MANN REPORT NOVEMBER/DECEMBER 2024

RATE MANUAL

ADJUSTMENTS BRING CHANGE TO THE MARKETPLACE

By Thomas A. Glatthaar, Fidelity National Title

Navigate turbulent times with confidence.

With our deep insight and experience, where others see challenges, we see opportunities.

Co-Chair,

Wendy M. Siegel

National Jewish Health

Honorary Chair

Chairman,

Treasurer,

National

Larry A. Silverstein

EDITORIAL

Editor

Debra Hazel

Associate Editor

Alex Baumbusch

Director of Communications and Marketing

Penelope Herrera

Director of

Newsletter Division

Cheri Phillips

PRESIDENT/CEO

Jeff Mann

ART

Art Director

Serena Bhullar

Graphic Designer

Madi McCreesh

Cover Photography

Getty Images

CONTRIBUTORS

Joel Berenson

Nick Bornheimer

Dan Colombini

Frank DeLucia

Thomas A. Glatthaar

Jonathan Kaufman Iger

Stephen Jouflas

Lorena Killian

Kris Kiser

Scott Krinsky

Ira Meister

Vinod Palal

Nicolas Palominos

Tim Rodland

Carol A. Sigmond

Josh Swift

Michael Valente

BUSINESS

Technology Consultant

Joshua Fried

Distribution

Mitchell’s Delivery Service

DIGITAL MEDIA

Designers

Serena Bhullar

Madi McCreesh

Editors

Alexandra Baumbusch

Natalia Finnis-Smart

Debra Hazel

Penelope Herrera

Cheri Phillips

Web Developer

CS Designworks

West Coast Office: 578 Washington Blvd., Suite 827 Marina Del Rey, CA 90292 866-306-MANN (6266) mannpublications.com

East Coast Office: 450 7th Ave, Suite 2306 New York, NY 10123 212-840-MANN (6266)

ONE MANN’S OPINION

Title insurance is one of the most important, yet likely most underappreciated aspects of real estate. Without proof positive that own ership is properly registered and in place, there are no trans actions, loans, leases. It’s also an industry that’s undergoing major change thanks to technology, including electronic signatures and more.

That’s why we’re grateful and excited for our cover story — Fidelity National Title’s overview of recent rule and definition changes that will affect how all of us in real estate, residential and commercial, do business. It’s an important read.

Elsewhere, you’ll see that events are in full swing — I’ve written frequently about the National Realty Club Foundation Golf Outing, and I’m proud to feature pictures of the event this month. We were all thrilled with its success and are looking forward to using the proceeds to support organizations that benefit all New Yorkers. (And we already have some ideas for next year!)

Speaking of which, this is our annual year-end double issue, as the team takes a month off from publication to celebrate the holidays and plan for 2025.

All of us at the Mann family and the Mann Publications family wish you and yours a happy and healthy holiday season and a prosperous 2025.

See you in January.

“Strength and growth come only through continuous effort and struggle.” —-Napoleon Hill

Photo

Photo by Getty Images

LETTER

Where did 2024 go? It’s been a rollercoaster this year in real estate, with a long-awaited rate cut finally encouraging some transactions. But we still have a way to go.

It’s always a challenge to ask our contributors to look into their respective crystal balls, as we’ve done in this, our “Future of Real Estate” and our final issue of the year.

Fortunately, our experts have come through brilliantly. FCA’s Stephen Jouflas discusses how adaptability is critical to the architecture scene now and going forward, while ERA-co’s Nicolas Palominos notes that flexibility is important in city building. But what’s really interesting is the tone of our columnists, many of whom are eminently practical in how they foresee the future — through routine maintenance and management to prevent problems before they occur.

Whatever holiday you’re celebrating as 2024 nears its end, I hope it will be one of health, joy and prosperity. See you next year.

SOPHISTICATED COUNSEL FOR COMPLEX CONSTRUCTION.

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.”

National Realty Club Foundation Holds Annual Golf Outing

Photos by Jack Miller

The National Realty Club Foundation held its annual Golf Outing at the Fresh Meadow Country Club. Guests enjoyed a fine day on the links, then a fun, casual cocktail hour and dinner.

This year, the event honored Mark R. DeFazio, president, CEO and a founder of Metropolitan Bank Holding Corp. and Metropolitan Commercial Bank and Daniel Vitulli, a partner in CBIZ’s New York office and national partner-in-charge of its real estate group. The NRC Foundation’s Humanitarian Award was given to Mark F. Engel, CEO of Langsam Property Services Corp.

The NRC Foundation, an offshoot of the National Realty Club real estate networking group, supports causes that benefit all New Yorkers.

“This is always a wonderful day, as friends old and new meet for some serious golf and networking,” said Jeff Mann, CEO of Mann Publications and National Realty Club president. “But what is really important is that we are helping to give back to the city that has given us all so much.”

Mann also offered a special thanks to the event’s Golf Committee Co-chairs Bob Knakal of BK Real Estate Advisors and Jaimee Nardiello of Zetlin & Chiara LLP for all their efforts.

Seated: Mark Engel and Frank DeLucia Standing: Bruce Yukelson, Marc Soffler, Joseph DiMaggio, Richard Guarino and Joseph Mawad

Maria Kefalas, Harrison Perlstein, Max Spaan and Jaimee Nardiello

Michael Goldrick, Anita P.Gupta, Kim DeMilia and Byron Valdez

Danny Mashal, Jeff Mann and Jacob Kravel

Aaron Boyajian and Che Lai Chang

Alex Shkreli, Luke Shkreli, Martin Shkreli and Joe Rudovic

Ryan Clark, Nicolette Sinatra and John Maddie

Kurt Koegl, Stuart Backer, Steve Fischer, Michael Sirignano, Dan Vitulli, Scott Musmeci, Michael Weicher and Mitch Melfi

Alicia Mucci, John Campbell, Nancy Vasile, Robert Finelli, Laura Capra and John DiPietro

Pete Morgan, Bob Knakal and Ryan Candel

WX Hosts 2024 Woman of the Year Gala at The Plaza

Photos by Eduardo Puca/WX

New York Women Executives in Real Estate (WX) hosted its Annual 2024 Woman of the Year Gala at The Plaza in New York City. The sold-out gala honored Peggy DaSilva, head of asset management, U.S., for PIMCO Prime Real Estate, who brings four decades of leadership and advocacy to the commercial real estate industry. This year’s event was the largest event to date, with nearly 700 guests in attendance and a record-breaking year in terms of revenue and sponsorship commitments.

DaSilva’s professional journey has taken her from managing director roles at Canyon Partners Real Estate and CBRE Global Investors to influential positions at The Rockefeller Group, Deutsche Bank USA, Bankers Trust Company, Citicorp Securities and Chemical Bank, including a tenure in its Tokyo office. DaSilva holds an undergraduate degree from Wellesley College and an MBA in finance from Columbia Business School.

Throughout her career, Peggy DaSilva has fervently advocated for diversity, equity and inclusion within the real estate sector. She has mentored emerging professionals and championed initiatives to create opportunities for underrepresented groups, enriching the industry with diverse perspectives and expertise. DaSilva’s leadership extends beyond her professional achievements, reflecting a deep commitment to ethical practices, sustainability and social responsibility, WX said.

“I believe [Peggy] has been blessed with exceptional personality traits combined with an intellectual curiosity and a boundless work ethic that have been effectively woven into her career and family life,” said Susan Swanzey, 2014’s WX Woman of the Year, in her introduction of DaSilva. “In fact, I believe, and I know her family agrees, that she is a better wife and mother, because of her intense and fulfilling career. How does she demonstrate consistent dedication to both her career and her family? She has no extra bandwidth but somehow makes it work. A key resource for Peggy has been this community of women, a support system going through shared life experiences as well as shared career wins and losses.”

Proceeds from the fundraising event support WX’s mission, as well as the scholars and mentoring programs that aid talented young women in their pursuit of careers in the real estate industry.

Peggy DaSilva, PIMCO Prime Real Estate LLC and Susan Swanezy (2014 WOTY honoree)

WX

Vice President Mimi Raygorodestky, Langan and Meghan McDermott, Robert A.M. Stern Architects at the afterparty in the Oak Room

The spectacular Plaza

Ellen Baer; Joan Matera, Brookline Bank; Cheryl Boyer and Ellen Brown, Fulcrum Hospitality; Maria Kastanis, M&T Bank; Robair Reichesntein, MTA Transit Oriented Development; Caroline Mahl, Wells Fargo; Robin McBride Zeigler, Mural Real Estate Partners; Wendy Rowden, Building for the Arts and Jennifer Schwartzman

Peggy DaSilva, PIMCO Prime Real Estate LLC

Samm Miller, Hillcrest Finance LLC and Pamela West, Nuveen

WX President Lauren Cahill, Grubb Properties

WX 2024-2025 Board: Ann Cole, JP Morgan Asset Management; Lola Bellini, Axiom; Jennifer Novack, Sheffield Haworth; Samm Miller, Hillcrest Finance LLC; Lauren Cahill, Grubb Properties; Peggy DaSilva, PIMCO Prime Real Estate; Mimi Raygorodetsky, Langan; Lauren Holden, ShopCore Properties; Amy Boyle, Prospect Ridge; Pamela West, Nuveen; Katherine Kelman, LMXD and Jennifer Schwartzman

Previous Woman of the Year honorees Marjorie Tsang, Measurabl; Cia Buckley Marakovits, Dune Real Estate Partners LP; Carmen Bowser; Wendy Rowden, Building for the Arts; Peggy DaSilva, PIMCO Prime Real Estate LLC; Ellen Baer; Sara Queen, MetLife; Elise Wagner, Kramer Levin and Ronne Hackett, Clarett

BGO Table including WX member Joanne Douvast

PWC NY Salute to Women of Achievement Celebrates AEC Leaders

The New York Chapter of Professional Women in Construction, a nonprofit organization that supports career-minded women and works to promote diversity within the architecture, engineering, construction and related industries, held its annual Salute to Women of Achievement. Honorees were selected for their career accomplishments and recognized for their commitment to lead and mentor.

The 2024 Women of Achievement are:

Rachel Birnboim, co-managing principal at Perkins Eastman, where she focuses on healthcare architecture.

Deborah Bradley, president and founder, Bradley Construction. She is committed to teaching young women entering the construction industry and helping other MWBE firms to prosper.

Indhira Figuereo Blaney, senior vice president, National Aviation Market Leader, WSP engineering and design firm. Blane leads her team in all aviation new business development.

“Shining the spotlight on the successful careers of the honorees is one of the best ways to show women there is a place in the AEC industry

for them,” said Gina Rivera, executive director of Professional Women in Construction (PWC) New York. “Bringing women together to learn from each other is a main focus of PWC.”

New York is the founding chapter of PWC, established in 1980 by eight women who banded together to advance their careers and businesses in typically male-dominated fields. That vision is still at the core of PWC’s mission as it actively engages members through committees and events structured to provide leadership opportunities, networking and professional development.

“The construction industry offers a wide variety of opportunities and advantages for women, including one of the lowest gender pay gaps and a healthy work/life balance,” added Schillivia Baptiste, PWC NY board president. “PWC supports women with mentorship and scholarship programs and informative industry panel discussions throughout the year.”

The event was supported by gold sponsors Deborah Bradley Construction and Thornton Tomasetti; silver sponsors Perkins Eastman, Skanska and WSP and bronze sponsors Environmental Code Consultants, JFK&M Consulting Group and SLS Controls.

Photos by Olivia Francois

Representatives from VHB

Marcella Moran, Gabriella Bologna, Julie Murphy, Port Authority of New York and New Jersey; Guest; Sharnette Tucker, HNTB and guest

Gia Mainiero and Jessica Soares, Dattner Architects

PWC board members Aine O’Dwyer, Enovate Consulting; Elizabeth Thompson, AECOM and Barbara Durante, Grassi Advisors and Accountants; PWC Board President Schillivia Baptiste, Laland Baptiste; Honorees Deborah Bradley, Indhira Figuereo Blaney and Rachel Birnboim; PWC board member Raquel Diaz, Gilbane Building and Gina Rivera, PWC NY executive director

Honoree Deborah Bradley (third from left) and the Deborah Bradley Construction team

Gina Rivera, PWC NY Executive Director and Honoree Deborah Bradley, Bradley Constructionzelkorn

Kristin Liu-Carway, Douglas Elliman; Barbara Durante, Grassi Advisors and Accountants and Aine O’Dwyer, Enovate Consulting

Alma Birnboim and Honoree Rachel Birnboim, Perkins Eastman

$995/YEAR MEMBERSHIP

$995/YEAR MEMBERSHIP

Be a part of the who’s who in real estate while listening to guest speakers, enjoying an assortment of food and drinks and having a good time.

Be a part of the who’s who in real estate while listening to guest speakers, enjoying an assortment of food and drinks and having a good time.

A space where members can meet, connect, and work together to help real estate prosper more than ever

A space where members can meet, connect, and work together to help real estate prosper more than ever

We hope you see the vision of filling NYC with an abundance of success

We hope you see the vision of filling NYC with an abundance of success

SEIU Local 32BJ Signs at 620 Avenue of the Americas

RXR’s 620 Avenue of the Americas is welcoming a new tenant, SEIU Local 32BJ, and renewing existing tenant Cole Haan’s lease for an additional 11 years.

SEIU Local 32BJ’s new offices will occupy the building’s ground floor and serve as an office for the union’s 175,000 members. This new, 20year lease will have the Union occupying 20,778 square feet of ground floor, priced at $90 per square foot. Mark Weiss of Cushman & Wakefield represented SEIU Local 32BJ, while Daniel Birney represented RXR in-house.

Cole Haan occupies the third floor’s entire 62,262 square feet with an asking price of $85 to $115 per square foot. In the renewal, Cole Haan was represented by Lauren Crowley Corrinet, Adele Huang, Gary Davies and Silvio Petriello; Birney represented RXR in-house.

The building was constructed in 1896 and designed to utilize monumental architectural expression as a symbol of the “Cast Iron Era.”

“620 is rich in history and offers tenants a modern infrastructure. Our tenants benefit from large, efficient floor plates, lofty ceilings, and expansive window lines,” noted RXR’s Executive Vice President and Managing Director of New York City Leasing William Elder.

Catholic Charities of New York Takes 77,130SF at 80 Maiden Lane

In a transaction arranged by CBRE, Catholic Charities of New York has inked a 77,130-square-foot office lease at 80 Maiden Lane. The nonprofit organization will expand its existing operations in the property, consolidate various Midtown locations to the entire 22nd, 23rd and 24th floors, and part of the 14th floor of 80 Maiden Lane and extend its term in the building for 30 years.

Ownership of the property is converting the building to a condominium to support this not-for-profit tenancy and is engaged in substantive discussions with other core not-for-profit social service organizations to offer them secure, long-term leases in the building.

The CBRE team of Paul Amrich, Neil King, Jonathan Cope, Gerry Miovski and Masha Dudelzak spearheaded the leasing campaign at the property and represented the ownership, Maiden Lane Asset Management, in the negotiations.

“We are thrilled to have such a well-respected charitable organization as a tenant at 80 Maiden Lane,” said Paul Wasserman, of AM Property Holding II Corp., who acted as the lead negotiator for ownership. “We are open for business with both commercial entities as well as nonprofits, with both standard leases and long-term leases, that can provide an economically stable base protected from the vagaries of the leasing market in one of most rent-competitive properties in Downtown Manhattan.”

Catholic Charities was represented in the transaction by a JLL team that included Vice Chairman Matt Astrachan, Executive Managing Director Greg Wang and Associate Vice Presidents Kristen Morgan and Hannah Bernstein.

Located in lower Manhattan, 80 Maiden Lane is a 25-story office building that boasts open floorplates, large windows with unobstructed views and 12-foot ceiling heights.

Photo courtesy of RXR

Photo courtesy of CBRE

Fried Frank

Where major real estate transactions happen

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

HUDSON YARDS

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

CHELSEA MARKET

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

BLACKROCK HEADQUARTERS

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

MANHATTAN WEST

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

PENN STATION

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

CENTRAL PARK TOWER

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

ONE VANDERBILT

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

20 TIMES SQUARE

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

JP MORGAN CHASE HEADQUARTERS

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

Prism Capital Partners Acquires 33 Acres for NJ Multifamily Redevelopment

Prism Capital Partners has expanded its portfolio with the purchase of a 33-acre former corporate campus at 385 Rifle Camp Rd. in Woodland Park, New Jersey. The property is a redevelopment play, with in-place zoning approval for up to 400 multifamily units with a 20% affordable housing set-aside, according to Prism’s Edwin Cohen, principal partner.

JLL team members Jose Cruz, Jeremy Neuer and Ryan Robertson represented the seller; terms of the transaction were not disclosed.

“At a time when New Jersey is facing a severe housing shortage, we were attracted by the opportunity to repurpose a former suburban corporate campus in an outstanding location,” Cohen said. “This is an absolutely gorgeous property, and we look forward to its next chapter, one that ultimately will provide Passaic County with a significant number of new residences, including a generous affordable housing component.”

Nutley, N.J.-based Prism Capital Partners targets the adaptive re-use and repurposing of excess corporate facilities and turn-of-the-century industrial buildings, as well as new, ground-up construction. It recently delivered Garden State multifamily properties include Wonder Lofts in Hoboken, The Nell in Dunellen, Avenue & Green in Woodbridge and Edison Lofts in West Orange.

Yonkers’ 70 Pier St. Multifamily Opens

The transformation of Yonkers, New York’s’ Ludlow Park neighborhood took another big step forward as Ginsburg Development Companies (GDC) Founder and Principal Martin Ginsburg joined with Mayor Mike Spano and other city officials for the grand opening of 70 Pier St., a boutique building featuring 36 luxury rental apartments and amenities including a club lounge, fitness center, business center and roof deck.

Located adjacent to Metro-North’s Ludlow Train Station and across from a completely renovated Abe Cohen Park & Plaza, 70 Pier St. is the first of three buildings to be built by GDC in the neighborhood, which will total over 400 units.

“70 Pier stands at the gateway to Ludlow Park for those arriving by train. Together with the new park and plaza, it will welcome residents and visitors to an exciting new transit-friendly community that is just 35 minutes to Grand Central Terminal,” said Ginsburg at the ribboncutting ceremony.

