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ONE MANN’S OPINION In publishing, you really don’t like to repeat yourself too often — there are so many stories to tell in real estate that sequels to previous articles aren’t necessary. Goetz Platzer LLP, however, is a major exception. We were delighted to profile the newly formed law firm created when Goetz Fitzpatrick LLP and Platzer, Swergold, Goldberg, Katz & Jaslow LLP joined forces in January 2025. This month, Managing Partner Aaron Boyajian updates us on how combining the two complementary firms is progressing, including new services, team members and even a new office. Odds are that you’ll be reading this just a few days after the Mann Charitable Foundation Golf Event at the Fresh Meadow Country Club, where we presented Aaron with our Humanitarian Award, and honored Brian R. Steinwurtzel of GFP Real Estate LLC and Jason M. Goldberg of CIT Commercial Services. This event is a labor of love for all of us at Team MCF — thanks to all of you who attended, donated and supported us this year and every year. We have just one more edition to go in 2026 — our November/December double issue which will look ahead to 2027. Let us know what you’d like to see and tell us the trends and issues that will concern you as we head into the last third of the 2020s. See you next month!
“Keep your face to the sunshine and you cannot see a shadow.” — Helen Keller
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OCTOBER 2026
| MANN REPORT 9
TABLE OF CONTENTS
OCTOBER 2026 Renderings by ODP Architects
EVENTS
86
14
C & A Seneca Construction 100th Anniversary Party at Avenue Sky Lounge Above the Edge at Hudson Yards
16
JLL Volunteers Join the Blue Oyster Project for a Healthier New York Harbor
18
Project REAP Convenes Alumni and Other CRE Leaders for Inaugural REAP on the Vineyards Awards Celebration
NEWS BRIEFS 20
Commercial News
24
Residential News
26
Management News
30
Tech Talk
34
Breaking News
FEATURES 44
Retail Repositioning 2.0: From Aspirational Planning to Building Communities
46
When a Real Estate Developer Opens a Restaurant
48
What's In a Name? Why Your Building's Address Was Never Meant to Be Its Identity
50
Local Law 157: What New York City Property Owners Must Know Before January 1, 2027
52
Proptech's Blind Spot is Costing You Money
54
AI Governance Boards: The Who and The What
10 MANN REPORT | OCTOBER 2026
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OCTOBER 2026
TABLE OF CONTENTS
DEPARTMENTS
COVER FEATURE
9
One Mann’s Opinion
13
Editor’s Letter
58
Columns
90
Executive Changes
94
Commercial Corner: Tim Rodland, Founder and CEO, Rodland Real Estate
96
By the Numbers: Mixing It Up
38
Goetz Platzer: Building on a Strong Foundation
Photo by Isaiah Gill
COLLEGES 80
Meeting for the Middle in Malibu
AEC 84
Preserving History Amid the New
86
The Triangle: Where Affordability Will Meet Luxury
44 mannpublications.com
Photo courtesy of AO
OCTOBER 2026 | MANN REPORT 11
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EDITOR’S
LETTER Welcome to our Mixed-Use issue which, appropriately, is something of a mixed bag from our contributors. AO’s Ioanna Magiati gives us an overview of how retail spaces from previous decades can be repositioned into vibrant communities. Also along mixed-use lines, Alex Cauchon of Southern Land Hospitality tells his journey toward opening a restaurant in Nashville’s Vertis Green Hills development. Complying with New York City’s Local Law 157 is a lot more complicated than buying a bunch of carbon monoxide detectors, describes Nexelec’s Sam Jones. And technology is never far away, as MRI Software CTO Terry Keller discusses the critical need for AI governance boards and David Basiji of PypeServer warns of the problems a communication gap can cause during construction. Infrastructure and identity are discussed by Trevor Vick of UMIP. Our columnists also discuss mixed-use success, local laws, cybersecurity and more. With the holiday season approaching, it’s time to plan the editorial calendar for 2027. Let me know what you’re planning and projecting for the year ahead.
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OCTOBER 2026 | MANN REPORT 13
Photos courtesy of Future Vision
EVENTS
C & A Seneca Construction 100th Anniversary Party at Avenue Sky Lounge above the Edge at Hudson Yards A night to celebrate the 100th Anniversary of C & A Seneca Construction also became the opening of NYFW as hundreds danced and mingled through Tao Group Hospitality’s fully renovated Avenue Sky Lounge above the Edge at Hudson Yards – the highest party venue in Manhattan.
Raine, Carlo, Jessica, Carlo, Anthony and Leah Seneca
Completing the Art Deco-inspired rebirth just a few weeks before, Carlo Seneca, fourth generation CEO, merged New York real estate, construction and development leaders with top fashionistas and stylesetters. The night was co-hosted with Indira Cesarine, editor-in-chief of The Untitled Magazine, which covers cutting-edge art, fashion and culture, and Milan Jankovic, president of 3Lite, a boutique firm specializing in hospitality consultancy and high-end residential, hospitality and commercial developments. C & A Seneca has become, under Carlo and Bruce Moshier, COO, the first choice for the most luxurious entertainment and hospitality projects including: the 101st Floor at Hudson Yards, Brooklyn Tower, Gansevoort Hotel, Moxy Times Square Hotel, Moxy Chelsea Hotel, Moxy East 11th Hotel, Moxy Lower East Side Hotel, Dream Downtown Hotel, Buddha Bar and many others.
Bruce Moshier, C & A Seneca Construction and Jeff Mann, Mann Report
Audrey Coleman with Indira Cesarine, The Untitled Magazine
14 MANN REPORT | OCTOBER 2026
Annie and Bruce Moshier, C & A Seneca Construction
Carlo Seneca, C & A Seneca Constructio n and Mitch Hochberg, Lightstone Gro up
Dusan Trifunovic, Milan Jankovic and Srdjan Sebek, 3Lite
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Carlo Seneca (second from left), C & A Seneca Construction with Riyaz Akhtar, Sant Singh Chatwal and Ashok Advani, Dream Hotel Group
Carlo Seneca, C & A Seneca Construction and Mr. and Mrs. Ted Nugent, Belvedere Club
James Paone, Casa Belvedere Club and Carlo Seneca, C & A Seneca Construction
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C & A Seneca Construction Team
Noah Tepperberg, Tao Group Hospitality and Carlo Seneca, C & A Seneca Construction
Guests with Carlo Seneca, C & A Seneca Construction
Cody Zalk and Samuel Prieto, Related Group with Carlo Seneca, C & A Seneca Construction (center)
Romeo Sorino and Carlo Seneca, C&A Seneca Construction
OCTOBER 2026 | MANN REPORT 15
Photos courtesy of JLL
EVENTS
JLL Volunteers Join the Billion Oyster Project for a Healthier New York Harbor Buildings aren’t the only focus for a team of JLL volunteers — rebuilding New York Harbor is, too. To that end, a group of 35 employees volunteered with Billion Oyster Project on Governors Island, lending their time and energy to help restore New York Harbor and strengthen an environmental resource shared by all New Yorkers.
“Being a good neighbor means showing up and doing the work alongside the organizations that know our city’s needs best,” said Dzenis. “New York Harbor is part of the fabric of every borough. We are proud to support Billion Oyster Project and to give our people a direct role in caring for a resource that belongs to all New Yorkers.”
Led by JLL Managing Director Andrew Dzenis, who also serves on Billion Oyster Project’s leadership committee, volunteers cleaned and sorted recycled oyster shells, then assembled the shells into reef structures designed to provide a place for young oysters to attach and grow.
Founded in 2014, Billion Oyster Project combines large-scale reef restoration with hands-on science education. Its shell recycling program gives discarded restaurant shells a second life as the foundation for new reefs. The organization reports that it has collected 3.2 million pounds of shells and engaged more than 154,000 students, volunteers and community members across its programs.
The hands-on work supports Billion Oyster Project’s goal of restoring one billion oysters to New York Harbor by 2030. The volunteer day brought together colleagues from across JLL’s Tri-state business for a teambased effort with a lasting local benefit. Oyster reefs filter the water, create habitat for marine life, help strengthen shorelines against storms and tidal surges, and contribute to a more resilient harbor ecosystem.
Andrew Dzenis, a member of the Billion Oyster Project’s leadership committee, helped plan the volunteer day.
16 MANN REPORT | OCTOBER 2026
“Restoring New York Harbor is a citywide effort, and partners like JLL help turn that ambition into action,” said Rachel Taylor, corporate partnerships senior coordinator at BOP. “When volunteers spend a day sorting shells and building reef structures, they are contributing to healthier habitats while demonstrating the kind of long-term community stewardship this work requires.”
JLL's Ella Berckmans, Allison Buck, Ally Johnson, Isabella Petermann and Sarah Khym sort through oyster shells at the BOP facility on Governors Island.
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EVENTS
JLL Senior Director of Data Science Nolan Burke and Head of Research Melanie O’Brien on the ferry to Governors Island
Sarah Khym and Ana Zamora move oyster reef structures that will be used to help restore oyster habitat in New York Harbor.
JLL's David Carlos, Andrew Dzenis, Myles Osorio, Mateo Carlos, Ella Berckmans and Allison Buck arrive at Governors Island.
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JLL's David Carlos, Ella Berckmans, Allison Buck and Nolan Burke receive instructions from a member of the BOP team
The volunteers spent the day sorting through hundreds of thousands of shells donated by city restaurants.
JLL's Myles Osorio and Ana Zamora help organize baskets of oyster shells.
OCTOBER 2026 | MANN REPORT 17
Photos courtesy of Tim Correira Photography
EVENTS
Project REAP Convenes Alumni and Other CRE Leaders for Inaugural REAP on the Vineyard Awards Celebration Project REAP (Real Estate Associate Program), the nation’s oldest and largest commercial real estate career accelerator, brought over 150 REAP alumni, industry leaders, investors, developers, and public officials to Oak Bluffs on Martha’s Vineyard in Massachusetts for the inaugural REAP on the Vineyard awards celebration. REAP has graduated more than 2,000 professionals nationwide. The event applauded REAP for nearing its 30th year and honored REAP alumna and Amazon Director of Global Realty Sustainable Development and North America Real Estate London Kemp Boykin for Excellence in Leadership, NFL Executive Vice President of Football Operations Troy Vincent Sr. as Bridge Builder and Amazon as Corporate Partner of the Year. REAP presented the event in partnership with Cushman & Wakefield. “Oak Bluffs has been a place where Black families have built wealth and community for more than a century,” said Taneshia Nash Laird, executive director of Project REAP and the first alumna to lead the organization, referring to the area’s longstanding tradition of supporting Black homeownership, hospitality and community. “Putting a
commercial real estate convening here was a statement that this industry belongs to everyone.” The afternoon gathering drew alumni and others representing a wide cross-section of industry leaders from brokerage, capital markets, development, corporate real estate, and the public sector in numbers rarely assembled outside a national conference. More than a quarter of those present came through a REAP Academy cohort. Brokerage was represented by Cushman & Wakefield, CBRE, JLL and Colliers; capital markets by Bank of America, Wells Fargo, M&T Bank, MetLife Investment Management and Walker & Dunlop; development by Wharton Equity Partners, Lemor Development Group and Dabar Development Partners. Corporate real estate leaders hailed from Amazon, Microsoft, Meta and Salesforce. “REAP on the Vineyard is an example of what’s possible when access and excellence meet,” said Erica-Nicole Harris, chair of the Project REAP board of directors. “Seeing this level of industry leadership come together in Oak Bluffs is the return on nearly 30 years of investing in people. Our alumni aren’t waiting to be invited into this industry anymore. They’re the ones
18 MANN REPORT | OCTOBER 2026
Troy Vincent Sr., Erica-Nicole Harris and G. Lamont Blackstone
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EVENTS
Erica-Nicole Harris
Taneshia Nash Laird
Tanya Redic and Trysta Redic (mother and daughter)
Troy Vincent Sr. and Scott Dias
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Rodney Johnson, Hillman Lam, Katrina Rainey, London Kemp Boykin, Troy Vincent Sr., Erica-Nicole Harris and Taneshia Nash Laird.
Taneshia Nash Laird, London
Kemp Boykin and Katrina Rain
ey REPORT 19 OCTOBER 2026 | MANN
COMMERCIAL NEWS
Newmark Arranges $277M Million Construction Loan for 201 Hudson – by Urby Newmark has arranged a $277 million construction loan on behalf of a joint venture between Urby and Rockpoint, for 201 Hudson– by Urby, a 748-unit multifamily development on the Jersey City, New Jersey waterfront. Co-Head of Global Debt & Structured Finance Jordan Roeschlaub and Vice Chairman Chris Kramer, Director Holden Witkoff and Analyst Jack Fenton arranged the financing on behalf of the joint venture with Truist. Located at 201 Hudson Street in Jersey City’s Paulus Hook neighborhood, 201 Hudson–by Urby represents the second phase of Urby’s waterfront residential development. Upon completion, the 69-story tower will deliver 748 market-rate apartments across
approximately 528,000 rentable square feet, complemented by approximately 10,000 square feet of ground-floor retail space, resident amenities and views of the Manhattan skyline and New York Harbor. The financing will fund ongoing construction of the tower, which will feature a mix of studio, one-, two- and three-bedroom residences. Lifestyle-oriented amenities that includes a pool, fitness center, social and coworking spaces, outdoor recreation areas and curated food-andbeverage offerings. Situated on the Jersey City waterfront, the property offers convenient access to PATH service, NY Waterway ferry routes and major regional transportation networks, providing direct connectivity to Manhattan while benefiting from one of the region’s most dynamic and rapidly growing residential submarkets. Newmark Co-Head of U.S. Capital Markets Adam Spies, Executive Vice Chairman Adam Doneger and Managing Director Michael Collins also advised Urby and Rockpoint on the joint venture capitalization, which was announced in June.
Goldman Sachs Agrees to Acquire LCN Capital Partners LaPuma, Bryan York Colwell, and the LCN team will join the real estate business within Goldman Sachs Asset Management. “Our team, our strategy and our commitment to our partners, both capital and corporate, remain unchanged — what changes is the scale of our ambition,” LaPuma said. “By combining LCN’s origination network and investment discipline with Goldman Sachs’ unrivaled corporate relationships, global distribution, and client experience teams, we can better serve our investing and tenant partners at a scale no independent firm could match — and become an industry-leading platform in triple net lease investing.” The Goldman Sachs Group Inc. has entered into an agreement to acquire LCN Capital Partners, an investment manager specializing in the saleleaseback, build-to-suit and triple net lease sectors of the real estate market. LCN has approximately $3 billion in assets under supervision (AUS) as of June 30, 2026, primarily from institutions, insurers and highnet-worth (HNW) individuals. “LCN’s differentiated platform is highly attractive for our Asset & Wealth Management clients who want diversified sources of returns and offers corporate clients innovative capital solutions,” said David M. Solomon, chairman and CEO of Goldman Sachs. “Their focus complements our private real estate team’s broad 30-year track record and will expand our ability to serve our insurance, institutional and wealth client segments.”
The global market opportunity for investment into sale-leaseback remains significant, with an estimated $14 trillion of corporate-owned property on corporate balance sheets in North America and Europe alone. Yet, across core and high-growth sectors, only a fractional percentage of this amount is transacted annually through net lease structures. At the same time, investor demand for the NNN asset class is growing globally. Goldman Sachs Asset Management’s global client franchise will further strengthen LCN’s committed capital base, which is supported by longstanding limited partner relationships across pension, insurance, family office and high-net-worth investor channels.
LCN originates, negotiates, invests in and manages sale-leaseback, build-to-suit and net lease investments across North America and Europe. Its hybrid strategy combines corporate credit and real estate to offer its investing partners predictable, inflation-protected and taxadvantaged income plus upside potential. Simultaneously it provides its tenant-clients with an alternative capital source to enhance balance sheet efficiency by unlocking capital tied up in property.
The upfront transaction consideration is approximately $260 million. In addition, there is up to approximately $150 million of deferred and contingent consideration, subject to the achievement of certain longdated performance targets and service commitments. Approximately 80% of the total consideration is payable in equity. The transaction is expected to close by the end of 2026, subject to regulatory approval and closing conditions.
LCN’s investment team, led by co-founders Edward V. LaPuma and Bryan York Colwell, has more than 30 years of experience in the triple net lease sector and has built a highly scalable platform with significant operating leverage. Upon completion of the transaction, Edward V.
Goldman Sachs was advised by Goldman Sachs Global Banking & Markets as financial advisor and Wachtell, Lipton, Rosen & Katz and DLA Piper as legal counsel. LCN was advised by RBC Capital Markets as financial advisor and McDermott Will & Schulte as legal counsel.
20 MANN REPORT | OCTOBER 2026
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OCTOBER 2026 | MANN REPORT 21
COMMERCIAL NEWS
American Healthcare REIT Acquires 8 Senior Housing Communities for $696M early August. The institutional investor completed its acquisition of the two additional communities in late August. “We understood that only a solution for all 10 communities would clear the market,” said Jeff Hanson, AHR chairman and chief executive officer. “Rather than either walking away from a highly strategic opportunity, or compromising our capital allocation discipline to secure it, we constructed a solution that required neither.”
American Healthcare REIT Inc. (AHR) announced the acquisition of eight Class A senior housing communities for approximately $696 million, establishing a new operating relationship with LCB Senior Living (LCB). The transaction also gives AHR its first meaningful footprint in the Northeast senior housing market and brings LCB into its portfolio of regional operating partners. AHR’s total year-to-date investments now exceed $2 billion, and its awarded investment pipeline stands at approximately $675 million, which it expects to close with match-funded equity proceeds from unsettled forward agreements. Despite having multiple sellers, the 10 communities were marketed together. The acquisitions were executed through a series of transactions over a coordinated six-week process allowing AHR to obtain the eight assets it views as core to its capital allocation strategy, while simultaneously facilitating the acquisition of the other two assets by another leading institutional investor to accommodate the sellers’ desire for a broader portfolio execution. Subsequent to securing the assets, AHR assigned its purchase and sale agreements for the two non-target communities to the other institutional investor, which acquired them at AHR’s allocated basis for those properties. AHR completed its acquisition of the eight target communities in phases over a three-week process that concluded in
The eight communities were built between 2020 and 2022 and comprise 867 units across Massachusetts, Connecticut, New Jersey, Pennsylvania, Delaware and Georgia. Of the communities that AHR acquired, five were developed and managed by LCB and two were transitioned to LCB from the previous operator upon closing. LCB is based in Norwood, Mass. and develops, owns and operates luxury senior housing communities across New England and the MidAtlantic regions. “We have sought a relationship with LCB for some time, and we have been looking for the right way into these East Coast markets. This gave us both, at scale,” said Gabe Willhite, president and chief operating officer. “LCB is the kind of regional operator we are building AHR around — deep local knowledge, a culture that genuinely prioritizes superior resident care and the ability to develop and manage luxury communities well. Our job is to be the partner of choice for operators like that.” The portfolio includes The Holbrook of Sugar Hill in Georgia, developed and managed by Holbrook Life, a luxury senior living provider that combines hospitality-driven service, personalized care and proactive resident wellness programs. It will continue to manage the community. Newmark Group Inc. acted as real estate advisor for the transaction.
