts, precipitation deficits and heavy precipitation
By Matthew Zweibruck, CEM(medium confidence).
• Risks to marine biodiversity, fisheries and ecosystems, and their functions and services to humans (high confidence).
• Risk of sea ice-free Arctic Ocean during summer and the irreversible loss of many marine and coastal ecosystems (high confidence) and
• Risks associated with saltwater intrusion, flooding and damage to infrastructure (high confidence).
No other global issue is quite so allencompassing when considering the potential consequences and the changes required from every major industry to mitigate its negative impacts.
To combat climate change, there has been a notable increase in green building program participation as organizations attempt to mitigate their facility’s greenhouse gas emissions and gain notoriety for their sustainability practices. While each program has its own specific objectives,
they have the common goal of promoting and recognizing efficient, healthy and sustainable buildings. The most prominent programs include:
• LEED: Administered by the U.S. Green Building Council, Leadership in Energy and Environmental Design (LEED) certification program is the most widely used green building rating system in the world. Available to virtually all building types, LEED provides a framework for healthy, highly efficient and cost-saving green buildings. LEED certification is a globallyrecognized symbol of sustainability achievement and leadership.
• Well: The Well Building Standard is a vehicle for buildings and organizations to deliver more thoughtful and intentional spaces that enhance human health and well-being.
• Energy Star: Energy Star-certified buildings save energy, save money and help protect the environment by generating fewer greenhouse gas emissions than typical buildings. To be certified as Energy Star, a building must meet strict energy performance standards set by the Environmental Protection Agency.
Additionally, active involvement with emerging standards, such as ESG (Environmental, Social and Governance) is a necessity as organizations may encounter financial consequences for not participating. Public concern over the worsening effects of climate change will continue to drive environmental policy in a direction that brings awareness to these programs.
The current popular green building programs deliver a wide range of benefits to participating organizations. These include sustainable and efficient designs for buildings, healthy and comfortable tenants and recognition and accountability among peer organizations and the public. These programs are here to stay and will only become more integral to the building design, construction and management processes in the future.
Building owners and operators are highly encouraged to review these programs and
take inventory of existing and proposed building stock to identify opportunities to pursue green building certifications.
The Issue
The importance of a green building program cannot be understated; however, when it comes to combating climate change, it is but one of many tools that organizations need to use to reduce their greenhouse gas emissions. In relying too heavily on these programs, companies may be overstating their commitment to sustainability and the positive impacts they are having on the environment.
This is usually not intentional, but simply the result of pursuing awards and accolades instead of taking less recognized direct action to implement energy-efficient solutions. Organizations need to ask themselves if their efforts have been in pursuit of appearing green rather than being green. If it is the former, what insights can we provide to those organizations that might have fallen into the greenwashing trap? How can we help ensure an organization’s sustainability efforts are not smoke and mirrors and that all avenues for building efficiency are being pursued?
To reiterate, green building programs are highly recommended and should be pursued where possible. The issues arise when these programs are pursued and other readily available energy reduction strategies are ignored. This is the disconnect that can often occur between sustainability recognition and sustainability itself.
For example, a commercial building with LEED, Energy Star and Well certification is not guaranteed to be operating efficiently. That can be a big problem for building owners looking to reduce greenhouse gas emissions and energy costs. Many green building programs are inherently passive, meaning there is no active monitoring of existing building stock beyond benchmarking. The energy use intensity of a building can provide good metrics for determining the need for energy efficiency improvements, but it does not provide insight into specific low-hanging energy
efficiency measures.
One solution is to pair participation in green building programs with direct action through building optimization and retro-commissioning programs. Retrocommissioning (RCx) is a process that optimizes building energy performance through the identification and implementation of low- to no-cost energy efficiency measures, which can often be implemented without the installation of any new equipment.
This process can take less than a few months, is extremely cost-effective and can be initiated and occasionally revisited without any administratively intensive processes. RCx also avoids the rigidity of capital-grade energy efficiency improvements, which are often dictated through long-term budget planning.
The retro-commissioning services umbrella also includes monitoring-based commissioning (MBCx), a more advanced form of RCx involving the installation of analytical software to constantly monitor building performance and provide automatic alerts on opportunities for energy efficiency improvements and maintenance requirements. This technology gives buildings the confidence that all avenues for performance improvements are being pursued.
The retro-commissioning process is so essential to building operations and energy efficiency that some states are beginning to require larger commercial buildings to participate in retro-commissioning studies periodically. Until it is a requirement in every state, it is crucial that RCx be promoted and implemented wherever possible. These overall efforts can only succeed when management initiates high-level sustainable design and practices are paired with direct quantitative action to improve building performance.
Matt Zweibruck is an energy engineer with the Energy + Eco group at ESD, a global engineering firm specializing in mechanical, electrical, plumbing, fire protection, life safety, structural and technology engineering.
Although there is tremendous buzz advocating the power and efficacy of emotional intelligence in modern real estate marketing and branding endeavors, there is little consistency and clarity on fundamental best practices and methodologies. These fundamentals, when further honed and refined, can result in highly sophisticated and emotive brand building that resonates with the intended audiences and compels them into the desired action.
That same clarity is needed on pitfalls that can impede progress as a real estate brand seeks to engage and truly connect with the hearts and minds of their intended audience—not just their wallets. Doing so breeds the kind of loyalty that can sustain consumer relationships for a lifetime.
A 2023 Emotional Intelligence Market study citing “heavy growth” of $49.93 billion by 2027 exemplifies the extent to which mastering “EQ” versus IQ takes brands to exciting new levels of success and why not embracing EQ can result in opportunity loss.
Martha Marchesi, CEO of JK Design — a full-service creative agency with a roster that includes Tiffany & Co., Johnson & Johnson, Priceline, Prudential, ADP and more — provides insights on five telltale signs that a real estate brand may lack emotional intelligence and how to ensure EQ is employed effectively in marketing strategies:
An emotionally intelligent brand demonstrates empathy by understanding and addressing the emotions, concerns and needs
of its customers. A brand that lacks empathy may come across as cold, indifferent or out-oftouch in its messaging. This can not only lead to a weakened brand image, but also outright customer dissatisfaction. Egregious and extreme cases of brands being emotionally “tone dead” can cause a brand to be publicly “flamed” on social media and elsewhere.
One great way to exhibit empathy in brand messaging is to address common and specific customer pain points related to productivity, financial, processes and support. Another approach is to use storytelling that highlights relatable customer experiences such as cost savings, productivity, efficiencies and customer support. It’s also imperative to ensure that empathy is conveyed in an authentic
KERNway that will resonate with the intended audience. One easy way to achieve this is for public communications from company executives, or which represent the brand as a whole, to display vulnerability, which fosters relatability and trust.
In the post-COVID-19 marketplace, there has been a profound and pivotal cultural shift toward empathy and engagement that is requiring business leaders and companies to enhance these kinds of EQ skill sets to meet new expectations. Another effective method to demonstrate empathy is to utilize genuine customer testimonials, stories and case studies that articulate first-hand brand experiences.
Emotionally intelligent brands tailor their messaging by
customer segment. If your brand serves both young professionals and retirees, entirely separate, targeted messaging and visuals for each group are in order. But try to dig deeper so you can use language and imagery that will resonate on a more individual level.