“The completion of 70 Pier is the first of many phases in the comprehensive revitalization of the Ludlow community,” Spano said. “GDC’s ongoing investment in this waterfront neighborhood will create renewed open green spaces, parks, improved infrastructure and homes that will spark economic growth for all.”

70 Pier St. offers alcove studios starting at $2,250, one-bedrooms starting at $2,550 and two-bedrooms starting at $3,995. It features high-end finishes, including wide-plank flooring, white lacquer and wood grain cabinetry, porcelain tiled baths with Kohler fixtures, window shades, ceiling fans in the primary bedroom and a GE washer/dryer combination unit in every apartment.

70 Pier St. is the first implementation of a new Ludlow Community Master Plan and Rezoning initiated by the City of Yonkers, GDC and the community to create a new mixed-use district south of the

Ludlow Park neighborhood. This district will allow housing and extend the neighborhood’s residential character. The master plan includes building a new Waterfront Park on the Hudson River, a Bridge Street Park and Promenade to be constructed in front of the next phase of GDC’s development and the restoration of O’Boyle Park on Hawthorne Avenue, creating a string of parks and public open spaces.

70 Pier St. (Photo courtesy of GDC)

Photo courtesy of Prism Capital Partners

Howard Hughes Breaks Ground on The Ritz-Carlton Residences, The Woodlands

Howard Hughes Holdings Inc. has broken ground on The Ritz-Carlton Residences, The Woodlands, a luxury condominium project designed by Robert A.M. Stern Architects in the Woodlands area of greater Houston. The project is the first stand-alone Ritz-Carlton condo project in Texas.

Situated on the last available large-scale residential site on Lake Woodlands, The Ritz-Carlton Residences are designed to provide a personalized and intimate residential experience that sets a new standard for luxury living in Texas. Located 27 miles north of Downtown Houston, The Ritz-Carlton Residences is 69% pre-sold at press time.

“The Ritz-Carlton Residences, The Woodlands is a first-of-its-kind, ultraluxury condo development on the shores of Lake Woodlands, and the demand we have seen has been nothing short of incredible as it continues to surpass expectations,” said David O’Reilly, CEO of Howard Hughes.

“The project commenced its long-awaited pre-sales in late March and closed that first quarter with more than half of its residences pre-sold at prices per square foot never seen in the Houston market. Since that time, sales have continued at a solid pace and set all-time highs for the region. As we celebrate the 50th anniversary of The Woodlands, we are also creating a vision for the next 50 years — anticipating evolving homebuyer preferences and providing our residents and tenants with the highest quality of life in a community with an unprecedented 35% of its acreage permanently dedicated to open green space.”

The project exemplifies the signature style of Robert A.M. Stern Architects, reflecting a sophisticated, timeless elegance through its modern classicism and grand proportions, with each residence meticulously designed to resemble a grand Texas estate. Balancing generous spaces with more intimate areas, The Ritz-Carlton Residences, The Woodlands offers an overall country-club atmosphere that spans the project’s eight-acre site.

The development features 15,000 square feet of indoor wellness experiences, complemented by three acres of outdoor amenities including some 1,200 feet of lakefront shoreline for the private use of owners. The Woodlands is a 28,500-acre master-planned community.

Douglas Elliman Development Marketing is the listing brokerage for the project.

The Frame Astoria Launches Condominium Sales in Astoria

Acre NY Realty, a New York-based real estate company, announced the official launch of residential sales for The Frame Astoria at 31-19 29th St. in Astoria, Queens. The neighborhood has seen rapid development over the past few years, making it a hot spot for investors and homebuyers looking for high returns and a vibrant community as more people turn their focus to this flourishing neighborhood.

The Frame Astoria is a six-story, 20-unit boutique condominium crafted in sophistication and elegance. Conceived by Silverline Group, The Frame Astoria features elegantly styled residences featuring a refined collection of studio, one-bedroom and two-bedroom residences.

The residences at The Frame Astoria feature premium European white oak flooring, open concept layouts that foster an inviting and cozy ambiance and floor-to-ceiling windows that bathe the interiors with natural light. Amenities, include a state-of-the-art fitness center, a sky lounge with sweeping views of the Manhattan skyline and multiple rooftop terraces with barbecue grill. Additionally, storage units and deeded parking spots are available for purchase, offering further convenience and exclusivity to residents.

“We are thrilled to represent The Frame Astoria,” said Cathy Huang, CEO of Acre NY Realty, the project’s exclusive marketing and sales agent. “Its unbeatable location, sophisticated interior design and extensive amenities make it a standout choice for buyers.”

Pricing for current availability at The Frame Astoria starts at $495,000.

Photo via Globe Newswire

Photo via PRNewswire

The Centurion Condominium New York Opens First Analytic Gym in the United States

The Centurion Condominium, located in Midtown New York near Central Park, and designed by architect I.M. Pei, has opened Technogym CheckUp, the first analytic gym in the United States.

It measures body composition, strength, balance, mobility and cognitive abilities, processes the results using artificial intelligence models and creates a personalized training protocol based on real data, which is then presented to the building’s residents on their smartphones.

“The goal was to make our fitness facility the catalyst for a lifestyle transformation,” said building board member and real estate broker Thomas Guss, who led the project. “We wanted our fitness facility to be more than just a place to work out. It’s about empowering our residents to measure and enhance their performance in the privacy of their building.”

The luxury building’s gym had been due for a renovation. Instead of just updating the equipment and giving the space a fresh coat of paint, the board of the Centurion aimed to provide its residents with a world-class fitness facility within just 1,400 square feet. After months of planning and design in collaboration with Technogym, the company that supplied training equipment for the 2024 Olympic Games, a completely new type of residential gym was created, one the building says redefines residential fitness.

The cardio section includes training options for running, biking, stepping, rowing and skiing. The strength machines automatically adjust to the user, ensuring maximum neuromuscular activation as well as correct exercise settings. A stretching station helps residents

to reduce muscular tension and avoid back pain, and free weights and other training materials allow for a wide range of additional workouts.

The interior design of the gym emphasizes natural woods, special lighting to enhance mood and energy, artwork by Alex Katz and a triple-stage air filtration system to ensure cleaner air than in an operating room.

Several developers have approached the Centurion team to help them redesign their own gyms, the building said. The building even noted a surge in interest in buying and renting at the Centurion, including a penthouse on the market at press time at $9.8 million.

Realtor.com Unveils the Top Markets for Real Estate Investors

Amid rising home prices and mortgage rates, savvy real estate investors can still find hidden gems in affordable metros across the country, with Dayton, Ohio, standing out as the top destination for property investment this year, according to Realtor.com’s list of the top U.S. markets for real estate investment.

The list showcases opportunities for would-be investors in less obvious but highly promising markets, with the spotlight shining brightly on the Midwest and Northeast regions.

The top 10 in rank order include: Dayton, Ohio; Rochester, New York; Cleveland-Elyria, Ohio; Pittsburgh, Pennsylvania; Knoxville, Tennessee; Albany-Schenectady-Troy, New York; New Haven-Milford, Connecticut; Buffalo-Cheektowaga, New York; Grand Rapids-Kentwood, Michigan and Columbus, Ohio.

“For buyers interested in investing in rental properties or other real estate, it’s key to know which areas are both affordable and in high demand to be able to capitalize on any investment opportunities, especially with today’s higher prices and rates,” said Danielle Hale, chief economist at Realtor.com. “With low vacancy rates and strong demand, the markets we’ve highlighted as top markets for investment opportunity offer a great mix of affordability and growth potential. These spots give aspiring investors a chance to tap into long-term growth and set themselves up for solid returns as the market shifts.”

The top markets for real estate investment are noted for their affordability, low rental vacancy rates, rising rents and sustained buyer demand, making them prime candidates for investment. Realtor.com research indicates that these markets saw nearly double (1.95 times) the average page views per property compared to the national trends, with home prices an average of 21.7% lower than the national average, offering

compelling value for investors.

Rental vacancy rates in these hotspots averaged just 4.8% so far in 2024, well below the national average of 6.6%, signaling a strong rental market with minimal property turnover. Furthermore, 13.8% of buyers in these markets were investors in Q1 2024, 1 percentage point below the national average, but up 4.4 percentage points from 2019 levels, reflecting a growing trend of real estate investment since pre-pandemic levels despite economic challenges.

Dayton topped the list for investment opportunity with its below-average home prices and robust demand, boasting a low 4.7% rental vacancy rate in early 2024. Investor activity has picked up over the past five years, with 13.7% of buyers in the first quarter being investors, just shy of the national average. Other Midwest metros, such as Cleveland, Ohio; Pittsburgh and Grand Rapids, Michigan also offer strong returns..

While the South and West have historically been popular regions for investors, recent affordability challenges and rising inventories have shifted focus to the more stable, growth-ready markets in the Midwest and Northeast, and only a handful of markets from the South and West made the list. Knoxville is the sole Southern city to make the list.

Photo via PRNewswire

State Awards $24 Million for Clean Energy Innovation Projects

New York Governor Kathy Hochul announced more than $24 million in awarded contracts for 26 innovation projects in multiple clean energy sectors. The awarded projects join the New York State Energy and Research Development Authority’s (NYSERDA) growing portfolio of more than 200 innovation projects that are advancing new technologies in the sectors of long duration energy storage, clean hydrogen production and storage, grid modernization, geothermal and building electrification and efficiency.

The projects were selected by NYSERDA through its Innovation program, which is dedicated to accelerating the development and deployment of clean energy technologies. The awards include:

$2.4 Million for Renewable

Optimization and Energy Storage

The four projects in this category aim to support renewable energy integration and grid reliability by advancing long-duration energy storage (LDES) technologies. Projects include developing a supply chain and workforce for 3D printed concrete subsea LDES; building, installing and operating a battery energy storage system using zincmanganese dioxide (Zn-MnO2) batteries and developing electrolyte additives for zinc air batteries.

$8.1 Million for Hydrogen and Clean Fuels

The eight projects selected through this program will support clean hydrogen innovation to decarbonize industrial process heat, facilitate the integration of clean hydrogen production with renewable energy and demonstrate hydrogen-based generation systems for grid support services. The clean hydrogen innovation projects include developing and scaling up production of electrolysis technologies that can support renewable load following, a microchannel ammonia reforming system to provide carbon-free industrial heat, a pilot-scale clean hydrogen production facility to upcycle sulfur waste and a hydrogen-based generation system to support a community-scale microgrid and electric

city bus charging.

$7.3 Million for Grid Modernization

The 11 projects focus on enhancing grid management and integration and improving distributed energy resource (DER) coordination. Projects aim to increase grid efficiency, reduce costs and support the transition to a sustainable and resilient energy system.

$1.8 Million for Advanced Buildings

The two projects selected through the Advanced Buildings program focus on advancing efficient heating and cooling systems, intelligent load management, renewable energy integration, innovative insulation products and occupant-centric controls to reduce energy costs, improve building efficiency and support the transition to sustainable energy practices.

$4.5 Million for Commercialization

One project for a total of $4.5 million was selected through the Commercialization Program to provide advisory support to climate technology-focused startups.

Sentral to Manage Ten310 in Century City

Full-building residential hospitality operator Sentral has been named the management company for Ten310, a new boutique living concept developed by a California Landmark Group (CLG) affiliate.

Designed by Abramson Architects, the 94-unit building will offer amenities including a speakeasy, rooftop pool and lounge spaces, valet parking, fitness center, and daily breakfast for residents.

Located in Century City, Ten310 is easily walkable to destinations including the Westfield Century City mall, all Century City Office buildings, and the future LA Metro D Line. Century City also boasts highly rated schools and daycare centers.

“Ten310 is a welcome addition to Sentral’s portfolio of prestigious properties in covetable neighborhoods,” said Lisa Yeh, Sentral president. “We look forward to expanding our winning blend of furnished and unfurnished apartments inspired by upscale hotels, which has been a bright spot for building owners during uncertain times for the real estate industry.”

With the addition of Ten310 to Sentral’s portfolio, the firm has more than $4 billion in assets under management. Sentral’s unique business model is proven to consistently boost revenue for multifamily properties in some of the most desirable neighborhoods across the country. Scheduled to begin leasing in late 2024, Ten310 will include 20 furnished apartments available for shorter-term stays.

“Our vision is to create world-class communities, and Sentral is the perfect partner to help bring that vision to life at Ten310,” said Ken Kahan, CEO of California Landmark Group. “From resort-style amenities to superior service to incredible communal spaces that foster connection, Ten310 will offer an unparalleled living experience in Century City.”

Sentral recently announced management agreements at properties including The Sutton in Portland, Oregon; Otonomus Hotel in Las Vegas and Alloy in Phoenix as it continues to grow across the United States.

Sentral

Photo via PRNewswire

Davis Painting Expands Across All of New Jersey

Davis Painting, a provider of residential and commercial painting services based in southeastern Pennsylvania, is expanding throughout neighboring New Jersey with two acquisitions.

The company is extending its services to the Jersey Shore through the acquisition of Craig Hamlin’s Colagio the Painter. With over 30 years of experience, Colagio the Painter has been a trusted name for highquality painting services in the region, and this acquisition marks a significant milestone in Davis Painting’s growth strategy.

With this acquisition, Davis Painting will combine Hamlin’s expertise and deep local knowledge with Davis Painting’s proven systems and customer-centric approach, homeowners and businesses along the Jersey Shore can expect a seamless transition and the same top-tier service they’ve come to know and trust, the companies said.

“We’re incredibly excited to welcome Craig Hamlin and his team to the Davis Painting family,” said Colby Davis, CEO of Davis Painting. “The Jersey Shore is a vibrant, growing area, and this acquisition allows us to bring our superior painting services to a whole new clientele while preserving the excellence Craig and his team have delivered for decades.”

Davis Painting will also acquire Tyler Hansen’s Painting by Tyler, a painting business known for its work across New Jersey. This acquisition will help Davis Painting broaden its footprint, allowing it to serve communities from North to South Jersey.

“With the acquisition of Painting by Tyler, we’re taking another big step toward our goal of becoming the go-to painting service provider for the northeast and eventually, the nation,” added Colby. “We are dedicated to maintaining the high standards that Tyler has established while leveraging our resources to offer even greater value and innovation to our customers.”

DeSimone Acquires Tilt-up Firm MER Engineers

DeSimone Consulting Engineering has acquired Ohio-based MER Engineers Inc., a provider of precast and tilt-up design and detailing services. The move is the latest in DeSimone’s strategy to expand while increasing the depth and breadth of the services the company offers its clients across global markets.

“We’re excited to add a new service to the DeSimone platform through the acquisition of MER Engineers,” announced Stephen V. DeSimone, chairman and CEO of DeSimone Consulting Engineering. “Bringing MER’s expertise in precast and tilt-up construction in-house enables us to further optimize our unique, integrated project delivery approach to better serve our growing data center and logistics clients globally. This strategic action compliments our prior acquisition of Dowco, an industry force in detailing and modeling, by further fortifying our preconstruction service capabilities, which now include 3D modeling, steel, rebar and mass timber detailing.”

MER will continue to operate from its Dayton offices under the DeSimone banner, providing Engineer of Record services, tilt-up and precast design, detailing and shop drawing preparation, as well as panel erection and temporary erection engineering.

Founded as Steinbicker & Associates in 1982, MER Engineers has provided services across the United States, Canada and Caribbean for projects ranging from large international distribution centers and complex retail centers to multistory office buildings, data centers and manufacturing facilities.

“The structural design team at MER Engineers has successfully completed thousands of projects since our founding, working with owners, architects, design-builders, and contractors,” said Mark E. Remmetter, president of MER Engineers.”In merging with DeSimone’s global resources and exceptional ability to deliver creative and innovative engineering solutions, we can leverage our expertise on behalf of their clients, amplify the value offered and provide affordable, advanced, and practical engineering solutions for a new scale of projects around the world.”

Mark E. Remmetter and Stephen V. DeSimone (Photo courtesy of DeSimone)

Craig Hamlin and Tyler Hansen (Photo via PRNewswire)

Green Street Adds Tertiary Markets to Private Market Analytics Suite

Commercial real estate intelligence provider Green Street has expanded its Market Analytics suite with coverage of 334 tertiary markets in the U.S. across four core sectors: apartments, industrial, office, and strip centers. The expanded coverage and advanced analytics will further empower CRE investors to make the best possible capital allocation decisions across a wider geographic area, the company said.

Green Street provides actionable commercial real estate research, news, data, analytics, and advisory services in the U.S., Canada and Europe. Green Street’s new tertiary market coverage largely mirrors that of its existing coverage of the Top 50 U.S. markets, complete with fiveyear forecasts for operating fundamentals, cap rate time series, market grades and Commercial Property Price Indices (CPPIs). All data is standardized for easy comparability and delivered through an interactive user interface with enhanced Market Snapshot reports.

“The percentage of commercial real estate transaction volume occurring in tertiary markets has nearly doubled since 2018,” said Andy McCulloch, chief analytics officer. “The increased investor appetite for tertiary markets has not gone unnoticed by Green Street, and this market expansion is in response to client demand for high-quality data and analytics on these smaller cities. Importantly, the new package of tertiary market analytics follows our existing and time-tested valuation framework based on risk-adjusted returns.”

The tertiary market data will also be made available on Green Street API, Snowflake and Excel integrations to allow users to easily leverage these new insights in their day-to-day workflows.

For nearly 40 years, Green Street has delivered intelligence and data on the public and private real estate markets, helping investors, banks, lenders and other industry participants optimize investment and strategic decisions. The firm delivers exclusive market information, conclusiondriven insights, and predictive analytics through a SaaS platform.

Zillow Introduces First Street Comprehensive Climate Risk Data

Zillow is introducing climate risk data, provided by First Street, a provider of climate risk financial modeling, on for-sale property listings across the U.S. Home shoppers will gain insights into five key risks — flood, wildfire, wind, heat and air quality — directly from listing pages, complete with risk scores, interactive maps and insurance requirements.

Each risk is color-coded and has its own color scale, helping consumers intuitively navigate their search. Informative labels give more context to climate data and link to First Street’s property-specific climate risk reports for full insights.