CIM Group Acquires 51 South Apartments IN WHITE PLAINS For $64.3M CIM has been an active owner, operator, lender and developer in the New York metropolitan area for more than 15 years, with approximately $4 billion of equity investment across projects representing over $10 billion in total project value since 2010.
Photo courtesy of CBRE CIM Group has acquired 51 South, a 134-unit apartment community in White Plains, New York, in partnership with Hulic Co., Ltd. Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer and Eric Greenberg of CBRE Institutional Properties arranged the $64.3 million deal. 51 South is an eight-story building located at 51 South Broadway in the heart of White Plains. Completed in 2025, the community offers studio, one- and two-bedroom residences and more than 20,000 square feet of best-in-market amenities, including coworking space, indoor and outdoor lounges and a variety of sports and recreational activities.
22 MANN REPORT | OCTOBER 2026
“We are pleased to add 51 South to our New York portfolio and make our first investment in Westchester County,” said Shaul Kuba, co-founder and principal, CIM Group. “We believe the market benefits from strong fundamentals, connectivity to New York City and continued demand for quality housing. We look forward to expanding our presence in Westchester and pursuing additional opportunities across the region.” 51 South benefits from a 12-year tax PILOT and features designer inunit finishes with over 20,000 square feet of amenities including multiple indoor and outdoor tenant lounges, a resort-style pool with cabanas, a fitness center with spin and yoga studio, HD multi-sport simulator, billiards and shuffleboard and co-working areas. “RMS Companies did a fantastic job developing 51 South and we are thrilled to have represented the seller in the disposition of this boutique property,” said Dunne.
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EXPERIENCE. EXCELLENCE. RESULTS. Holland & Knight’s New York Real Estate Practice Group and Real Estate Capital Markets Practice Group successfully closed deals worth more than $11.35 billion in 2024. From acquisitions, dispositions, development, condominium and cooperative formation and operation to hospitality, financing, leasing, land use and real estate capital markets, our attorneys do their utmost to deliver clients with exceptional results across all sectors.
$11.35 BILLION Real Estate Practice Group Acquisitions and Dispositions: $1.93 billion Financing: $4.1 billion Leasing: $3.2 billion Land Use: $290 million
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OCTOBER 2026 | MANN REPORT 23
RESIDENTIAL NEWS
Greystone Capital Advisors Arranges $107.5M for Office-to-Residential Conversion in Norwalk Greystone has arranged $75.5 million in construction financing and $32.0 million in joint venture equity on behalf of Saber-Hightower LLC and Granoff Real Estate for the office-to-residential conversion of M7 Lofts, a 286-unit multifamily project in Norwalk, Connecticut. Greystone Capital Advisors served as financial advisor on the transaction, with a team including Drew Fletcher, Paul Fried, Bryan Grover and Jesse Kopecky.
community. Plans include approximately 55,000 square feet of indoor and outdoor amenities — a fitness center, a co-working space, an outdoor pool deck and lounge areas and landscaped private gardens.
The construction loan was provided by Bank OZK, and the joint venture equity commitment was provided by a confidential family office.
“This was a compelling adaptive-reuse opportunity that required a financing strategy tailored to the sponsor's long-term business plan,” said Drew Fletcher, president of Greystone Capital Advisors. “We were thrilled to represent Saber-Hightower and Granoff Real Estate in assembling the capital needed to move this conversion forward.”
M7 Lofts is an adaptive reuse project at 101 and 201 Merritt 7 that will convert two existing eight-story office buildings into a residential
Residences are designed with loft-style layouts, open floor plans, floorto-ceiling windows and 11-foot ceilings. The property sits less than a five-minute walk from the Merritt 7 Metro-North station. “These are well-located buildings that can serve Fairfield County far better as housing than as office,” said Marty Berger, principal of SaberHightower LLC. “By leveraging the existing infrastructure at Merritt 7 and the property’s proximity to transit, we can create a differentiated residential experience while giving these buildings a new purpose. We appreciate Greystone’s assistance in developing a financing strategy that supports our vision.”
Forbes Global Properties Expands to Argentina and Uruguay, Welcoming Miranda Bosch Recoleta, Palermo, Puerto Madero and Belgrano. In Uruguay, the firm’s portfolio spans the coast’s most prestigious addresses, including Punta del Este, the second-home destination of choice for Argentine and Brazilian buyers, and José Ignacio, where beachfront houses and coveted inland country estates have captured the interest of European and American buyers. “It is an honor to welcome Miranda Bosch to Forbes Global Properties. The firm’s market expertise and thoughtful approach embody the values at the heart of our international network,” said Michael Jalbert, CEO of Forbes Global Properties. “We look forward to sharing their perspective and properties with our global audience of buyers and sellers.”
Forbes Global Properties announced its expansion into Argentina and Uruguay with the addition of Miranda Bosch, a Buenos Aires-based real estate and art firm. Miranda Bosch will be the exclusive representative of the brand in both countries, broadening the network’s reach across two of South America’s most distinctive and sought-after residential markets. Celebrating nearly two decades, Miranda Bosch serves clients throughout Buenos Aires’ most established neighborhoods, including
24 MANN REPORT | OCTOBER 2026
“Real estate is never just about a property; it’s about a way of life,” said Francisco Bosch, founder of Miranda Bosch. “Joining Forbes Global Properties allows us to bring the story of Buenos Aires and Punta del Este to a global audience of discerning buyers, while staying true to the values that built Miranda Bosch: dedicated brokers, deep local knowledge, technology and a genuine appreciation for craftsmanship, expressed even through our own contemporary art gallery.” The exclusive worldwide residential real estate partner of Forbes, Forbes Global Properties provides branding and marketing services to the world’s premier real estate firms and is now represented by real estate agents across 41 countries in more than 600 locations. As a member of this exclusive network, Miranda Bosch will benefit from Forbes’ engaged audience of more than 167 million to connect, inspire and inform affluent homebuyers and sellers about the finest properties for sale globally.
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RESIDENTIAL NEWS
Christie’s International Real Estate Launches in Abu Dhabi Dinesh Chhatwani, the team behind Christie’s International Real Estate Dubai, the brand’s 2025 Affiliate of the Year. Shaped by an influx of global capital, as well as the emirate’s $1.7 trillion in sovereign wealth, Abu Dhabi’s real estate market is on a record-setting pace, Christie’s said. Residential sales reached AED 86.1 billion ($23.4 billion) in the first half of 2026, up 163.7% from the same period last year, despite regional tensions. Those sales were part of AED 117 billion ($31.9 billion) in total real estate transaction value, up 112% year-over-year and already equal to approximately 82% of the full-year total for 2025. Johns and Chhatwani bring a proven track record with the Christie’s International Real Estate brand. In Dubai and Ras Al Khaimah, they have leveraged the brand’s international referral network and relationship with Christie’s auction house to serve a global clientele of consumers, investors and developers.
Photo via PRNewswire
Christie’s International Real Estate is launching in Abu Dhabi, bringing its global luxury real estate network to an international housing market experiencing extraordinary growth. The new agency, Christie’s International Real Estate Abu Dhabi, is owned by Jackie Johns and
“We’ve had a front-row seat to the extraordinary evolution of luxury real estate in the UAE, and we believe Abu Dhabi is entering a defining period,” said Johns. “What is happening here isn’t merely an extension of Dubai’s growth or a short-term market cycle. Abu Dhabi has its own powerful fundamentals. The market is exceptionally strong today, but the long-term opportunity is what makes it so compelling.” Luxury properties across the emirate range in price from approximately AED 2 million to more than AED 200 million ($544,600 to more than $54 million), and branded residences are a major force in the market, with names including Mandarin Oriental, Four Seasons and The St. Regis.
New York’s Diamond Exchange Reopens as a Boutique Condominium transformed into The Diamond Exchange Condominium: nine private full-floor homes and a commercial space in the heart of the Financial District, now complete and ready for occupancy. Designed by architect Gilbert A. Schellenger, 14 Maiden Lane once was the center of the American diamond trade and the building was designed for it: among the first in the city to feature oversized bay windows, engineered so dealers could examine stones by daylight. More than 130 years later, those same windows fill every residence with light beneath ceilings that rise up to 12 feet, 6 inches. Each home occupies an entire private floor of approximately 1,300 square feet, with two bedrooms and a flexible third room that can serve as a bedroom or a home office; an open kitchen with Viking, Bosch and Dacor appliances; two full baths including a steam shower; European white oak chevron floors; multi-zone heating and cooling and a Bosch washer and dryer. The lobby boasts a historically significant diamondshaped chandelier that once hung in Harrods Buenos Aires. Photo via PRNewswire
The address through which most of the diamonds entering America once passed is welcoming residents again. Announced in 1892 as New York’s newest skyscraper and completed in 1894, the 10-story Diamond Exchange at 14 Maiden Lane has been
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“This building sparkled for the jewelers of Maiden Lane, and now it sparkles for the people who live here,” said Thomas Guss of NYR. com, the brokerage representing the property. “An entire private floor, flooded with daylight, in one of Manhattan’s earliest skyscrapers — at this price and with these carrying costs, nothing downtown compares.” Pricing begins just under $2.6 million, a rare figure for an entire private floor in a historic building. Private tours of The Diamond Exchange Condominium are available by appointment.
OCTOBER 2026 | MANN REPORT 25
MANAGEMENT NEWS
Boxabl Expands Project Development Capabilities giving the company full ownership of the entire project from factory to fi nished product rather than overseeing third parties. Under the new model, Boxabl now has full ownership of the entire project — contracting directly with its own general contractor rather than managing third parties on the customer’s behalf. “This new capacity allows Boxabl to lead the effort for real estate development, and not limit ourselves to just being a manufacturer,” said Galiano Tiramani, Boxabl founder and co-CEO. “Boxabl is looking to expand into the market of home building by being able to contract directly with service providers that already exist and still deliver the high-quality product that we have in the past, but at even lower costs.”
Photo via PRNewswire Modular builder Boxabl Inc. announced the expansion of its project development capabilities, enhancing the company’s ability to bring its manufactured buildings to its customers. As part of this effort, Boxabl has engaged licensed general contracting capability in California, the fi rst step toward the company bidding directly on its own site-development and installation projects. Historically, Boxabl has manufactured its Casita units while thirdparty contractors — hired either by Boxabl or directly by the customer — handled some or all of the permitting, site preparation, foundation work and fi nal installation, with Boxabl overseeing the project rather than owning it outright. The new developer arm changes that model. Boxabl has hired its own general contractor, licensed in California,
The developer arm is designed to serve two categories of customers. Individual homeowners purchasing a single Casita will have the option of a more streamlined, bundled path from permitting through fi nal installation, reducing the number of parties they need to manage themselves. Large-scale customers such as real estate developers, municipalities and institutional buyers pursuing multi-unit or community-scale projects will be able to engage Boxabl directly as a full-service delivery partner — contracting with Boxabl for site evaluation, entitlement support, site work and installation alongside the units themselves, or inviting Boxabl to bid on these scopes through a competitive RFP process. Boxabl expects to expand this in-house capability to other states as demand warrants, either by hiring additional general contractors licensed in those states or by having its existing general contractor(s) obtain licensing in new states.
FirstService Residential Welcomes Riviera Towers Back to Its Premier Portfolio FirstService Residential announced that it has again been selected to provide full-service property management for Riviera Towers, a premier luxury waterfront community in West New York, New Jersey. “We are thrilled to welcome Riviera Towers back to the FirstService family,” said Michael Mendillo, president, East Region, FirstService Residential. “It is an honor to partner with the board and residents of this exceptional community. Our team looks forward to delivering high-rise expertise, operational excellence and strategic guidance to support the community’s ongoing success while helping bring its long-term vision to life.” Located along New Jersey’s Gold Coast, Riviera Towers offers residents luxury amenities including 24-hour doorman service, a fi tness center, convenience store, library, garage and valet parking, and an outdoor pool with a spacious deck overlooking the Manhattan skyline and the Hudson River.
Photo via PRNewswire
26 MANN REPORT | OCTOBER 2026
“After conducting a thorough search, the board selected FirstService Residential because of the depth of resources, industry expertise and exceptional service we provide to every community we manage,” said Arthur Bartikosky, senior vice president, FirstService Residential. “We are excited to partner with the board and residents as they embark on several signifi cant long-term capital improvement initiatives that will further enhance the value and appeal of this outstanding community.”
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WHERE AMBITION TAKES SPACE. For over a century, Kaufman has shaped New York City’s commercial real estate landscape. We combine deep market intelligence, trusted relationships, and tire eless dedication to deliver results that build lasting value.
FROM VISION TO VALUE. NEW WORK STARTS HERE.
TENANT REPRESENTATION LANDLORD REPRESENTATION PROPERTY MANAGEMENT CONSTRUCTION & OPERATIONS ACCOUNTING & FINANCE CONSULTING & EXPERTISE
www.kfmn.nyc
450 Seventh Ave
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OCTOBER 2026 | MANN REPORT 27
MANAGEMENT NEWS
RentScale Named Official Sales Training AND Coaching Partner for Keyrenter Property Management Franchise Network “We are pleased to have RentScale as a fully integrated extension of the Keyrenter team,” said Nate Tew, CEO of Keyrenter. “They are more than a resource for our franchise owners. They are a true partner, working alongside us to train and coach our franchise owners and their teams, strengthen their business development capabilities and ultimately help them grow stronger, more successful businesses.” The partnership refl ects a shared commitment to helping franchise owners build more predictable, scalable growth through structured sales systems and ongoing coaching. “Keyrenter has built an incredible franchise network of growthminded property management entrepreneurs,” said Jeremy Pound, CEO of RentScale. “We’re honored to support their franchisees by providing the sales coaching, systems and accountability needed to help them convert more opportunities into long-term clients.” RentScale, a sales training and coaching company focused exclusively on residential property management, offering proprietary sales systems, announced that it has been selected as the Offi cial Sales Training and Coaching Partner for the Keyrenter Property Management franchise network. Through the partnership, Keyrenter franchise owners will gain access to RentScale’s sales coaching programs, Business Development Manager (BDM) development, sales process optimization, accountability systems and proven best practices developed through the latter’s years of working with property management companies across North America.
RentScale currently works alongside more than 200 property management companies through its coaching programs and has spent more than eight years developing sales systems specifi cally for the residential property management industry. Its programs include sales process development, CRM implementation, BDM coaching, leadership training and performance accountability. For Keyrenter franchise owners, the partnership provides access to a structured sales framework designed specifi cally for property management — helping teams improve lead conversion, build repeatable sales processes and develop high-performing sales professionals.
Steel River Foundry Launches, Unifying Over 40 Industrial Training Programs The launch addresses a widening gap in industrial workforce readiness: according to Advanced Manufacturing, 79% of manufacturing leaders reported the skilled labor shortage as their top challenge. “Leaders across industry are struggling to find skilled people to operate and repair the equipment they depend on. Steel River Foundry is our answer,” said Dave Fisher, CEO of Steel River Foundry. “We’re building hands-on, practical training that helps manufacturers build the talent that keeps their operations running.”
Photo via PRNewswire Steel River announced the launch of Steel River Foundry, a new brand for industrial training, technical education and workforce development. Steel River Foundry brings together more than 40 technical and educational skills training programs under one national brand. These include industrial maintenance, crane operation, inspection and rigging, hydraulics and fluid power, safety and other technical disciplines, serving companies and skilled professionals across the country.
28 MANN REPORT | OCTOBER 2026
Steel River Foundry offers training across 16 disciplines, including overhead and mobile crane operator and inspector training; rigging and signal person certification; forklift and aerial work platform operator/ inspector training; hydraulics, fluid power and industrial electrical systems; mechanical systems, maintenance and troubleshooting; equipment inspection and compliance, including Lockout/Tagout and train-the-trainer programs. Training is delivered through scheduled public courses, on-site and customized employer programs and hands-on instruction at The Foundry Industrial Academy at Steel River Ranch in Cleburne, Texas. Companies can use the new Steel River Foundry website to browse programs by discipline, view the shared training calendar and request custom employer training. Individuals can identify certification and upskilling paths across crane, rigging and technical maintenance disciplines.
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Helping Our Clients Build And Sustain Generational Wealth For over 25 years, Metropolitan Commercial Bank has been dedicated to helping clients grow their business and build generational wealth through our solutions-oriented, relationship-focused approach to banking.
MCBankNY.com Manhattan | 99 Park Avenue • 212 365-6700| 1431 Broadway • 212 643-6981 | 16 West 46th Street • 212 938-0770 | 1270 Lexington Avenue • 646 930-3386 Brooklyn 5102 13th Avenue • 718 851-2105 | Great Neck 111 Great Neck Road • 516 441-5232 © 2020-2025 Metropolitan Commercial Bank “Metropolitan Commercial Bank” is a registered trademark of Metropolitan Commercial Bank.
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OCTOBER 2026 | MANN REPORT 29
TECH TALK
PropOrbit Launches AI-Powered Satellite Platform PropOrbit provides:
• • •
Photo via EINPresswire Turquoise Global Holding Inc. announced the official rollout of PropOrbit, its advanced AI-powered satellite intelligence platform, tailored specifically for commercial real estate (CRE) professionals, property developers and construction management firms. By transforming complex geospatial data and high-resolution satellite imagery into actionable business intelligence, PropOrbit empowers industry leaders to close deals faster, monitor remote construction progress without site visits and secure a definitive competitive edge, the company said. Traditional site inspection methods — relying on manual physical visits, outdated blueprints or delayed progress reports — cost companies valuable time and capital. PropOrbit eliminates these blind spots by offering continuous, automated monitoring and deep analytical insights directly through a streamlined SaaS interface.
Instant Due Diligence & Land Analysis: Brokers can instantly evaluate topography, surrounding infrastructure development, environmental changes and regional growth patterns without stepping foot on site. Faster Deal Velocity: With immediate access to historical and real-time physical status data of properties, realtors can present verified insights to institutional buyers and investors, shortening the transaction. Proactive Client Advisory: Realtors can leverage automated satellite monitoring alerts to spot investment opportunities or potential structural/environmental risks early, positioning themselves as high-value, data-driven advisors to their clients.