Even before crafting specific messaging, a brand must first wholly understand what makes each segment tick. What are their values? What inspires them to action? What upsets them? A fully formed profile of each customer category must be developed and continuously honed to ensure your brand’s messaging keeps pace with ever-evolving sensibilities and cultural shifts.
Emotionally intelligent brands understand that customers care more about the benefits of a product or service than its nutsand-bolts features. Brands that focus too heavily on product attributes and technical specifications should shift their focus to how those features will improve customers' lives. Use clear and concise benefit statements related to a product’s usability, safety, environmental responsibility, affordability, durability and more. Or stress that a service will save time, make users more efficient and productive, enhance the quality of their work or make an experience more
include metrics data and analytics. By leading with the various ways the product or service can impact and enhance the lives of its users, your brand can forge stronger emotional connections than by simply touting features and attributes.
Emotionally intelligent brands actively seek, value and utilize customer feedback in sustained efforts to improve their products and services and fine-tune future messaging. Brands that ignore customer feedback may struggle to develop a loyal customer base. Conduct regular informal polls, more formal customer surveys, actively monitoring social media channels or even hosting focus groups.
Customer feedback, positive or negative, is valuable and powerful market research. However, beyond just collecting and cataloging the data, EQ-driven brands take concerted action on each viable data point — including sharing those insights with all applicable internal teams and other appropriate stakeholders to ensure the collective has an accurate “temperature” and cohesive understanding of the organization’s KPIs at any given time.
Emotionally intelligent brands embrace and effectively communicate their core values and beliefs. They figuratively wear their brand values as a badge of honor and let those ideals guide the way as the company’s marketing communications’ North Star. For example, brands can easily showcase their commitment to sustainability through overt green initiatives, which customers are made aware of through public communications and discourse. Of course, demonstratively exhibiting how values are being upheld can be detailed on a brand’s website, but should also
include citations in public relations, social media, on- and offline advertising, direct email and newsletters, signage and other efforts. Some highly EQ-equipped brands exemplify their values by participating in charitable events that align.
While the expression certainly need not be overtly impassioned or “over the top,” brands that fail to express their values or purpose in some identifiable way may need to reassess how they communicate their mission. This recalibration can foster a stronger emotional connection with prospects and customers. A good first step in this direction is to clearly define and articulate brand values internally. From there, systematically and concertedly integrate those values across all marketing channels with consistency, ensuring a cohesive and authentic message is conveyed to your audience at every possible touchpoint.
Emotional intelligence is key to any marketing strategy. It should be upheld as your brand’s guide to craft your story, develop inspired positioning and brand architecture, empower your sales force, create engaging content, collaborate with your creative team, transform the typical e-commerce experience into a story-driven customer journey, measure your results and so much more.
By making impactful and authentic emotional connections with your audience and continuously fine-tuning that approach, you can drive meaningful results — the kind that creates even unforeseen advantages and helps you not just achieve, but exceed, your goals.
Merilee Kern, MBA is a brand strategist and analyst who reports on industry change makers, movers, shakers and innovators across all B2B and B2C categories.
The evolution of the retail industry continues in an evermore connected world, said speakers at the Marcum Consumer Products & Retail Symposium, held in Los Angeles in May. And 2023 will be a year of transition and opportunity.
The increase in prices on food and other basics continues to affect spending in other sectors, noted keynote speaker Marshal Cohen, chief retail analyst of Circana (formerly NPD Group). Circana collects trillions of data points on consumer behavior, general merchandise and all aspects of retail except for auto sales.
The most frequently purchased item for any consumer is food, he observed, and rising prices means cutting back on other areas.
“If someone sells a sweater, why do I care about PopTarts? You need to,” Cohen told the audience. “Every dollar the consumer spends impacts the other dollar. People are making conscious decisions — ‘If I buy this, I’m not going to buy that.’”
The COVID-19 and post-pandemic eras saw unusual buyer behavior. In the early days of the pandemic, technology sales boomed as consumers rushed to accommodate working from home and homeschooling.
“Boy, was that a short-term
high,” Cohen observed.
Another effect was a concentration on quality over quantity, as consumers bought fewer items but were willing to invest in them, raising the dollar sales but lowering unit sales. And now, for categories such as activewear, consumers are in replacement mode, only purchasing what is needed. The good news is that retailers can plan for this to a degree.
“The average life of activewear is two years. Televisions are the opposite, with a replenishment cycle of five years,” Cohen said.
“There are opportunities.”
Some sectors, however, continue to benefit. Surprisingly to some, prestige beauty products did well during the pandemic as consumers engaged in selfcare (and saw themselves on screens for hours every day), and it continues to grow as
socialization has returned.
“Beauty is the only industry with both positive dollar growth and positive unit growth,” Cohen said.
Some COVID-19 effects linger. The supply chain shift of the early pandemic continues to haunt the industry.
“We went from dramatic shortages to incredible overages, so we had to go through a very aggressive promotion period. They did a very good job of going through it quickly,” he said.
And that means there is less merchandise in each store. That may be great for margins, but bad for excitement and bringing customers back in store.
“We have bored the consumer to death,” Cohen said. “There is now 70% less new product existing in stores today than
pre-pandemic. We created the problem of lack of demand because there’s nothing new.”
The result is that retailers are focusing on grabbing market share, and then looking at margin, using every bit of technology they can to maximize sales and minimize promotions.
“How do you create an environment where the consumer wants to engage?” Cohen said.
Technology can help, said Dave Mustin, vice president, strategic consulting at Marcum Technology, a subsidiary of Marcum LLP. Traditional advertising just doesn’t cut it anymore.
Geolocation marketing, which collects a shopper’s location (though not identity) via a satellite or cell tower, can help retailers determine what a consumer finds interesting.
“If they’re smart, they might have tech laced throughout the store to know what they’re looking at,” Mustin said. “They then have the opportunity to encourage them to complete that transaction. That in-store activity is now an instrumental part of consumer engagement.”
Artificial reality, he said, is the next game changer, with artificial intelligence using models to build accurate shopper profiles.
“Marry that with probability analysis and you’ll start to figure out what people will do,” Mustin said.
Other, even newer, tech can be of interest.
“Chat GPT is just scratching the surface of what is possible. The revolution is just starting,” Mustin said.
On the positive side, the employment picture is still healthy, with close to two jobs for every person looking. But consumers are once again racking up pre-pandemic levels of credit card debt.
And remote work remains a factor. Prior to the pandemic, Cohen noted, about eight million people stated they worked from home full- or parttime. During the height of the pandemic, 88 million people worked remotely at least some of the time. That number has now declined to about 39 million but likely will not return to
pre-pandemic levels.
“That impacts what we buy, when we buy and how we buy,” he said.
And retailers have to promote to older consumers, including boomers and millennials.
“You have to start to look at how you relate to the industry you’re in. This is a dramatic shift,” Cohen said. “You have to think where and when the growth is going to come from. Find ways to partner to create new and exciting products. The consumer is extremely resilient — they will buy what they need and what they want.”
REVOLUTIONIZING REAL ESTATE:
BY JD LLOYD
As the commercial real estate market evolves, industry experts are predicting that virtual staging will lead the way in the future. In recent years, virtual staging has emerged as a powerful tool for
real estate professionals, allowing them to showcase properties in their best possible light and attract buyers and tenants.