With more than 80% of buyers now considering climate risks when purchasing a home, according to Zillow research, this feature provides a clearer understanding of potential hazards, helping buyers to better assess long-term affordability and plan for the future. In assisting buyers to navigate the growing risk of climate change, Zillow is the only platform to feature tailored insurance recommendations alongside detailed historical insights, showing if or when a property has experienced past climate events, such as flooding or wildfires.

“Climate risks are now a critical factor in home-buying decisions,” said Skylar Olsen, chief economist at Zillow. “Healthy markets are ones where buyers and sellers have access to all relevant data for their decisions. As concerns about flooding, extreme temperatures and wildfires grow — and what that might mean for future insurance costs — this tool also helps agents inform their clients in discussing climate risk, insurance and long-term affordability.”

Nationwide, more new listings came with major climate risk, compared to homes listed for sale five years ago, said a Zillow analysis conducted in August. That trend holds true for all five of the climate risk categories

Zillow analyzed. Across all new listings in August, 16.7% were at major risk of wildfire, while 12.8% came with a major risk of flooding.

First Street’s models, developed by scientists and vetted through a peer-review process, are used across multiple industries, including real estate, banking, government and insurance.

“At First Street we are on a mission to connect climate change to financial risk,” said Matthew Eby, founder and CEO of First Street. “Partnering with Zillow helps us achieve that mission by providing the millions of everyday users on the Zillow platforms with the same property-specific climate risk data that is used by top banks, agencies and investors.”

Climate risk information will be available on the Zillow app for iOS and on the Zillow website by the end of the year, with Android availability expected early next year.

Photo via PRNewswire

Photo via Business Wire

SmartRent Launches Next-Generation Alloy Fusion Z-Wave Hub

SmartRent Inc., a provider of smart communities solutions and smart operations solutions for the rental housing industry, has launched the next-generation Alloy Fusion, a wall-mounted Z-Wave hub with integrated thermostat. As the latest edition to SmartRent’s hub series under the company’s Alloy hardware brand, the new Alloy Fusion builds on the technology from the original iteration of Alloy Fusion the company launched in 2020.

Alloy Fusion integrates multiple device controls, including climate, smart lights, outlets and sensors, into a single, sleek wall-mounted interface and consolidates the control of smart home solutions, enabling residents and their guests to easily manage their devices and enjoy the benefits of smart living. Uniquely, it also allows users to interact with in-home smart devices in the way they choose, using either an app or directly on the device’s intuitive interface.

“Alloy Fusion enables easy touchscreen management of residential smart devices through a single hub, conveniently located in the home, giving users flexibility in how they control their smart solutions,” said Chief Technology Officer Isaiah DeRose-Wilson. “This hub creates an innovative and user-friendly smart apartment experience, contributing to an attractive tech ecosystem that helps boost lease conversion rates, resident satisfaction, retention and occupancy rates as well as enhancing operational efficiency for owners and operators.”

In addition to enhanced convenience and options to manage in-home

smart devices, Alloy Fusion’s highly dynamic, customizable interface is designed to deliver a convenient, modern living experience, today and in the future. Current features include light and dark mode and local weather display, with a flexible design allowing for new and additional features over time.

As with SmartRent’s Hub+, Alloy Fusion decreases the number of devices that need to be installed, maintained and managed by on-site teams and updates automatically to remain up-to-date and minimize troubleshooting requirements, the company said. The reduced maintenance and replacement obligations also help to minimize overall operating costs.

100 Partners with Clear to Launch Verified Renter Network

Multifamily rental software platform 100 announced a $5.2 million preseed funding round and a strategic partnership with Clear, the secure identity company, to launch the innovative Verified Renter Network. The platform streamlines the rental application and screening processes with advanced, fraud-resistant security features.

More than 93% of rental property owners experienced fraud in the last 12 months and 70% experienced some form of identity theft, according to a recent survey from the National Multifamily Housing Council (NMHC). Verified identity can transform the real estate sector by unlocking a more seamless, efficient and secure application experience, 100 said.

The Verified Renter Network identifies individuals who present minimal fraud and security risks to property owners and operators. It provides renters with a streamlined application and screening process, making it faster and easier to find their next home. To become a Verified Renter, individuals must undergo a background check and meet specific standards set by a consortium of real estate owners and operators. Once verified, renters benefit from a quicker process, while property owners save time and reduce costs due to the lower risk of fraud and the higher payment rates of Verified Renters.

“100 represents much-needed relief for multifamily operators burdened with record levels of fraud and debt. We are setting a new standard in the rental application and screening process, and I’m thrilled to join forces with Clear to do it,” said Caren Maio, co-founder and CEO of 100. “By leveraging Clear’s networked identity solution, we are setting a new standard for efficiency and security in residential real estate.”

Clear members can enroll in the Verified Renter Network with just a few clicks. For a limited time, Clear Plus members can enroll for free.

The 100 founding team has built, operated and scaled the leading multifamily technology companies that have come to market over the past 15 years. They have created billions of dollars in enterprise value, bringing decades of experience in multifamily marketing, lead management and online leasing. With investment from MetaProp, Freestyle Capital, RiverPark Ventures, Contest Point and a strategic coalition of multifamily operators across the country, the funding will be deployed to develop and enhance the 100 offering, Verified Renter Network and invest in new team members, an effort that is underway.

Photo via Business Wire

Photo courtesy of 100

Arturo Unveils Change Detection Technology for Insurers

Property intelligence company Arturo launched Change Detection, a technology it said will transform how insurers monitor and assess property changes.

Arturo’s Change Detection technology utilizes AI and geospatial imagery to identify key changes, such as deteriorating roofs or new structures on a property. This proactive approach enables insurers to anticipate risks, ensure optimal coverage and better serve policyholders. The solution further enhances Arturo’s suite of advanced tools used by carriers for risk management, underwriting and claims insights.

“Arturo’s Change Detection technology allows insurers to make faster, more informed decisions, mitigate risks earlier and ultimately provide better services to their customers by preventing coverage gaps,” said Marty Smuin, CEO of Arturo. “We are excited to introduce this cutting-edge solution to the insurance industry.”

Key features and benefits of Arturo’s Change Detection technology include comprehensive change detection that captures a wide range of property changes; real-time risk monitoring; optimized premium management that allows insurers to adjust premiums based on significant property changes, preventing revenue leakage and ensuring fair pricing; proactive risk mitigation that helps to identify vulnerabilities, allowing

insurers to mitigate risks and a streamlined underwriting process that reduces reliance on manual inspections, speeding up underwriting decisions with precise, timely data.

The Shed Restaurant Officially Opens at Mohegan Sun

The Shed Restaurant has officially opened in Mohegan Sun’s Casino of the Earth, across from Frank Pepe Pizzeria Napoletana. This new offering is the brainchild of co-founders John Tunney and John Rieger from Ballo Italian Restaurant.

The Shed is an 8,785-square-foot space, complete with a 2,150-squarefoot dining area and a 3,150-square-foot scratch kitchen plus walk-in units. The space seats 205 guests, including 11 seats at a full bar. Seating is on a first-come, first-served basis with the ability to join a text-based waitlist at the door.

“Over the last few years, we’ve been working really hard to grow our non-gaming business throughout our property with new restaurants and creating immersive dining experiences,” said Jeff Hamilton, president and general manager of Mohegan Sun. “People are going to want to come here to visit The Shed, not come to Mohegan Sun and eat there because they happen to be here. As we choose food & beverage operators and as we open new restaurants, that is always our goal — to put a great restaurant inside of a great property.”

Chef Roberto Baez’s menu offers a bright take on American comfort food and features a robust list of specialty brunch, lunch and dinner menu items — from the indulgent to the healthful – with the full menu available all day. Gluten-free and vegetarian options are available, and many menu items can be customized to be a vegan dish, making The Shed Restaurant the only restaurant at the property to offer vegan dining. The Shed’s brunch, lunch and dinner menus are only made better by the ultra-friendly team and rustic beach-chic ambiance that incorporates warm textured woods, pops of color and intriguing works of art.

“It’s a real honor for us to open another restaurant here at Mohegan

Sun,” said John Tunney, co-founder of The Shed Restaurant. “We’ve been here with Ballo for about 15 years, and we have the privilege of operating inside of a property that is really second to none. We’d like to thank the Mohegan Tribal Council, Mohegan Sun’s executive team, the engineering team, the retail leasing department and every other department we have worked with — it has been a harmonious experience. We enjoy the like-mindedness between our businesses and this jewel of a company. We’ve wanted to build a second restaurant for a long time, and we’re happy that day is finally here.”

The Shed Restaurant was established in 2017, and the Mohegan Sun location joins sister restaurants in Huntington, West Sayville, Plainview, and Westbury, New York.

Local contractors involved in the project include electric work by Native Sons Ltd., based in Plainville, Connecticut and interior design and architecture completed by Id3a, based in Glastonbury, Connecticut.

Photo courtesy of Mohegan Sun

Photo via Business Wire

JLL Arranges Second Largest Office Sale in Florida History

JLL’s Capital Markets Group has arranged the $443 million sale of 701 Brickell, a trophy Class AA office building totaling 685,279 square feet in the heart of Miami’s financial district. This sale was structured as an all-cash transaction for the seller. 701 Brickell represents the second largest office transaction in Florida history, just behind the $540 million sale of the 1.2 million-square-foot Southeast Financial Center arranged by JLL in 2016.

JLL represented the seller, Nuveen Real Estate, and procured the buyer, Morning Calm Management and its partner. The sale effort for Nuveen was led by Charles Russo, senior director and asset management lead for East Region Workplace, who led a recent $30 million capital renovation plan.

Brickell is currently the top-performing office market in the United States in terms of occupancy and rent growth, JLL said. Nuveen Real Estate, formerly TIAA Real Estate, acquired 701 Brickell in 2002. Throughout the entire period of Nuveen’s ownership, 701 Brickell has been the top performing Class AA office building in Miami in terms of maintaining high occupancy, consistent rent growth and longterm retention of prestigious tenants, including Bank of America and Holland & Knight.

The JLL Capital Markets team representing the seller was led by Manny

PageOn Generative AI Platform Introduced by iArtai

Artificial intelligence (AI) visual communication startup iArtai has introduced PageOn, an AI-powered platform designed to revolutionize how people create and interact with presentations. Founded by Yunfei Fu with a small team, iArtai offers a solution that transforms static information into dynamic, interactive experiences.

“We are building a new visual communication dialogue. Information should be influential,” Fu said. “Our vision is to present information in a better way — a journey where users can reveal their thoughts, ideas behind complicated information and truly share their story in an engaging way. We believe AI is the game changer, and we will see the next page on.”

As an AI-driven platform, PageOn AI empowers users to create stunning, data-driven presentations quickly and effortlessly. At its core, PageOn is designed to enhance content creators’ ability to tell compelling stories with minimal effort. It serves as a container for critical business data, creative storytelling and lightweight business intelligence, all while being user-friendly.

Key features include AI-generated slides created from a prompt or database, built-in citations, AI writing assistance, drag-and-dop

editing and AI-powered voiceovers. Future features will include a large template library, brand kit customization, multimedia support and collaboration tools and multilingual capabilities.

de Zarraga, Matt McCormack, Ike Ojala and Hermen Rodriguez, all of whom are based in Miami. The team was supported at a national level by Mike McDonald.

Photo courtesy of Globe Newswire

Photo courtesy of PRNewswire

Photo courtesy of Getty Images

Rate Manual Amendments Bring Change, Choices to the Marketplace

BY THOMAS A. GLATTHAAR SENIOR VICE PRESIDENT, SENIOR UNDERWRITING COUNSEL, FIDELITY NATIONAL TITLE

The title insurance market in New York State is subject to close scrutiny by the State. Only title insurance corporations can issue a guaranteed search of title to real property or title insurance policies. The forms used to issue these products and the prices charged for those products must be filed with the New York State Department of Financial Services (DFS) and either approved by DFS or accepted by it as not discriminatory or violative of public policy. These products and their pricing are filed by title insurance corporations through a rate servicing organization called the Title Insurance Rate Service Association Inc. (TIRSA). The title insurance products filed and approved by DFS play a role in a large portion of the real estate transactions that occur each year in the state, so it is important when these products change. Changes will be occurring in the coming months.

TIRSA has filed and DFS has approved material changes to the New York State Rate Manual. These changes are effective as of October 1, 2024, and will affect title insurance policies issued with a Date of Policy on or after that date. This article outlines the important changes to the title insurance policy and endorsement forms available in New York for the real estate practitioner and in the title coverages available to the real estate practitioner at New York closings occurring on or after October 1, all because of the amendments to the New York State Rate Manual.

The ALTA 2021 owner’s and loan policy forms replace the “old” 2006 forms. The 2021 forms include a number of clarifications to matters considered ambiguous in the 2006 forms and update some of the language and coverages. For example, both the owner’s and loan 2021 forms include (as a “Covered Risk,” or insuring provision) insurance against loss resulting from a defect in Title because a document was acknowledged by remote online notarization or resulting from a document signed via applicable electronic transactions law being repudiated by the signatory.

Both the owner’s and loan 2021 forms provide coverage against loss resulting from the enforcement of PACA-PSA Trust (defined in each form as a trust under the federal Perishable Agricultural Commodities Act or the federal Packers and Stockyards Act or similar State or federal law), but only (pursuant to the Exclusions From Coverage) if there is a notice thereof recorded on the public records at the Date of Policy. Further, both the owner’s and loan 2021 forms include clarifying changes to language of the so-called “creditor’s rights” Covered Risk and the corresponding Exclusion From Coverage.

In addition to the foregoing, there are several other important changes reflected in the 2021 policy forms.

ALTA 2021 Owner’s Policy

Several new definitions were added to the policy: “Affiliate,” “Discriminatory Covenant,” “Enforcement Notice” and “State.” More impor-

tantly, the policy expands the definition of “Insured” to cover a spouse who acquires Title as a marital dissolution, anyone who acquires Title “effective on the death of an Insured” and any conveyance to a grantee that is an Affiliate. The effect of this change to the definition of “Insured” is to expand the number of instances where Title has or would devolve from the named Insured in the policy without the coverage in the title policy being terminated, limited or impaired.

Changes of note in the Conditions of the policy include a clarification of Condition 2 (Continuation of Coverage) regarding the circumstances under which the policy terminates. Specifically the changes make clear that the policy terminates when the Insured conveys the Title except that coverage continues so long as the Insured:

a) Retains and estate or interest in the land;

b) Owns an obligation secured by a purchase money Mortgage given by a purchaser from the Insured or

c) Has liability for warranties given by the Insured in any transfer or conveyance of an Insured’s Title.

One other change of import in the Conditions of the policy is contained in Condition 8(d). The ALTA 2006 policy form imposed a possible financial penalty (by automatically increasing the Amount of Insurance in the policy) on a title insurance company that chose to litigate a claim (rather than pay or settle) and is unsuccessful. The ALTA 2021 policy form increases that financial penalty by increasing the Amount of Insurance by 15%. The 2006 ALTA policy had included a 10% increase.

ALTA 2021 Loan Policy

Several new definitions were added to the policy: “Affiliate,” “Discriminatory Covenant,” “Enforcement Notice,” “Government Mortgage Agency or Instrumentality,” “Obligor” and “State.” More importantly, the ALTA 2021 loan policy amends the definition of “Indebtedness” and “Insured.” The definition of “Indebtedness” is broadened to include advances for insurance premiums, real estate taxes and assessments, regular, periodic assessments of homeowner’s association fees and advances to prevent waste of improvements on the Land, in each case to the extent the advances occurred before the acquisition of Title. In addition, the definition of “Insured” has been revised to include:

a) The grantee of an Insured under a Deed or other instrument transferring the Title if that grantee is an Affiliate;

b) An Affiliate that acquires the Title through foreclosure or deedin-lieu of the Insured Mortgage; or

c) Any Government Mortgage Agency or Instrumentality. and positive change.

One effect of the revision in the definition of “Insured” will be to expand the instances where a loan policy remains in effect after a foreclosure or

deed-in-lieu of the Insured Mortgage, an important and positive change.

There were some material changes made to Covered Risk 10. The ALTA 2021 loan policy insures against loss resulting from a lack of priority of the lien of the Insured Mortgage as security for several components of the Indebtedness:

• The amount of principal disbursed at Date of Policy.

• The interest on the amount secured by the Insured Mortgage.

• Reasonable expenses of foreclosure.

• Amounts advanced for insurance premiums, real estate taxes and assessments, regular, periodic assessments of homeowner’s association fees, and advanced to prevent waste of improvements on the Land, in each case to the extent the advances occurred before the acquisition of Title.

There has been some commentary on the inclusion of a perceived limitation on the priority coverage in Covered Risk 10 to the amount of principal disbursed at Date of Policy in the ALTA 2021 policy form. (The “Date of Policy” reference was not in the 2006 form.) I think it is unlikely, however, that there was any real expectation under the ALTA 2006 loan policy form for priority protection for unadvanced principal secured by the Insured Mortgage at Date of Policy; if there was, there would never be a purpose for any Future Advance or revolving credit endorsements. The inclusion of this phrase (“at Date of Policy”) is better seen as a clarification and not really a change.

Of course, the ALTA 2021 loan policy continues insure against loss resulting from the invalidity or unenforceability of the lien of the Insured Mortgage as security for the principal component of the Indebtedness whether advanced at or subsequent to the Date of Policy.

Changes of note in the Conditions of the policy include a clarification of Condition 2 (Continuation of Coverage) regarding the circumstances under which the policy terminates. Specifically, the changes make clear that the policy terminates when the Insured conveys the Title except that coverage continues so long as the Insured:

a) Retains and estate or interest in the Land;

b) Owns an obligation secured by a purchase money Mortgage given by a purchaser from the Insured or

c) Has liability for warranties given by the Insured in any transfer or conveyance of an Insured’s Title.

One other change of import in the Conditions of the policy are contained in Condition 8(c). The ALTA 2006 policy form imposed a possible financial penalty (by automatically increasing the Amount of Insurance in the policy) on a title insurance company that chose to litigate a claim (rather than pay or settle) and is unsuccessful. The ALTA 2021 policy form increases that financial penalty by increasing the Amount of Insurance by 15%. The 2006 ALTA policy included a 10% increase.