For real estate developers and construction management, PropOrbit offers continuous remote tracking through automated satellite updates; early detection of delays, supply chain storage accumulation on-site or environmental encroachments, as well as transparent Stakeholder Reporting. “The real estate and construction sectors have traditionally lagged in adopting real-time geospatial intelligence, forcing professionals to rely on outdated, manual processes,” said Mehmet Ali Ünal, founder of PropOrbit. “With PropOrbit, we are bridging that gap. We are giving realtors the data power to close deals with absolute confi dence, and giving developers total, 24/7 visibility over their physical assets globally — all powered by state-of-the-art AI and satellite technology.” PropOrbit’s scalable SaaS architecture integrates into existing enterprise workflows, offering custom alerts, change-detection analytics and high-frequency monitoring tailored to the needs of modern property professionals
Re:InvestorHub Launches First AI-Powered OS Built for Real Estate Investors rehabs. Re:InvestorHub replaces that stack with one workspace built for how investors operate, regardless of their goals. “There weren’t many tools geared toward small-to-mid-sized investors — which is why we started Re:InvestorHub.ai,” said Rick Sanchez, founder. “We built the platform we wished we had: every deal, every rehab, every dollar of return in one place, with AI that understands real estate.” At the center of the platform is AI Deal Scoring, which evaluates deals across strategies and surfaces the numbers that matter before capital is committed. Around it, Re:InvestorHub covers the full deal lifecycle: deal pipeline and tracking from lead to close, rehab project management, construction change order tracking, document storage and deal vault, a portfolio dashboard and three AI coaches trained on real investor experience. Re:InvestorHub announced general availability of its platform, what it says is the first AI-powered operating system for real estate investors — now open nationwide, uniting deal analysis, pipeline tracking, project management and AI coaching. Investors have long juggled disconnected tools — one app to score deals, another for pipeline tracking, a spreadsheet for
30 MANN REPORT | OCTOBER 2026
Re:InvestorHub serves the full range of investors — house flippers; buy, rehab, rent, refinance and repeat investors; wholesalers; multifamily owners and STR operators — with a workspace tuned to each strategy. Re:InvestorHub is offering a free trial of the full platform, plus a limitedtime Founding Member promotion locking in special pricing for early adopters.
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TECH TALK
Smartwebs and SmartProperty Partner to Connect HOA Operations with Capital Planning Smartwebs, an all-in-one HOA management and accounting software platform, and SmartProperty, a provider of Reserve Study Intelligence, announced a strategic partnership they said is designed to “connect today’s community operations with tomorrow’s capital planning.” The partnership brings together Smartwebs’ accounting and community management technology with SmartProperty’s Living Reserve Study and Reserve Study Intelligence platform, creating a more connected approach to managing the financial and physical health of community associations. For years, community associations have relied on management and accounting systems to understand what is happening today, while reserve studies have provided a separate view of what may need to happen years into the future. Smartwebs and SmartProperty are working to bring those two worlds closer together. HOA management companies and association boards will gain greater visibility into how current financial activity aligns with long-term reserve requirements and capital planning. Smartwebs recently introduced SAMi, AI technology designed to bring the next generation of intelligence and automation to community management. SAMi is being incorporated throughout the Smartwebs platform to help community management professionals work more efficiently, identify opportunities for automation and make better use of
the information already within their system. “SAMi and Atlas are solving different parts of the same industry challenge turning massive amounts of community data into actionable intelligence,” said Robert Holte, vice president of Smartwebs. “SAMi is focused on helping our clients operate their communities more intelligently today, while Atlas helps communities better understand and plan for their future. That alignment makes this partnership especially exciting.” SmartProperty has similarly advanced the use of intelligence and AI within reserve planning through SmartProperty Atlas, its reserve study intelligence engine. Atlas leverages SmartProperty’s extensive reserve data, property information and proprietary modeling technology to help provide greater insight into replacement costs, asset planning and longterm financial needs. “SmartProperty and Smartwebs share a common vision for where community management technology is headed,” said Damian Esparza, CEO of SmartProperty. “SmartProperty is the system of record for a community’s reserve and capital planning data, and connecting that with Smartwebs’ day-to-day operations and financial platform gives boards one trusted, connected view of where their community stands today and what it needs for tomorrow.” The partnership reflects a broader shift within the community association industry toward more connected technology and proactive decisionmaking. Instead of viewing accounting, daily operations, physical assets and reserve planning as separate functions, Smartwebs and SmartProperty are creating a technology ecosystem where these areas can work together. The result is a more connected view of community health helping associations understand where they stand today, where they are headed and what they need to do to prepare.
Opendoor Home Loans Exits Beta With Fixedand Adjustable-Rate Mortgages Opendoor, the e-commerce platform for residential real estate, announced that Opendoor Home Loans has exited beta and now offers 30-, 20-, and 15-year fixedrate mortgages, plus 5/6, 7/6 and 10/6 adjustable-rate mortgages. The announcement comes as mortgage rates move higher. Freddie Mac’s weekly survey reached 6.71% for a 30-year fixed mortgage and 6.04% for a 15-year fixed mortgage on September 3, with the 30-year average at its highest level in 13 months. For homebuyers, when financing gets more expensive, the rate matters. So do lender fees, paperwork, delays and the back-and-forth required to keep the home purchase and mortgage on track. When those processes
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are handled in separate systems, each question or document can create another delay. Opendoor built its mortgage experience around the homebuying process, with software handling more of the repeatable work in one place. “Buying a home is two things: the home and the money,” said Kaz Nejatian, Opendoor CEO. “They’re handled by separate systems, with separate incentives and too much avoidable cost. We built Opendoor Home Loans for the way most people buy a home. We can’t control the market rate, but we can control the cost and friction around it. The porkbarrel buffet around mortgage costs has to end.” Opendoor Home Loans lets buyers handle more of the process online, with access to licensed mortgage professionals when they need help. The current experience includes: prequalification in minutes without a hard credit pull, a digital application with online income and asset verification and online document verification, with fewer handoffs through closing. Opendoor Home Loans is available for any home purchase in markets where it is licensed, not just for purchases of Opendoor homes. Eligibility, rates, terms and availability vary by borrower, property, loan amount, loan-to-value ratio, credit profile, state and other factors.
OCTOBER 2026 | MANN REPORT 31
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.
32 MANN REPORT | OCTOBER 2026
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Financing solutions built to match your vision
With over 75 years of experience and deep understanding of industry challenges, IDB’s Commercial Real Estate team supports property owners, developers and builders across every type of financing requirement. We can help you keep pace with changes in the marketplace, while maintaining high credit quality levels and providing the personalized service, efficiency and flexibility to fit your specific needs.
For more information about financing solutions that meet your specific needs, visit idbny.com.
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mannpublications.com OCTOBER ©2025. IDB Bank® is a registered service mark of Israel Discount Bank of New York. Member FDIC. 2026 | MANN REPORT 33
BREAKING NEWS
Cushman & Wakefield: Construction Cost Pressures Shift From Labor to Materials U.S. construction cost pressures are shifting from labor to materials, with construction-related commodity prices rising 13.3% year-over-year (YOY) as tariffs, metals supply constraints and demand from data centers and infrastructure projects push input costs higher, according to Cushman & Wakefield’s September Construction Insights for Global Occupiers report. The increase in commodity prices is more than 4.7 times the rate recorded a year earlier, led by aluminum at 40.9%, copper base scrap at 39.3% and nonferrous metals at 38.5%. At the same time, labor cost growth has moderated, creating a markedly different construction inflation environment from recent years. “Labor remains constrained, particularly in specialized trades, but materials and equipment are increasingly driving escalation,” said Tyler Paytas, global head of programs and projects, global occupier services at Cushman & Wakefield. “For occupiers planning projects ... the cost environment can remain challenging even as wage growth moderates.” Electrical equipment is emerging as a particular pressure point. Electrical machinery and equipment prices increased 13.0% YOY, while switchgear increased 9.0%, reflecting demand from grid modernization, renewable energy investment and data center development. Transformer and switchgear costs are forecast to accelerate further through the end
of the year amid continued copper supply constraints. The cost shift is occurring against an increasingly divided construction backdrop. Contractors working on data center projects reported an average backlog of 11.0 months, compared with 8.5 months among contractors without data center exposure. Infrastructure construction backlog reached 10.1 months in June, up 7.9% from a year earlier. Meanwhile, commercial and industrial architectural billings registered 46.7 in June, below the 50 threshold indicating growth. Nine of the past 10 months have registered below 50, signaling continued weakness in the broader nonresidential construction pipeline into 2027. “Construction is increasingly a story of two markets,” said Ethan Tribble, senior research analyst, global research at Cushman & Wakefield. “Data centers, infrastructure and other large projects are generating significant demand for materials, electrical equipment and specialized labor even as pipelines remain much thinner across traditional sectors. That concentration is supporting overall construction activity while putting additional pressure on many of the same inputs occupiers need for their projects.” The divergence is also contributing to greater volatility in national construction activity. New construction starts surged 33.5% month over month in May as major healthcare, manufacturing, utilities and data center projects broke ground, before declining 20% in June. Despite rapidly rising input costs, overall U.S. construction cost growth has remained comparatively contained. Construction costs increased 0.7% from the fourth quarter of 2025, compared with 6.4% in South Korea and 3.9% in Germany.
REItrades to Launch AI-Powered Marketplace to Streamline CRE Investment Sales Following a 2025 beta soft launch, REItrades, a first-of-its-kind curated commercial real estate marketplace built for $5 million-plus investment sales, announced an official debut that it said reflects a significant evolution of the model, expanding the platform to serve brokers while introducing a more comprehensive approach to marketing, sourcing and managing investment sales. Photo via PRNewswire
REItrades offers a unique approach in which listings are visible only to pre-vetted buyers, with access granted through a property code. This gives sellers and listing brokers the option to keep the listing private and direct-to-buyer only or to share it across other channels while keeping activity centralized on REItrades. REItrades’ network consists of decision-makers from more than 3,400 established CRE investment firms nationwide. Buyers must have at least $10 million in assets under management (AUM) to join. “When it comes to selling CRE, especially assets valued at $5 millionplus, identifying and connecting with qualified buyers has always been a major challenge,” said Artur Muller, founder and CEO of REItrades. “REItrades connects brokers and sellers directly with a large, curated network of pre-vetted buyers (GPs) actively seeking opportunities across all asset classes.”
34 MANN REPORT | OCTOBER 2026
The platform features an AI-powered marketing engine that automatically creates professional CRE marketing content, including executive summaries, investment highlights and location highlights, based on the property information provided by the seller. The platform also incorporates demographic and market fundamentals data at the ZIP code level. Aerial maps highlight nearby tenants, businesses and landmarks. Using this information and templates tailored to each asset class, REItrades instantly generates institutional-quality property teasers and Offering Memorandums. Licensed CRE brokers and qualified principals can join REItrades at no cost and list properties for free. Optional paid email distribution delivers listings directly to the network of pre-vetted buyers whose investment mandates match the opportunity. REItrades also offers a premium service that handles listing creation and management, while the seller retains responsibility for all buyer interactions. REItrades' secure interactive deal room allows buyers to instantly e-sign NDAs to access the offering memorandum and unlock listing interactions. Real time notifications and listing analytics track buyer engagement and activity. Offers and counteroffers can be submitted directly through the platform. Collaborators and team members can be added to a deal. All parties can communicate and share confidential files through a private chat and request an email introduction when ready to pursue the deal. Once under contract, due diligence can be tracked based on preconfigured milestones.
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Originated by Operators. Built for Borrowers. $826M
Loans Originated
Top 50 MSAs
Markets Served
2.5M SF
Built by Strategic Investor
$25–300M
Loan Size
Integritas Capital finances independent sponsors — delivering strategic solutions and certainty of execution.
Investor | Developer | Direct Lender www.integritascap.com 152 Madison Avenue, 14th Floor, New York, NY 10016. mannpublications.com
OCTOBER 2026 | MANN REPORT 35
BREAKING NEWS
RD Property LLC Expands Credit Facility to $420M RD Property LLC, a real estate investment and management company, has expanded its existing credit facility from $350 million to $420 million, representing a $70 million increase through the exercise of the facility’s accordion feature. The expanded facility provides RD Property with additional financial flexibility and capacity to support its continued growth, including acquisitions, capital investment, redevelopment and other strategic initiatives across its portfolio.
the lending group as a Joint Lead Arranger, alongside KeyBank, National Association; PNC Bank, National Association; Huntington National Bank and The Bank of New York Mellon, which are also serving as Joint Lead Arrangers.
As part of the expansion, Capital One, National Association has joined
KeyBank, National Association also served as Administrative Agent.
“We are pleased to expand the facility to $420 million and welcome Capital One to the lending group,” said John Hayes, chief financial officer of RD Management LLC. “The increased capacity provides RD Property with additional flexibility to execute our business plan and pursue attractive opportunities across the portfolio.” The RD Property portfolio consists of some 51 properties totaling approximately four million square feet across the United States, including shopping centers, self-storage, hotel and net lease assets.
Northwind Group Provides $208M Loan to 141 Willoughby Street Conversion Northwind Group, a Manhattanbased real estate private equity firm and debt fund manager, announced the origination of a $208 million first mortgage construction loan for 141 Willoughby Street, a 24-story, 355,000-square-foot Class A tower in Downtown Brooklyn, New York. Loan proceeds retired the existing debt on the property Photo courtesy of and will fund its partial conversion Northwind Group into 239 rental apartments across floors eight through 23 and the commercial lease-up on floors one through seven, which has multiple private entrances and has been rebranded as 385 Gold. The conversion is being led by a joint venture between Capstone Equities and BH3 Fund Advisors (collectively, the “Sponsor”), which took control of the property in 2025 and has spent the past year in predevelopment. Originally delivered in 2023, the tower was built to full Class A institutional specification but was never occupied, allowing the Sponsor to pursue the conversion without the tenant buyouts, deferred maintenance or any structural work typically associated with office-toresidential projects. “The opportunity to reimagine a building the caliber of 141 Willoughby into a thriving mixed-use asset represents a truly unique opportunity in the market today. We believe this asset will deliver the highest quality residential and commercial product available in the market and we are excited to deliver into a quickly evolving and growing Downtown Brooklyn community,” said Avi Kollenscher, partner at Capstone Equities. The property’s side-core configuration and nearly column-free floorplates roughly 30 feet deep, wrapped in four-sided floor-to-ceiling glazing, allow the building to convert efficiently. Slab-to-slab heights of 15 feet to 17 feet will yield finished ceilings well above what conventional new multifamily construction delivers. Residents will have access to an amenity package across the cellar and second floor that includes a fitness center, entertainment lounge, co-working space, wellness center, golf simulator, sports court, games room and children’s playroom,
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along with landscaped terraces on the 10th and 20th floors and a fulltime attended lobby. The commercial component will operate with its own separate entrances and dedicated elevator bank, with no shared circulation between residential and commercial tenants. The development team includes a construction manager that has converted more than 43 commercial buildings totaling over 14 million square feet into more than 14,500 apartments since 1997. Fogarty Finger, the original design architect for the tower, has been re-engaged as executive architect for the residential conversion. Newmark has been retained to market the commercial space. “141 Willoughby is an exceptional asset in a market where demand for high-quality apartments is strong. The building was designed to an institutional standard, with ceiling heights, natural light, floor plates and amenities that will translate extremely well to residential use. The commercial component is incredible in its quality and efficiency. With the New York City office market having materially recovered, 385 Gold is seeing significant demand from large users native to Brooklyn as well as Manhattan tenants dealing with escalating occupancy costs for Class A space,” said Adam Falk of BH3 Fund Advisors on behalf of the joint venture. The financing was arranged by Rob Turner and Ethan Pond of Eastdil Secured Savills. Northwind was represented by John Vavas of Polsinelli Group and the Sponsor was represented by Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP. The loan was originated through Northwind Group’s discretionary debt fund platform as part of the firm’s ongoing strategy of providing financing for well-located, institutional-quality office-to-residential conversions across New York City and other supplyconstrained markets. “141 Willoughby Street is a rare conversion opportunity — a brandnew, institutionally built tower, which allows the Sponsor to execute a streamlined, largely interior scope of work without the tenancy and structural risks that typically accompany office-to-residential projects,” said Ran Eliasaf, founder and managing partner of Northwind Group. “Combined with Capstone and BH3’s experience and a highly regarded project team, we are confident in the Sponsor’s ability to deliver this conversion, and we are pleased to support them in the continued transformation of Downtown Brooklyn into one of the city’s most dynamic residential submarkets.”
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Photos by Isaiah Gill
COVER STORY
GOETZ PLATZER
Building on a Strong Foundation By Debra Hazel
Any experienced contractor or developer knows that a lasting structure depends on more than an ambitious design. It requires a solid foundation and the careful, day-to-day work of putting the pieces together. The same is true when talented professionals join together in a new partnership, as Goetz Platzer LLP can successfully attest. The attorneys from legacy law firms Goetz Fitzpatrick LLP (Goetz Fitzpatrick) and Platzer, Swergold, Goldberg, Katz, & Jaslow, LLP (Platzer Swergold) joined to form a new firm, Goetz Platzer LLP, nearly two years ago on January 1, 2025. The new firm brought together some 40 attorneys, combining Goetz Fitzpatrick’s core groups in construction law, commercial litigation, real estate and trusts and estates with complementary practice areas of commercial collections, finance and bankruptcy. “We have an opportunity to exponentially expand the platforms of the firms,” Aaron Boyajian, managing partner of Goetz Platzer since its inception, and equity partner of Goetz Fitzpatrick since 2018, told Mann Report just a couple
of months into the new firm’s existence. “We have the ability to really grow.” Two years later, Boyajian reported, Goetz Platzer is continuing to find common and complementary ground in its practices, to expand and to create a new critical mass that is helping the firm participate in requests for proposals from major potential clients. “We’ve been able to get our feet under us, to find out what’s working and what’s not,” Boyajian related. “We took the best of both firms and brought them into a new firm.” Goetz Fitzpatrick was founded in 1967 as a boutique firm focusing on construction law and real estate, building a practice that served national and international owners, contractors, subcontractors, lenders and design firms in dispute resolution and litigation. Platzer Swergold, also a boutique firm more than 50 years old, had focused on bankruptcy law, secured transactions, general corporate law, litigation, commercial collections and more. The firm had established a reputation for excellence in the fields of bankruptcy law, debtor and
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“It’s just taken off and exceeded our expectations beyond what we all initially imagined.”