So, how does virtual staging
work? It starts with high-quality photographs of the property, capturing the space in its current state. These images act as a blank canvas and serve as the basis for the virtual staging process,
which involves a series of steps to transform the space into a visually inviting environment.
Design consultation is the next step. The virtual staging team
collaborates with the real estate agent, homeowner or property developer to determine the desired style, furniture and décor for the staged property. Design choices can be tailored to suit the target market or the specific preferences of the client, ensuring that the final product meets their needs and expectations.
Using specialized software, designers then create digital renderings of the property, incorporating the chosen furniture, décor and style elements. This process requires a combination of technical skills and artistic vision to produce realistic, visually appealing images that help potential buyers or tenants envision themselves living or working in the space.
Once the initial renderings are complete, the client can review and request any necessary changes. This iterative process ensures final images meet the client's expectations and showcase the property to its full potential.
Finally, the high-quality images are delivered to the client, ready for use in marketing materials, online listings and other promotional efforts. Virtual staging can be a powerful tool for real estate professionals, helping attract buyers and tenants, speed up the sales process and, ultimately, close more deals.
Consider the following statistics and insights:
• Virtual staging companies will charge between $22.50
and $129 per photo for luxury listings.
• Hiring a virtual staging company costs an average price of $400 per home.
• Staging the home (in reality) can cost about 0.75% of a home's price, averaging between $2,300 to $3,200.
• Virtual staging typically reduces the cost of staging by up to 97%.
• According to the National Association of Realtors (NAR), 82% of buyers’ agents said staging a home made it easier for a buyer to visualize the property as a future home.
• Also per NAR, 47% of real estate agents claim that home staging had an effect on most buyers’ view of the
home.
• A professionally staged home spends 73% less time on the market compared to those without staging, said Professional Staging.
• Staged homes on the market sold for 25% more than homes without staging, reported Realtor Magazine.
As the commercial real estate market continues to evolve, virtual staging is likely to play an increasingly important role in the industry.
Companies at the forefront of this trend are providing innovative solutions to help real estate professionals and their clients succeed in a competitive marketplace.
Achieving ESG targets has moved forth as a priority for most real estate investors, owners and operators in recent years. Social and environmental responsibility has catalyzed what were high-level conversations into the need for action around sustainable investments and operations. Alongside the incontrovertible data on global carbon emissions and a growing number of new regulations, the pressure to act is now greater than ever before.
However, pressure does not always equate to meaningful outcomes. Real estate continues to hold itself back with traditional business practices and processes, resisting the inevitable paradigm shift of digital transformation. Even those who want to make impactful changes to their business often don’t know where to start or see the goals
as simply unattainable. We at ReWyre have been working on simplifying the challenge by helping real estate operators procure the right sustainable solutions.
The market is slowly waking up to taking responsibility for a more sustainable future. Whether this is because people genuinely care about the environmental impact on everyday life, or because people feel they have a financial obligation to ensure the safety of future generations, attitudes are aligning in the right direction.
New policies and regulations are helping change things too. Globally, we’re seeing standards heighten and scrutiny tighten as pressure from investors, governments and institutions increases year over year.
In New York, over 70% of New York's greenhouse gas emissions come from buildings. As a result, New York City has understood that sustainability must not only have energy monitoring and ratings but add emission limits and associated penalties for buildings.
The most significant result of this legislative push is Local Law 97. Under this law, most buildings over 25,000 square feet will be required to meet new energy efficiency and greenhouse gas emissions limits by 2024, with stricter limits coming into effect in 2030. The goal is to reduce the emissions produced by the city’s largest buildings to 40% by 2030 and 80% by 2050.
From 2025 onward, building managers who do not submit their reports on energy consumption will face severe penalties and fines. Buildings that surpass their annual emissions targets face sizable
penalties: up to $268 for every carbon unit the building exceeds its limit.
Elsewhere, the Chicago City Council recently passed a revised building code requiring stronger energy efficiency and electrification standards for new buildings. This new code is aimed at supporting Chicago’s climate action plan, which has set a target of reducing carbon emissions 62% below 2017 levels by 2040.
These regulations support an ambitious national goal to reduce greenhouse gas emissions by 30% from 2005 levels by 2025 and 80% by 2050. The point is that sustainability is a required goal that we must all achieve.
New policies and regulations are an important step to transforming the real estate industry and achieving long-term net zero targets across the US. That in itself is significant and important, but complying with the new legislation will also result in a wide range of long-term benefits for real estate owners and operators.
By investing in energy management strategies and solutions, businesses can reduce their carbon footprint and make a meaningful contribution to creating cleaner and healthier environments for all those who work in and around their buildings.
Not only is this a more responsible way to manage real estate, but there is also an important point to make about reputation. Companies that demonstrate a clear commitment to sustainability will differentiate and make themselves a more attractive proposition for investors, tenants and the wider community.
Secondly, by reducing energy consumption, real estate owners will dramatically lower operating expenses, resulting in improved profitability. Firms that implement more efficient ways of managing utilities and operating costs, will ultimately improve their bottom line. On the other hand, regulations like Local Law 97 means that owners who fail to meet certain standards, face the prospect of severe financial penalties.
Adopting effective energy management strategies will also result in increased asset value and marketability. We are already beginning to see a clear link between companies that have deployed high-performance equipment and can demonstrate long-term sustainability, and asset value.
With more investors signing up to benchmarks like SmartScore, buildings that offer demonstrable carbon efficiency will see greater demand. Tenants are also paying more attention than ever to the environments in which they live and work. Increasingly, they want to be in buildings committed to sustainability and which offer a healthy environment for their teams. Owners and operators that can offer this will see an increase in tenant satisfaction and a decrease in tenant turnover, which again in turn has positive implications for asset value.
The benefits of implementing effective energy management strategies and solutions are clear, but the question remains: how do owners and operators move toward concrete, lasting and impactful action?
An initial step is to engage consulting and engineering firms, which can provide analyses of
portfolios and suggest various measures to reduce carbon emissions. With the cookbook in place, the challenge lies in gathering the right ingredients and not ruining the recipe.
If owners and operators are to move from talking about sustainability, to implementing effective change, then technology needs to be a core part of any strategy. The plethora of technology solutions available means that enacting change is easier than ever. Innovative solutions can help firms measure current performance, set clear goals, identify opportunities for improving processes and then deploy technologies to do so. Technology providers can help drive lasting change across the whole real estate lifecycle.
That is where our platform, ReWyre, comes in. With over 100 technology providers on the platform, we connect real estate organizations to the right technologies for achieving specific outcomes. By making it easy to discover, procure and optimize the right proptech for every project, we’re helping real estate companies to take meaningful steps. We’re helping companies to stop talking and start walking.
Achieving ESG targets is not complicated. It’s about measuring current performance, setting future goals, implementing change and tracking progress. There are incredible technologies out there for every step of the process, helping the real estate industry to drive change across their business, the wider industry and our planet.
As the industry wraps its head around new legislation and growing social pressure, levying trusted technology is the way forward.
Sadly, the property values for residential co-operative and condominium units are facing downward pressure on pricing. These pressures are four-fold: (1) workforce relocating to less costly locations coupled with demands on the remaining tax base to provide free housing, education and other support for undocumented people; (2) unrealistic regulatory conditions; (3) long-overdue demands on coops and condos to invest in major maintenance and (4) overall restructuring of the real estate market in NYC.