There has been a host of changes to the Definitions and Rules of the Rate Manual, as well as to sections relating to the application of some common discounted rates.

A number of the Definitions contained in Section 1 of the New York Rate Manual have been amended to clarify and minimize ambiguity in the various terms. The same is also true for the Rules that are set forth in Section 2 of the New York Rate Manual.

There is a substantive change to Section 2 as well. Because many of the ALTA endorsements that are available to provide so-called affirmative insurance or additional insurance in other states are being brought in for use in New York, the New York Rate Manual now prohibits the addition of affirmative insurance, additional insurance or express insurance being added or provided in the Policy by any means except by Endorse-

ment set forth in Part IV of the Rate Manual and as expressly authorized in the Rate Manual. This change is part of the multi-year, multistep process to bring New York title insurance practices and products in line with the practices and products available elsewhere in the country.

In addition, a number of the Sections of the Rate Manual have been amended. In many cases, again, the amendments are intended to clarify or minimize ambiguity.

Section 9 of the New York Rate Manual (“Construction Mortgage Insurance, Construction Mortgage Conversion Insurance; Minimum Insurance”), Section 12 of the New York Rate Manual (“Mortgage Refinance Transactions and Subordinate Mortgages”) and Section 13 of the New York Rate Manual (“Mortgage Modification and Construction Mortgage Modification (No New Money)”) all deal with common types of transactions for which the Rate Manual allows discounted rates to be charged provided the criteria set forth in each such Section was met. That criteria were often perceived as too narrow and difficult to meet.

For example, any change in ownership of the Title by deed or otherwise could disallow the application of a discount. The same could be true if Land changed (as with an assemblage or where some of the Land was released from the lien of the Insured Mortgage); even a conversion to condominium has been known to call the application of some of these discounts into question. The amendments that have been incorporated into these and other Sections address these concerns.

First, in each of these Sections there is now provision for a conveyance of the Title that does not trigger State Transfer Tax without disallowing the applicable discount. Second, the application of the so-called “assemblage rate” (where the Land covered by the loan policy covers the Identical Property as an owner’s policy and more Land) in Section 10 of the Rate Manual was clarified and broadened. Lastly, the broader definition of “Identical Property” in Section 1 of the Rate Manual (in essence, the same property or less) and the express provisions of Section 9 and Section 13 relating to condominium conversions allows for the continued application of these discounted rates where the subject real property is not precisely the same as that described in an earlier document or title policy, as applicable.

Lots of New Endorsements

Many of the endorsements in the current (pre-October 1) Rate Manual are being updated and amended; others are being withdrawn and/or replaced, generally by their ALTA equivalents. Still other endorsements are new to New York. Let’s focus on the endorsements and coverages that are new to New York. For clarity’s sake, many of the new endorsements may only be used here the Land covered by the policy is Residential Real Property, Commercial Real Property or both, and may be issued in connection with owner’s policies, loan policies or both. Among those endorsements now available are:

• TIRSA 3-06 Zoning Endorsement

• ALTA 9 Series of Endorsements

• TIRSA Mezzanine Financing Assignment of Proceeds Endorsement

• ALTA 27-06 Usury Endorsement

• ALTA 28 Series (Easements and Encroachments)

• TIRSA Identified Exception & Identified Risk Coverage

• ALTA 35 Series (Minerals and Other Subsurface Substances)

• ALTA 36 Energy Projects Series

• ALTA 40-06 Tax Credit (Owner’s Policy) Endorsement and ALTA 40.1-06 Tax Credit (Defined Amount- Owner’s Policy) Endorsement.

Change of this magnitude is certain to cause confusion. Look to your friends in the title insurance industry to provide the help and assistance that you need to get your next deal closed on time and with no hiccups.

Joseph Schaefer, Long Island University.

Photo courtesy of Getty Images

City Building Is Slow; Adaptability Is Crucial

By Nicolas Palominos, Associate Data Scientist – ERA-co

City development is never a straightforward or quick process. It involves layers of planning, regulations and decision-making that can span decades. From zoning laws to infrastructure limitations, these hurdles slow down construction and city building.

However, this long timeline doesn’t mean cities can afford to remain static. In fact, it’s quite the opposite — adaptability is becoming a vital aspect of urban development. With rapid technological advancements, population growth and climate change, flexibility is critical for cities to thrive.

When a city is adaptable, it can adjust to new circumstances. This ability to pivot helps cities address challenges they might not foresee when plans are initially drawn up.

Think about how quickly technology has shifted over the past few years. A city designed 10 years ago might not have accounted for the digital infrastructure we need. Smart city technologies are helping urban spaces become more efficient, but without adaptability in planning, cities can find themselves unable to integrate these advancements.

Addressing Challenges

Adaptability is crucial for cities facing various urban challenges, especially in terms of infrastructure and resource management. As cities grow, they often struggle to maintain aging infrastructure while accommodating new demands. Whether it’s outdated transportation systems, insufficient housing or inefficient public services, an adaptable approach can prevent long-term stagnation.

By anticipating potential obstacles, cities can redirect resources more efficiently and implement scalable and forward-looking solutions. Flexibility also allows cities to respond quickly to economic shifts, such as changes in job markets or housing demands, ensuring they remain competitive and attractive to residents and businesses alike.

Data plays a crucial role in making adaptability pos-

sible. Cities can now collect vast amounts of information about everything from traffic patterns to energy consumption. By analyzing this data, city planners can make informed decisions and adjust strategies to better meet evolving needs.

For example, if data reveals a significant increase in energy consumption during peak hours, cities can allocate resources to improve energy efficiency in specific areas. Real-time data also enables cities to manage transportation systems dynamically, reducing traffic congestion and pollution. Data helps guide not just immediate decisions, but it also can guide long-term planning, ensuring cities can adapt continuously as new challenges arise. Furthermore, predictive analytics can be used to foresee trends, allowing city planners to prepare for shifts before they become critical issues.

Adaptability for Sustainability and

Resilience

Adaptability doesn’t just improve efficiency but it also plays a vital role in promoting sustainability and resilience in cities. Flexible planning allows urban areas to address environmental challenges without being tied to rigid, outdated strategies. For example, Copenhagen has implemented adaptive infrastructure to cope with rising sea levels and increased flooding by designing drainage systems to handle more intense rainfall while integrating green spaces that help absorb excess water.

This approach not only protects the city but enhances its sustainability by preserving green areas and reducing strain on traditional infrastructure. Adaptable green spaces and infrastructure can also mitigate the urban heat island effect, which is crucial as global temperatures continue to rise.

Singapore is another city that has embraced adaptability to drive sustainability. Its smart city initiatives use real-time data to optimize energy consumption and manage traffic flow efficiently. The city’s commitment to adaptability allows it to reduce waste, improve resource management and lower its carbon footprint, all while staying resilient to future changes.

These examples highlight how adaptability is essential for cities looking to meet environmental goals and remain resilient in the face of unpredictable challenges. Cities that prioritize adaptable urban design also create environments that can recover more quickly from disasters, ensuring long-term safety and stability for their residents.

The Future is Adaptable

As cities continue to grow and face evolving challenges, adaptability will remain a cornerstone of successful urban development. It bridges the gap between long-term planning and immediate action, ensuring that cities can respond effectively to technological advancements, environmental changes and population growth. Whether it’s through the use of real-time data or the integration of sustainable practices, adaptable cities simply are better equipped to thrive.

By embracing flexibility, cities can overcome obstacles and create opportunities for innovation and improvement. The future of city building lies in the ability to adjust to new realities while maintaining a focus on resilience and sustainability. Cities that embrace adaptability will lead the way, ensuring that urban spaces remain dynamic, livable and prepared for whatever challenges may come next.

Palominos’ multidisciplinary and 20 years of experience in urbanism includes practicing in a variety of projects, from designing buildings and city interventions to Urban Design research, and to Urban Planning advisory in the public, private and academic sectors. With a background in both advanced spatial analysis and design, Palominos’ holistic approach to city design spans a range of scales: from cities to streets, large sites to neighborhoods, applying computational, quantitative, visual and design methods.

He began his career in architecture and developed into urban design and planning working for the Ministry of Housing and Planning and The Comptroller General in Chile, LSE Cities and The Bartlett Centre for Advanced Spatial Analysis, UCL, in the U.K. He currently leads the urban design and strategy R&D at ERA-co.

Navigating the Ups and Downs of the Modern Architectural Landscape

By Stephen Jouflas, AIA, RA, NCARB, LEAN SIX SIGMA, Principal at FCA

Since the pandemic, few professions have faced as much change as the field of architecture, construction and real estate. The initial mass exodus of office occupants was followed by a return to work, with a renewed emphasis on in-person connectivity; this was compounded with the latest developments in sustainability and technology, as professionals were also forced to contend with the new reality of the rapidly-evolving real estate landscape.

In the past, the credibility of architecture and the built environment lay in its permanence. Today, transience has become the profession’s new currency — properties that were converted for one use may now only last a short time, and we’re increasingly pushed to drive innovation in space typologies and uses. On all sides of the aisle, the key to navigating this sea of constant change moving forward will be adaptability, from the perspective of not only architects and designers, but also from construction professionals and property owners.

Reimagining the Built Environment

We’re seeing a fundamental rethinking of commercial real estate and its role in the makeup of the modern city. This is particularly relevant to workplaces, as large numbers of workers continue to work remotely or in hybrid arrangements. As such, there has been a massive increase in the number of these spaces being repurposed for alternative uses, whether residential or mixed-use, flouting traditional zoning practices and opening up new opportunities for innovation and creativity through design.

These adaptive reuse projects are practical at their face, because they reposition vacant or underutilized space to prime them for use. But they also present an exciting new frontier in the real estate landscape, allowing owners and developers to diversify their offerings while blending commercial, residential and community spaces to create more dynamic environments for the surrounding community. Each of these spaces comes with its own set of challenges and opportunities, but they ultimately provide new opportunities to reinvigorate unused real estate.

At FCA’s Philadelphia office, we underwent the process of downsizing our office and worked with the developer to convert the rest into “giveback” amenity spaces that are accessible to all occupants. This initiative marks another change we’re seeing nationwide, in which partial renovations or changes present another avenue for revitalizing space.

The Role of Technology

It’s also important to acknowledge the distinct and evolving role of technology in the architecture industry, particularly the use of artificial intelligence. AI tools are rapidly changing the field and adjacent industries. With the potential to automate repetitive tasks and enhance general efficiency during the design and planning processes, these technologies should in theory free up time for professionals to focus on their creative work. This is a delicate balance — while AI presents exciting possibilities for altering workflows, professionals should remain wary of its ability to devalue the role of architects and developers, reducing complex design processes to simple automated functions.

As with any new, groundbreaking technology, professionals are still working out the kinks in determining how AI can be used responsibly. Its introduction mirrors that of the transition to building information modeling (BIM), which initially caused fear among professionals that it would stifle creativity. We now know that hasn’t been the case, as the tool became invaluable in improving design processes, communication and project management. In the same way, we must determine how best to utilize the latest technologies to ensure that they complement, rather than replace, the artistry and expertise that human architects and building professionals bring to the table.

Technology that integrates artificial intelligence is also well-suited to meet the growing demand for sustainable, user-centric design. The use of AI in building controls can make them more responsive and intelligent, allowing minute adjustments of energy use, temperature and lighting based on real-time needs. This technology can be implemented fairly easily in both new builds and retrofits, and will help spaces remain adaptable in the long run even as occupancy uses, and the surrounding environment continue to change.

Challenges and Concerns

Architects and developers today juggle more tasks than ever before, from project management to sustainability compliance, often in exceedingly short time frames. We’re developing ways in which to address this fast-paced architectural landscape and how to train the next generation of professionals to thrive in the ever-changing, tech-driven future. It’s here that the role of problem-solving remains important; the tumultuous current landscape provides a great learning environment for young professionals looking to hone their skills and creativity.

Another facet of the industry to consider is the rising influence of private equity in architecture firms. While this presents opportunities for expansion to drive growth, this development risks turning firms into wholly profit-driven entities, compromising long-term vision in favor of short-term gains. In addition to the reality of workforce shortages, architects and real estate professionals must become more business-savvy to navigate these partnerships and other pitfalls while maintaining design excellence.

In short, adaptability — whether through reimagining how spaces are used, embracing technology or evolving architectural education — is the key to navigating the future of the design industry.

While AI and new materials offer exciting potential, the industry must ensure it continues to prioritize creativity, sustainability and the human element in design. Architects, construction professionals and real estate stakeholders must collaborate to shape a built environment that meets today’s demands while keeping an eye on the future.

Ultimately, we should look to this period of rapid change as an opportunity to drive innovation, laying the groundwork for a future in which architecture, design and the built environment remain a critical and creative force in shaping our world.

FEATURES | MANAGEMENT

Be Social Change: An Interview with CoreNet Global’s Jenn Lishansky

By Nick Bornheimer, Director of Sales and Strategy, Union Square FC

In a society that celebrates career growth and achievement as a major pillar of success and prosperity, it can often be challenging to put all of the pieces together. Maybe you have an ostensibly deep and true understanding of yourself but no idea how to translate that into a fulfilling occupation. Or your success is not commensurate with your happiness, despite being at the top of your craft.

It’s fair to assume that you (or someone close to you) have experienced a form of “career crisis” throughout your professional journey. Work is such a huge percentage of our daily existence that it’s difficult to divorce that from one’s personal life. And it makes sense that you want to feel good about what you’re pouring all of these hours into.

Be Social Change probably does not have the silver bullet, but there’s a good chance one or more of its tools will provide some clarity. And it can say with certainty that doing good is going to set you down the right path. Founded in New York, Be Social Change operates at the intersection of education, networking and community building, with the goal of creating a vibrant community where professionals can connect, collaborate and inspire one another. By focusing on career growth and providing continuous support, Be Social Change helps individuals transition into and thrive within social impact careers, whether that’s within someone’s current role or down a totally new path.

CoreNet Global member Jenn Lishansky, chief engagement officer at Be Social Change, focuses on leveraging her organization’s resources and community, helping individuals connect with their greatest talents and pursue meaningful work.

How did you get started in this space?

I’m on a mission to make every job a social impact job and every career a social impact career. I believe that there is an incredible amount of power that comes from purposefully helping and contributing to one another’s lives in our society. I’ve always sort of felt that way; I was a kiddo who knew that I wanted to work in nonprofits and do good in the world.

During college, and right after, I was working in many different nonprofits, and I kept finding that there were similar issues, related to the nonprofit structure, that kept arising. I thought, “Well, I want to do something to help support nonprofits and important and valuable

Photo courtesy of Nick Bornheimer

missions.” I started researching what was out there and came across this organization called Be Social Change, which at the time was just a meet-up group. A couple of months later, I met the founder. We connected right off the bat — he’s now also my husband. He’s my partner in all things. It’s been awesome.

How did this evolve into a world that involves career coaching? Basically, we set out to do more social good. What we found is that the problem is two-fold. The structure of nonprofits was challenging, and the field of social entrepreneurship, at the time, was just starting up. People had a lot of curiosity about it. We wanted to find a way to help people learn about the ways that they can contribute to social good to help strengthen the social impact sectors.

One of the forms that took was career coaching; we realized we want to help people maximize their good, and also maximize their purpose and potential in life. A lot of people are doing jobs that they’re not totally thrilled about, and we see a massive need in social impact work and want to help connect people with those jobs.

How did you acquire this career coaching skill set? Was there a mentor or someone along the way who had helped or coached you? Yes! [I’m] grateful for all of the mentors in my life. My primary mentor is Jim Stuart, who’s just incredible, but I also took many courses and programs in career coaching.

Also, prior to all of this, I became a certified meditation coach in 2015. I would teach people meditation and people would come back to me the next week and say they loved the meditation, but their career was such a pain and causing so much stress. Through meditation coaching, there was a natural way to ask someone, ‘What kind of work do you love doing? Where are your skills?’ I naturally got practice even before I was a career coach.

The work that we do at Be Social Change allows us to stay at the nexus of what’s happening in the social impact sectors. We see the latest in nonprofits and the business-as-a-force for good movements. [That helps us] guide our [clients] to the best, most relevant, most recent information as they’re navigating their career searches, and how they can maximize their potential. That is whether that’s in their current role, or if they’re starting up their own business or something totally new.

What are some of the other prongs of Be Social Change?

We do career coaching, and educational webinars and workshops to help people gain skills necessary to either navigate a job search or create impact in their existing roles. We also host online and in-person networking events for our community.

At the end of the day, the most important asset in anyone’s career is their network. It’s their community of people who they know and who are going to support them in their journeys. Our networking events are probably what we’re best known for. We were hosting basically one per week in New York City prior to the pandemic. Then we brought them all online, and our community organically grew globally, which was really exciting. We continue to do networking online on a regular basis and also continue to have a few larger-scale networking events in New York City.

Have you noticed an online networking fatigue recently?

I think the way that networking has traditionally been cast or portrayed is very transactional. It’s “Here’s my business card. Where’s your business card? What do you do? Here’s what I do. Here’s what I’ll do if you can do this for me.”

And that sort of transactional relationship is exhausting and definitely part of the reason why people are bored and tired of online networking. What we strive to do is actually build meaningful relationships in networking and help people not only get to know other folks who are interested in the same things that they’re doing, but also bring forward their most authentic and real selves in order to have lasting relationships.

Anybody who has been through any stage of their career knows that opportunities, introductions, connections — everything — is tied to another person. And so, the most important thing that you can do for your own ability to make an impact, or your own ability to grow, is to continue to connect meaningfully with other people.

What about the folks who aren’t quite sure about social impact?

We call them social impact explorers — people who are not working in the space but have an inkling they’re not fulfilled in their current work. They want to contribute to society rather than potentially furthering some of the ills that we’re seeing. Those people often come to our networking events or our workshops and find a community of people who have shared values.

Do you work with other networking organizations or collaborate with other companies?

Absolutely. The word “collaborate” is one of our top values. For every networking event, we try to have at least two or three partners with communities that are dedicated to social impact, other social entrepreneurship communities, other nonprofit communities. The idea is that our community needs to continue to grow, and so do all communities. Rather than seeing other networking communities as our competitors, we see them as our collaborators. And as our community grows, theirs can, too.

How can someone learn more?