COVER STORY
— Aaron Boyajian
creditor rights, insolvency, secured transactions, general corporate and commercial law, litigation and related legal matters. The two firms had referred clients to each other for years. The idea was that each “group” could complement the other to meet the needs of their clients. That ultimately came to fruition after very passionate discussions about what a new firm would look like, Boyajian said. From construction law and real estate to other core legal disciplines, the firm’s attorneys and staff provide the depth and breadth of expertise to meet needs that clients might otherwise have to turn to multiple firms to address. For example, Platzer’s previous practice in collection work has been helpful in the litigation practice, one of Goetz’s chief practice areas. That crossover reflects a broader reality, in that legal problems rarely stay confined to a single discipline, and the ability to draw on experience across practice areas often makes the difference for clients. “Sometimes we may have to think about things in a different way,” Boyajian said. “But we can apply the same practices and the same experience we’ve had on other matters. And we can use that across the whole firm as opposed to one or two siloed practice areas.” The team has benefited, as well. Through collaboration, individual attorneys are working in practices that weren’t available to them prior to the integration. Eager new attorneys are bringing in new ways of thinking. “Some of them practice a bit differently from how
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I practice,” he said. “They’re trying new things and being proactive.” And some practices, including the trust and estates practice, chaired by Alison Arden Besunder, continue to grow beyond expectations, with a full team of attorneys and staff to handle matters from basic to complex planning to estate administration, fiduciary litigation and guardianship litigation in Supreme and Surrogate’s Court. This has been particularly instrumental for business clients with complex and advanced succession needs. “It’s just taken off and exceeded our expectations beyond what we all initially imagined,” Boyajian reports. “Joining with another firm created a new subset of potential clients, and not just on the real estate side where the bulk of my practice resides. There is so much generational wealth, and now these generations who are holding that wealth are understanding how best to deploy it in varied ways.” That generational wealth also creates demand across the firm’s core practices, as families and business owners look to structure and pass down what they’ve built for decades to come. Also growing is the commercial leasing side, which is picking up after a COVID-19-related pause, Boyajian reported. The company is active on social media, and also regularly publishes blogs and analyses on its website, where individual attorneys offer overviews of such varied topics as New York City’s pied-à-terre tax act, New York’s Medical Aid in Dying Act and more. And all of that expansion and cross-collaboration is widening Goetz Platzer’s client pool, including submitting RFPs for government entity and institutional financial firm work.
OCTOBER 2026 | MANN REPORT 39
COVER STORY “With the backing and breadth of commercial litigation, banking, real estate and finance side all under one roof, we’ve been able to dip our toes into potential engagements we hadn’t been previously,” he said. “We think we can do the work of some of the bigger firms without the big firm cost.” Completely integrating the two cultures is still a work in progress, though a top priority every day, Boyajian said. The group is still cutting through differing cultures, he acknowledged, especially among partners, many of whom were with the separate firms for decades. “We did things the same way for a long time. This has allowed us to get outside our comfort zone, and the same goes for what was the Platzer side. As Goetz Platzer, we’ve taken the best of both, and are certainly seeing success,” Boyajian said. “With the number of new engagements coming in, as well as the work being done, the firm has maintained a very high standard of practice, which is something we’re proud of.” The firm is planning more social events to encourage the team members to relate on a personal level and encourage collaboration. “Every member of the organization has been awesome in the face of change and has embraced the change and the culture we’re trying to build,” he said. “We work hard and we’re having fun doing it.” As with any growing firm, some turnover is inevitable, and a few associates identified opportunities that were a better fit for their own career goals. What matters, Boyajian said, is that the firm has more than filled those seats with strong new team members who are helping build on its foundation. A new firm also has resulted in new digs. After Goetz Fitzpatrick’s 40 years at One Penn Plaza, Goetz Platzer relocated to 1325 Avenue of the Americas in Midtown Manhattan earlier this year. “Goetz Fitzpatrick’s years at One Penn Plaza coincided with significant milestones, culminating in 2025 with the joining of the attorneys from Goetz Fitzpatrick and Platzer Swergold to form Goetz Platzer LLP,” Boyajian said
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in that announcement. “This Goetz Platzer office relocation to 1325 Avenue of the Americas reflects both our growth and our commitment to providing an exceptional environment for our attorneys, staff and clients.” For now, Goetz Platzer is taking a measured, disciplined approach to growth, focused on building on the momentum of the past two years before considering any additional firm-wide additions. “Goetz Platzer is still new, and we’re being thoughtful about how we grow,” Boyajian continued. “We’re focused on getting the details right and building a firm where everything runs like clockwork, and I believe that positions us well for the right opportunities down the road.” And that process is allowing the firm to thrive. Even amid the wave of new clients and engagements, the firm has maintained a very high level of practice, a point of pride for Boyajian, and one he says leaves him confident in where Goetz Platzer is headed. “In this market, clients want a firm that can move fast and handle complexity across real estate, construction, litigation and finance,” Boyajian said. “That’s exactly what we built, and it’s why we’re winning work we couldn’t have chased before.”
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COVER STORY
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OCTOBER 2026 | MANN REPORT 43
Retail Repositioning 2.0: From Aspirational Planning to Buildable Communities By Ioanna Magiati, Architect Partner, AO
For much of the past decade, the commercial real estate industry has talked about what aging malls and underperforming retail properties could become. Today, many of those ideas are moving from master plans and renderings into entitlements and construction. That shift marks a new phase for retail repositioning. The forces behind it are familiar: changing shopping habits, the decline of traditional department stores, rising demand for housing and a growing need for places that offer more than a single use. What has changed is the industry’s understanding of how these projects work in practice. JLL’s “Retail Market Dynamics Q1 2026” reported that 2.6 million square feet of retail space was demolished in the first quarter of 2026, primarily consisting of obsolete department stores and underperforming centers, even as overall retail vacancy remained relatively tight at 4.4%. More importantly, the industry now has a decade of experience planning, entitling and beginning to build these transformations. That experience has revealed a more nuanced reality: successful repositioning depends not simply on finding the right mix of uses, but on creating a master plan capable of navigating change, constraints, phasing and the complex relationships between them. Turning Vision Into a Buildable Framework The most successful retail repositioning projects begin with a clear understanding of the client’s vision for the property: what they want the development to become, the market opportunity they see and the financial and operational realities that will shape it. For the planning team, that vision becomes the foundation for evaluating the site and determining how the development program can realistically take shape. The challenge is not to redefine the vision, but to find the planning framework that can carry it forward through entitlement, phasing, financing and ultimately. Years of working on complex retail properties have shown us that there is no single redevelopment formula. One property may support the complete transformation of an aging mall into a new mixed-use district. Another project may call for the strategic removal of an underperforming anchor while preserving successful retailers and introducing housing, hospitality or other types of uses around an operating center. The key is understanding these conditions as interconnected. Ownership, easements, tenants, infrastructure, market demand and community expectations all influence how a property can evolve. Planning experience helps reveal the underlying structure within those constraints: what has enduring value, what is limiting change, where new connections can be made and where transformation can have the greatest impact. Equally important are the relationships between uses. Housing can bring a built-in customer base to retail and restaurants, while existing retail provides an immediate amenity for new residents. Hospitality,
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entertainment and public spaces can further broaden the audience, extend activity throughout the day and help transform a collection of individual uses into a connected community. When these relationships are considered together, the plan becomes more than a collection of uses. It becomes a flexible framework capable of supporting phasing, responding to change and moving a compelling vision toward reality. Planning for the Inevitability of Change Large-scale repositioning projects rarely move from initial vision to construction unchanged. The longer the timeline and the more complex the property, the greater the likelihood that market conditions, ownership, financing, consumer behavior and community needs will shift along the way. We cannot predict exactly what will change, but experience has taught us to expect that something will. The Village at Laguna Hills is a powerful example. Planning for the 68-acre former Laguna Hills Mall site began nearly a decade ago, but the project that is moving forward today bears little resemblance to its earliest iterations. Previous plans contemplated substantial office space, stand-alone parking structures and residential development largely positioned toward the edges of the property. Over time, ownership changed, new consultants were brought in and the development vision was reconsidered. Ultimately, earlier plans were set aside, and planning began again from the ground up. That kind of reset can introduce years of delay and uncertainty. It also underscores the importance of establishing a master plan with enough flexibility to absorb change. While no plan can anticipate every future market condition, decisions about infrastructure, circulation, parcelization, phasing and the relationships between uses can either create room for a project to evolve or make future adjustments significantly more difficult. At The Village at Laguna Hills, that evolution is now reflected in a fundamentally different plan: 1,500 residences, including market-rate and affordable housing and townhomes, alongside 79,500 square feet of commercial space and a new village center. After nearly a decade of changing conditions and renewed planning, the latest plan was approved this summer, clearing the way for the project to finally move toward construction. The lesson is not that a master plan should predict the future. It is that it should be prepared for it. Designing Around Real Constraints Retail repositioning is often shaped as much by what cannot change as by what can. Existing tenants, infrastructure, circulation, adjacent uses and surrounding communities all influence how a property can evolve. On complex sites, these constraints are not simply obstacles to overcome; they often help establish the plan’s underlying structure. Bolsa Pacific, the 83.3-acre redevelopment of the former Westminster Mall in Orange County, California illustrates that complexity. The mannpublications.com
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plan brings together approximately 2,250 residences, 210,000 square feet of retail, a hotel and more than 15 acres of publicly accessible open space, all while addressing the realities of an existing retail property.
support existing restaurants, shops and services, while the established retail provides immediate amenities for the new community. It also creates an opportunity to reconsider how the pieces connect.
One of the most consequential constraints was keeping the existing Target operational while a replacement store was constructed elsewhere on the site. That requirement affected phasing, circulation and the placement of streets, buildings and future development. More than 20 master planning studies explored how the property could function during construction while supporting the longterm vision.
New paseos, sidewalks, landscaping, gathering spaces and pedestrian connections can begin to transform properties originally organized around cars and parking fields into more walkable neighborhoods. In this way, repositioning becomes less about replacing what was lost and more about determining which strategic move can unlock the next chapter of the property.
The mix and adjacency of uses added another layer. Higher-density housing, retail and hospitality were concentrated within an active urban core, while lowerdensity townhomes were positioned to provide greater privacy. Streets, open spaces and changes in scale create transitions while maintaining connections across the community. Location also shaped the plan. The property borders Huntington Beach on two sides and sits prominently along the freeway as a gateway into Westminster, requiring the plan to respond to multiple street networks, circulation patterns and neighboring communities. Ultimately, these constraints did not diminish the vision. They gave it greater definition, shaping a plan grounded in the realities of the site while positioning it to evolve over time. Surgical Repositioning: Making Strategic Moves The next generation of retail repositioning does not always require starting over. In many cases, the more strategic approach is a targeted intervention: identifying the portion of a property that is no longer performing, removing it and introducing a new use that can become a catalyst for everything around it. Obsolete department stores are particularly well suited to this approach. As traditional anchors have closed, they have left behind large footprints that can create dead zones within otherwise viable shopping centers. Replacing those spaces with housing or mixed-use development can introduce new activity and a built-in population while preserving the retail that continues to perform. Two projects now under construction illustrate this strategy. At AMLI Brea in Brea, California, a former Sears was removed to make way for a 377-unit apartment community integrated into the existing retail environment. At Iowa Apartments in Riverside, California a vacant Kmart is being replaced with a mixeduse residential community designed to reinvigorate the center and surrounding corridor. Photo courtesy of AO
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In both cases, the intervention changes more than a single parcel. New housing brings residents who can
From Repositioning to Reinvention The next generation of retail repositioning requires a longer and more strategic view. These projects are no longer simply about replacing an obsolete anchor or finding a new use for underperforming real estate. They are about creating a framework that can accommodate multiple uses, respond to changing markets, navigate real constraints and remain coherent through years of development. That makes integration increasingly important. Residential, retail, hospitality, landscape, public space, circulation and parking cannot be planned independently and assembled later. Each influences the performance of the others. Working across these disciplines has shown us that the strongest plans emerge when those relationships are considered from the beginning, allowing architecture, planning and placemaking to reinforce one another and create genuine synergy between uses. Phasing is part of that equation. A master plan must work not only at final buildout, but at every stage along the way. Streets need to connect, retailers need visibility and access, residents need amenities, and existing businesses may need to remain operational for years. The sequence of development can be as consequential as the final arrangement itself. The same is true of collaboration. At Bolsa Pacific, the City of Westminster, worked closely with the developer and design team as the plan evolved, balancing the development vision with broader community goals. That kind of partnership is increasingly critical to navigating the complexity of large-scale repositioning. After a decade of seeing these projects move from early concepts through entitlement and into construction, the lesson is clear: there is no fixed formula. Plans will evolve. Markets will change. Constraints will reshape priorities. The most resilient master plans anticipate that reality without losing sight of the original vision. That may be the defining shift in retail repositioning today: not simply imagining what these properties can become, but creating the framework, partnerships and flexibility that allow them to actually get there. OCTOBER 2026 | MANN REPORT 45
When A Real Estate Developer Opens A Restaurant By Alex Cauchon, Executive Vice President, Hospitality, Southern Land Company
Mixed-use development is integral to a real estate project’s success. When done well, it can create something much more valuable than a collection of residential, retail, restaurant and commercial spaces. It can create a destination and, ultimately, serve as an extension of the local community. Simply putting different uses within the same building or development does not mean they will work together. The next evolution of mixed-use development will require developers to take a much more active role in curating the complete experience. At Southern Land Company, prioritizing the customer and resident experience has always been our guiding philosophy. Whether it’s a master-planned community, a high-rise residential building or a commercial office tower, everything we build is completed to a high standard. Now we’ve applied our passion for perfection to Lupo Notte, an upscale Italian restaurant, opening this fall at Vertis Green Hills, our flagship mixed-use community in Nashville. For a real estate developer, opening and operating an original restaurant concept is not a typical undertaking. That is precisely why I believe Lupo Notte illustrates something important about where mixed-use development is heading. The Future of Mixed-Use Development I have spent more than 25 years in hospitality, running and advising businesses on everything from food and beverage programming to operations, design, recruitment and the overall guest experience. Before joining Southern Land Company, I spent more than a decade with BR Guest Hospitality, ultimately overseeing 25 multi-concept locations across five states.
That experience taught me that a great restaurant cannot be defined by its food alone. Design, service, lighting, operations, atmosphere and countless other details must come together like ingredients in a delicious dish. A guest may not pick up on the small details, but they certainly recognize when everything feels right and even more so when it doesn’t. I joined Southern Land Company to start our hospitality division and have come to appreciate just how applicable that lesson is in mixeduse real estate. I appreciate how difficult it is to create an experience that feels effortless. Usually, the smoother the guest experience, the more thought and coordination has happened behind the scenes. The same is true of great mixed-use development. When architecture, residences, restaurants, landscaping, public spaces and operations come together seamlessly, people may not understand the sheer number of decisions made throughout the process. They simply know they want to be there. Knowing When to Take the Reins Taking this level of ownership is by no means the easiest approach to development. As a vertically integrated developer, Southern Land Company has intentionally built expertise across multiple disciplines so we can directly manage all the details, maintain consistency and change course when a project calls for it. Having said this, it doesn’t at all mean we believe developers should operate every restaurant, design every interior or perform every function themselves. Partnering with talented, established operators remains essential to successfully delivering a unique concept and experience. The distinction is between managing everything and taking responsibility for how everything comes together. For increasingly ambitious mixed-use projects, that responsibility cannot end when individual spaces are leased or buildings are completed. The opportunity is to think more like a hospitality operator: consider every touchpoint, understand how people actually experience a place and continually ask whether each component contributes something meaningful to the whole.
Photo courtesy of Southern Land Company
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Vertis Green Hills demonstrates that approach. The community combines luxury residences with approximately 85,000 square feet of commercial, restaurant and retail space in one of Nashville’s most established neighborhoods. Four restaurants were operating within the mixed-use development, and when a restaurant space became available in 2023, we took the natural next step of trying to find a new operator.
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We spent several months evaluating potential concepts. But we kept returning to a fundamental question: What does Vertis Green Hills actually need? The answer was not simply another tenant capable of filling the space. We sought a restaurant that could become a neighborhood cornerstone, a gathering place where memories are made, and great food that makes a lasting impression while complementing the residential experience and the other businesses already part of Vertis Green Hills. Eventually, we realized that we were uniquely positioned by having our own hospitality team to create a concept that fulfills this vision. We approached Lupo Notte’s development with the same rigor we apply to all of our projects. We studied the market, visited leading Italian restaurants throughout the country, conducted extensive tastings and meticulously refined the menu over and over again until we got it right. The result will be a roughly 3,100-square-foot restaurant offering house-made pastas, pizzas, seafood, seasonal dishes, seasonally driven cocktails and a thoughtfully selected wine program. Southern Land Company’s in-house design team worked in collaboration with Hastings Architecture, a Nashville-based firm, to design the space. The remodeled restaurant includes a new glass house bar and dining space, and its European-inspired interior design is layered with whimsical artwork and timeless bistroinspired furnishings, creating a refined, immersive setting. The most important aspect of Lupo Notte is not that a developer opened a restaurant – it is why we decided to do it. The addition of this kind of business is crucial to the overall experience for Vertis residents, office workers and the greater Green Hills community, so we elected to take responsibility in hopes of getting it right. Mixed-Use Development: An Exercise in Orchestration That philosophy extends far beyond food and beverage. Think about a successful mixed-use development as a symphony. Residential, retail, restaurants, landscape architecture, interiors, public spaces, operations and programming are different sections of the orchestra. Each can be exceptional independently, but if they are playing from different scores, the result will still feel disjointed. Someone has to conduct. We are uniquely positioned to play that role as developers given our experience in bringing visions to life, and navigating hard decisions along the way. Doing so requires much more than assembling a team of talented outside consultants – it requires active involvement throughout the process. For example, in Las Vegas, Southern Land Company has established a significant presence in Symphony Park. There, we are bringing online three distinct residential communities and 28,000 square feet of ground-floor restaurant and retail space to this emerging cultural district. Together, the properties
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demonstrate how individual buildings can contribute to a larger neighborhood experience rather than functioning as isolated projects. As Symphony Park continues to grow around cultural anchors such as the Smith Center for the Performing Arts and Discovery Children’s Museum, restaurants, retail and public spaces, the relationship between those individual components becomes increasingly important. Whether you are looking across multiple buildings in a neighborhood like Symphony Park or within a mixed-use community like Vertis Green Hills, the principle is the same: each decision impacts the whole. At Vertis, a restaurant entrance affects how people experience a courtyard. Landscaping influences whether someone wants to sit outside. The location and design of retail promote pedestrian activity. Residential operations shape how residents interact with public-facing amenities. Architecture and interior design establish expectations that hospitality and service then have to fulfill. None of those decisions can be made in isolation. From Amenities to Experiences This is particularly important as expectations around mixed-use developments continue to evolve. Residents and visitors increasingly judge properties by the quality of their total experience. A beautiful apartment may initially attract someone to a community, but what happens when they walk downstairs matters too. Is there somewhere they genuinely want to have dinner? Are the outdoor spaces inviting? Does retail feel relevant? Does the property have appropriate energy at the varying times of day? Food and beverage play an especially powerful role because restaurants naturally bring people together and create reasons to return. However, this only works if the restaurant itself is compelling. A mediocre restaurant does not become a great amenity simply because it occupies the ground floor of a building. If anything, an underperforming concept can detract from the larger development. Developers therefore need to think beyond filling retail space and consider what each use contributes to the identity, energy and long-term success of the property. That, ultimately, is the opportunity for the future of mixed-use development. The goal should not simply be to put more uses together. It should be to make them work together, with full intention, coordination and active stewardship that the whole becomes more compelling than any individual part. With Lupo Notte, our hope and intent is for someone living in Nashville to choose to dine with us because of our thoughtfully curated menu, top-notch service and ambiance. At the same time, it should feel completely part of the fabric of Vertis and strengthen the experience for residents, neighboring businesses and the broader Green Hills community. Those aren’t competing goals. They reinforce each other.