Carol A. Sigmond Partner
Greenspoon Marder LLP
590 Madison Avenue, Suite 1800 New York, NY 10022
carol.sigmond@gmlaw.com
(212)524-5074
New York co-ops and condos have traditionally been homes to families with children. The COVID-19 lockdowns, however, showed the limitations of living in urban areas. Many families are opting to relocate to suburban areas.
Meanwhile, the city is taking on financial burdens for undocumented residents. New York City is mandated by law to provide shelter, education and other services to undocumented parties who set foot in the city. This burden is not likely to be addressed by the state or national governments in the near term, if at all.
As noted above, New York State has created a very difficult regulatory environment. Evicting tenants and unit owners who are behind on maintenance is difficult due to the various tenant protection laws, creating potential additional liability for everyone else in the buildings. The likely doubling or tripling of property taxes under the guise of energy use penalties under Local Law 97 of 2019 is creating more
issues for co-ops and condos.
The long-overdue demand for co-ops and condos to make major capital repairs is coming at a difficult time. The SALT deduction is gone. The threat of the Local Law 97 of 2019 is looming. Inflation has materially increased the costs of labor and material for construction. Many of the buildings, either converted or built between 1960 and 1990, need major work. Worse yet, in some buildings, the gas distribution systems are failing.
Most boards of managers/directors have not been preparing for these events. Many buildings do not have a long-term major maintenance schedule. Whether board members will face litigation for breach of fiduciary duty remains to be determined.
Also, there is a shake-up of the city's real estate market. Co-operative buildings have been able to artificially maintain prices by refusing to allow sales at lower prices. All units have benefited from the housing shortage in the city. However, with financial pressures on owners of Class B and below office buildings, some will be converted to residential or partially demolished to be rebuilt as housing. Likely, new housing coming online may place additional downward price pressure on existing units. There are troubling times ahead.
This column presents a general discussion. This column does not provide legal advice. Please consult your attorney for legal advice.
frank.delucia@ hubinternational.com
(212)338-2395
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, managers and tenants. Therefore, during the Atlantic hurricane season, which officially began on June 1 and runs through November 30, owners and managers must take a multipronged approach to safety. This begins with crisis communications among management, employees and tenants, joined by business continuity planning and then backup efforts with the proper insurance coverage. But while the official hurricane season is June 1 to November 30, as defined by the NOAA, this period can begin earlier and run later so it’s important to begin preparing well in advance.
Generally speaking, 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 they need to take to be fully prepared for hurricane season and beyond:
• Business income coverage. Review your limits, which include loss of income as a result of an event. Extra expense coverage often accompanies business income coverage for necessary costs, such as having to relocate your business operations temporarily. Coverage should be provided for 24 months.
• Flood coverage. Many business property policies exclude flood coverage. In April
2022, the Federal Emergency Management Administration (FEMA) rolled out a new risk methodology for flood insurance pricing called Risk Rating 2.0, resetting flood insurance rates for all policies for the first time in decades. In addition to property characteristics such as elevation, the location of machinery and equipment and the cost to rebuild, the new rating structure accounts for flood frequency, distance from a water source and the likelihood for multiple flood types.
• Examine deductibles. Do you have a percentage or flat deductible? A calendar year or occurrence deductible? Many policies will have lower deductibles for wind and hail events than for a named storm.
The current insurance market is volatile with rate increases seen in almost all lines of business. Carriers are underwriting more closely with greater demands on inspections and loss control recommendations and requirements.
Be proactive on safety including organized water mitigation plans and battening down all outside furniture, construction debris and materials on the roof or elevated areas. Be proactive on contractual risk transfer. Actively promote the placement of proper homeowners coverage on the part of all unit owners. Address property upgrades where possible. Implement outstanding recommendations from previous insurance carrier inspections. Regarding past losses, be prepared to explain corrective actions taken to prevent similar losses in the future.
OF
We would like to take this opportunity to thank the following people:
Our team & staff for their endless dedication and support
Our tenants for their cooperation to keep our buildings safe
Our partners for their trust and confidence in these challenging times
All New Yorkers working tirelessly to keep our city moving
We hope everyone continues to be healthy and safe in 2021.
Backyarding is the practice of taking everyday activities — entertaining, eating, working and working out to name a few — into the green space around us. Even those living in an urban setting with a smaller yard (or no yard at all) can enjoy the benefits of backyarding, according to the TurfMutt Foundation, which advocates for the care and use of yards, parks and community green spaces.
tical space into your planting plans. You can hang flower baskets on your fence or railing. A trellis laced with living vines is a gorgeous focal point. Green walls utilize blank wall space to create a living landscape feature.
Kris Kiser President and CEO Outdoor Power Equipment Institute1605 King Street
Alexandria, VA 22314
turfmutt.com
(703)549-7600
Thanks to smaller yards, community parks and neighborhood green space, backyarding big even in small spaces is possible. It just takes a little planning and adopting what the TurfMutt Foundation likes to call a “master backyarder” mindset.
The TurfMutt Foundation offers this advice for enjoying green space when you have a small yard … or no yard at all:
Plant with purpose. Plan carefully and creatively to utilize every square inch of living landscape real estate in support of your lifestyle. Need a place for your pet to do her business? Plant a small patch of grass. Long to take work outside? Set up a table in a side yard (complete with a living landscape backdrop) that can double as an outdoor dining area. Love nature? Plant a butterfly bush.
Use plants to create privacy. Rather than putting up a fence in a small yard, consider a “living wall” of trees or shrubs. It will make your outdoor space feel bigger and offer support to backyard wildlife and insects.
Go vertical. Don’t forget to incorporate ver-
Utilize balconies and patios. Even if you don’t have grass or any soil to plant in, you can utilize containers to plant flowers, herbs and even fruits and vegetables. Many planters attach to balcony railings.
Remember right plant, right place. Selecting the right plants for your lifestyle and climate is key to mastering a small backyard space. Consult the Canada Plant Hardiness Zone Map for help selecting the best plants for your microclimate. This will not only ensure you end up with plants that will thrive with minimal upkeep, but they will also be best for supporting local pollinators.
Enjoy community green space. Take your kids to the park for a study session. Walk the dog through the community green space at the end of your road. Plan a doggie playdate at the local dog park.
For more information, 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 turfmutt.com. Look for Mulligan the TurfMutt on the CBS ”Lucky Dog” television show. Read the International Backyarding Fact Book to learn why spending time in our yards and community parks is good for us … and the planet.
Langsam Property Services Corp. is a Bronx-based real estate management company. These buildings are located in the Bronx, Manhattan, Queens, Brooklyn, and lower Westchester County.
Langsam is designated as an Accredited Management Organization (AMO), a standard of excellence in management conferred by the Institute of Real Estate Management (IREM).
1601 Bronxdale Avenue
Bronx, New York 10462
Tel: 718. 518. 8000
Fax: 718.518. 8585
First it was the pandemic. Then it was the aging of the baby boomers and millennials finally buying homes and starting families. The result: we’ve become a nation of homebodies.