They can check out besocialchange.com and follow me on LinkedIn. We also have a podcast — the Be Social Change Podcast — and people are welcome to listen to interviews with top leaders in nonprofits and corporate social responsibility and social entrepreneurship to begin to either explore the space or gain inspiration for the work that they’re doing.

Fixing the Heart of the Home

By Michael Valente, Co-founder and CEO, Renovation Sells

For sellers hitting the market this year, maximizing their biggest asset is possible with a few simple yet strategic renovations. The kitchen always tops buyers’ “must-have” lists and is the first thing buyers consider. An updated, stylish kitchen can transform your home into a showstopper. Many kitchens already have great layouts but are stuck with outdated colors and fixtures.

Luckily, a kitchen refresh can be as easy as a new coat of cabinet paint, fresh hardware, updated countertops and lighting to top it off. Here’s how to make it shine:

Refresh Your Cabinets. Outdated cabinets can make the entire kitchen feel dated. Consider painting them in neutral colors such Sherwin Williams Greek Villa, a bright white, or Sherwin Williams Accessible Beige, a warm neutral tone. These colors can make the kitchen feel larger and more inviting. Painting cabinets is a cost-effective way to give your kitchen a fresh look without a complete renovation

New Countertops and Backsplash. Replacing countertops with a quartz, like MSI’s Calacatta Alto which has subtle veining, can give your kitchen a new, clean look. Pairing the stone with a new backsplash tile completes the update without a significant investment.

Upgrade Lighting Fixtures. Good lighting is essential in the kitchen. Replace outdated fixtures with new pendant lights to anchor the space. Updated lighting not only is practical but also adds a focal point in the room, making a great first impression on buyers

Refinish Floors. Refinished flooring can set the tone for the entire kitchen. It’s a worthwhile investment that enhances both aesthetics and functionality. We recommend hardwood floors to all sellers — they look great in photos and most buyers are searching listings online. Wood floors are also more hygienic than carpet, and pet owners want hardwood floors for the ease of cleaning.

BEFORE | Photo by Fio Creative

AFTER | Photo by Fio Creative

BEFORE | Photo by Fio Creative

AFTER | Photo by Fio Creative

BEFORE | Photo by Fio Creative

AFTER | Photo by Fio Creative

BEFORE | Photo by Joe Baxter

AFTER | Photo by Joe Baxter

Carol A. Sigmond Partner

Greenspoon Marder LLP

1345 Avenue of the Americas Suite 2200

New York, NY 10105 carol.sigmond@gmlaw.com (212)524-5074

Condo-Co-op Helpline: Trends in New York City

As 2024 dwindles down, we look forward to the upcoming year and wonder what to expect in 2025 for residential real estate in New York City, particularly for cooperative and condominium apartments. Looking ahead, 2025 may be a hard year for residential cooperative and condominium owners and managers.

There appear to be five trends that are emerging on the horizon: 1) pressure, including fines and taxes, from the government at all levels, on residential buildings to reduce their respective carbon footprints; 2) rising property taxes; 3) reduction in public services; 4) possible erosion of the city-wide income tax base and 5) the need for additional affordable housing and associated services, including schools, parks and libraries.

Local Law 97 of 2019 is now impacting residential cooperatives and condominiums. The property tax penalties for “excess” energy use are becoming real. Buildings are looking at significant property tax increases over the next three years. Recently, I read a report on an Upper East Side building that suggests the building would absorb an additional half million dollars in property taxes during that period. Nothing could be more counterproductive. These buildings need to assess unit owners for energy efficiency improvements; instead, the money is going directly to the government.

Fines and penalties for energy inefficiency are an addition to the anticipated property tax increases for cooperative and condominium buildings, most of which are already over-taxed. This is due to the expected drop in value for commercial properties, particularly for “B” and “C” class commercial buildings. The city will need to make up the lost revenues and, historically, Manhattan condominiums and cooperative apartments have been targeted.

The pressure may be amplified for pre-1974 buildings, as they will likely see significant tax increases because of the current differential treatment of pre- and post1974 cooperative and condominium buildings. The former are taxed at a reduced rate based on the use of rent-controlled units for comparables. At the same time, the latter has a market rate of stabilized units for comparison, leading to significantly higher property taxes and disparate impacts in minority neighborhoods.

Over the last two years, city services, including recreational facilities and libraries, have been reduced to

allocate money to pay for the mass influx of undocumented immigrants. Much as the city council would like to reverse this trend, there is simply no money, and property tax revenues are likely to fall for the reasons noted above.

The Citizen’s Budget Commission is warning that the service reductions may motivate some to relocate out of the city. Many businesses now allow workers to report to offices only two to three days per week, so relocating to distant locations with lower taxes becomes easier. Many young families also leave the city for distant suburbs with better public schools and services.

The best outcome would be for the New York State Legislature to craft a new property tax system. Single-family homeowners pay a fraction of the property tax paid by cooperative and condominium unit owners for properties with similar values. Moreover, cooperative and condominium unit owners do not receive city refuse or recycling services.

Two solutions appear obvious. The first is to create one tax rate and apply it to all residential property based on fair market value. This would include not valuing cooperative and condominium units based on rental values, and simply using sale values. As for the second solution, single-family homes should be charged for refuse and recycling services.

Finally, the city has an overwhelming need for affordable housing, that is, housing for those of moderate incomes, including police officers, firefighters, teachers, public health professionals, librarians and other professionals, many of whom are public sector employees. I hope this will encourage innovation and development, including the repurposing of older and underutilized commercial properties, into housing and community facilities. These facilities could include schools and recreational areas, which are essential for a good quality of life in the city.

For owners and managers of residential cooperatives and condominium units, this is mixed news. The housing shortage should help keep prices stable, but rising costs and property taxes may provide countervailing downward pressures.

Thiscolumnpresentsageneraldiscussion.Thiscolumn doesnotprovidelegaladvice. Pleaseconsultyourattorneyforspecificlegaladvice.

Frank DeLucia Senior Vice President

Hub International Northeast

frank.delucia@hubinternational.com (212)338-2395

Presenting Your Real Estate Business as a Best-in-Class Risk to the Insurance Marketplace

Recent events have been unkind to the real estate industry’s insurance rates — but that doesn’t mean owners and operators should give up hope of getting coverage at an affordable rate. Issues are stemming from capacity, or the total amount of insurance that underwriters are offering in the real estate business. Because of losses, insurance carriers have pulled back the amount of insurance they’ll offer and have significantly raised rates as a result.

It’s the very definition of what’s known as a “hard market.” The capacity issue is especially acute in catastrophe-prone areas, where real estate owners and operators need creative solutions to find insurance. This type of market requires businesses to have present themselves in the best possible light to enable their brokers to present the best-case scenario to insurers. In partnership with your insurance advisor, demonstrate to the marketplace why they should want your business (i.e., a good loss history and corrective measures taken to prevent similar losses from reoccurring, proactive risk management/transfer practices, proper safety protocols and property upgrades).

Several factors are causing the persistent hard market in real estate coverage, from catastrophe-related claims to inflation, supply chain challenges and outdated property valuations causing rebuilding costs to rise beyond what insurers priced policies to cover.

On the property insurance side, water damage and catastrophic weather events have been costly for insurers, while on the liability side, increasing claims for slips and falls have led to expensive lawsuits. Lower interest rates have pushed premiums higher yet again as insurers can’t rely on investment behind the scenes to remain profitable.

So, what can businesses do?

Despite the hard market, businesses still have the ability to control and manage losses. Owners and operators who control their risks in-house will be in a better position to find coverage at an acceptable rate. Proven strategies include:

Preventative Maintenance

Regular preventative maintenance improves building safety and can reduce the likelihood of claims. Test fire pumps

monthly, fix broken handrails immediately and replace old electrical panels.

Implementing Water Damage Mitigation Plans

Losses from water damage are the most common cause of insurance claims in real estate. It’s essential to have water damage prevention and mitigation plans, which include installing shut-off valves, isolating water leaks, ensuring functional sewer lines and sump pumps and scheduled inspection and maintenance of the plumbing system itself.

Emergency planning

Every property in a portfolio should have an “all hazards” emergency plan that applies to possible crisis scenarios including fire, earthquake, flood, windstorm, workplace violence, terrorism and other location-specific risks. You should also identify ways to mobilize building occupants in the event of an emergency and emphasize communicating the emergency plan to building occupants.

Enhanced Safety and Security

Property managers and owners should develop a comprehensive safety and audit program to ensure the physical safety of building occupants. The plan should include employee training on identifying hazards or risks before they cause losses. It should also ensure building security with cameras, access control or with a third-party security team where needed. Common areas like parking lots or high traffic spaces should be kept clear of objects that could cause slip and fall claims.

Vetting All Contractors

All vendors should provide a certificate of insurance before performing work. Review the vendor’s insurance policy with your broker to ensure there are no exclusions to prohibit them from assuming risk when working on your property. The property owner should also request to be added as an additional insured to their policy.

These are just some of the ways you can get ahead of rising premium costs and navigate the current state of the insurance market. Now more than ever, it is imperative to work with your insurance advisor to review your coverages and to understand what your P&C policies cover, what they don’t and the best ways to mitigate the individual and unique risks.

A MODERN APPROACH TO COMMERCIAL REAL ESTATE,

POWERED BY A CENTURY'S WORTH OF EXPERIENCE.

We would like to take this opportunity to thank the following people:

Our team & staff for their endless dedication and support

Our tenants for their cooperation to keep our buildings safe

Our partners for their trust and confidence in these challenging times

All New Yorkers working tirelessly to keep our city moving

We hope everyone continues to be healthy and safe in 2021.

Kris Kiser

Outdoor Power Equipment Institute

TurfMutt Foundation Equip Expo

1605 King St. Alexandria, VA 22314

turfmutt.com

opei.org

(703)549-7600

The TurfMutt Foundation Shares Its Top Backyard Trends for a Greener, Healthier Way of Life

For 15 years, the TurfMutt Foundation has been touting the environmental value and proper care and stewardship of backyards, parks, school yards and other public green spaces. By educating about the benefits of living landscapes, the TurfMutt Foundation is helping develop a greener, healthier quality of life for families, communities and future generations.

The foundation has seen a lot over the last decade and a half. Backyarding — the act of taking traditionally indoor activities into the outdoor spaces around us (like dining, working, entertaining, etc.) — is one of the most notable trends the foundation has witnessed. A necessity during the pandemic, it quickly became a way of life.

According to the TurfMutt Foundation, the future of outdoor living includes the following:

With a little guidance people will do the right thing in their green space.

According to a survey conducted by The Harris Poll for the TurfMutt Foundation, more than three-quarters of Americans who have a yard (76%) say the family yard space is one of the most important parts of their home. Clearly people love their yards; they just need guidance to utilize them to their fullest potential. TurfMutt helps people identify their backyarding personality type as the first step to customizing their outdoor space for their needs and lifestyle. The Foundation also shares backyarding basics, such as planting real grass, knowing your climate zone and more at our website, turfmutt.com.

Kids love (and thrive) learning outside.

A review of experimental studies, including one from the Institute for Health and Equity, Medical College of Wisconsin, indicates that school yard greening has beneficial impacts on children’s physical activity and socioemotional health. Studies also indicate that teaching outside can help students be more attentive to learning, reports a “Frontiers in Psychology” article.

The TurfMutt Foundation’s lesson plans for kids in grades K-8 are aligned to science, technology, engineering and

mathematics (STEM) standards, and encourage students to learn valuable lessons in the “outdoor classroom” of their backyards and school yards. The TurfMutt Foundation has also sponsored contests that award prize money to schools and students so they can improve green space on school grounds.

The outdoor living room is a year-round necessity.

The outdoor space has been integrated into daily living, and there is no going back. According to the Foundation’s Harris Poll, nearly three-quarters of Americans overall (72%) say a spacious yard would be at the top of their wish list if they were looking for a new home, reflecting a cultural shift in how Americans view their yards, seeing them more as outdoor living rooms, outdoor offices and more.

Parks and other public green spaces are critical to healthy living.

Public green space is the great equalizer for those who have small yards or live in urban environments. Parks, sport fields, school yards and other public green spaces promote physical health, boost mental well-being, create wildlife corridors and cool heat islands, just to name a few of their many benefits.

Homeowners invest in the care of their living landscapes.

Homeowners have come to value their lawns, trees and plants more than ever, and they are also investing in their care like never before. Some are adding outdoor power equipment to do the work themselves. Professionals are also being called in for bigger jobs, such as pruning large trees or a total remodel of the outdoor living area.

To learn more about the TurfMutt Foundation, visit turfmutt.com, where visitors can download the TurfMutt Foundation’s “International Backyarding Fact Book”. For more, sign up for Mutt Mail, a monthly e-newsletter with backyarding tips and all the news from the TurfMutt Foundation. Look for Mulligan the TurfMutt on the CBS “Lucky Dog” television show on Saturday mornings.

LANGSAM PROPERTY SERVICES CORP., AMO

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

Mark Engel, CEO

Matt Engel, President

Debra Hazel

Debra Hazel Communications

North Las Vegas, NV debra@debrahazelcommunications. com (201)618-5247

Deb’s Retail Dish & Deals: The Long Goodbye

Well, it’s finally done. The last full-sized Kmart store in the U.S. — located in Bridgehampton, New York, of all places — closed its doors on October 20, long after it became clear that the discounter was not going to survive. (A small convenience store in Miami survives, for now, as do units in Guam and the U.S. Virgin Islands.)

As a retail reporter, I covered various attempts to revive this storied chain, but this has just been a long goodbye for decades.

But first, a bit of history. Founded in 1899 by Sebastian Spering Kresge as five-and-dime S.S. Kresge in downtown Detroit, the company grew rapidly, surviving war and depression — and even was an early suburban shopping center anchor with a store at Country Club Plaza in Kansas City. It pioneered retail marketing, including newspaper, radio and TV ads. The “blue light special,” a quick in-store discounted item announced with a flashing blue light, became a part of U.S. folklore.

The first Kmart store opened in 1962 in Garden City, Michigan and the company eventually rebranded as Kmart Corp., selling the Kresge stores in the 1980s. At its height, it boasted more than 2,000 units and had acquired or created specialty chains Sports Authority, Waldenbooks and Builders Square.

But by the 1990s, competition was on the rise. Walmart was growing rapidly around the country. Target was on a national expansion. Their stores were newer. In 1990, Kmart launched a $3.5 billion reinvention and modernization plan, opened supercenters (incorporating full groceries) and Big Kmarts that emphasized children’s and home goods.

But it didn’t focus on systems that would cut costs and track the supply chain. “Out of stock” became a Kmart keyword. In 1995, new CEO Floyd Hall, a discounter veteran, sold or spun off ancillary businesses to focus on the mothership. The company partnered with Martha Stewart to produce a line of sheets and towels that Stewart, at a talk at Magic Las Vegas last year, said she still uses. (I still have some, too. They were really good.)

It didn’t work. Hall left in 2000, and in 2002, Kmart filed for bankruptcy. Hall’s successor as chairman, Charles Conaway, and president Mark Schwartz were accused of misleading investors prior to the Chapter 11 filing while spending company money on person-

al luxuries. Meanwhile, hedge fund ESL Investments was acquiring Kmart’s debt.

The company emerged from Chapter 11 in 2003, and ESL Chairman Edward Lampert was named as chairman. Two years later, he acquired Sears Holdings and merged the two in an $11 billion deal. Because really, what makes more sense than combining two struggling historic names and not involving an experienced merchant? Combined, they dragged each other down. Both companies became real estate companies that sold the occasional piece of merchandise, and Lampert continued shuttering stores.

The merchandise agreement with Stewart ended in 2009. At one point, Stewart herself looked at buying the company (yes, it could have been KMartha), but that fell through. Store closures for both names continued throughout the 2010s, and another Chapter 11 filing came in 2018. Plans to really focus on e-commerce never really came to fruition.

The company only survived when a proposed liquidation was stopped by the bankruptcy court judge; eventually, Lampert formed Transform Holdco, which acquired 202 Kmart stores, and sold the others to pay off some obligations.

Now, Kmart is pretty much gone. It’s not an unusual story in the era of Amazon — other discounters from the 1980s and 1990s such as Bradlee’s and Caldor faltered, too.

But could a company that was once the second largest retailer in the U.S. have been saved? A lot of the real estate was good — the Kmart I shopped in Jersey City is now a Target. The Astor Place store in Manhattab that was supposed to be a new urban beginning is a Wegman’s. Just as with Sears, there was consumer real affection for the name. Ultimately, I think, Kmart was plagued by poorly placed investments in aesthetics rather than infrastructure and, eventually, nonmerchant leaders who simply saw it as a real estate play rather than a retailer that had a place in customers’ lives. It’s a shame, really.

A few days ago, on X (formerly Twitter), an industry professional mentioned Mervyn’s in a post, and promptly saw a reply of “What’s Mervyn’s?” Whether the comment was facetious is beside the point — that discounter is now a piece of history.

So, mostly, is Kmart.

Joel Berenson Managing Director CBIZ (Formerly Marcum LLP)

Boston, MA

joel.berenson@cbiz.com

One Top Tax Tactic for Maximizing Real Estate Investment Value

A 1031 or “like-kind exchange” is a well-known advantageous election allowing real estate taxpayers to defer the tax on gains from a sale or disposition by reinvesting the entire proceeds in like-kind property. A cost segregation study is a tax planning strategy that allows commercial and residential real estate owners to accelerate depreciation deductions. Combining a 1031 and cost segregation is a home run for the real estate taxpayers.

In the following sections, we will detail each stage of such a transaction. Using examples, we will first briefly review the benefits of a section 1031 exchange. Then, we will detail how a cost segregation study can unlock further value, before exploring bonus depreciation.

1031 101: Tax Deferral

In a typical 1031 exchange situation, the gain is deferred. For example, a taxpayer purchases a building for a $500,000 and the property has appreciated in value to $700,000. The building has been depreciated by $150,000 and has adjusted tax basis of $350,000 after depreciation. The investor could sell the building for $700,000 and realize a taxable gain of $350,000. But if the investor were to complete a like-kind exchange and acquire another property valued at $1 million, the investor would be able defer the gain and roll the gain into the replacement property. The basis in the replacement property is calculated by reducing the cost of the replacement property by the deferred gain: a $1 million cost, less $350,000, equals the new basis of $650,000.