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What’s In a Name?
Why Your Building’s Address Was Never Meant to Be Its Identity By Trevor Vick
Photo courtesy of UMIP
A
sk any facilities director who oversees a hospital campus or a university with several buildings on one site, and they will describe the same frustration. The address on the deed says one thing. The property on the ground says another. A single mailing address can represent two, 12 or on a large campus, several dozen buildings. Nearly every system the industry relies on, from permitting portals to computerized maintenance management system (CMMS) platforms to insurance underwriting tools, still treats an address as if it points to one physical structure. That mismatch has a name: the Infrastructure Identity Gap, the space between where a record says a building sits and what
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it actually is. For decades, the industry has used addresses as a substitute for something they were never designed to provide: a persistent identity for each physical asset. Addresses and infrastructure identity are fundamentally different concepts and conflating them is the structural flaw at the center of the gap. The logic of address-based recordkeeping made sense when most parcels held a single building. It stops working the moment a site accumulates history. A research campus adds a satellite lab in one decade and a shared utility plant in the next. Each addition belongs to a specific physical asset, not to the address on file, yet the recordkeeping systems the industry depends on were built to track addresses, not assets.
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Four Ways Compound Sites Defeat Traditional Recordkeeping Fragmented and Isolated Records: On sprawling properties, archival drawings, permits and repair histories are almost never consolidated in one place. Different buildings may change ownership at different times or have records digitized on different schedules, leaving several partial, competing versions of the truth. Diverging Building Evolution: Each structure on a campus lives its own life. One building might be modernized every decade while the one next to it sits untouched since the 1970s. Applying one set of assumptions to structures that evolved on different tracks misrepresents both. Irregular Geometries: Heritage sites rarely offer straight walls, level floors or standard dimensions. Add settling and decades of incremental change, and one accurate digital footprint for the site requires precision measured in millimeters, not feet. Hidden Site Infrastructure: The space between buildings is often the least understood part of a campus. Utility lines and old foundations sit buried and undocumented, and a single missing record can throw off an entire site's spatial data. Each of these challenges compounds the same gap. A GIS layer can plot where buildings sit. It cannot preserve a system’s history once ownership changes hands.
Over the years, the address becomes a folder of records from buildings that share little except a driveway. A Familiar Kind of Confusion Consider a mid-sized university with a single street address covering eleven buildings, three of which share a name because one was renamed decades ago and the paperwork never caught up. A contractor sent to service an electrical vault finds two nearly identical vaults attached to the same address, with no way to tell which one a work order refers to. The address is not wrong. What is missing is an identity for each vault.
over its life. Owners sell, operators turn over and insurers or lenders reassess the property on their own schedules. Each transition is a point where historical knowledge can quietly disappear, because the industry tracks addresses rather than the physical assets those transitions affect. A new facility manager inherits a mailing address, not a verified history of what was built, repaired or replaced. Buildings should not lose their memory every time ownership changes, yet under an address-based system, that is exactly what tends to happen. From Addresses to Infrastructure Identity The way forward starts with a shift in vocabulary before it becomes a shift in technology. Facility owners, and the design and build professionals who work on their properties, need to think in terms of physical infrastructure assets rather than addresses. Permits, inspections, commissioning reports, maintenance events, warranties, insurance claims and future renovations never happen to an address. They happen to a specific physical asset that needs an identity durable enough to hold that history together across every transition it goes through. That need has become urgent. For decades, address-based recordkeeping was simply an inconvenience. Today, digital twins, predictive maintenance, lifecycle analytics, climate risk modeling, autonomous inspections and enterprise asset management all depend on precise infrastructure identity and none more visibly than artificial intelligence. AI is only as reliable as the identity of the asset it analyzes. If historical records cannot be confidently tied to a specific building, AI does not reduce confusion, it accelerates it. What was once an operational annoyance has become a foundational requirement for the next generation of technology, and closing the Infrastructure Identity Gap is what makes that technology trustworthy. The Next Evolution of Infrastructure This problem will not be solved by adding another application. It requires a persistent identity layer beneath the software organizations already rely on, one that keeps every permit, inspection and renovation connected to the physical asset it belongs to, regardless of who owns it or which platform recorded it. Every school, hospital, office building, warehouse, bridge, utility and manufacturing facility has its own history.
Bad or incomplete project data cost the industry an estimated $1.8 trillion in 2020 alone, according to a widely cited study by Autodesk and FMI Corp., which also tied as much as 14% of otherwise avoidable rework, worth roughly $88 billion, directly to bad data.
The next evolution of infrastructure begins when every physical asset carries a persistent identity capable of preserving its history for generations.
When Ownership Changes, the Record Should Not Every building on a campus will change hands more than once
Trevor Vick is the CEO of UMIP, Inc. and the founder of the Global Infrastructure Identity Standard (GIIS).
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OCTOBER 2026 | MANN REPORT 49
LOCAL LAW 157 New York City property owners have spent years watching the rules surrounding Local Law 157 (LL157) and residential natural gas detection evolve. The waiting period is now over. The New York City Department of Buildings confirmed that required natural gas alarms must be installed on or before January 1, 2027. The date will not be extended to 2029.
For multifamily owners, property managers, condominium and cooperative boards, LL157 compliance is therefore no longer a future planning issue. It is an operational deadline. The requirement may sound simple: Install a natural gas alarm where the law requires one. At portfolio scale, however, owners must determine which buildings and units are covered, select properly listed equipment, understand placement rules, coordinate apartment access and plan for maintenance and replacement. The deadline is fixed. The question is whether buildings will be ready. Natural Gas Detection Addresses a Different Risk Natural gas is common in residential buildings for cooking, heating and other uses. A leak, however, can allow gas to accumulate indoors and create a fire or explosion hazard. Utilities add odorants to natural gas so occupants can recognize a leak, but smell alone is not always enough. The National Transportation Safety Board has noted that some people may not detect the odor, may be sleeping or may not recognize it as a warning. In some circumstances, gas can also lose part of its odorant before entering a building.
What New York City Property Owners Must Know Before Jan. 1, 2027 By Sam Jones, VP of Sales, Nexelec
What LL157 Requires The rules cover certain residential occupancies, including private dwellings and Class A and Class B multiple dwellings. Buildings without natural gas piping or service are exempt, but beyond that, LL157 requirements depend on building configuration. The Department of Buildings’ Natural Gas Detection Devices FAQs explain how requirements vary based on gas service, occupancy type and the presence of gas-burning appliances. Where a fuel-gas-burning appliance is located inside a dwelling, a natural gas alarm generally must be installed in the same room. This is why owners should not treat compliance as a simple calculation based on apartment count. Two properties with the same number of units may have different installation needs. Compliance begins with understanding each building. Product Selection Is a Compliance Decision New York City does not require a particular manufacturer, but the equipment must meet applicable technical requirements. Residential natural gas alarms covered by the rule must be listed and labeled to UL 1484, the safety standard applicable to residential gas detectors. UL Solutions identifies UL 1484 among the standards used for gas detection products. For owners, this makes certification review part of procurement. Online product descriptions may use terms such as “gas detector,” “combustible gas alarm” and “methane detector” interchangeably. Those labels alone do not demonstrate compliance.
Natural gas alarms provide an additional layer of protection by continuously monitoring the surrounding air and warning occupants before conditions become more dangerous.
Owners should check the product listing, intended application and technical documentation before purchasing equipment, particularly when ordering hundreds or thousands of devices for a portfolio.
A Carbon Monoxide Alarm Is Not a Natural Gas Alarm One of the easiest mistakes is assuming existing carbon monoxide protection already satisfies LL157.
Placement Matters, Too Buying the right natural gas alarm is only part of LL157 compliance.
It does not. A carbon monoxide alarm detects CO, a toxic gas generally associated with incomplete combustion. A natural gas alarm detects fuel gas before combustion, primarily methane in buildings supplied with natural gas. A property can therefore have smoke and carbon monoxide alarms throughout every apartment and still require natural gas detection. Combination devices may exist, but owners need to verify what a device detects and which safety standards it meets. The key procurement question is not simply, “Does this detect gas?” It is, “What gas does it detect, what standard is it listed to and does that meet New York City requirements?”
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When a fuel-gas-burning appliance is inside a dwelling, the Department of Buildings generally requires the alarm to be installed in the same room, at least three feet and no more than 10 feet from the appliance, measured horizontally. The alarm may generally be installed on the ceiling or wall. Wall-mounted devices are typically placed within 12 inches of the ceiling, subject to the applicable rule and manufacturer instructions. For a single apartment, these details may appear minor. Across hundreds of occupied units, they become an operational challenge. Kitchen layouts and appliance locations vary. Installation teams therefore need clear instructions and a consistent process rather than a one-size-fits-all approach.
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FEATURES | MANAGEMENT Battery Power Can Simplify Deployment Power source can significantly affect retrofit complexity. Hardwired natural gas alarms generally require installation by a New York City licensed electrical contractor, along with required permits. Battery-powered and plug-in alarms can be installed by others, including building owners, maintenance personnel or occupants. For multifamily properties, battery-powered equipment can simplify deployment by eliminating wiring and electrical work. That does not reduce the owner’s responsibility. Equipment must still meet applicable requirements, be installed correctly and remain operational throughout its service life. Owners should therefore consider not only installation cost but also battery life, end-of-life replacement and the ability to track devices over time. The Bigger Challenge: Portfolio Management For large owners, LL157 is as much a management issue as an equipment issue. A portfolio operator needs to know which buildings have gas service, which units contain gas appliances, what model was installed, where it was placed and when it will need replacement. Then there are exceptions: inaccessible apartments, different layouts, damaged devices or alarms installed on different dates. Without consistent documentation, those exceptions become difficult to manage. Owners should consider recording the building, dwelling unit, device model, installation date, location and expected replacement date for each alarm. That record does more than document compliance. It makes future maintenance easier. Compliance Continues After January 1 The January 1, 2027, LL157 deadline should not be viewed as the end of the process. Natural gas alarms have defined service lives and eventually require replacement. Devices can also be damaged or removed during occupancy. Owners should therefore integrate natural gas detection into their long-term building safety procedures, including installation records, replacement schedules and resident communication. Occupants also need to understand how to respond when an alarm activates. The NTSB recommends leaving the building, calling 911 from a safe location and contacting the natural gas utility when a natural gas alarm sounds or gas is suspected. An alarm provides the warning. Residents still need to know what to do next.
managers covering the deadline, affected properties and installation requirements. The goal is not simply to buy enough alarms by the end of the year. It is to know where they belong, install them correctly and manage them. Designing for Multifamily Deployment Manufacturers serving the multifamily sector also have a role in making compliance easier to manage. Nexelec develops residential fire and gas safety technology, including the Vigas natural gas alarm, a battery-powered methane alarm that has been designed for residential applications. Vigas is ETL Listed by Intertek and conforms to UL 1484. It continuously monitors for natural gas and provides audible and visual warning at 10% of the lower explosive limit. The device uses a sealed lithium battery designed for a 10-year service life and requires no electrical outlet or wiring. Individual QR-based identification can also support installation and maintenance tracking across large portfolios. Those features do not replace an owner’s responsibility to determine where alarms are required. They address another challenge: deploying and managing natural gas detection efficiently across multiple residential units. January 1 Is Now an Operations Deadline The regulation is established. The Department of Buildings has confirmed the January 1, 2027 deadline, and owners now have a defined window to complete implementation. Those who inventory properties, verify equipment before purchasing and establish a consistent installation and documentation process will be better positioned to manage LL157 compliance across their portfolios. Those who wait until the final weeks may discover that buying the alarm was the easiest part of the project. For New York City property owners, January 1 is no longer a date to monitor. It is a deadline to manage.
Photo courtesy of Nexelec
What Property Owners Should Do Now The first step is identifying every property with natural gas service or piping and determining where alarms are required under LL157. Next comes equipment review. Owners should verify the applicable UL 1484 listing, installation instructions, power source and expected service life before making a portfolio-wide purchase. Then comes deployment. Resident communication, apartment access, staff training, installation records and follow-up visits for units that could not initially be accessed should all be planned before installation begins. For owners seeking a more detailed overview, Nexelec has published a LL157 guide for New York City property owners and
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OCTOBER 2026 | MANN REPORT 51
PROPTECH’S BLIND SPOT IS COSTING YOU MONEY By David Basiji, CEO of PypeServer
Owners and developers spend heavily on the proptech they can see: the tenant app, the energy dashboard, the sensors in the ceiling. All of it is useful. But a building’s most valuable digital asset is the one most owners never actually receive: an accurate digital twin, a virtual replica of the structure and every system hidden inside its walls, that they can rely on for the life of the building. That is the real blind spot. Whether your building comes with a digital twin worth having is decided upstream, in how its mechanical, electrical and plumbing systems are fabricated and installed. When that work runs on paper and disconnected tools, as it still does in a lot of shops, the accurate, as-built record a real twin depends on is never captured in the first place. You get a building and a binder or digital folder of as-built drawings, but not a model you can trust. Here is how that happens on the shop floor. The Compounding Cost of the Information Gap The construction industry has spent two decades digitizing its front end, and it shows. The model your design team builds is a genuinely impressive thing. It knows the length of every pipe, the type of every fitting and the location of every hanger before a single part is built. Then that model reaches the shop floor, and in a lot of shops the digital thread goes quiet. Someone prints a paper spool sheet and walks it to a machine. Someone else scribbles dimensions on the pipe with a marker. A third person tracks progress in a spreadsheet,
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jumps on another task and maybe skips a spool or two. This information gap is a coordination problem that compounds. If an operator misreads a spool sheet and types the wrong cut length into a machine, you probably won’t catch it until the piece shows up at your site and doesn’t fit. By then you’ve paid for that part twice: once to build it wrong, and once to build it again. And every one of those disconnects is a piece of the as-built record that never makes it into a model. Why Owners Never See It You rarely see any of this because eventually the pipe, duct or conduit shows up, gets installed and the system runs. What you do not see is the rework, the overtime and the schedule float that got quietly eaten along the way, absorbed into a contractor’s margin or buried in a change order that was labeled something else. The cost is real. That invisibility is exactly why the problem has survived this long. You can’t manage what you can’t see, and most owners have never had a reason to look. Connecting The Model To The Job Site The fix isn’t complicated. Instead of exporting a static file, the design data flows directly from the model to the cutting machine, and fabrication and installation progress is tracked in real time. When the model, the shop and the field are all working from the same live data, the risks to your schedule drop sharply, because the handoffs that used to swallow information simply no longer exist. Nothing gets cut from an outdated drawing. Nothing gets built twice. Every
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FEATURES | TECHNOLOGY part carries its own record from the moment it’s cut to the moment it’s hung. Proof From The Shop Floor Heritage Mechanical, a contractor in Crofton, Maryland, came online with a connected cloud workflow having never used fabrication software of any kind. Despite this, it was running live jobs within two weeks with zero shop downtime. Even better, the back-and-forth between their design team and their floor dropped by 60% to 70%. PypeServer reports that when the paperwork that used to be typed by hand is generated automatically, shops can cut documentation time by as much as 90%. The bottom line is Heritage recovered its entire first-year software cost from the labor and material savings on a single high-fittingdensity government job. The Return Shows Up in Material and Labor Two things drive that return. The first is material. When cutting is automatically nested to fit as many parts as possible onto each length of material, PypeServer reports that shops can save 5% to 10% of their material. When a single stick of two-inch copper runs north of $300, that adds up fast. The second source of saving, even larger, is labor. Skilled trade labor is the scarcest and most expensive resource on your job, and once it’s wasted it’s gone. Every hour your best people spend re-cutting a bad part, hunting for a missing spool or hand-entering data is an hour they are not building your project. Connect the workflow digitally and those hours go back into production. The crews build instead of pushing documentation. The return is not only financial. Nesting parts tightly and cutting them correctly the first time means less material headed for the dumpster and assembling systems in a controlled shop rather than the field cuts rework, scrap and truck trips to the site. For owners and developers who now track embodied carbon and jobsite waste, a prefabricated build is measurably leaner and has a smaller footprint. There is a safety and risk return as well. The more of a system that’s assembled in the shop, the less work has to happen at height, in a trench, or overhead on an active site. Fewer field operations means fewer injuries, weather delays and on-site surprises that quietly push a schedule. From the Model All the Way to the Field The real payoff comes when the digital thread reaches past the shop and onto your site. Every fabricated part can carry a QR-coded label tied to its exact location. A field installer scans it to see where the part goes and what is already around it, and that scan updates the project record in real time. The result is less rework, fewer surprises at commissioning and a faster billing cycle, because installed work is verified and invoiced as it happens rather than reconstructed weeks later. The Model Becomes A Digital Twin You Keep When every fabricated part is captured as part of an
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accurate, as-built data set tied to its exact location, you get more than a smoother project. You get the digital twin you were missing, a virtual replica of the structure and the systems hidden inside its walls, ceilings and floors — one that keeps paying off long after the ribbon is cut. Think about how a building is handed over today. The contractor delivers drawings and handwritten notes, usually with a one-year service contract. Around year two, your own maintenance team takes over, and a piping joint or a valve fails. How do they find it? Too often, you have to cut into sheetrock and chase it down by hand. A digital twin turns that into a lookup: when a water stain appears on a ceiling, a fully updated, as-built model tells your team what’s hidden behind that wall or in the ceiling, whether it is sanitary or comfort piping, ductwork or electrical conduit, before anyone opens anything up. A twin is only as good as the data behind it, which is why the contractor you choose matters. A contractor who fabricates with connected, prefabrication-based workflows captures critical fabrication data: from machine cuts to weld tracking, at the source and syncs it back into the master model. This gives you a digital record you can rely on for the life of the building, plus higher quality control. Advanced prefabrication can move as much as 75% to 90% of field joints off the job site and into a controlled shop, which raises build quality and keeps schedules tight. In effect, it turns a mechanical contractor into something closer to a manufacturer, turning out a consistent, quality product. Questions to Ask Your Contractors You don’t need to become a fabrication expert to protect yourself here. Ask how the design model actually gets to the shop floor, and whether anyone is still hand-programming machines off printed sheets. Ask how they track what’s been fabricated and installed, and whether that lives in connected software or in a spreadsheet and somebody’s memory. Ask whether they can hand you an accurate, asbuilt digital record of what they installed and where, one your maintenance team can use after the building opens. Good, connected workflows do this automatically instead of trusting the right person to catch them at the right moment. The proptech blind spot is not a missing app or a smarter thermostat. It’s the absence of a building you can see into — a trustworthy digital twin, and the quality build that produces it. Both come from the same place: a contractor whose fabrication is connected from the model to the machine to the field. That’s how you get a building delivered on time, built to a higher standard and documented well enough to run for its entire life. Ask your contractor how they fabricate, and whether they can hand you a digital twin worth keeping. The answer will tell you what kind of building you’re actually getting. PypeServer builds software that connects mechanical, plumbing and HVAC design to the machines and field teams that fabricate and install it.