Debra Hazel
Debra Hazel Communications
North Las Vegas, NV
(201)618-5247
And retail is reflecting that, as sellers of home goods are expanding their brick-andmortar plans. Ikea is dedicating $2.2 billion to expanding its traditional and smaller format stores around the U.S. Wayfair is continuing to grow its store count, as are At Home and luxury chains including Coco Republic. Walmart and Target are bumping up their décor departments, frequently with designer partnerships. Wichita Furniture & Mattress leased a former Kmart space last month, while in St. Louis, Kloss took a former supermarket late last year. Utah-based BlvdHome, which sells appliances as well as furnishings, opens this month in Las Vegas.
All of this is taking place with ongoing supply issues, a slowdown in home purchases with the rise of mortgage rates, less discretionary spending due to inflation and an increase in e-commerce. Still, a Statista survey in late 2022 found that 53% of respondents reported shopping for furniture in-store.
But expansion could be problematic in the future. Just as you don’t buy a new car or 85inch TV every year, neither do you buy a sofa annually. Focusing on smaller décor items and filling in the gap left by the demise of Bed Bath & Beyond can help.
It’s not just décor that indicates cocooning. Comscore Movies reported that although
ticket sales in 2022 rose 65% over 2021 in North America, they're down 35% from the 2017-2019 average. Some of that can be attributed to a lack of new films as production is still ramping up to pre-pandemic levels.
On the positive side, what about all those furry friends who were adopted for company during the pandemic? Mostly, they’re still in their new homes. The Shelter Animals Count national database noted that while the number of animals entering shelters continues to increase slightly each year since the pandemic, the figure is still down 16% from 2019.
“The increased number of animals in shelters today is a combination of many factors, but nationally, it is not being driven by an increase in owner surrenders. Owner relinquishment rates remain consistent in the last four years at around 25%,” it reported.
So larger chains are acquiring small ones, such as Pet Supplies Plus, which acquired 20 Loyal Companion Pet Stores and announced a planned expansion throughout the Northeast.
That said, gyms are back to pre-pandemic levels, and restaurants remain packed, so socialization isn’t completely dead. As anyone who has purchased a plane ticket lately knows, travel is strong.
But perhaps after being forced to stay at home, then a burst of freedom, we’re finding a new appreciation for hearth, home and family (including our four-legged members). Retailers should keep an eye on all.
While COVID-19 created opportunities for some businesses and organizations, real estate owners and operators experienced unprecedented challenges. Retail/hospitality and office markets were particularly tested.
This turn of events and the financial market’s volatility, forced virtually all real estate owners with financial reporting requirements in accordance with generally accepted accounting principles (U.S. GAAP) to review the carrying value of their properties for impairment.
Raffaele Di Censo Assurance Partner, Real Estate GroupMarcum LLP
Boston, MA
raffaele.dicenso@ marcumllp.com
Financial Accounting Standard Board (FASB) Accounting Standard Codification (ASC) Topic 360 — Property, Plant and Equipment — provides guidance for impairment testing that becomes mandatory whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable.
In brief, management shall:
1. Determine if indicators of impairment are present for a long-lived asset (asset group). Such indicators can include a significant decrease in the market price of the long-lived assets, significant adverse changes in legal factors and business climate, cash flow losses, loss of significant tenants and/or high vacancy levels.
2. If indicators of impairment are present that indicate the carrying amount of the asset group may not be recoverable, management shall determine whether the carrying amount of the asset group is recoverable.
3. If the carrying amount of the asset group
is not recoverable, an impairment loss should be measured based on the excess of the carrying amount of the asset group over the fair value of the asset group. If the answer to step 1 is negative, then no impairment analysis is required.
Unfortunately, all the events that arose from the COVID-19 pandemic were clearly impairment indicators. Most real estate owners were faced with proceeding to steps 2 and 3 of the analysis and, for many, for the first time.
Impairment testing normally requires a high level of judgment. The pandemic presented new forecasting challenges, as past performance and events were suddenly not necessarily indicative of future events.
Even though some temporary effects of COVID-19 have ceased, there are some long-term consequences of the pandemic that created or accelerated impacts for real estate owners. Hybrid work has a significant impact on a company’s office footprint. Foot traffic in urban retail centers remains well below 2019 levels.Technology has contributed to a significant slowdown in business travel, reducing occupancy in the U.S. hotel industry.
Management must remain vigilant in its review of the carrying value of their property and ensure that consideration is given to all of these factors to determine if impairment testing is necessary. If an analysis is warranted, management should consider adopting a scenario-based forecast that contemplates multiple situations to account for uncertainty.
8:30 AM
Arrival and Registration
9:00 AM
Breakfast/Brunch
11:00 AM
Call to Carts
11:15 AM (SHARP)
Shotgun Start
5:00-6:00 PM
Hors D’oeuvres and Cocktails
6:00-7:00 PM
Dinner and Presentation of Golf Winners and Honorees
Tickets
GOLF
$750 per person
$3,000 per foursome
DINNER & COCKTAILS ONLY
$250 per person
OCTOBER 2, 2023
Join us for the National Realty Club Foundation golf outing at the lovely Fresh Meadow Country Club in Lake Success, New York for a great day of golf, food, and networking. The National Realty Club was founded 76 years ago by Harry Helmsley. Currently leading the charge has been Jeffrey Mann with the help of Robert Romanoff, Jonathan Stern, Bob Knakal, Ed Wilkin, Jamiee Nardiello, Gregg Schenker, Orin Wilf, Dean Palin, Jay Neveloff, Pam Swidler, Lou Switzer and others. We are unifying individuals who can gain from one another as well as having a charitable arm to raise money to support NYC in areas that need help.
For more information, please contact penny@nationalrealtyclub.org
Michael Kerr Chairman M&R Management Co., Inc
Zachary Kerr President M&R Management Co., Inc
The current version of the Zoning Resolution of the City of New York was adopted in 1961, long before modern climate priorities developed. With this in mind, the City Planning Commission on April 24, 2023 referred out for public review the “Zoning for Carbon Neutrality” zoning text amendment, which aims to modernize the city’s zoning regulations to support the city’s and state’s ambitious climate goals. The text amendment includes 17 proposals organized into four distinct categories.
Eugene C. Travers Special Counsel Kramer Levin Naftalis & Frankel LLP
1177 Avenue of the Americas
New York NY 10036
etravers@kramerlevin.com
Key highlights from each category are summarized below. The referral of the text amendment marks the start of the city’s public review process and puts the proposal on track for final consideration by the City Council in October of this year.
A key goal of the proposal is to decarbonize the city’s building stock by supporting the retrofitting of its million-plus buildings for energy efficiency and electrification. Proposed changes include adjusting existing zoning rules to ensure that the widest range of exterior retrofits is allowed and updating the existing floor area deduction for insulated walls — adopted in 2012 and now outdated — to ensure that it reflects modern building standards.
The proposal would loosen existing limitations to facilitate the location of solar panels on rooftops and yards, and to allow solar canopies to be located above parking spaces. Another significant change would be to modify the zoning classification of grid-supporting en-
ergy generation and storage systems to allow installations on sites up to 10,000 square feet in residential districts and without size limits in commercial and manufacturing districts.
All vehicles sold in New York State must be electric by 2035. The zoning classification of public charging facilities would be changed to allow charging stations in all commercial and manufacturing districts throughout the city. The proposal also would expand certain zoning allowances for automated parking garages citywide.