1031 102: Separating Components for Depreciation

In situations involving excess basis, the taxpayer can elect to treat the adjusted basis of the relinquished property as if it was disposed at the time of the exchange, then treat the carryover basis and excess basis as if the replacement property was placed in service on the date it was acquired. The depreciable basis is now the adjusted basis of the exchanged property plus any additional amount paid.

The combined carryover basis of the replacement property can now benefit from a cost segregation study on the replacement property. The resulting

analysis will apply to all aspects of the combined basis. So, a tax basis which would depreciate over 27.5 years for residential property or 39 years for nonresidential property can be separated into components that are not real property for tax purposes and therefore subject to quicker depreciation periods of five, seven or 15 years.

1031 103: Bonus Depreciation

Bonus depreciation allows for an immediate deduction of a percentage of the cost of qualifying assets in the year it is placed into service. Remember that, in the example above, the replacement property was placed into service in the year it was acquired. Furthermore, as the statute stands, bonus depreciation is 60% for 2024 and reduced by 20% for each following year — so 40% in 2025 and 20% in 2026 before reaching 0% in 2027.

Until 2027, then, taxpayers may qualify for bonus depreciation on the portion of the excess basis attributable to qualifying property identified in a cost segregation study.

That means that the more expensive replacement property from our previous example (the replacement property valued at $1 million) now carries a tax basis of $650,000 with $300,000 of excess basis. Any personal property or land improvements allocated to the excess basis qualifies for bonus depreciation.

The Fine Print

Not all states allow for bonus depreciation. Instead, they require the “addback adjustment” restoring the difference between the federal bonus depreciation claimed and the depreciation without the bonus. Always consider the state tax statutes that apply in your circumstances as they could result in state tax liability to increase when bonus depreciation is claimed.

Applying Tax Advantages

Powerful incentives can be realized by combining likekind exchanges under Section 1031 with cost segregation studies. Applying these strategies effectively requires taxpayers to consult with tax professional who can provide tailored advice to maximize the benefits and comply with tax laws.

Your Legal Partner for Financial Excellence

RICHARD SIMON, ESQ. | PARTNER

CHAIR,

BANKING AND FINANCIAL SERVICES

JEFFREY ROSENTHAL, ESQ. | PARTNER CHAIR, BANKRUPTCY AND CREDITORS RIGHTS

Since 1930, Mandelbaum Barrett PC has prioritized providing clients with proactive legal protection spanning over 30 practice areas: Alternative Dispute Resolution

Scott

Krinsky

Romer Debbas

275 Madison Ave. New York, NY 10016

skrinsky@romerdebbas.com (212)888-3100

Navigating New Construction Mortgage Tax Credits and Contract Negotiations

New York City real estate is well known for its abundance of new development condominiums. These transactions (Sponsor sales) have historically been very Sponsor-friendly in terms of closing costs. In turn, prospective purchasers take on a larger financial burden than in your standard resale (a sale from normal seller to buyer).

Offering plans for these new buildings will outline added costs for buyers, including certain legal fees and additional condo-related deposits. These costs are necessary to jump-start the financial security, future growth and maintenance of these buildings that are in their first stages of life. Another significant cost difference between a Sponsor sale and a normal resale is that the transfer taxes to New York City and New York State that are usually imposed on the seller, are instead shifted to the buyer (and often at “grossed up” amounts).

The good news — and something that is extremely important for agents, purchasers and attorneys to remember — is that regardless of these standards and what is laid out in offering plans, many of these fees are still negotiable in the accepted offer/contract stage of the transaction. The state of the market generally dictates how much leverage a buyer has in shifting some of these costs back to the seller. In weaker markets, such as pandemic times, Sponsors were often covering all of these fees (transfer taxes, working capital contributions, sponsor legal fees, etc.). In some cases, Sponsors were even covering buyer-paid mansion taxes and future common charges. This is something to keep in mind as the market continues to fluctuate.

While we may not currently find ourselves in a market that will afford buyers such leverage, there are other ways to get creative with closing cost savings on these coveted new development purchases. In addition to getting buyers to cover many of their closing costs, Sponsors are also eligible for certain tax credits. One key tax advantage for condominium developers in New York City is the Mortgage Tax Credit under Real Property Law 339-EE. Upon the sale of a condo unit, a Sponsor may be eligible to claim a tax credit based on the mortgage tax already paid (on their underlying building mortgage for the project’s construction).

In this scenario, at closing a buyer would pay their normal mortgage tax amount, but the Sponsor would submit an affidavit to claim a portion of this amount for themselves (rather than the money going directly to the

government). This is extremely relevant in our current market because some developers are now facing roadblocks to recovering these credits, as they are not available when the condominium unit is sold more than two years after the initial building mortgage being issued.

Sponsors have now begun carving out workarounds into their offering plans and purchase agreements in the form of a purchase consolidation extension modification agreement (CEMA). They are reserving the right to do a purchase CEMA through a splitter of their building mortgage, in which they create a new “substitute” mortgage document to assign to the buyer’s new lender. In doing so, all (or some) of the mortgage tax due from the buyer is effectively erased under New York Tax Law Section 255 (assuming the building loan has enough of a remaining balance to assign).

Great news for buyers, right? Hint: it’s not.

In their contractual carve-out to allow a purchase CEMA and in lieu of their inability to claim a mortgage tax credit through their 339-EE allowance, Sponsors are also asking buyers to pay this mortgage tax savings amount directly to the Sponsor at closing, in the form of a credit. Instead of simply eliminating a large closing cost for buyers (or maybe kindly offering a split of the savings), Sponsors are requiring buyers to come out of pocket for the eliminated cost while making the buyers and their lenders (and their respective attorneys) jump through additional hoops to facilitate. But these mortgage tax savings should also be considered as a negotiable term for the benefit of buyer-paid closing costs when sponsors are utilizing this splitter, assignment and purchase CEMA option.

Attorneys and agents for prospective buyers of a new-construction condominium unit must ascertain whether their client’s mortgage lender can facilitate a purchase CEMA. Some lenders do not allow these types of transactions, and it could be extremely costly to a buyer to find out at the last minute that they cannot close simply due to a lender restriction. Find out at the very beginning of the transaction if the Sponsor is planning on claiming a 339-EE mortgage tax credit or going the route of a purchase CEMA.

It will be interesting to see how the leverage continues to evolve over these next few years, as interest rates attempt to recover from recent highs, and we enter a hopeful 2025 housing market.

Daniel

Colombini, P.E. LEED AP Principal

Palal, P.E., LEED AP BD+C Principal

New York City Sets the Pace for Electric Vehicle Chargers

The City of New York recently enacted a law that sets the pace for installation of electric vehicle (EV) chargers. Commercial and residential property owners must now meet the new law’s requirements, while also assessing and addressing the demand for EV chargers from the users of their properties. The combination of the two demands will determine how fast they must install EV chargers.

The recently enacted Local Law 55 of 2024 requires owners of parking garages and parking lots with 10 or more spaces to install Level 2 EV chargers in 20% of parking spots and ensure an additional 40% of parking spots are capable of supporting Level 2 EV chargers by January 1, 2035. This would entail electrical service capacity for these future chargers and raceway for the future wiring. There are exceptions to the law — notably if meeting these requirements would jeopardize structural integrity.

The demand from users of specific properties will determine how quickly the parking spots capable of supporting EV chargers will need to have chargers installed. Fortunately, property owners can determine that and respond accordingly.

The local law’s requirements respond to the fact that the largest contributor to U.S. greenhouse gas emissions is transportation. Road travel accounts for three-quarters of transportation emissions globally, with 45% of that coming from passenger vehicles, according to the Environmental Protection Agency. As a result, the United States has set a goal that by 2030, half of all new vehicles sold in the nation will be zero-emissions vehicles, including electric or plug-in hybrids.

The surveyed needs should address two primary categories: electric cars (largely serving office workers, employees and other tenants) and commercial fleets (cars, trucks and other vehicles owned by the facilities or their institutional clients). Once the number of needed chargers is known, infrastructure improvements can be planned and made. The existing electrical infrastructure can be evaluated, needed improvements identified and designed, costs and incentives assessed and phased plans put in place.

Institutional fleets raise a separate set of infrastructure concerns, as they are typically charged only on-site; they may all need to be charged on the same schedule, as with school buses and they may need to be constantly available in emergencies, such as snowstorms.

Refueling speeds are then crucial to efficiency. Level 3 chargers, for instance, can provide three to 20 miles of range per minute, compared to a Level 1 residential charger’s three to five miles of range per hour. Level 2 chargers offer around 32 miles of range per hour.

For now, the cost of electric trucks and buses is prohibitive for most uses, but those costs may decline over time. That trend must thus be monitored, too.

The survey of needs can determine not only whether those being surveyed drive electric cars but where else they may be charging them. How much do they need to rely on EV charging at the specific commercial or residential property?

Goldman Copeland Consulting Services

1430 Broadway, 14th Floor

New York, NY 10018

(212)868-4660

To meet that goal, an extensive EV charger infrastructure must be in place, and creating it is underway. The U.S. Infrastructure Investment and Jobs Act of 2021 includes $7.5 billion to build out the first-ever national network of EV chargers, and the Inflation Reduction Act of 2022 offers expanded federal tax credits to persuade more businesses to add chargers.

Building the infrastructure is crucial to convincing the car-buying public that charging EVs will be easy and speedy. That’s where New York City’s new local law comes in.

Property owners in turn must determine the pace for their own properties, which may exceed that set by the city. Fortunately, property owners have one great advantage in determining that pace for themselves — typically, they know the people using their facilities. They can be surveyed to determine just what that pace should be.

Commercial and residential property owners can then create a strategy for installing these EV chargers that makes financial sense from the outset. The investment has three primary cost factors: the upfront infrastructure upgrade required, the financial incentives available and the potential for the upfront cost to be reimbursed over time through a nominal surcharge (perhaps 10 cents per hour per charge) beyond the energy consumed by each vehicle.

Government and utility incentives such as the federal tax credit are often available, and can cover 50% or more of the cost. The extent of incentives can be affected by location and type of property.

That strategy may involve just meeting the requirements of Local Law 55 of 2024. It could also accelerate that pace with users of individual properties expecting more. Commercial and residential property owners will be in the vital position of deciding what pace is needed and thereby enabling New York City and the nation to meet their stated ambitions.

Vinod

More than 35 years of real estate, condominium & cooperative experience

WilkinGuttenplan uses expert industry knowledge in accounting, audit, and tax services to assist New York City real estate owners, developers, and investors of commercial and residential properties identify opportunities and guide them on implementing strategies to stay ahead of changing times.

Lorena Killian Director

Mount Street US Asset Management Services

lorena.killian@mountstreet.com (470)890-5188

Creating Opportunities for Women in Commercial Real Estate

Women occupy approximately 37% of the professional roles in commercial real estate (CRE) industry, according to Commercial Real Estate Women (CREW) Network, the leading producer of research on gender and diversity in this business. CREW Network research indicates a growing generation of young women professionals are entering the CRE field with more women aspiring to reach the C-suite.

As the commercial real estate industry continues to recognize the benefits of hiring diverse talents, more commercial real estate firms are creating opportunities for women to excel and achieve their CRE career goals. In the last 10 years, I have seen the industry transform. It has become more inclusive and there has been a significant uptick in the number of women who have chosen to pursue long-term careers and leadership roles in our field.

The Critical Role of Role Models

In 2015, immediately after graduating from college with a degree in finance and international business, I started my CRE career in the servicing sector. A few years later, I attended a CRE Finance Council Women’s Network Event, where I met the former female head of the Mount Street Atlanta office. I was impressed with her level of expertise and depth of industry experience and actively pursued a career with this global, award-winning firm.

Over the past decade, I have worked very hard to surround myself with a strong network of role models and mentors. Building a core network of professionals who believe in you, push and inspire you can lead to achieving long-term career goals and higher levels of success.

Mount Street does a great job of globally empowering women by placing them in key leadership roles and exposing them to a variety of lenders and assets under management. Earlier this year, Mount Street promoted Serenity Morley to the newly created role of global chief operating officer.

Recently, the firm hired Deborah Schiavo as the new managing director of U.S. Client Relationship Management. Notably, Deb was a member of the first class to receive the Mortgage Banker Association’s Commercial Certified Mortgage Servicer (CCMS) designation in 2013.

Serenity, Deb and I have long-term track records in

the CRE servicing industry. We pride ourselves on showcasing the power of persistence while offering a supportive, inclusive environment that gives women a voice in the commercial real estate industry.

Internships

Offer

Insights and Career Opportunities

One of the best ways to gain exposure to the commercial real estate industry and see if it is a good career fit for you is to secure an internship within the field. Internships offer insights into potential career prospects, increase awareness and highlight a path forward for professional success.

The servicing side of the CRE industry is a great place for talented women who are looking to enter this field. Loan servicing internships can offer exposure to core competencies across servicing and asset management solutions, as well as provide an up-close look at CRE asset types and a variety of lender organizations.

As Mount Street U.S. continues to expand our assets under management, we also continue to look for talented candidates and are actively working to build our internship offerings.

Gather Support and Take Care of Yourself

Over the next five years, the window of opportunity is going to increase for women who seek a successful career in the commercial real estate industry. Personally, I hope that more women seek leadership positions in the servicing sector to help us innovate and advance industry practices.

As the industry continues to evolve, I firmly believe that women who choose long-term CRE careers will have the ability to thrive both professionally and personally. Knowing your worth in this industry, building upon previous work experience and continually improving your skills will ultimately enhance your long-term CRE career outlook.

Because this is a very project-driven industry, it can be challenging to manage the ongoing work cycle. To that end, I encourage all my team members to take care of themselves, lift each other up and gather the support they need from their professional networks and families.

Strategically surrounding yourself with supportive, nurturing communities is very empowering.

From financing considerations, to property performance metrics, today’s real estate business is inundated with both challenges and opportunities.

PKF O’Connor Davies has decades of experience working with a variety of assets including industrial, office and residential sites. Our experience in this complex field gives us the expertise to deliver strategic advice that drives real value.

With the PKF O’Connor Davies Real Estate Team, our clients know greater service, know greater insights, Know Greater Value.

Edward O’Connor, Partner 201.712.9800

eoconnor@pkfod.com

Jonathan Kaufman Iger

President and CEO Sage

767 Third Ave., 5th Floor

New York, NY 10017

(212)758 0437

The Future of the Office: Tech as the Cornerstone for Tenant and Employee Engagement

As we reflect on the evolution of the office postpandemic, one thing is clear: technology is no longer a complementary tool in the workplace— it is foundational. At Sage, we’ve always prided ourselves on being at the forefront of the commercial real estate (CRE) industry, but today that means redefining how we leverage technology to not just meet, but exceed, the needs of our tenants and members.

We’re constantly exploring and ever-evolving the integration of technology into tenant and member experience. Our Sage Connected app provides access to our member events, services and brand partnership news/ perks, our Fogarty Finger-designed Oasis amenity spaces, reservations for rooms within Oasis, service requests, visitor management and property information. These initiatives are designed to create seamless and efficient environments that empower tenants’ employees (Sage Members) to focus on what matters most— productivity, collaboration and innovation.

Technology’s Role in Transforming the Office Experience

We believe that we are our tenants’ partner in productivity, and our goal is to create environments that not only inspire, but also support them in tangible ways. The commercial real estate industry has historically lagged behind the other sectors in adopting new technologies. It’s time that changed.

While economic headwinds force us to be more efficient, CRE must embrace innovation — not only in how buildings are constructed and maintained, but in how they operate and serve Tenants. Sage Connected integrates directly with Apple Wallet to provide a unified, intuitive experience, allowing users to manage their workspace and daily activities with just a few taps. Efficiencies like this were once rare in CRE, but we are proving that a hospitality-like experience can be seamlessly incorporated into the office environment.

The Intersection of Tech and Tenant Experience

Looking ahead, the convergence of AI and the IoT will continue to shape the future of office spaces. At Sage, we’re actively exploring how AI can help us better understand member preferences and behaviors. Imagine a future where the office not only knows your preferred workspace setup, but adjusts the environment — temperature, lighting and even seating preferences — before you arrive. This level of personalization is the next

frontier, and it’s where CRE technology will move in the coming years.

However, AI’s role isn’t limited to member experience alone. There are significant opportunities to streamline operations behind the scenes, from automating leasing inquiries to optimizing building management systems. For instance, we’re looking at how AI can reduce manual tasks like bank reconciliations, allowing our teams to focus on more strategic efforts.

While we’re excited about the potential of these technologies, we must also acknowledge the challenges. A major stumbling block for the industry has been the lack of a unified platform that integrates all aspects of tenant and member engagement, from scheduling meetings to handling security credentials and service requests. How can you ensure your important 2 p.m. meeting is catered according to any guests’ dietary restrictions? Is the deck loaded up into the boardroom for seamless presentation capabilities? There’s a pressing need for a comprehensive tenant experience management system, and at Sage, we’re committed to driving that innovation.

Embracing a New Office Identity

We’ve taken inspiration from the hospitality sector in shaping our approach to office spaces. Much like flagged hotels, we want our members to feel a sense of consistency and excellence across our portfolio.

This cohesive branding experience is what will define the future of the office — creating environments where people feel empowered, engaged and part of something larger. The ability to build these personalized, techenabled experiences will set companies like Sage apart in the competitive commercial real estate market.

As we look ahead, technology will not replace human interaction; it will enhance it. By leveraging the data we collect through platforms like Sage Connected, we can offer services that truly reflect the needs and preferences of our members, much like luxury hotels anticipate the desires of their guests. This is the next big opportunity in office proptech — bridging the gap between data, technology and human experience to create workplaces that thrive.

We are excited about what’s to come and are committed to staying ahead of the curve, anticipating the needs of our members before they even realize them.

TODAY’S MARKETS MOVE MORE QUICKLY THAN EVER.

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.