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FEATURES | TECHNOLOGY
AI GOVERNANCE BOARDS: THE WHO AND THE WHAT By Terry Keller, CTO, MRI Software
Most real estate companies recognize that artificial intelligence (AI) is revolutionizing our industry, and many are eager to adopt the latest and greatest technologies. But if AI use isn’t managed effectively, it can be dangerous. Risks include inaccuracies, compromised cybersecurity and fraud. And although other market sectors face the same risks, real estate is among the most vulnerable, given its widespread dependence upon multimilliondollar transactions and large quantities of confidential data.
The multi-department representation ensures diversity of thought, skills and subject matter expertise. Executives from the innovation team might not think too much about compliance, while the legal team may not prioritize innovation. The more perspectives considered, the better the decisions.
Consider what sits inside a typical firm’s systems: wire instructions for closings, tenant and applicant files full of personal and financial data, and lease and loan documents that carry real legal weight. A single manipulated payment instruction or one exposed applicant file can cost a firm more than a year of technology budget.
Seek diversity of seniority as well, from junior staff to middle management to senior leaders. The junior employees and middle managers can speak to the ways staff are using (or wish to use) AI tools in their day-to-day activities. They are boots on the ground who experience the effects of decisions. The senior-level employees, meanwhile, can ensure that the use of AI aligns with corporate goals and departmental expectations.
For these reasons, it’s critical that real estate companies establish AI governance boards. But who should be involved, and what exactly should a board do? Below are some answers to these questions. The Who It’s clear that AI governance boards should contain representatives from IT, innovation and information security. But other departments, such as legal and compliance, should be represented as well. And to fully assess the role of AI in a company’s current and future operations, it’s important to invite product development, client support and sales and marketing. Don’t forget finance: AI tools can be expensive, especially now that many vendors are moving from a per-user license to charging by consumption. Your finance reps can make sure that the company isn’t incurring unexpected costs that exceed budgets. In addition, HR should be involved because AI will likely have profound effects on the workforce. (For the record, I firmly believe that AI will not replace people — accuracy and ethics require human oversight — but it will alter responsibilities and will enable massive output increases.)
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Important consideration: International companies should not assume that one advisory board will work for the whole enterprise. Laws and compliance standards differ from country to country, and boards must address these differences. The boards across a company should share best practices and collaborate on initiatives, but they must also function independently.
an employee or team hopes to accomplish by adopting a particular tool, and what data the tool would touch. Some requests require greater oversight than others. To accommodate these variances, companies may wish to use a similar model to what MRI employs: We have categorized tiers of requests into minimal, medium or maximal oversight. For example, if an employee is requesting a license to use Copilot, only one approval is needed from finance. Middle-tier requests center on tools that would incur greater costs than a simple user license and, in some cases, affect internal operations. In these instances, IT also must approve the adoption. At the highest level are requests for tools that could touch third-party systems or private data. That’s when I get involved, along with colleagues from security, legal and governance, risk and compliance (GRC) teams. Together, we make sure that the proposed technology will integrate into our system architecture and that it meets our standards of integration and security.
One caution on size: A board large enough to cover all of these perspectives can easily become too large to decide anything. Keep the standing membership tight and bring in additional subject matter experts as individual requests warrant. Name a chair who owns the agenda and holds the group to its decision deadlines and agree in advance on how a deadlocked decision is escalated. For most companies, meeting monthly is enough, provided routine intake decisions are handled between meetings rather than queued up for the next. What the Board Does Boards should establish guidelines for the intake process for AI technologies, when requests for tools and subscriptions are evaluated. Requests should identify what mannpublications.com
FEATURES | TECHNOLOGY
A single example shows why that top tier earns its overhead. A team asks to pilot a capable drafting assistant that would connect directly to a repository of executed leases. The tool is sound, and the use case is real. The problem is scope: The connector requests read access to the entire repository when the pilot needs a handful of folders. The board’s job in that moment is not to say no. It is to narrow the data scope, set a retention limit and approve. That is the outcome a working board produces most often — not a rejection, but a smaller, safer yes. Another responsibility is communication. The board needs to inform staff about the intake decisions and the rationale behind them. Ideally, AI policies should appear in the employee handbook, and the board can help in compiling them. Furthermore, the board should explore options for compliance training and work with HR and training departments to organize the programs. Employees who understand the board’s policies and processes and the reasons behind them are prepared to use AI responsibly and in accordance with company rules. Such employees will encounter few surprises and benefit from rapid adoption once a tool is approved. The results are happier employees and significant risk reduction. Beyond specific requests, the advisory board should meet regularly to discuss what new AI models are on the horizon, how those models may affect security and what tools the company may want to consider adopting. Every month, it seems that a new AI model or tool is introduced. Companies must keep up if they are to remain competitive, but an emphasis on the latest and greatest doesn’t always convert into ROI. The board can make sure that any adoption supports a specific business goal. Along with the introduction of new AI models comes new AI threats. It’s important for the board to stay on top of emerging dangers, such as phishing or data poisoning, which at best cause inaccuracies and at worst result in major instances of fraud. Ironically, although AI can open new doors for fraudsters, it also offers one of the best ways to combat fraud. Board members should research the latest scams and
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hacks, as well as new methods, and include them on the agenda for every board meeting. Where Boards Go Wrong Two failure modes are worth guarding against. The first is the rubber stamp. A board that approves everything put in front of it, meeting after meeting, has stopped governing and started processing paperwork. If your board has never sent a request back for rework, treat that as a warning rather than a milestone. The second failure is more common and more damaging. A board that takes six weeks to answer a simple question teaches employees to stop asking. They will sign up for the free tier on a personal account or paste company data into a consumer chatbot, and the governance you built will have made your risk profile worse by driving usage into the shadows. Speed is a control. Publish your target turnaround times, hold the board to them and keep the lightest tier genuinely light.
Alternatives? There is no alternative to the function. Smaller firms may not need a standalone board, as the work can sit within an existing risk or technology committee, but somebody has to own the intake process, the policy, the training and the threat landscape and it cannot be one person in IT deciding alone. Companies that neglect this entirely are playing with fire. Boards can guide companies on leveraging the most appropriate and powerful
tools for real estate without endangering security or privacy. If you haven’t yet established a board, begin identifying potential members across different departments who represent a wide range of roles. Set up that first meeting to outline goals and responsibilities. Yes, the meetings are likely to be time-consuming and the responsibilities formidable. But they are utterly necessary for the health and longevity of your business.
OCTOBER 2026 | MANN REPORT 55
Saving Lives in Israel 26th Annual Gala MONDAY, NOVEMBER 9, 2026 • 5:30PM
THE PLAZA HOTEL, NYC HONORING
Yitzhak Rabin Real Estate & Legal Leadership Award
Jason Barnett
RXR • Vice Chairman & Chief Legal Officer Yitzhak Rabin Real Estate & Business Leadership Award
Richard Chera Crown Acquisitions • Principal American Friends of Rabin Medical Center EXECUTIVE BOARD
BOARD OF DIRECTORS
A. Mitti Liebersohn Stephen Siegel Warren Diamond David Schwartz, Esq. Bess Freedman Gary Jacob Robert Sorin, Esq.
Richard Chera Michael Frain Magalie Laguerre Wilkinson Beth Miller Eidman Mitchell Moinian Bruce E. Mosler
Supporting Israel’s Rabin Medical Center During A National Emergency 56 MANN REPORT | OCTOBER 2026
Mitchell E. Rudin Harrison Sitomer Phyllis B. Trobman Philippe Visser
Register for Gala Attendance & Journal Ads: afrmc.org/gala-registration Contact 212-279-2522 • afrmc.org mannpublications.com
ABRAMS GARFINKEL MARGOLIS BERGSON, LLP
DYNAMIC LEGAL REPRESENTATION FOR YOU AND YOUR BUSINESS Abrams Garfinkel Margolis Bergson, LLP is a full-service law firm dedicated to smart, practical and cost-effective counsel.
Please contact Neil B. Garfinkel, Managing Partner, to see how AGMB can assist you.
NEIL B. GARFINKEL, ESQ. Broker Counsel to REBNY Abrams Garfinkel Margolis Bergson, LLP (212) 201-1173 Efax: (646) 778-3710 ngarfinkel@agmblaw.com www.agmblaw.com
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OCTOBER 2026 | MANN REPORT 57
COLUMNS
Condo-Co-op Helpline: New York City’s Climate Law (Local Law 97-2019) Approximately 85% of the one million cooperative and condominium apartments in New York City were constructed under either the 1938 or 1968 Building Codes. As such, these buildings, particularly those built before 1946, are not designed to comply with Local Law 97-2019. Ironically, these are the only buildings that face the full force of Local Law 97-2019.
Carol A. Sigmond Partner Nossaman LLP
12 East 49th Street 22nd Floor New York, NY 10017
NYCHA properties, HDFC/HPD and affordable housing, industrial facilities, low-rise buildings, single family homes, not-for-profit hospitals and churches are exempt. Commercial buildings have many accommodations including adjusted limits and more lenient caps. City-owned buildings, including city schools, are on a separate path, funded by the taxpayers. The only relief for the one million cooperative and condominium apartments and their 1.3 million owners-residents is purchasing carbon offsets. Local Law 97-2019 was sold to the public as a “carbon cap.” Operationally, it is a “closed loop energy reuse” program. The law focuses on circular material lifecycles, waste heat recovery systems and electrification. However, the one million or so multiple family residential buildings built under the 1968 and 1938 building codes were designed and constructed with the expectation that there would direct fresh air for individual units through open windows. Therefore, these buildings do not have either the space or the duct work for a “closed loop energy reuse” system. Frequently, there is no place to put ductwork or other features of a closed loop energy reuse HVAC system. There are three common approaches to retrofitting older buildings for closed-loop energy reuse. At a cost of $17 per foot to $24 per foot, the first option is to install ground source closed-loop heat pumps. The costs noted do not include the need to re-pipe entire building distribution systems to deal with lower water temperatures. Second, Wastewater Energy Transfer (WET)/DrainWater Heat Recovery are being investigated. These WET systems capture heat from plumbing stacks. However, there are complications, as many older residential buildings have segmented stacks which
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increase the cost. Trying to reconfigure piping to allow for a central heat exchanger is a challenge. If physically feasible, these systems may pay for themselves in four to 10 years, but the physical layout of the property is crucial. The cost of these systems ranges from $150,000 to $500,000, assuming the physical layout is present. Third are Energy Recovery Ventilator (ERV) / Heat Recovery Ventilator (HRV) systems. These are also expensive and not convenient. Before these systems can be made to work, the façade of the buildings must be made airtight. That means that the air intake that was once dependent on open windows must be replaced. Sealing the façades of these older buildings is expensive, as is installing duct work to provide for ventilation. While ERVs may be installed in individual apartments for an estimated $2,000 to $4,500, without the necessary duct work and sealed façade, the system is unworkable. Sealing facades may require window and balcony door replacements, which may range from $1,000 to $5,000 per window. Also, the apartments may not have ceiling height to accommodate the duct work. The New York State Energ y Research and Development Authority (NYSERDA) was formed in 1975 as a public benefit corporation. NYSERDA’s mission is to advance clean energy innovation, improve energy efficiency, use renewable energy sources and reduce reliance on fossil fuels. The owners of the one million or so co-op and condo units in New York City do not appear to be a priority for NYSERDA. In addition to research and development of clean energy programs, NYSERDA is focused on low and moderate-income households, businesses, educational institutions, local governments and labor organizations. From the foregoing, it appears obvious that in the original debate on this proposition and the discussion of implementation, no realistic consideration was given to burdens on mid- and high-rise buildings constructed under either the 1938 or 1968 New York City Building Codes. This column presents a general discussion. This column does not provide legal advice. Please consult your attorney for specific legal advice.
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OCTOBER 2026 | MANN REPORT 59
COLUMNS
The Hidden Power of Green Spaces: Why Living Landscapes Matter More Than You Think
Kris Kiser
Outdoor Power Equipment Institute TurfMutt Foundation Equip Expo 1605 King St. Alexandria, VA 22314 turfmutt.com opei.org (703)549-7600
When evaluating communities, home buyers and residents often treat green space — manicured lawns, tree-lined streets and community parks — as a pleasant visual backdrop. We enjoy the scenery, but we rarely appreciate the underlying functionality of these living landscapes. But science proves that green spaces are far more than mere aesthetic elements; they are essential, high-performing assets that actively safeguard our physical health, enhance cognitive function, boost property value and fortify our local environment. Cooling Cities and Cleaning the Environment One of the most profound, yet underappreciated, functions of green space is environmental mitigation. In built environments dominated by asphalt and concrete, heat islands create dangerously high temperatures. But living grass and trees serve as natural cooling engines. Lawns can be up to 30°F cooler than asphalt and 14°F cooler than bare soil. In fact, a modest layout of eight average-sized front lawns provides a cooling effect equivalent to air conditioning for 18 homes. Beyond temperature regulation, living turfgrass acts as a natural water filtration system and carbon sink. Rainwater hitting hard surfaces turns into fastmoving stormwater runoff that carries pollutants into local waterways. A 5,000-square-foot living lawn can capture around 2,000 gallons of rainwater before runoff occurs, slowly filtering impurities and recharging underground aquifers. Furthermore, grass sequesters carbon so effectively through its deep, fibrous root system that its net carbon storage capacity far outweighs the carbon produced during standard lawn maintenance. Physical Health and Biological Longevity The biological impact of living near greenery goes far deeper than simply encouraging an active lifestyle. Extensive medical research demonstrates that proximity to natural landscapes directly improves cardiovascular and neurological health. Studies show that long-term exposure to residential greenness reduces the risk of stroke, lowers incidence of high blood pressure and supports healthier birth weights. Scientists have even found that people living near abundant green space are biologically younger at a cellular level than those surrounded strictly by built, urban environments. Additionally, spending time in green areas enhances
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the immune system. Exposure to natural soil bacteria and phytoncides — the organic compounds released by trees — strengthens immune defenses, reduces inflammation and improves sleep quality. Simply looking out a window at a natural scene can lower stress hormones like cortisol and reduce pain perception. Mental Well-Being and Childhood Development In an era dominated by screen time and urban density, green space serves as a crucial antidote to mental fatigue and stress. Spending as little as 10 to 20 minutes in nature significantly elevates mood, lowers anxiety and improves focus. For children, the benefits are transformational. Access to natural play spaces and schoolyard greenery is directly associated with higher academic performance, better selfregulation, increased attention spans and lower rates of ADHD symptoms. Moreover, active engagement with nature — a concept known as “backyarding” — fosters family connection and social cohesion. These activities — whether gardening, outdoor play or relaxing with family pets — offer proven outlets for stress relief and emotional restoration across all age groups. Economic Value and the Real Estate Advantage From a real estate and community planning perspective, investing in high-quality landscaping yields measurable financial returns. Over 90% of home buyers indicate that landscaping influences their decision to buy or rent, and strong curb appeal can increase overall property value by up to 17. Furthermore, strategic tree placement around residences can lower home energy bills by blocking harsh winter winds and shading homes from intense summer sun, reducing cooling costs by up to 56%. As we design and choose the places we call home, we must view the green space right outside our back doors not as an optional luxury, but as vital infrastructure. Green spaces are silent superheroes that keep our air clean, our bodies healthy, our minds centered and our communities connected. To learn more about the many benefits of green spaces, check out the research collected in TurfMutt’s International Backyarding Fact Book at turfmutt. com.
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OCTOBER 2026 | MANN REPORT 61
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Shopping Centers as Medium As a reporter, editor and consultant, I’ve written more articles than I can remember about shopping centers as town squares, distribution centers, community cores, vacant shells to display retailers and more. So, leave it to our friends at Simon to take all of these concepts to the next level.
Debra Hazel
Debra Hazel Communications North Las Vegas, NV debra@debrahazelcommunications.com
Decades ago, Simon recognized the importance of branding, putting its own name onto its properties, then using the tag line “A Simon Mall” with the name. Other companies had done so as well. The Mills Corp. (later acquired by Simon) tagged nearly all of its value megamalls with the Mills name. Westfield had been doing it for decades in Australia, so successfully that “going to Westfield’s” became a synonym for visiting the local mall. Just last month, Simon announced a new creative identity, “It’s a Simon Thing,” promoting its 200-plus properties as community gathering points through television, cinema, digital and social channels, including Instagram, TikTok and YouTube. Influencer, creator and brand-led content will extend the campaign. “Long before social networks, our destinations were places to discover what was new and connect with others,” said Lee Sterling, chief marketing officer at Simon. “Today, they are still America’s third place — with a more dynamic retail mix than ever, discovered by the next generation of shoppers, rediscovered by their parents and filled with new memories for both.” It’s also one of the first major activations of the company’s recently launched Simon Media Network, what it called “a next-generation commerce media platform that helps brands reach high-intent consumers across Simon’s portfolio of more than 200 destinations.” It’s an expansion of the concept of Mall as Medium — all of those shoppers in one place just looking for content between stops at shops, waiting for an advertising message. Ancillary income from those screens, banners and more was once a novelty, then a nice little bonus. Now, however, it’s a critical component of every center’s bottom line. Simon Media Network extends the company’s ability to connect brands with consumers where they already gather, discover and spend time, it said. The differentiator here is that it’s data-driven. Simon Media Network can use insights from its thousands of retailers, restaurants, entertainment and lifestyle tenants to provide its advertisers with a broader view of consumer behavior. This should enable brands to understand not only what
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consumers buy, but where they spend time, what captures their attention, and how those behaviors translate into measurable business outcomes. “Today’s marketers need more than impressions. They need partners who can prove a campaign actually moved someone to visit, engage and buy,” said Jared Blechman, chief revenue officer at Simon. “Simon is where consumers discover brands in the real world. Simon Media Network builds on that foundation, transforming those interactions into intelligence that helps brands better understand, reach and engage consumers.” Through Simon Media Network, advertisers can activate campaigns across Simon’s entire marketing ecosystem, including digital displays throughout Simon properties, experiential activations, ShopSimon.com, the Simon+ loyalty program and Simon-owned social and digital channels, as well as off-platform media environments. Campaigns can be executed nationally, regionally, by market or at individual properties, giving brands flexibility to align campaigns with specific business objectives while maintaining consistent measurement across channels. Powered by Simon’s first-party consumer intelligence, Simon Media Network provides advertisers with transparent, verified insights into campaign performance including visitation, transactions, and consumer engagement. By combining audience insights, activation and closed-loop attribution, Simon said it will enable brands to build more meaningful consumer connections and demonstrate an incremental return on advertising spend. “What makes Simon Media Network attractive is our ability to bring together brands, consumers and experiences in places where real life happens. Every day, millions of people come to Simon destinations to shop, discover something new, spend time with family and friends and create lasting memories,” Sterling added. “Simon Media Network gives marketers an opportunity to reach those audiences, be part of those moments and understand the impact those connections create.” And that information on impact is something that advertisers have sought for centuries. After all, it was a retailer — 19th century department store pioneer John Wanamaker — who said, “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” Simon is using its history of branding, and now its data-driven Media Network, to help advertisers figure it out. Bravo.