Updated regulations would allow street tree planting requirements to be satisfied through connected tree beds and rain gardens to increase stormwater detention. New regulations would clarify that small-scale composting is an allowable accessory use and that neighborhood-level compost and recycling facilities may locate in commercial storefronts.
The Zoning for Carbon Neutrality proposal is a significant step toward removing barriers to improving energy efficiency and reducing carbon emissions. However, it is only one piece of a comprehensive strategy. The city must continue to take steps to equip the public and the real estate industry with clear regulatory guidance and flexibility to meet these goals. Tax and other financial incentives may also be needed to the extent that these proposals trigger costs for owners and developers, particularly during the early-stage adoption of energy-efficient upgrades and improvements.
LAURENT
MICHAEL MINTZ
As real estate agents, “home” is not just our passion, it is a large part of our lives. I am always seeking new and improved ways to advise my clients by staying on top of trends through shared ideas.
5. Update the front door. One of the first things we see is the front door. Replacing or repainting the front door with a whimsical, formal or stylish alternative can be impactful for a major focal point.
Michael Boateng President and Founder Capital Gold Group Real Estate
6710 Rockledge Drive
Bethesda, MD
(301)296-4408
I enjoy observing how homeowners are expressing their personalities through color, landscaping, maintenance and by presenting a cohesive look. So, when advising my clients on preparing their homes for sale, curb appeal is always first on my list. The exterior of a home is the first thing that buyers see, and it can make or break their interest in the property. Here are my 10 tips for improving curb appeal, which you can pass on to your sellers:
1. Power wash from top to bottom. Remove any dirt, moss or grime from the home's roof, siding, sidewalks and driveway.
2. Repair any damage. Homeowners often overlook what potential buyers will see right away. Sellers should address any visible damage before listing a home. Crucial items include broken shutters, chipped paint, loose siding or gutters, cracked sidewalks, uneven stairs and broken railings.
3. Update the mailbox. The best upgrade is a newer, more stylish mailbox that complements the home's exterior, but a fresh, well-applied coat of suitable spray paint can also make a big difference.
4. Upgrade the house numbers. New, attractive and easy-to-read house numbers that complement the style and color of the home and are visible to potential buyers can make a powerful impression.
6. Clean up the yard. Sellers should aim for a well-manicured yard by seeding bare spots, removing any debris, de-cluttering, mowing the lawn, pulling weeds, trimming hedges and blowing off any residual debris from walkways and decks.
7. Color check. Adding pops of color to the yard with potted plants, colorful flowers, variegated shrubs and blooming trees makes the home look more inviting.
8. Add outdoor lighting. Highlighting landscaping and pathways adds visual interest, improves safety and adds a sense of security. Choose lighting that complements the home.
9. Keep it simple. Don't go overboard by overcrowding the front yard with too many plants or another décor like, chairs, benches, gnomes and the like. Give buyers an opportunity to see their own belongings in the yard.
10. Hire a professional. Time is money, so if sellers are too busy or feel they do not have the skills to do this on their own, recommend professional landscapers.
I hope these 10 tips on curb appeal are beneficial to you and your sellers, helping them to see an optimal return on their investment while creating an inviting entrance to their home. It is just one more way we agents can give back to our clients while also making the world a better place to live.
Carlos Vaz CEO Conti Capital info@conticapital.com
In April, the Bureau of Labor Statistics reported 236,000 jobs added to U.S. payrolls in March, which, while lower than economists had expected, is still indicative of the resilience of the labor market. Unemployment remained at a historically low 3.5%. What does this mean for commercial real estate (CRE) and multifamily in particular?
Job creation has historically gone hand-inhand with the need for real estate. For example, if an information technology company decides to put down roots in Charlotte, North Carolina, it might need office space, and it will hire workers who live locally, potentially increasing multifamily demand. This increase in employment stimulates economic growth, which creates the potential need for real estate. Plenty of employment options gives greater power to consumers, generally creating more need for restaurants, retail space and industrial warehouses for e-commerce.
Of particular interest to Conti Capital is the close relationship between job creation and demand for apartments. Labor market durability is a major component of the performance indicators we track when we are evaluating submarkets and ZIP codes for potential multifamily acquisitions. Apartments in areas with good job prospects are more likely to perform well, historical data indicates.
There is one major grain of salt in all this good news, though. The Federal Reserve has been on a campaign to quell inflation for over a year now, and it aims to do this through increases in the federal funds rate. Despite
the recent slowdown in payroll growth, the continued churn of job opportunities might still signal to the Fed that they haven’t gone far enough in their quest to cool the economy. We assume the Fed is concerned that the stout labor market is contributing to a “wage-price spiral,” whereby growing wages are pushing upwards on prices, and so capping inflation necessarily includes putting a damper on the labor market.
The increasing funds rate is increasing the cost of borrowing, which is having a chilling effect on CRE. Additionally, as has been reported for months now, the rate hikes could possibly send the economy into a downturn. If this occurs, it’s likely that demand for commercial real estate, including multifamily, would feel some negative effects. However, historical data tells us that multifamily real estate is more adaptable in times of economic uncertainty relative to other CRE types. Not to mention, recent labor market performance is a good sign that any economic downturn would probably not be all that severe or long-lasting.
Job growth needs to fall to about 100,000 in payroll growth per month, or less, for the Fed to perhaps feel comfortable enough to cease rate hikes. That is the level at which job creation matches current population growth.
The resilience of the labor market is a positive. Not only does job creation correlate with demand for real estate, but the continued strength of the labor market gives us confidence that the U.S. can weather the anticipated economic slowdown with limited fallout.
Think of it as a diamond that has been recut and repolished. After more than two years of renovation, Tiffany & Co. unveiled its reimagined flagship on 57th Street and Fifth Avenue, now known as “The Landmark”. Custom artwork, previousy unseen jewels and immersive displays define the new Landmark in Tiffany's first holistic renovation of the store since its 1940 debut.
Paying homage to the building’s original structure, the façade with its Atlas statue and clock above the revolving doors was refurbished to honor its
original design, while the interiors have been completely reimagined.
“Symbolic of a new era for Tiffany & Co., the Landmark is much more than a jewelry store, it is a cultural hub with an exquisite showcase of architecture and superior hospitality, as well as cutting-edge art and design," said Anthony Ledru, president and chief executive officer, Tiffany & Co.
Architect Peter Marino reimagined the interior architecture and OMA New York, led by Shohei Shigematsu, spear-
headed the renovation of the building’s core and circulation infrastructure as well as the replacement of three stories above the existing building. The OMA/Shohei Shigematsu-led rooftop addition, replacing the office space added in 1980, features two distinct yet connected forms that make up the unified volume.
The ground-level main floor features jewelry cases illuminated by an innovative take on a skylight. In homage to Tiffany’s heritage as a seller of fine diamonds, the ceiling installation spans
nearly the room’s length and is composed of an abstraction of facets.
Integrated throughout the Landmark’s 10 floors are nearly 40 artworks by renowned artists, including never-before-seen Tiffany-commissioned pieces. The ground floor also features iconic New York City scenery through video walls that project views of Central Park and the Manhattan skyline when turned on and serve as mirrors when off.
Wood parquet flooring throughout the building recalls the original 1940s original pattern from the store interior. A new Tiffany & Co. clock, inspired by the original Atlas statue and clock, also
sits on the ground level.