Joshua Swift

President, Residential Lessen

4800 N Scottsdale Rd. Scottsdale, AZ 85251 (480)576-7200

From Expansion to Efficiency: How SFR Operators Are Thriving in a New Market Reality

The years leading up to the COVID-19 pandemic were an era of growth for the single-family rental (SFR) industry. As institutional SFR investors quickly expanded by investing in distributed portfolios and developing buildto-rent (BTR) communities, shifting lifestyle trends pushed demand and rents upward. Over the past two years, however, challenges stemming from interest rates and economic uncertainty have curbed rent growth, according to CoreLogic, and made it difficult to finance new investments and developments.

As a result, SFR owners and operators are looking internally for value creation, prioritizing optimizing revenue and cutting operating expenses as they navigate market turbulence. In their quest to boost net operating income (NOI), many SFR owners are leveraging technology to streamline and centralize nearly every aspect of property management, from leasing and sales to maintenance and turns.

Tackling SFR Management Challenges

Of course, this embrace of technology-driven operations is not new for SFR. As an asset class that really gained steam in the digital era, SFR has consistently embraced technological solutions to enhance efficiency and improve operational outcomes.

Institutional SFR emerged after the Great Financial Crisis; amid the wave of foreclosures, major investors took advantage of favorable market conditions to quickly create and scale SFR portfolios. Technically, SFR had existed as an asset class for mom-and-pop investors for many decades, but these smaller operators were slower at tech adoption. With the proliferation of major institutions entering the space, SFR tech quickly began maturing. Over the past few years, SFR owners have been leveraging technologies to optimize their management processes, especially when it comes to leasing and resident communications.

Still, there are several pain points specific to SFR that these owners need to solve. One key challenge is the geographically dispersed nature of SFR portfolios, which makes managing these properties inherently tricky. SFR properties also lack the onsite staff typical within multifamily, meaning property service tasks that require significant coordination and legwork are even more difficult to manage.

For SFR owners, the maintenance and management of

individual properties can cause a huge logistical headache — and can run up costs if not handled efficiently.

Streamlining Maintenance Via Centralization

The real estate industry has experienced a significant shift toward centralization in recent years, and this growing trend has major, positive implications for SFR management. Historically, real estate managers handled pricing, incentives and other decision-making on a local or regional basis. Now, with recent technological innovations, they can all be done from one headquarters for an entire company, utilizing data to make more informed decisions.

The same shift is happening with maintenance. Historically, the speed at which repair issues were addressed depended largely on local property managers. Corporate management had limited oversight into how maintenance teams were performing. With today’s technology, all maintenance within a portfolio can be overseen centrally, improving the consistency of service and helping boost resident satisfaction. For these reasons, many SFR owners are prioritizing investments in tech that centralizes maintenance across their distributed national portfolios.

Some of these tools leverage artificial intelligence (AI) to streamline and automate the entire work-order lifecycle from creation to completion — managing everything from vendor scheduling and dispatch to resident communications from one single platform. The benefits of this can even go beyond simple time and cost savings — SFR owners with the right technology deployed across their portfolios can also utilize it to optimize occupancy and revenue growth strategies by expediting unit turnovers and renovations, preventing extended apartment downtime between leases.

Ultimately, while SFR has been quick to adopt technology as more institutional-level owners entered the space, convoluted processes like property maintenance have continued to cause challenges. Now, as owners continuously move toward centralized technology, SFR is finally getting tech-smart in terms of property services operations.

Looking ahead, as larger investors continue to funnel capital into the space and work to create the most streamlined operational practices, technology innovation in the SFR sector will continue to expand.

FEATURING: HEAT WAVE

A new exhibition combining works by blue chip and emerging artists with digital art and NFTs

Tim Rodland Founder Rodland Real Estate

Windsor Field Road Nassau, Bahamas

tim@rodlandrealestate.com (242)605-8585

Why U.S. Investors Are Bullish on the Bahamas

While The Bahamas is known for its luxury and natural beauty, making it a prime destination for real estate buyers, it also has a strong economy, tax benefits and a welcoming community, which enhances the appeal for high-end real estate investments. The economy is predominantly driven by tourism, which comprises 70% of its gross domestic product (GDP) and financial services (accounting for 15% of its GDP).

Investment Opportunity

The Bahamas is becoming a booming market for development, presenting opportunities for investment growth. Due to its proximity to the U.S. (only 55 miles to the mainland) and other major geographic locations, investors are looking at The Bahamas.

Its stable economy has successfully combatted economic challenges, which appeals to investors. The country’s tax benefits including no income, capital gains, dividends, corporate or inheritance taxes, making it an attractive investment location for individuals. More specifically, U.S. buyers are attracted to the idea of second homeownership as well as its tax advantages and sustainable economy.

With the creation of new developments, resorts and other ultra-luxury amenities, The Bahamas is seeing growth opportunities that cater to the tastes of all individuals. Investors can either look at developments or stand-alone properties.

As The Bahamas becomes a leading destination for high-end real estate, there is an increase in those looking to invest in international properties. The country is seeing a shift in international buyers looking toward properties that represent resort-style, modern living, at an attractive yet luxury price point compared to Miami and other U.S. destinations.

Resort Living

The Bahamas has seen and influx of resorts and highrise living to support those looking for ease, luxury living, less maintenance and a sense of community. As an example, the Goldwynn Resorts and Residences in Nassau, Bahamas (the country’s capital) boasts 40 penthouse residence suites as well as an adjacent 81-room oceanfront lifestyle resort.

Those who invest in properties at the residences have access to all resort amenities including its wellness spa, pool, fine-dining options, cocktail bars and intimate lounges. Residents experience community and a sense of interaction, whether it is participating in activities or filling their time with leisure.

Tourism

Because The Bahamas is a large tourist destination, individuals vacation on various islands and, on some occasions, are interested in high-end rentals for their stay rather than a resort. Some homeowners turn their luxury properties into lodging opportunities to maximize their investment and offer an upscale experience to those looking for a short-term stay. In four months, The Bahamas attracted four million visitors and is projected to stay on this path. As its tourism market is booming, the real estate market is also rapidly expanding.

Growing Demand for Private Islands

We have also seen a growing demand for private islands as luxury investments due to the exclusivity, privacy and escape these respective islands offer. As demand for these islands increases, they have been shown to be valuable investments.

The Bahamas offers exquisite waterfront beach views and private islands with amenities including marinas, golf courses, wellness centers and spas. Estates being built on these islands are establishing new standards of luxury living. Owning and investing in a private island lets individuals create their own personal paradise.

Private islands in The Bahamas can also be used for commercial use. They can be turned into luxury resorts, featuring hotels, shopping, food & beverage, other vendors, a retreat and/or a residential development.

Benefits

The Bahamas attracts wealthy individuals who are in search of unique and one-of-a-kind luxury homes. The exclusivity of homes in The Bahamas enhances its value, embodying a sense of status and prestige. Factors including exclusivity and demand, and more favorable appreciation than standard real estate, making the investment more attractive. Over time, it can result in a significant profit.

The Ideal Location

Finding a home in a prime location is key. Properties with picturesque views or that are potentially situated in ideal areas typically are in higher demand. Homes with amenities such as private pools, increased security, smart systems and innovative technology enhance the cost of a property.

The Bahamas has long been recognized for its luxury and its breathtaking landscapes, attracting real estate buyers. However, it also offers a growing economy, tax benefits and inclusive communities, increasing the appeal of investments.

SMART MANAGEMENT

PROGRESSIVE TOOLS

EXPERT TEAM

HAPPY RESIDENTS

We are constantly upgrading our approach and methods to save our clients time and money by delivering the most progressive services and tools in the industry.

Why? To always increase the value of our buildings and enhance the lifestyles for our residents.

Large to small, we tailor all our services to meet the unique needs of each of our clients. A total commitment to quality service is what has made Century one of the most trusted management companies in New York for over 40 years.

Connect with our expert team today to find out how we can help. OUR EXPERTISE AT A GLANCE Residential Property Management

Financial Management

Risk Management

Residential Sales & Rentals

Coop and Condo Conversions

Construction Coordination

Project Management

Ira Meister President and CEO

Matthew Adam Properties Inc.

375 Pearl Street – 14th Floor New York, NY 10038 imeister@matthewadam.com (212)699-8900

A Tale of a Competent Board

We’ve all heard stories of dysfunctional boards, where personalities clash, different views of management prevail, personal interests conflict with building priorities and it’s a fight to get anything done.

Well, here’s a story about a functioning board filled with professionals and people who put the interests of the property first while considering the views of all the residents, the obstacles they faced and how they found solutions. The board has five members and includes people from finance, business, architecture and design — basically, professionals who have no trouble making decisions and executing them.

The lower Manhattan building was the first loft-tocondo conversion when it was done in 1984. I have been the property manager since then.

The building developed a well-considered, multifaceted plan with proper financing for projects involving a sidewalk vault, elevators, public area carpeting, lobby renovation and rear courtyard upgrade. But as always happens, roadblocks appeared.

The board followed the book — it had a meeting of all the unit owners who approved approximately $2 million for the projects. For those lacking the money to pay up front, the board arranged a line of credit with a bank. And probably one-third of the building participated in the line of credit. They really had everything set up to make it perfect. They even had a display in the lobby showing the plans.

After completing a flawless elevator overhaul, the board focused on the sidewalk vault. Everything was moving along until they opened the sidewalk and realized that the building’s facade — historic but not a landmark — actually rested on the sidewalk. The scope of the project increased, requiring support for the façade while the sidewalk and vault were replaced. Then compounding the issue, they learned that years ago, the city opened a firehouse down the block, which made the street wider.

The result was that about three feet of the wall actually extended under the city street. To finish that part, the Department of Transportation got involved and said they’d have to move a streetlight.

The board had built a 20% buffer into the loan but now needed to cut back and looked to the hallways

and around the building for the savings. One of the board members, a noted designer, said he would donate the carpeting for the 12 floors of hallways.

Still, they realized that they would have to cut back on the lobby renovation, just performing minor painting and small improvements. Again, the same gentleman donated the cost for the lobby renovation.

But because no good deed goes unpunished, a building resident — not even a unit owner — decided she didn’t like the lobby design. She started a campaign by putting materials under everybody’s door, ringing doorbells and making trouble. A few people signed on with her. The board decided to diffuse the situation by calling a Zoom meeting. (By the way, the design was stunning and would not cost unit owners a penny.)

The owner of the negative person’s unit did not permit her to come to the meeting. The board and designer made a fantastic presentation. The board proceeded with the lobby renovation and then the rear courtyard. It’s now a magnificent building.

The board showed patience, good judgment and concern for unit owners’ opinions. The generous resident certainly helped. Still, it was unusual. I’ve worked on many hallway and lobby projects and they’re probably one of the toughest things to do. Half of the time you end up with a beige color scheme, because nobody can make a color decision and beige becomes the default.

Interestingly, among the various types of board directors, we find the conciliator and the decisionmaker. The members of the board combined these two traits, and it worked out to the benefit of all the residents. That’s what they’re elected to do.

But it’s important to remember that they’re not going to please all the people all the time. Often the old adage that “A camel was a horse designed by a co-op board” applies.

Board members can’t have their own agendas. Boards must act as a group and make thoughtful, reasonable decisions, thinking about the constituents in the building and doing the right thing.

And that’s the right way to do it.

St. John ’ s

Dedicates St. Vincent Health Sciences Center

A facility that will train the nurses of tomorrow in an environment that replicates real-life conditions is now a realized goal for St. John’s University, which has formally its new, $106 million, state-of-the-art St. Vincent Health Sciences Center at its Queens, New York campus.

For nearly a century, St. John’s has been one of the largest educators of health-care personnel in the New York metropolitan area. The university reestablished its Bachelor of Science in Nursing degree program in 2022 as part of a major and long-term investment in the health sciences at St. John’s. What began with 68 nursing applicants that year jumped to 2,800 applicants for the Fall 2024 class.

Now, the new, 70,000-square-foot St. Vincent Health Sciences Center is home to hundreds of students in the University’s Nursing, Radiologic Sciences and Physician Assistant programs. CannonDesign was the architect and Shawmut Design and Construction was the construction manager for the project that began in Spring 2022.

“The opening of the St. Vincent Health Sciences Center at St. John’s is a significant development for the growing nursing program. The simulation center enables nursing students to practice and master essential skills in a safe and realistic environment,” said Francine Laterza, chair of the department of nursing. “The center’s design encourages collaboration among various health sciences programs, preparing students for real-world health-care settings. Our new facility allows for increased enrollment and program expansion, addressing the growing demand for skilled nurses in the region.”

The building’s design centers around the Dorethea and Nickolas Davatzes Atrium, with a welcoming entrance that leads into a multistory “living room” — a dynamic social hub that fosters collaboration and interaction among students and faculty.

The center’s teaching and learning environment features virtual reality technology that will allow health-care providers, students and patients an engaging and effective way to learn about the human body. Users can upload any 3D scan and render it in virtual or augmented reality within seconds. Instead of examining a figure on a flat screen, users enter a virtual world where they can manipulate the figures and view them from every angle. Images can be “grabbed,” segmented, moved in any direction or enlarged enough to “walk through” to view from inside.

Teaching tools enable faculty to create unique content and allow for real-time or repeated viewing of recorded sessions in VR. Recordings can be used to create customized learning modules.

Multiple Skills and Assessment Flex Labs and Hi-Fidelity Simulation Centers comprise approximately 25% of the building’s assignable floor area. Students’ clinical skills training within these “hospital” settings are observed through one-way glass and remotely via audiovisual capture systems. Advanced simu-

lation laboratories are equipped with the latest technology to support healthcare education training in a real-life clinical setting.

A range of study spaces support cohorts of students learning together, with the design inspired by the trend toward Learning Communities (mentorship and cohort groups) in medical education. Faculty offices have been designed to encourage collaboration within more open environments than traditionally provided, and collaborative learning spaces have been created to encourage interdisciplinary communication among students, faculty and researchers.

“Our goal for this project was to create a building that can be both transformative in the student’s education and sit comfortably within the historic ensemble of buildings that ring the Great Lawn,” said John Reed, AIA, design principal, CannonDesign. “We look forward to the impact the graduating students will make in the field of health care and to the continuing success of St. John’s health sciences programs.”

Built with eco-friendly materials and energy-efficient systems, the all-electric building reflects the university’s dedication to sustainability and environmental stewardship. The building features solar panels and bird-safe glass windows and is expected to earn LEED Silver certification.

Construction on the St. Vincent Health Sciences Center involved the use of 1,137 columns and beams and 875 tons of steel. The facility is heated and cooled using a geothermal field, which features 66 wells drilled 499 feet below ground. Geothermal energy takes advantage of the constant temperature of the shallow earth to efficiently exchange temperatures, heating in the winter and cooling in the summer. With innovative efforts at improved sustainability, the increased use of geothermal energy decreases fossil fuel use and resulting greenhouse gas emissions.

The new building improves accessibility on the campus and provides easier access, serving as a pass-through from the Residence Village to the Great Lawn and the main academic hub of the campus.

“We are passionate about building purposeful spaces that advance communities and reflect shared values, all executed with an innovative, collaborative spirit. This project and the team’s journey exemplify that,” said David Margolius, executive vice president of Shawmut Design and Construction’s New York Metro region. “We are honored to have collaborated with St. John’s, CannonDesign and our dedicated trade partners to bring this state-of-the-art building to life. It will now serve as a catalyst for training the next generation of caregivers, who will carry forward the mission of knowledge and service.”

Construction of the St. Vincent Health Sciences Center was accomplished with a mix of private and public funds, including a $5 million New York State Higher Education Capital Matching Grant, a $700,000 Empire State Development Grant and $1.25 million from the U.S. Department of Health and Human Services.

Photos by Tom Sibley

JT

Magen and Gensler Complete 180,000SF Buildout for Freshfields Bruckhaus Deringer Across Four Floors at 3 World Trade Center

When international law firm Freshfields Bruckhaus Deringer decided to relocate from 601 Lexington Ave., it sought a new office space with an enhanced function and aesthetic that would better reflect the way the firm operates today and be more welcoming to new talent. The result is the recently completed, 180,000-square-foot office space across four floors at Port Authority’s 3 World Trade Center.

JT Magen served as construction manager for the project, overseeing all aspects of the project from budgeting, scheduling, logistics, procurement of materials and management of subcontractors through the final handover. Gensler served as the designer for the interior space, including the environmental graphics and branding. The MEP engineer was Robert Derector Associates.

Freshfields’ new office features poured Laticrete NXT concrete cementitious finish flooring, acoustical wall fabric panels in meeting and conference rooms and varieties of stone and ceramic tile for flooring areas, the kitchen and restrooms. A multitude of amenity areas were implemented, including a kitchen and cafeteria with food service, a dedicated barista and grab & go, as well as several breakout and meeting spaces that encourage collaborative interactions. The new space also features hub areas centered around the pantries on each floor, which serve to promote further interaction and collaboration among Freshfields’ attorneys and business professionals.

“Over the last few years, law firms have been seeking more free flowing layouts and amenity areas. The next generation of office space for the legal field is not decked out with private offices, leather chairs and heavy wood accents,” said Jay Rimatzki, a senior project manager at JT Magen who oversaw the construction management of the project. “Because of confidentiality concerns, law firms tend to be heavily private office-driven, which blocks out the natural light in the inner areas

of the workplace. Today, there’s more attention paid to how we can make this aspect of privacy more transparent, to bring in natural light and provide an aesthetically pleasing and positive experiential environment for users.”

To allow natural light to fill the space, private offices on the perimeter and interior feature glass office fronts and doors, allowing light to permeate while still maintaining discretion and a sense of personal space.

JT Magen worked with Longman Lindsey to add an extra layer of privacy and stillness to the office space by using a combination of single- and double-glazed office front wall systems, produced by IOC.

JT Magen and Gensler carried out a design-assist with M. Cohen & Sons to develop three sets of interconnecting stairs within Freshfields’ new office, connecting the main reception space on the 52nd floor to the café and additional meeting spaces on the 53rd floor. A second staircase connects employees from the Hub Pantry adjacent to the office space on the 51st floor with the 52nd floor, and a third staircase bridges from the 53rd floor to another Hub Pantry on the 54th floor. The interconnecting staircases required the creation of structural openings through the floor slabs in order to expose connection points of the new stair structure to tie back to the base build structural steel system.