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LANGSAM PROPERTY LANGSAM PROPERTY SERVICES CORP., AMO SERVICES CORP., AMO
Langsam Property Services Corp. is a Bronx-based real estate management company. These buildings areislocated in the Bronx, Manhattan, Queens, Langsam Property Services Corp. a Bronx-based real estate management Brooklyn, and buildings lower Westchester company. These are locatedCounty. in the Bronx, Manhattan, Queens, Brooklyn, and lower Westchester County. Langsam is designated as an Accredited Management Organization (AMO), a standard of excellence management conferred by the Institute of aReal Langsam is designated as an in Accredited Management Organization (AMO), EstateofManagement standard excellence (IREM). in management conferred by the Institute of Real Estate Management (IREM). 1601 Bronxdale Avenue New Avenue York 10462 1601Bronx, Bronxdale Tel: 718. 518. 8000 Bronx, New York 10462 Fax: 718.518. Tel: 718. 518. 80008585 Fax: 718.518. 8585
Mark Engel, CEO Mark Engel, CEO
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Matt Engel, Matt President Engel, President
www.langsampropertyservices.comOCTOBER 2026 | MANN REPORT 63
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Beyond Live-Work-Play: What Makes Mixed-Use Projects Perform
Michael Siino
CPA Regional Real Estate Practice Leader CBIZ New York, NY
For years, mixed-use development leaned on a familiar promise: combine residential, retail, office, hospitality and entertainment to create a place where people can live, work and play.
tenants fail to generate consistent activity. Conversely, a carefully curated mix can strengthen residential demand and create a more compelling environment to draw visitors.
That promise still matters, but the market has moved beyond this checklist.
The strongest mixed-use developments treat retail as a catalyst for movement and repeat visits, not simply another line on a leasing report.
Mixed-use projects have become commonplace in many markets, and developers have grown increasingly skilled at assembling the right combination of asset types. Yet the projects that win aren’t necessarily the ones with the most components. They make those components work together to create a stronger experience for their tenants and visitors. Some become thriving districts that attract residents, retailers, visitors and investors. Others struggle to generate consistent traffic or build lasting value. Placemaking Is a Performance Strategy The highest-performing mixed-use developments operate as connected ecosystems, with each component reinforcing the others. Successful projects establish a clear identity and connection to the surrounding community. Public gathering spaces, community programming, local partnerships and curated amenities can turn a real estate asset into a vibrant district. That matters because consumers are weighing convenience against the quality of the environment around them. A project can check every mixed-use box — apartments, retail space and office — and still fall short if those elements don’t create a place people want to experience. Foot traffic declines. Activity slows. The property loses the momentum needed to support sustained growth. For owners and developers, creating a sense of place is more than a design consideration. It’s a business decision tied to tenant demand, investor confidence and long-term value. Retail Must Do More Than Fill Space Perhaps nowhere is this shift more visible than in retail. Historically, retail was often viewed through the lens of revenue and occupancy. Today, it can be the engine that brings a mixed-use project to life. Restaurants, fitness concepts, entertainment venues, specialty retailers and local businesses can draw traffic throughout the day and into the evening. They also influence how people move through and engage with the broader property. That means tenant selection has become just as important as tenant acquisition. A fully leased retail corridor can still underperform if
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Operations: The Real Differentiator Many mixed-use projects launch with strong leasing activity, substantial marketing support and community excitement. The challenge comes after the ribbon cutting. Sustained success requires an operational mindset that extends beyond traditional property management. The most successful developments continually invest in programming, events, partnerships and tenant collaboration. They coordinate residential, retail, hospitality and office components so the property functions as a cohesive whole rather than a collection of separate assets. Increasingly, effective mixed-use operators borrow from hospitality. They focus on service, engagement and activation with the same discipline they apply to occupancy and revenue. That matters because a mixed-use development is not a static product. It is an operating business that must respond to changing tenant expectations, consumer habits and neighborhood dynamics. The projects that sustain momentum are often the ones willing to keep evolving after development is complete. The Next Evolution of Mixed-Use Location, design and capital remain essential, but they no longer carry a project on their own. The next evolution of mixed-use requires owners and developers to think beyond the physical program and focus on how the property functions every day. That means treating activation, tenant mix and community connection as core drivers of value rather than finishing touches. It also means recognizing that success can’t be measured solely by occupancy or leasing velocity. A project can be fully leased and still fail to become a destination. The stronger measure is whether the different pieces create value for one another. In a market where more developments compete for the same residents, retailers and investment dollars, the projects that stand out give people a clear reason to choose them over the next option. Making the pieces work together may be the most important differentiator of all.
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OCTOBER 2026 | MANN REPORT 65
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The Map Room Speaks: The Paradox of Focus — Why Doing Less Creates More Opportunity In business, we are conditioned to believe that growth means doing more. More products. More services. More markets. More clients. More ways to generate revenue. The instinct is understandable. If one opportunity is good, 10 opportunities must be better. If serving one market works, serving five should create five times the potential.
Bob Knakal Chairman and CEO BKREA New York City (917)509-9501
But after more than four decades in the commercial real estate business, I have come to believe that one of the most powerful ways to create more opportunity is to deliberately pursue less of it. There is a paradox in focus: The more things you eliminate, the better you can become at the things that remain. And the better you become at those things, the more opportunities tend to find you. For most of my career, I only sold buildings. I only represented sellers. I only worked on exclusive listings. And I only worked in New York City. Each of those decisions eliminated potential revenue. I could have represented buyers. I could have leased space. I could have arranged financing. I could have taken open listings. I could have worked outside New York. All would have increased my universe of potential transactions. But they also would have diluted my focus. By narrowing the universe, I was able to go deeper. Instead of trying to know a little about many things, I could try to know everything possible about a smaller number of things. That specialization helped me develop expertise, relationships, market knowledge and pattern recognition that would have been much more difficult to build if my attention had been scattered across multiple disciplines. The philosophy became even more important when I started BKREA. For 40 years, while I was highly specialized in some ways, I was still a generalist regarding the types of buildings I sold. At BKREA, we have narrowed our focus dramatically to vacant and soon-to-be-vacant properties. Generally, there are three possibilities for a vacant building in New York City: knock it down and build something new, reposition or convert it, or occupy it. Those possibilities naturally led us toward several highly specialized areas: development sites, user properties, conversion opportunities, air rights, zoning and policy-driven transactions. Rather than trying to be everything to everyone, we try to be exceptionally good within a clearly defined market segment. This philosophy is hardly unique to real estate. When Steve Jobs returned to Apple in 1997, the company was struggling with an unwieldy collection of products. One of his most consequential decisions was to dramatically simplify what Apple was doing.
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Apple concentrated its resources on a small number of products it believed it could make extraordinarily well. Focus did not make Apple smaller. Ultimately, it helped make Apple much bigger. That lesson applies to individual professionals just as much as it applies to companies. One of the biggest challenges for ambitious people is saying no. When we are building a business, every opportunity feels valuable. Declining something feels counterintuitive — if we don’t take the assignment, pursue the client or enter the new market, someone else will. And they probably will. But every time we say yes to something, we are also saying no to something else. Time is finite. Attention is finite. Energy is finite. Every hour spent pursuing an opportunity outside your core competency is an hour you cannot spend becoming better within it. This is particularly important today because technology is making it easier than ever to do more. Artificial intelligence, automation, data and digital communication allow businesses to expand their capabilities at extraordinary speed. That makes focus more important, not less. The competitive advantage of the future may not entail access to information or technology. Everyone will increasingly have that. The advantage will be knowing where to apply them. It will be deciding what deserves your attention — and, just as importantly, what does not. There is another benefit to specialization: The market begins to understand who you are. If you do 20 different things reasonably well, it is difficult for people to know when they should call you. If you become exceptionally good at one thing, your name begins to become associated with that expertise. That is opportunity starts coming to you. The goal is not to become smaller for the sake of being smaller. The goal is to concentrate your resources where you have the greatest probability of becoming exceptional. Early in a career, exploration is valuable. You must discover what you enjoy, where your talents lie and where the market needs you. But eventually, the question changes. Instead of asking, “What else could I do?” perhaps we should ask, “What should I stop doing?” That question forces choices. But extraordinary businesses are rarely built by trying to be everything to everyone. They are built by deciding what matters most, eliminating distractions and relentlessly getting better at the things that remain. Sometimes doing less isn’t limiting your opportunity. It is how you create more of it.
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Rent Laws Limit Availability of Housing, Part II: An Alternative Form of Rent Control Last month, the first part of this article reviewed the flaws in the system in which rent-regulated apartments are occupied by people who could afford market rent, which keeps them from vacating the apartment, and about tenants gaming the system. This month’s article contains an alternative form of rent determination that is not merely setting the rent increase based on [fill in the blank].
Stuart M. Saft
Partner and Real Estate Practice Group Leader Holland & Knight LLP 787 Seventh Avenue, Suite 3100 New York, NY 10019 stuart.saft@hklaw.com (212)513-3308
If the politicians do not want to eliminate rent regulation, which is reducing the available housing and increases its cost, then the simple solution is to change the formula for calculating the rent for more than one million rent-regulated apartments to: the lesser of a) 30% of the income produced by all of the residents of the apartment or b) the fair market rental of the apartment. In that case, someone wanting to remain in a three-bedroom apartment can do so as long as he, she or they are prepared to pay the appropriate rent, i.e., the lower of the fair market rent or 30% of each resident’s income. This would also incentivize people to move into smaller apartments and put an end to the illegal subletting of apartments. A similar result could also be accomplished by enforcing the tax laws and treating the income a tenant receives from other residents in the apartment as taxable income to reduce their profit on gaming the system. Three decades ago, a client purchased an 800-unit, rent-stabilized apartment building. For security reasons, we required the tenants to show identification as part of the condo conversion process when we distributed the offering plans. As a result, we learned that one-third of the tenants were not New York residents, even though they rented apartments with below-market rent, and did not pay New York taxes. A decade ago, one of my clients purchased a luxury rent-stabilized building and when we checked on the tenants, we found that several tenants had one lowincome spouse on the lease and the other spouse, with a higher income, owned a second home in a low-tax state. We surmised that the couple filed separate tax returns and this kept the high income of one spouse away from the New York tax collector. Sure, blame the landlords for not making repairs caused in many cases by angry tenants who cannot
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be evicted or tenants causing disturbances, while simultaneously ignoring landlords’ complaints that money to solve these problems does nothing to resolve them. The politicians listen to the tenants and not the landlords, especially when the problem causing tenants to complain to their elected representatives is followed by a visit from the New York City Department of Buildings and a resulting pile of building code violations, which are then used as the basis for claiming that good landlords are slumlords. Yes, tenants game the system and then blame the landlords. Understanding that people have made different economic decisions based on their low rent, I would phase this new law into effect over 10 years, with the rent transitioning to market by 20% every two years. In addition, the following should also occur: •
•
•
Tenants in larger apartments should be required to downsize to appropriate-sized apartments in the same area (i.e. a single person should not have a subsidy on an apartment that has more than one bedroom). Tenants of larger apartments who do not want to right-size their apartment can voluntarily surrender their subsidy and pay market rent. No one should have the right to succeed to an apartment. Grandma’s large apartment should go back into the system for people who need housing. Tenants wanting the benefit of the rent subsidy must use the apartment as their primary residence for at least nine months of the year and all of the occupants of the apartment must file and pay New York City and New York State income taxes on the aggregate income of all the occupants of the apartment.
Why not a pied-á-terre tax for tenants who are not using the regulated apartments on a full-time basis? Interestingly, co-op and condo owners lose their tax abatement if their New York City apartment is not their primary residence. Should renters not have the same requirement for the rent subsidy? The rent laws have evolved over eight decades of fewer repairs and fewer houses and apartments developed. The villain is always the landlords and developers, but perhaps it is time for those making these accusations to look in the mirror.
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OCTOBER 2026 | MANN REPORT 69
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In Real Estate Finance, ROI Is Measured in Errors Avoided For years, the business case for automation has been built around volume. The logic is straightforward: automate more work, process more transactions and reduce manual effort. The greater the volume, the greater the return. In finance, however, that equation misses the point. The true return on automation is not determined by how much work gets processed. It is determined by how much risk gets removed. More specifically, it is driven by the cost of errors that never happen.
David Stifter CEO and Founder PredictAP
68 Harrison Ave, Suite 605 Boston, MA 02111 dstifter@predictap.com
This distinction changes how finance leaders should evaluate artificial intelligence (AI). While many automation initiatives focus on throughput and labor savings, the strongest financial outcomes come from reducing exceptions, improving consistency and increasing confidence in decisions. Value is not found in doing more work faster, but in getting critical processes right and surfacing risks before they escalate. That reality becomes increasingly relevant as organizations evaluate AI solutions entering the market. Many platforms position themselves as enterprise-wide systems capable of supporting multiple use cases across departments. The appeal is understandable. A single platform that addresses a wide range of needs appears efficient and scalable, promising shared intelligence, centralized management and economies of scale. But finance rarely rewards broad generalization. As automation expands across functions, so does complexity. Different processes require different levels of accuracy, oversight and exception handling. What initially appears efficient can become difficult and expensive to manage. Finance leaders frequently experience this as ROI dilution. Early gains from automation are gradually offset by rising oversight costs, additional controls, remediation efforts and resources required to govern increasingly complex systems. The broader the system becomes, the harder it is to maintain confidence in outcomes. This is not necessarily a technology problem; it’s a focus problem. Narrow AI approaches automation differently. Rather than attempting to solve every problem, it concentrates on a clearly defined category of decisions or workflows. This isn’t theoretical. Earlier in my career, it became clear that accounts payable (AP) touched accounting, property management and treasury, so an error introduced in one place could surface in all three. That made AP an unusually high-leverage place to apply automation and controls. That eventually led me to found PredictAP. The goal becomes identifying problems with the highest risk or broadest downstream impact, where mistakes propagate across teams or systems. The goal is not automation everywhere. It is automation where consistency matters and errors are expensive. A system that prevents errors in a critical workflow
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often creates more value than a platform that automates a larger percentage of activity but produces inconsistent outcomes. The consequences of errors extend far beyond the cost of correction. Errors create delays, generate exceptions, introduce compliance concerns, consume management attention and reduce confidence in reporting and decision-making. The cost of an error is often far greater than the transaction itself. For example, an invoice coded to the wrong expense category — a cost treated as common area maintenance-recoverable when it isn’t — flows into the CAM pool and stays invisible until yearend, when reconciliation bills each tenant their share. A tenant questions the recovery, and the landlord faces two outcomes, neither good: either the backup can’t be produced, undermining the reconciliation, or the charge was wrong and they’re refunding money to a now-skeptical tenant. As a result, the most successful automation initiatives tend to focus on three priorities: •
• •
Decisions where a single error is costly on its own — one misdirected payment or misstated accrual, and the loss lands immediately. Workflows where errors surface later and larger — in reporting, reconciliation or the year-end close. Handoffs that cross functions, where one mistake quietly becomes three teams’ problem.
These are the areas where automation generates durable returns. The systems that create the greatest long-term value perform consistently, improve incrementally and integrate into existing operating models without unnecessary disruption. The purpose of automation is not to replace human judgment. It is to reserve human judgment for situations where it adds the most value. Routine activities benefit from consistency and repeatability, while people remain focused on exceptions, interpretation, and higher-risk decisions. Successful automation also simplifies governance. Every system should answer one question: what, exactly, is it responsible for? That clarity improves accuracy, makes oversight more manageable and enables scale without unnecessary complexity. The shift created by narrow AI is subtle but significant: ROI moves away from volume and speed as primary measures of success and toward accuracy, predictability, consistency and risk reduction. For real estate finance organizations, this is the difference between short-term efficiency gains and long-term value creation. The results show up as fewer surprises, smoother operations, stronger controls and greater confidence in outcomes — less visible, but more valuable.
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Bringing Innovation to
property management Matthew Adam Properties is a long-time leader in bringing innovative ideas and programs to the properties we manage. Contact us to find out how we can innovate your building to a new level.
Ira Meister, President | 375 Pearl Street - 14th Floor | New York, NY 10038 T: 212.699.8900 F: 212.699.8939 imeister@matthewadam.com | matthewadam.com mannpublications.com OCTOBER 2026 | MANN REPORT 71
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Common Title Issues in Residential Real Estate Transactions Clear and marketable title is one of the most important components of any residential real estate transaction. A property’s title represents legal ownership and the right to transfer that ownership to another party. When title defects exist, they can delay closings, increase transaction costs and in some cases jeopardize a sale altogether. Understanding the most common title issues can help buyers, sellers, brokers and attorneys identify problems early and avoid costly disputes.