The heart of the store features a sculptural spiral staircase with undulating transparent balustrades adorned with rock crystal, inspired by and reflecting the organic designs of Elsa Peretti, who designed jewelry for Tiffany for decades prior to her death in 2021.
It’s a glimpse into the workplace of the future. Dubbed by employees as “Workplace Transformation 2.0,” the total interior renovation of the Pacific Life headquarters in Newport Beach, California reflects the company’s culture and location while providing new tools for contemporary workers.
“Pacific Life’s ‘Workplace Transformation 2.0’
is a complete glow-up from its previous incarnation,” said Anna Alm-Grayhek, principal at Hendy, the interior architectural design firm that completed the reinvention. “The new blended workplace is an employee destination with modern and innovative materials that foster wellness and collaboration, while also creating a highly productive, inviting space that’s equally as beautiful as it is functional and sustainable.”
The overhauled space spans multiple floors and embraces the blended workplace of the future with an ecosystem that encourages face-to-face interaction and relationship-building, while fostering collaboration through technology and workspaces that provide flexibility, modularity and seamless mobility for both on-site and remote workers. The modern, yet professional aesthetic appeals to newcomers and veteran talent alike and was designed to meet the needs of employees now and for years to come.
The completely reconfigured environment is
outfitted with engagement zones, breakout rooms and varied collaboration areas that offer employees different workspaces and meeting options. Individuals needing privacy have adjustable work areas with stations that adapt to personal preference and allow for natural light when desired. As employees move through the office, they have the option of storing personal belongings in day lockers and are kept informed about current events via LED monitor panels located outside every elevator.
“As we look to further empower our employees and business, it’s important that our workplace offer the necessary design and resources,” said Sarah Balfour, workplace strategy manager, Pacific Life. “Hendy’s design improvements showcase our prioritization of curating culture, relationship-building and collaboration.”
The space’s design aesthetics reflect the Pacific Life brand with its bronze sculpture of a breaching whale and its calf in the atrium, now encircled by colorful
custom graphic wallcoverings that mimic the ocean, from sandy bottom to the clearest blue surface.
Aquatic colorways also are woven throughout the furnishings and textiles, creating the illusion of a swirling ocean.
Hendy partnered with Howe Bonney & Associates, Howard Building Corporation (HBC), tk1sc, Tangram, Steelcase, Allsteel, Corporate Business Interiors (CBI) and Bentley Mills on the project.
Health sciences education has received a boost at St. John’s University’s Queens, New York campus, as the university and Shawmut Design and Construction recently celebrated the topping off of the St. Vincent Health Sciences Center.
Scheduled to open in 2024, the innovative, sustainable, 70,000-square-foot building ushers in a new educational era at St. John’s. The St. Vincent Health Sciences Center will feature state-of-the-art classrooms, cutting-edge laboratories, patient simulation facilities and virtual reality technology to enable real-world clinical training that is redefining what is possible in the healthcare industry. When complete, it will also feature collaborative spaces, outdoor terraces and breathtaking vistas to become a hub for generations of
caregivers, healthcare professionals and individuals who are committed to improving the lives of others.
“Reaching the topping off milestone on the St. Vincent Health Sciences Center is an exciting accomplishment and we’re incredibly grateful for the opportunity to collaborate with St. John's University, CannonDesign and our many trade partners to bring this vision to life,” said Dave Margolius, executive vice president of Shawmut’s New York Metro region. “At Shawmut, we believe that our passion for building must be grounded in a deeper purpose. As we reflect on the foundation of this project, we are proud to play our part in creating a space that embodies the university’s values of compassion and service while advancing its mission to educate the next
generation of caretakers, who will undoubtedly make extraordinary impacts in our communities.”
The bright, sun-splashed Dorethea and Nickolas Davatzes Atrium will welcome visitors to the center as they enter from the Great Lawn. The building is designed around a centered interior, multistory social common space. This “living room” will act as the heart of the academic program and promote formal and informal interactions between students and faculty and feature seating areas, group study rooms and interactive collaboration spaces on each level. The simulation facilities will allow students to learn in a safe, realistic, clinical environment before they begin clinical rotation assignments at off-campus sites. Flexible room layouts will accommodate a multitude of teaching and learning styles. Structural and mechanical systems will allow for reprogramming of the spaces within the building.
“The daily progress being made on the new Health Sciences Center is more visible and we are most excited to move to the next phase of the construction,” said Brian Baumer, associate vice president of Campus Facilities and Services. “With 1,137 columns and beams and 875 tons of steel being utilized, the foundation of the building is solid—as is the future outlook of this innovative learning space.”
The new building will feature a holistic and scalable approach to sustainability and make a positive contribution to the St. John’s Climate Action Plan. It will utilize biophilic design material choices to provide healthy and engaging spaces to study and work. The building will be heated and cooled using a geothermal field, which includes 66 wells drilled 499 feet below ground. This geothermal energy enables a renewable energy source that comes from reservoirs of hot water beneath the Earth’s surface. An array of solar panels on the roof will further help reduce the energy consumption of the building, helping to make it one of the greenest on campus. High-performance, energy-efficient windows will reduce thermal loss. The elongated east-west floor plan of the building will maximize daylight and skylights will help reduce lighting usage by 22% during daylight hours. State-ofthe-art technology will control lighting, space occupancy and temperature throughout the building. The building is designed to obtain LEED Silver certification.
Loeb & Loeb has named Brian Helweil a partner in the real estate investments and transactions department at the firm’s New York office. Helweil represents a variety of clients in commercial real estate transactions covering office and retail leasing, acquisitions, dispositions and financings.
“In response to growing demand, we have continued to expand our team and deepen our capabilities as we increasingly service a wider client base,” said Christopher L. Barbaruolo, chair of the department.
Workbox, the Chicago-based specialized flexible office operator, has named Kristen Benson the company’s first executive vice president, general counsel. In this new role, Benson brings more than 25 years of legal experience and will advise on real estate partnerships, corporate structure and the company's in-house venture fund, Workbox Ventures.
Prior to joining Workbox, Benson served as executive vice president, general counsel and corporate secretary of Care Capital Properties Inc., a $4 billion publicly traded healthcare real estate investment trust, from the time of its spin-off by Ventas Inc. until its acquisition by Sabra Healthcare REIT Inc.
Before Care Capital, Benson held various positions of increasing responsibility within Ventas, eventually serving as its senior vice president, associate general counsel and corporate secretary. She began her professional career as an associate at the law firm of Sidley Austin LLP in Chicago, where her principal practice areas were securities, mergers and acquisitions, corporate governance and corporate finance.
Benson received her J.D. from the University of Virginia School of Law and her B.B.A. summa cum laude in finance and computer applications from the University of Notre Dame.
Helweil has represented many of New York City’s largest landlords and tenants in various commercial leasing matters involving ground leases, office leases, retail leases, subleases and other related transactions. He has also advised both purchasers and sellers in complex negotiations focused on the sale, purchase and financing of commercial properties throughout the country. He has also represented several building owners in connection with leasehold condominium conversions.
Helweil earned his B.A. from New York University and his J.D. from Benjamin N. Cardozo School of Law. He joins Loeb & Loeb from Fried Frank.