Gensler coordinated with JT Magen and M. Cohen & Sons to imagine the stairs and surrounding areas as “architectural focal points,” featuring stairs clad in decorative pre-cast concrete with wood handrails, surrounded by glass guardrails. These design elements work in conjunction to create an impressive larger atrium and reception space. The reception area was specifically positioned within the building’s footprint to allow for views that overlook the Brooklyn Bridge and the eastern New York skyline.

EP Engineering Announces Completion of Services for T-Squared Social

Fore! EP Engineering has completed full engineering services for T-Squared Social, Tiger Woods’ and Justin Timberlake’s new premier sports lounge and entertainment bar in the heart of midtown Manhattan.

Perkins Eastman was the project’s architect of record and ForrestPerkins directed the interior design, with the two tasked to reimagine the grand lobby of the 1968 Emigrant Savings Bank designed by Emery Roth & Sons into an upscale New York City club atmosphere with a masculine and modern twist. The design features custom wall coverings, hand-glazed tiles, brass accents and plush lounge furnishings that they said will make people want to stay a while.

The 22,000-square-foot lounge includes the large open space of the main bar, private rooms and multiple golf bays to accommodate the bar’s multiple entertainment options including golf simulators, darts, duckpin bowling and other interactive gameplay.

The stylish lounge features a 32-foot green-tiled and marble bar that serves a wide selection of beers, wines, hard kombuchas and non-alcoholic beverages for visitors to enjoy as they play games and watch sports on the over 35 televisions spread across the facility. The dining experience features box seating that surrounds a central bar serving craft cocktails beneath a 200-inch television, the largest flat screen in New York City

“We are delighted to have been part of the team that made two legends’ vision become a reality. Our team’s commitment to providing exceptional service for every client was key to making this complex project a success and we are proud of their dedication to tackling every challenge with creative and innovative solutions,” said Chris Burgess, P.E., senior partner at EP Engineering. “We look forward to seeing how T-Squared Social changes the way that people enjoy sports.”

EP Engineering’s work included innovative mechanical design, optimized air distribution and acoustical solutions. To accommodate the venue’s extensive cooling needs, EP created a custom mechanical mezzanine that discreetly housed the water-cooling mechanical units above the golf bays. EP’s team overcame the air distribution challenges of the venue’s combination of large spaces with 24-foot open ceilings, private rooms and golf bays by developing a strategic solution that ensured comfortable airflow through the entire space.

Additionally, the EP team incorporated comprehensive soundproofing measures in their design, coordinating advanced wall and ceiling acoustical treatments with the MEP systems to minimize sound transfer from the surrounding office buildings.

Property Management Banking

At Webster Bank, you’ll find products designed for the property management industry – and a team of professionals with the experience to put them to work for you. Your Webster Bank Relationship Manager and Property Management Team know the challenges you face and give you access to the tools you need to e ectively manage them.

Value, solutions and service – put our resources to work for you.

ISS Names Dismond as Chief Operations Officer, McCarthy as Chief Marketing Officer Executive Changes

ISS, a global workplace experience, corporate dining and facility management company, has appointed two senior leaders to the leadership team of its North America business — Tim Dismond to chief operations officer (COO) and Marjorie McCarthy to chief marketing officer (CMO). Both leaders bring extensive experience in building customer-centric businesses in the commercial real estate space and offer proven track records of significant client retention and growth. These appointments are expected to position Denmark-based ISS for success in one of its most important global markets.

“We are in an exciting and pivotal moment in today’s hybrid landscape. Our

clients understand that their employees have a choice, so a crafted, curated employee experience is essential,” said CEO Steve Quick. “Our ISS roots and reputation are in creating hospitality-driven journeys that connect people and bring workplaces to life. Tim and Marjorie are both purpose-driven leaders that embody our view that it is the people who make places special.”

Based in Dallas, Dismond brings more than 20 years of experience in commercial real estate and a strong track record achieving transformational change by building and inspiring global multidisciplinary teams. Most recently, he served as chief responsibility officer at CBRE, leading award-winning Environmental, Social and Governance (ESG) initiatives. Prior to that, Dismond was president of Global Workplace Solutions at CBRE, where he oversaw a $2 billion global business and 5,000-plus professionals delivering facility management, project management, brokerage and consulting services.

Dismond is a graduate of the University of Michigan and holds a juris doctorate from Indiana University School of Law. He serves on multiple advisory boards, including Geospatial Analytics and Nobel Solutions and brings significant experience as a past corporate board director, both at Industrious and the Dallas Regional Chamber.

Based in New York, McCarthy brings more than 20 years of global marketing and communications experience to the role of North America CMO. Most recently, McCarthy was chief marketing officer of Unispace Group, a global workplace strategy, design and construction leader, where she shaped the company’s post-COVID-19 brand and marketing vision for workplace experience, while driving global expansion and diversification into new segments.

Spacewise Taps Dion as Director of Business Development, Americas

Spacewise, the creator of a software platform to help retailers and brands find and book spaces at consumerfacing properties throughout Europe, has named global retail real estate and proptech executive Liz Dion as director of business development, Americas.

In this newly created role, Dion will spearhead the growth of Spacewise throughout North America. She will report to Brennan Wilkie, chief customer officer and president, Americas for Spacewise.

“This is an exciting step as we accelerate our growth in the U.S. and Canada, where Liz has held a tremendous presence,” Wilkie said. “Her expertise in commercial real estate and proven success expanding a retail real estate solution into the North American market from Europe is a powerful combination. It’s the perfect fit for Spacewise and our clients, now and in the future.”

Founded in Zurich, Switzerland in 2020 and with a North American office in Toronto, Canada, Spacewise is a digital property marketing and leasing platform

that allows commercial real estate teams to dynamically market and monetize any space, anywhere. Spacewise technology centralizes key leasing elements in an on-demand modular configuration, such as property information including availability and digital site plans, tenant communication and vetting, asset digitization, lease or license agreements, internal communications, invoicing, payments and renewals. The resulting efficiency helps property management teams and landlords to supercharge the value of their consumer-facing properties.

“Spacewise provides the only property marketing portal that offers an ecommerce-like experience for brands looking to lease space. The Spacewise platform captures interested leads and qualifies them for the user. These new proptech solutions can change the way a company operates by streamlining processes and allowing the employees to focus on their primary goals and objectives,” Dion observed.

Dion most recently served as vice president of business development for MallComm, a Bury St. Edmunds, England-based integrated technology for managing and engaging properties and communities. Under her leadership, MallComm expanded to major property owners and managers throughout the United States and Canada. Previously, she served as a vice president of marketing with Simon Property Group and in marketing leadership roles at Chelsea Premium Outlets (now part of Simon).

Dion will remain based in Raleigh, North Carolina. She holds a North Carolina real estate license. She was graduated from California State University, Chico.

Photos courtesy of ISS

Photo via Spacewise

Compass Names Bhonsle as Head of Investor Relations

Compass announced the appointment of Soham Bhonsle as its head of investor relations. Bhonsle brings over a decade of experience covering the housing sector on the sell-side and has a deep understanding of the entire real estate transaction cycle, from agent and seller engagement to post-sale services like title & escrow and mortgage. His industry knowledge and strategic insights will reinforce Compass’ commitment to maximizing shareholder value and empowering agents through innovative technology and curated support.

“We sought someone who could deliver an immediate impact, and Soham’s reputation in the investor community is second to none,” said Compass Chief Financial Officer Kalani Reelitz. “His expertise will be fundamental in ef-

Syska Hennessy Promotes Five

International engineering firm Syska Hennessy Group has promoted two professionals to principal and three to associate principal. The group represents four different offices within the United States.

“Although these five specialize in different disciplines in consulting engineering, they share important attributes,” says Cyrus Izzo, Syska’s president and CEO. “They are dedicated to the success of their clients and colleagues, and they continue to demonstrate the highest standards of leadership, innovation and mentorship. I look forward to working with them for many more years.”

The new principals are:

James Carrigan (New York). A former firefighter and paramedic who has built a career of more than 40 years engineering fire and life safety systems, Carrigan leads Syska’s fire/life safety practice. He also serves on New York Fire Codes Committee of the American Council of Engineering Companies’ New York chapter.

fectively communicating the Compass story to our investor base and ensuring confidence in our long-term strategy.”

Bhonsle joins Compass from BTIG, where he covered companies in the Housing Services sector as a senior analyst and vice president, following roles at Morgan Stanley and Susquehanna International Group. He has advised institutional clients on investments across the housing sector, led proprietary research initiatives and identified emerging trends that shaped market decisions.

Known for his ability to anticipate market shifts and engage top-tier stakeholders, Bhonsle’s expertise will be invaluable as he helps drive Compass’ mission to redefine how homes are bought and sold.

Alex Engelman, PE, CEM, LEED AP (New York): Engelman, who began his career at the Port Authority of New York and New Jersey, has nearly two decades of experience in the design and engineering of electrical systems for a wide range of clients, but is best known for his work on large-scale infrastructure projects for government agencies. He is a member of the Institute of Electrical and Electronics Engineers.

The new associate principals are:

Sami El Khoury, PE (San Francisco). El Khoury oversees operations at Syska’s San Francisco and Sacramento offices. He has more than 17 years of experience in managing, designing, executing, testing and commissioning for mechanical, electrical and plumbing projects. His portfolio includes LEED-certified buildings, R&D facilities, high-rises, banks, offices, hotels, schools, shopping malls, factories and central plants.

Robert Fagnant, Associate AIA, LEED AP (San Diego). With more than 40 years of experience, Fagnant is a project manager and award-winning lighting designer who has been recognized by organizations including the American Institute of Architects (AIA) and the Illuminating Engineering Society of North America. His clients have included Marriott, Hyatt, Pfizer, UC San Diego and Cedars-Sinai.

Angelo Vecchio, PE, CEM, LEED AP (Charlotte, North Carolina). Vecchio has more than two decades of experience in engineering technology, with a focus on communications systems. His portfolio encompasses office buildings, healthcare, education, recreation and data centers. He is a member of the Building Industry Consulting Service International.

BHDM Design Elevates Three Directors to Senior Positions

Bi-coastal interior design firm BHDM Design has promoted Stephanie Metzger, Sheila Cahill and John Doyle to new directorial positions. Metzger has been appointed as senior director of concept and experience; Cahill will hold the role of senior director of design and development and Doyle will serve as director of design and development.

“Stephanie, Sheila and John are integral members of the BHDM team, from a professional and design standpoint, as well as embodying our firm’s culture and ethos,” said Dan Mazzarini, principal and creative director of BHDM Design. “They bring essential insights into all of our projects and these promotions will

allow them to continue to grow and establish themselves within the company and in the design world at large.”

Metzger began as a design intern at BHDM Design in 2013, quickly rising to interior designer. She eventually joined the creative team leading the direction of Archive, BHDM’s direct-to-consumer homeware-focused brand. In her new role, she will primarily focus on the healthcare, hospitality and technology sectors. She has worked on projects across the U.S. from Hawaiian resorts to Google campuses in Silicon Valley.

Cahill joined BHDM in 2015 as a designer and will oversee hospitality projects. In 2023 she was named one of Hospitality Design’s Boutique 18, recognizing her work on projects such as the Waldorf Astoria Atlanta, Hyatt Regency San Francisco and Hotel Avante in Mountain View, California.

Doyle joined the BHDM team in 2020 after working as an interior designer at Perkins + Will and WeWork. At BHDM, he has focused on projects in the hospitality and commercial sectors and will lead initiatives with key partners such as Google, and other forthcoming opportunities in the hospitality and fashion retail space.

Alex Engelman and James Carrigan (Photo via Newmark)

Photo courtesy of PRNewswire

Photos courtesy of?

Stephanie Metzger, John Doyle and Sheila Cahil Photos courtesy of BHDM

INVITES YOU TO PARTICIPATE IN

Shop Americana Manhasset and 25% of your full-price, pre-tax purchases will be donated to GMSF.ORG.

If you would like to order by phone, many stores will accommodate. Visit championsforcharity.org for participating stores.

You must give your Champion Number at the time of each purchase!

JOHN E. DREW Founder and Chairman

The

Drew Company

John E. Drew is founder and chairman of The Drew Company, a Boston-based real estate management and development company. Drew serves as chairman of Trade Center Management Associates, which manages the Ronald Reagan Building and International Trade Center in Washington, D.C. (WTC Washington D.C.), the only federally owned WTC license. He also serves as chairman of WTC Dublin in Ireland.

Drew was the developer, president and CEO of the Seaport Companies, which includes World Trade Center (WTC) Boston and Seaport Hotel. He has served on the board of World Trade Centers Association (WTCA) since 1990 and has been its chair since 2019. He is also a member and supporter of the NAIOP Massachusetts chapter.

How long have you been in the industry? Over 40 years.

What brought you to the business?

I started my business as a result of growing interest I garnered in the real estate-related projects I had been working on in government roles.

Who inspires you?

Edward “Ned” Johnson, the late chairman of Fidelity Investments. He was my business partner in a developmentsin Boston’s Seaport District. I have always been inspired by Ned and how he transformed an already established company, Fidelity Investments, into what it is known as today. He expanded the business from funds to real estate and service businesses, transforming the company into a financial services giant.

Ned was very keen on innovation and drove technological innovation as a priority at Fidelity

John E. Drew

Investments with a focus on bettering ways to serve their customers. He was also extremely philanthropic. As a result, Fidelity Investments supports many non-profits and initiatives in education, arts, diversity, sports and assisting those most in need. This was exemplified through the creation and success of Fidelity Charitable, which today is the world’s largest public charity. Watching Ned pushed me to be more creative, innovative, curious and to believe that there’s always a better way in leading a business.

Why brand something as a “World Trade Center”? What are the criteria?

I see the World Trade Center (WTC) branding as an effective, compelling way to achieve the level of differentiation required in today’s competitive market. Through participation in World Trade Centers Association (WTCA), a network of more than 300 interconnected businesses and organizations across nearly 100 countries, real estate developers hold the exclusive license in a given market area to a strategic edge that goes beyond physical space, establishing properties as integral components of connecting businesses globally. It also helps bring a sense of collective purpose to all those affiliated with the development.

World Trade Center (WTC) license applications are reviewed on the following criteria:

• Is the entity committed to developing and proving World Trade Center-branded international trade services?

• Is it committed to creating a presence to its building and its services?

• Is it committed to working with the local region to further international trade and communication?

• Is it committed to running a sustainable operation?

What does WTCA do for its members?

As the exclusive owner of “WTC” trademarks, WTCA licenses the brand to member businesses, enabling them to exclusively leverage the iconic name in a particular market area over their independently owned properties. As a licensing operation, the WTC branding allows developers to craft the right, globally minded real estate solution that fits for the demands of their particular market.

More than just a world-recognized branding powerhouse, WTCA, at its core, is an organization

committed to fostering economic development on an international scale, and its impact is notable for businesses of all sizes, especially for small- and medium-sized enterprises. For a developer, access to the World Trade Center building address alone can create heightened tenant demand.

Beyond connecting members through our annual events, WTCA facilitates engagement through various committees like the Regional Advisory Councils and Member Advisory Councils. These platforms foster stronger, lasting relationships amongst our WTCA members that make it much easier for local WTC businesses to connect their members/tenants with other markets. Additionally, when organizing a trade mission to a market where a WTC business is present, members gain easier access to valuable resources such as market intelligence, key local connections and nuances of their local business environment. This is really key in opening doors in global markets.

How important is engagement in WTCA in a post-pandemic, ever more global world? Engagement is even more important today than ever before. By having knowledge of trade rules, requirements and governmental players, WTCA is an invaluable resource for international trade knowledge. Our connected global network is always connecting businesses around the world. WTCA‘s team — especially the WTCA Asia Pacific Regional Office in Beijing — responds to a high number of inquiries around its region to support international trade and business initiatives for businesses around the globe. They are especially seen as a helpful, go-to source for trade assistance.

What keeps you up at night?

For good developers, finding reasonably priced money for their investment is a real challenge in today’s market, and it can be a struggle to make our numbers pencil on a new project today. When I think about the future and growth of WTCA and the growth of the broader real estate development industry, these challenges are barriers to what we can do to make the future world look better than it does today.

Another fear is that countries that lead with more parochial approaches aren’t allowing for global access and market growth. Apolitical organization engagement in groups like WTCA is more important than ever before.

BHI IS THE FINANCIAL PARTNER YOU NEED TO HELP YOU GROW YOUR BUSINESS

SECTOR EXPERTISE. TAILORED SOLUTIONS.

The financial backing of a global bank, and the streamlined structure and agility of a boutique bank that will keep your business moving forward.

BHI offers full commercial banking services that combine the personal attention of a prestigious boutique bank with the expertise and financial strength of Bank Hapoalim – the leading financial institution in Israel.

With a footprint in the largest U.S. metropolitan areas, we are committed to creating innovative funding solutions for your short– and long-term needs and providing convenient banking and liquidity products for your everyday business needs.

www.bhiusa.com

Examining the Crystal Ball

As this decade has shown, predicting the future is a risky business at best. Even so, the end of one year always brings up what is likely to happen in the next. And so far, a return of normalcy seems to be likely. With the Federal Reserve Board cutting interest rates in the second half of 2024, and likely to do so again early next year, growth in various sectors is expected to approach historical norms as we can see by the numbers.

2.77%

The expected annual growth of the residential real estate market from 2024 to 2029. (The Remote Group)

4.5%

The projected federal funds rate at year-end 2025. (Deloitte, “2025 Commercial Real Estate Outlook”)

2.96%

The projected compounded annual growth rate for the commercial real estate market from 2024 to 2028. (Statista)

$665 billion

The predicted amount of commercial and multifamily mortgage borrowing and lending in 2025, up 23% from 2024. (Mortgage Bankers Association)

$34.5 billion

The predicted value of the global co-working market by 2032, constituting a compounded annual growth rate of 14.6% from 2022 to 2032. (Allied Market Research, “Co-Working Space Market Statistics, 2032”)

249.3 million square feet

The projected absorption of industrial space for 2025. (NAIOP)

LAY THE GROUNDWORK FOR LONG-TERM SUCCESS IN TODAY’S RAPIDLY SHIFTING REAL ESTATE LANDSCAPE. Financial, tax, and accounting solutions for real estate owners, developers, managers, REITs, private equity funds, institutional investors, hotel owner-operators and other real estate-related entities.

Ask MARCUM