Cushman & Wakefield has named Michelle MacKay, currently president and chief operating officer, as its new chief executive officer on July 1 following the retirement of current CEO John Forrester. Forrester will remain employed as a strategic advisor until December 31, 2023. In addition, MacKay was elected to serve on the board of directors, effective July 1. Brett White will remain as executive chairman of the board. Andrew McDonald, currently president of Cushman & Wakefield, was appointed to an expanded role of global president and chief operating officer overseeing all the firm’s service lines and regions.
MacKay joined Cushman & Wakefield as a member of its board in 2018. She was appointed to the position of COO in 2020 and promoted to president and COO on January 1, 2022, with direct operational and management oversight of many of the firm’s service lines and regions, including the EMEA region, Global Occupier Services and C&W Services.
Previously, MacKay served as executive vice president of investments and head of capital markets at iStar Inc., a real estate investment trust company (which has since merged with Safehold Inc.). She also has served in leadership roles at UBS (previously Paine Webber), JPMorgan Chase and The Hartford Insurance Company’s investment arm HIMCO.
Prior to his role as president, McDonald held senior leadership roles at the firm after 15 years as a top brokerage professional, including chief executive for the Americas region, president of the Americas West Region and regional managing principal of Southern California for Cushman & Wakefield.
Skanska has promoted Daniel Patarozzi to vice president, account manager of Skanska USA Building for its Metro operations in New York and New Jersey.
Previously vice president, project executive of Skanska USA Building, Patarozzi will manage and spearhead the growth of Skanska’s Health Care and Life Sciences operations, as well as overseeing the execution of work currently underway.
Patarozzi boasts over 23 years of construction experience at Skanska. Specializing in Skanska’s healthcare and life sciences portfolio of projects, Patarozzi has led the administration and construction oversight of projects including Cold Spring Harbor Laboratory’s interior renovation project.
He holds a B.S. in construction management from Illinois State University and is a member of the American Society for Health Care Engineering (ASHE).
Across
1
5
Down
1 Vestibule
2 Curved molding
3 Atmosphere
4 Ingenious
5 Lower Manhattan nabe
6 Compete with a rival
7 Leading manager of premium apartment-style accommodations that opened The Eighteen in Nashville
12 Platform for investing in shares of rental homes starting at $100
15 New technology being used by Zillow and Redfin to enable voice-activated real estate searches
17 Founder and publisher of several upscale B2B publications based in NYC, Jeff ____
18 Cloud software solution for real estate with a new virtual home staging platform
20 Old record, abbr.
22 Wide shoe
Monday, June 12, 2023
Old Oaks Country Club | Purchase, New York
Funds raised will help support groundbreaking medical research and treatment for patients with lung, heart, immune and related conditions, including asthma.
We Are Pleased to Welcome TOURNAMENT CHAIR
Roger A. Silverstein* Silverstein Properties, Inc.
CHAIRS EMERITI
Robert E. Helpern* Tannenbaum Helpern Syracuse & Hirschtritt LLP
Samuel B. Lewis* SBL Property Consultants, LLC
Stephen B. Siegel** CBRE, Inc.
*National Jewish Health Trustee | **Co-Chair, National Jewish Health Council of National Trustees
Samuel Finkler is senior vice president of TrueRate, a full-service commercial real estate advisory firm, specializing in investment sales as well as debt and equity placement for all property types nationwide. He previously worked at Marcus & Millichap, where he acquired 40 exclusive property listings. Finkler has a knack for identifying key market trends, building relationships with clients and creating competition around each individual property listing in order to achieve the highest prices possible.
He is a graduate of George Washington University and was a member of the ice hockey team as well as the Alpha Epsilon Pi fraternity. In his spare time, Finkler enjoys rooting for his favorite New York sports teams and spending time with his girlfriend, family and friends.
How long have you been in the industry?
My first day at Marcus & Millichap was July 11, 2016, so about seven years.
What brought you into the industry?
I have always had a passion for real estate. Growing up in New Jersey, I would frequently travel into the city and marvel at the skyscrapers. I remember wondering how many people were living or working in each building and how much each building was worth. Naturally, this was the catalyst for my interest in the com-
mercial real estate industry.
Who inspires you?
A few people who come to mind are Mark Messier and Derek Jeter, captains of their respective teams (the New York Rangers and the New York Yankees) who came to work every day with the same mentality — give it your all, lead by example and do what it takes to succeed.
How have rising interest rates and inflation affected the investment sales market? Tremendously. Value-add deals no longer pencil, and the industry has gone through a large price discovery period over the past six to 12 months. When interest rates were low, prices were inflated. Now that pricing has come down, sellers need time to adjust to the loss of value.
However, from an investment sales perspective, we welcome down markets because this is what separates the good brokers from the bad. Good brokers can survive in any market and come out on the other side even stronger.
Are any sectors more affected than others? The office sector has clearly been the most affected and is getting hit from all angles: working from home, inflation, rising interest rates, etc. with low occupancy levels being the largest contributor to the sector’s loss of value.
What markets are of interest?
Our team sources nationwide, but we have done most of our business in the Southeast, Northeast and Midwest. We are consistently gaining new leads, expanding our network of buyers and striving to become active in all parts of the Continental U.S.
TrueRate is able to expose a property to an incredibly broad audience — significantly more than any local broker would. Given our location in Manhattan, we have access to the vast levels of capital that is leaving the tri-state area on an annual basis and being invested in other parts of the country, and our team is currently working on 17 different deals in 12 different states, which allows us to track the migration of capital on a national level as well.
We also have access to the same local buyers as any other broker would, so the culmination of all these tiered layers of exposure that our process offers enables sellers to maximize the amount of offers on their property.
The best brokers are never satisfied. I’m always thinking about the next deal and how to get there. My ultimate goal is to help build TrueRate into a household name, and I know the team won’t stop until we get there.
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.
In the beginning of any building, there is a developer with a vision. Right next to him or her, there is an architect with a sketchpad, imagination, years of training and knowledge of codes and materials to make that vision a practical reality. The architecture industry is continuing to grow, and more importantly, is becoming increasingly diverse, as we can see by the numbers.
245,470
Number of people employed in the architects industry in 2023 (IBISWorld)
2 In 5
The number of new architects who are women, up 4% over the past five years (National Council of Architectural Registration Boards)
1.3%
Average unemployment rate for architects as of April 30, 2023 (Ycharts)
23.3%
Percentage of architects who are women (Zippia)
2.7 Million
Estimated number of architects in the world (Architizer)
17%
The percentage of AIA members who report being part of an underrepresented group — MENA, Black or African-American, Hispanic/Latino, Indigenous American and other race/ ethnicity, up 5.37 points between 2012 and 2021 (American Institute of Architects Demographics Report 2021)
3%
The annual growth in the number of architects, slower than the average for all occupations (U.S. Bureau of Labor Statistics)
Kramer Levin has decades of experience representing NYC’s leading owners, investors and lenders in complex real estate and land use matters, including many of the city’s signature projects that shape our skyline. We understand market terms and conditions and the regulatory environment, and we know how to position you for success. Let us help make your next project a reality, whether you’re at the top of the New York real estate market or on your way up.
www.kramerlevin.com
Kramer Levin Naftalis & Frankel LLP 1177 Avenue of the Americas, New York, NY 10036 212.715.9100