Nicolette R. Sinatra, Esq. Sales Representative Fidelity National Title
485 Lexington Ave. New York, NY 10017 nicolette.sinatra@fnf.com (212)471-3727
One of the most frequently encountered title defects is the unreleased lien. A lien is a legal claim against a property resulting from unpaid debts, such as property taxes, contractor claims, judgments or homeowner association assessments. Even when the underlying debt has been satisfied, the lien may remain on public records if it was never formally released. One example is when a homeowner receives a satisfaction of lien from their lender and files it rather than submitting it for recording with the county clerk. The presence of an unreleased lien on a title search can cause a delay or prevent a transaction from closing. To resolve the issue, property owners typically must provide proof that the debt was paid and obtain a formal satisfaction or release document from the creditor. In certain instances, the lender of record may no longer be in existence and the property owner may have difficulty tracking down the successor, which can impede a sale or a refinance. A title search early on will reveal any unreleased liens and enable the owner to get them resolved. Probate-related title defects often arise when property owners pass away without properly transferring ownership through a will, trust or estate administration process. These gaps can create uncertainty regarding who has the legal authority to sell the property. For example, a home may be inherited by multiple heirs who disagree about its disposition, or ownership records may never have been updated following a previous owner’s death. In such cases, probate proceedings may be necessary to establish ownership and clear title before a sale can proceed. Because probate matters can be time-consuming and legally complex, addressing inheritance issues early is critical to preventing delays during a transaction. Boundary disputes occur when neighboring property owners disagree about the location of property lines. These conflicts may stem from inaccurate surveys, conflicting legal descriptions, fencing placed in the wrong location or historical misunderstandings regarding ownership. Encroachments, such as a fence, driveway or structure extending onto a neighboring property
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can also create title concerns. Buyers may hesitate to proceed with a purchase if unresolved boundary issues exist, and lenders may require clarification before approving financing. Obtaining a professional survey can provide the foundation for resolving these disputes. Once the survey is completed, the parties will compare it to the legal description contained in the last deed of record. The owner will have an opportunity to correct any discrepancies if possible, or they may elect to delay or cancel the transaction. Although parties may be hesitant to incur survey costs, engaging professionals early on will reveal potential issues and ultimately save time and money for all involved. The chain of title refers to the documented history of ownership transfers for a property. A break in the chain of title occurs when ownership records are incomplete, inaccurate or missing altogether. When gaps exist in ownership records, questions can arise regarding who legally owns the property and whether a seller has the authority to convey title. Resolving chain-of-title issues often requires extensive research, corrective filings and legal documentation to establish a complete ownership history. Thorough title examinations are essential for identifying these problems before closing. Open building permits can create delays or prevent closings from occurring as planned. Although it is customary for the buyer to request a municipal search of the property as part of their title due diligence, it may be prudent for sellers to order the search when they decide to put the property on the market. Depending on the jurisdiction, municipal search results can take quite some time and frequently derail closings if the seller is unable to cure objectionable conditions in accordance with the contract time frames. A comprehensive title search is one of the most effective tools for sellers and buyers to uncover potential defects before a transaction goes too far. By reviewing public records, title professionals can identify liens, ownership discrepancies, easements, judgments and other encumbrances that may affect the property. This enables sellers to understand the current state of their property and give them time to cure any impediments to closing. Title insurance policies protect buyers against certain undiscovered defects that may emerge after closing and can provide financial protection against losses resulting from hidden ownership claims, recording errors, fraud or other covered title issues. Together, title examinations and title insurance help reduce risk and provide confidence that ownership rights are secure.
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Reimagining Park Avenue: Why Public Space Is Becoming Midtown’s Next Competitive Advantage
Jim Phillips
Founder and Managing Executive TPG Architecture 132 West 31st Street, 5th Floor New York, NY 10001 (212)768-0800
Park Avenue between Grand Central and 57th Street is experiencing one of the most significant periods of transformation in recent New York history. Beneath the roadway, the MTA is undertaking a $1.7 billion rebuild of the train shed. Above it, the Department of Transportation is advancing a full streetscape redesign. And along the same 11 blocks, three office towers, 350 Park Avenue, 175 Park Avenue and 270 Park Avenue (completed), are rising. It is rare for infrastructure, public space and architecture to be reinvented at the same time, on the same street. While the final design continues to evolve, one thing is already clear: this is about far more than a streetscape improvement. It is an opportunity to redefine one of the world’s premier office corridors and most recognizable boulevards and to demonstrate, at a scale few streets ever get the chance to, how coordinated public investment can strengthen the long-term competitiveness of the real estate built around it. Building on What Already Works As an architect who has practiced in New York for decades and has spent a lifetime watching this avenue evolve, I’ve always viewed this section of Park Avenue as more than a business address. It is one of the city’s defining public destinations and one of the most recognizable symbols of New York itself. This 11-block stretch is one of the city’s premier urban corridors, while passing some of Manhattan’s most celebrated buildings, from the Waldorf Astoria and the Racquet Club to the Seagram Building, to the new JPMorgan Chase headquarters, 425 Park Avenue and Lever House. Yet what has always distinguished Park Avenue isn’t its real estate, it is the boulevard itself. Unlike many of Manhattan’s busiest streets, Park Avenue carries relatively little bus and truck traffic. Combined with its exceptional width and landscaped median, it has long felt calmer, greener and more pedestrian-friendly than the surrounding grid. The city’s preliminary plans build on those strengths. Current proposals would narrow traffic lanes while expanding the planted median into a continuous, accessible public space. Community boards have encouraged the city to go even further by incorporating protected bicycle infrastructure alongside expanded pedestrian areas. The Investment Equation The significance of this transformation extends well beyond landscape design. The way companies evaluate office locations has changed. Employers no longer choose workplaces on the strength of the building alone; they weigh the entire employee journey, from transit access to walkability to the character of the surrounding neighborhood. As
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companies compete to bring people back to the office, the streets and shared spaces around a building become part of its value. That’s why Park Avenue’s transformation is so timely, and why its connection to Grand Central matters more than ever. The terminal gives the avenue its gravitas, especially now that the LIRR runs directly into it, putting so many corporate executives a short ride from its front door. A current exhibition at the Skyscraper Museum, The Invention of Park Avenue: Linking Rail to Real Estate, shows how Park Avenue grew from its ties to the railroad and Grand Central. As 350, 175 and 270 Park Avenue move forward, they build on that legacy, elevating an avenue historically defined by hotels and residential buildings into the executive spine of New York City. A Blueprint for Midtown Park Avenue’s transformation may ultimately have implications well beyond its own corridor. Cities everywhere are rethinking the balance between the vehicle and the pedestrian, favoring the human experience, with placing new emphasis on public space and walking. Grand Central remains the anchor of this shift on Park Avenue, and that anchoring quality is what gives the avenue its rare link to the residential districts proximate to it, the apartments along Park Avenue to the north, the townhouses of Madison Avenue and the addresses along Fifth Avenue — the places New Yorkers have long aspired to live. If one of the city’s most prestigious office addresses can prioritize pedestrians and enhance public space without sacrificing accessibility, it can become a model for how other districts might navigate the same transition. What makes a city great has never been its buildings alone. Urban design creates the connective tissue between them: boulevards, parks, public plazas, civic institutions and neighborhood edges. When public and private sectors work in partnership, commercial investment becomes civic value, and New York City’s Park Avenue is where that partnership is being proven. What Comes Next To me, one thing is already clear: this is a rare moment where a street can change without losing what made it special all along. For commercial real estate, the vision for Park Avenue is proof that a legacy address can be modernized without erasing its identity, and that kind of balance is hard to achieve. Park Avenue didn’t need to be reinvented. It needed to be sharpened. Those paying attention to how will be best positioned to capitalize on its next chapter.
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OCTOBER 2026 | MANN REPORT 75
COLUMNS
Building Cybersecurity Is a Procurement Problem, Not a Hiring One Ask your facility manager how many vendors currently have remote access to your building. Most cannot answer. That is not negligence. The list was assembled one purchase order at a time over 15 years, and nobody has ever been asked to compile it.
Edi Demaj Co-Founder KODE Labs
1420 Washington Blvd Detroit, MI 48226 (248)495-7183
A typical Class A property runs somewhere between eight and 15 connected systems — HVAC controls, access control, elevators, lighting, submetering, cameras, leak detection — each from a different vendor, and most with some form of remote connection for support. That is your security posture. But resist the urge to call this a facilities failure. Every one of those systems was bought on operational criteria: because it worked, the price was competitive or simply because the incumbent had installed the last one. Back then, security terms, where they existed, sat in an appendix nobody read. A building’s cyber exposure, in other words, is an accumulation of procurement decisions — not a lapse in operations. This is why the industry’s current answer misdiagnoses the problem. The prevailing advice is to hire facility managers who also understand cybersecurity — professionals fluent in chiller sequences and in vendor remote access architecture. Those people barely exist anymore, and the ones who do are employed and not applying to run your portfolio. You will not staff your way out of this. The footprint keeps expanding regardless, for reasons unrelated to technology strategy. Local Law 97 compliance requires measurement. Measurement requires metering, which in turn requires connectivity.
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This is no longer theoretical. KODE OS recently became the first smart building platform cleared to run federal buildings from the cloud at FedRAMP High — under a $14.35 million contract with the General Services Administration’s Public Buildings Service, now operating across 150 GSA-managed buildings in the National Capital Region. The milestone means there is now a public, auditable definition of secure building software, one that anyone can point to. And as a result, three things follow, none of which require a hire. Inventory what’s remotely accessed: Every vendor, every connection, every credential, every system. Most owners cannot produce this list on request, and the inability to produce it is itself the finding. This is a week of work, and it will change what you do next. Move security into procurement: Facility managers cannot fix what they did not buy. Security posture belongs in the request for proposal as a scored criterion alongside functionality and price, evaluated by the same people who evaluate everything else — again, a policy change issue rather than a staffing one. Borrow the federal standard: You do not need to require FedRAMP High for a Class A office building, but you do need a defined benchmark you can reference rather than a security questionnaire you have to write yourself. The federal baseline is published, free and specific to exactly this problem.
Every decarbonization pathway adds connected equipment to the building, and owners are enlarging their attack surface for carbon reasons while booking it as a sustainability decision.
There is a deeper point underneath all three. Every one of those disconnected systems is a separate door — its own vendor, its own remote connection, its own credentials no one is watching. Consolidating them onto a single, monitored, access-controlled building operating system does not just simplify operations; it shrinks the attack surface itself. That is the real security argument, and it is why the federal model centers on the platform, not the person.
The federal government reached this problem first and at a greater scale. Its answer centered on specification rather than a hiring plan. Software that operates federal building systems must now meet FedRAMP High — the same security baseline applied to systems handling Controlled Unclassified Information (CUI).
None of this produces the multidimensional facility manager the industry keeps calling for. That professional is not arriving in sufficient numbers to matter, but what is available is the ability to buy differently — and building security has always been a procurement outcome anyway. Now, it’s finally being treated as one.
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OCTOBER 2026 | MANN REPORT 77
COLUMNS
A Vital Tool to Reduce the Cost of Electrification in Commercial Buildings in New York City
Tristan Schwartzman
Principal and Director of Energy Services Goldman Copeland 1430 Broadway, 14th Floor New York, NY 10018 (212)868-4660
One of the challenges facing commercial property owners in New York City is complying with Local Law 97, which promotes decarbonization through means of energy reduction and electrification. It’s a challenge for existing buildings as well as new ones, and a vital tool for both is heat recovery.
The third key benefit is that heat recovery allows a building to reduce peak loads. By transferring heat from thermal storage media during periods of greatest energy demand, a building can operate its equipment more efficiently and level its load throughout the day.
Heat recovery offers significant potential for all commercial building types, reducing energy use and generating both energy and financial savings on an ongoing basis. Related systems can range in size from low-cost plug-and-play integrations to full central plant installations. In all cases, they represent a tool that property owners should explore to maximize its benefits.
That will reduce utility costs and extend the longevity of the equipment. It will in turn reduce pressure on the electrical grid and benefit the city broadly. This is evident, as NYSERDA and other government programs are pushing forward with innovative funding programs to increase heat recovery adoption and development in the built environment.
Electrification can be expensive, because commercial buildings in New York City typically lack the existing infrastructure required for fullload heating equipment. Buildings may need to upgrade their utility service and modify electrical distribution. On top of that, the operating cost of electricity is almost three times greater than fossil fuels. Reducing operating expenditures is, therefore, paramount.
The best opportunity for heat recovery is in yearround heating and cooling applications. The best examples are domestic hot-water heating or process cooling in kitchens or IT rooms. In those cases, heat can be captured from wastewater or exhaust air, using heat exchangers or heat pumps, and redirected to a simultaneous load.
Heat recovery represents a win-win for property owners, reducing both the cost of compliance with Local Law 97 and the operating cost of electrification. As energy engineers, we and our team at Goldman Copeland have created numerous decarbonization plans that incorporate heat recovery and electrification to provide an economical pathway for Local Law 97 compliance. That work has illuminated three key benefits of heat recovery for commercial property owners. The first key benefit is that heat recovery is essential to meeting Local Law 97 emission-reduction targets. With heat recovery, a building can reduce its energy usage intensity (EUI), which is a core metric used to gauge building performance.
Brian Cha
Senior Energy Engineer Goldman Copeland 1430 Broadway, 14th Floor New York, NY 10018 (212)868-4660
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Without heat recovery, most buildings are not equipped to meet the aggressive compliance targets for the year 2035 onward. By 2040, for instance, a building must be carbon neutral, and property owners typically won’t be able to achieve that any other way. The second key benefit is that, in most cases, heat recovery can help avoid new utility service and substantial electrical infrastructure upgrades to a building. Upgrades will still be needed at service panels but not to the capacity of the building. This can be accomplished through reduced equipment loads and heat pumps that can provide both heating and cooling. That’s a huge advantage, because upgrades to utility service can be both expensive and highly disruptive to a building.
Some examples of the most common heat-recovery devices include water-source or air-source heat pumps with heat recovery capability; energy recovery ventilators; runaround coil systems; wastewater heat recovery systems; condenserwater heat recovery; refrigerant-based heat recovery systems (VRF heat recovery) and thermal energy storage integrated with heat pumps. The main implementation challenges are three constraints: physical space, electrical infrastructure, and cost. The additional space is needed, because heat recovery systems are most viable when paired with thermal storage. Many buildings in New York City are not designed to support additional electric loads, so creative approaches to electrical distribution are required. The cost of heat recovery solutions is most economical when aligned with capital improvements. That cost is also offset by energy and emission savings and by compliance with Local Law 97. Fortunately, technology is rapidly improving to address all three of these constraints. Energyrecovery devices are becoming more compact, more efficient and more readily available. Heat recovery will benefit property owners through cost-effectiveness, facility operators through reduced cycling and stress on equipment, and city residents through lower carbon emissions and positive grid impact. It will provide all of these benefits, while advancing the city’s goal of 100% electrification.
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COLLEGES
Meeting for the Middle In Malibu
F
irst, it was the high school. Now, the middle school students at the Malibu (California) Middle and High School Campus will have new facilities that will serve both their educational and wellness needs. Now underway, the $74 million second phase of construction by C.W. Driver Companies will focus on academics, wellness and athletics for middle school students, including the Middle School Core and Gymnasium, while advancing the community’s vision for distinct middle and high school identities. The project will deliver two separate
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buildings, totaling 40,000 square feet. At the hub is the Middle School Core, a structure that will serve both the education and wellness needs of students. The building will include special education and counseling spaces, a wellness center, media lab, food-service areas and shaded outdoor spaces built to connect students with their surroundings all year-round. In addition, middle school students will have their own gymnasium with amenities that can be found at premium workout facilities. The gym will have a fitness studio and a multi-sport court supporting games including basketball,
volleyball, soccer, badminton and more, fronted by an ocean-view deck. The multi-phase project is part of the Santa Monica-Malibu Unified School District’s mission to create an immersive education environment that allows students to connect with Malibu’s coastal and hillside surroundings. The campus will also increase access to high-quality education and fitness facilities for students living in remote areas, C.W. Driver said. Phase 1, the $102 million construction of the core building for Malibu High School
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Rendering by LPA Architects
COLLEGES
“Following a successful year of the new Malibu High School campus, we’re excited to keep building a campus that reflects the distinct needs of all our students.” — Carey Upton
and also completed by C.W. Driver Companies, was completed in August 2025. The 70,000-square-foot building features a library, visual and performing arts classrooms, project-based learning facilities, multipurpose spaces, special education classrooms, STEM classrooms, a campus cafeteria and administration offices. “Student wellness is a key driver of strong academic outcomes,” said Dave Amundson, project executive at C.W. Driver Companies. “When students have access to facilities that support their overall well-being, they can succeed in the classroom and build strong relationships
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with their peers. The new Malibu Middle and High School campus will do just that.” Just as with the first phase of the expansion, this phase prioritizes sustainability with photovoltaic panels that will offset 50% of energy use. Thermal comfort will also be prioritized through a design that reduces the impact of wind and sun, as well as through ceiling fans and operable windows to enhance circulation.
“Following a successful year of the new Malibu High School campus, we’re excited to keep building a campus that reflects the distinct needs of all our students,” said Carey Upton, chief operations officer for Santa MonicaMalibu USD. “We’re elated to work with C.W. Driver Companies again to create an immersive environment where middle school students can thrive inside and outside of the classroom.”
The project will also incorporate a concrete mix using natural materials from the Santa Monica Mountains, further connecting the campus to its surrounding landscape.
Phase 2 is expected to be completed in late 2028. Key project partners on Malibu Middle and High School include LPA Architecture, Massetti Consulting and Element Consulting.
OCTOBER 2026 | MANN REPORT 81
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ww.herrick.com 82 MANN REPORT | OCTOBER 2026
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OCTOBER 2026 | MANN REPORT 83
ARCHITECTURE | ENGINEERING | CONSTRUCTION
Preserving History Amid the New
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Rendering courtesy of Marsh and Associates
ARCHITECTURE | ENGINEERING | CONSTRUCTION
Sometimes history just can be fixed — it must be replaced, while still paying homage to what has gone before. Such is the case at the Santa Ana (California) Country Club. After more than 125 years of serving California golfers, the historic clubhouse will be replaced by a modern facility to support a new generation. The $26 million, 33,000-square-foot facility will replace the existing clubhouse of Orange County’s oldest golf club, founded in 1901. “Building the new clubhouse at Santa Ana Country Club will be a great next chapter for its longstanding history,” said Mike Sosa, vice president at Driver SPG, an affiliate of project builder C.W. Driver Companies. “We are excited to build a facility that infuses the unique backstory of the club, while incorporating updated infrastructure that is inviting for generations of members to come.” While the clubhouse at Santa Ana Country Club had been renovated in the past, aging infrastructure ultimately drove the need for a new facility. Driver SPG is delivering the new clubhouse with all features accessible through a 26,000 square-foot main level, allowing members to easily navigate dining, event spaces and gathering areas. The design of the new clubhouse will incorporate materials that pay homage to the club’s history. Throughout the structure, Driver SPG is incorporating custom woodwork, premium stone finishes and handcrafted metal detailing to conserve the club’s prestigious environment while providing eye-catching features that will entice all generations. Not all critical benefits will be visible to members. Below the main level is a 6,700-square-foot underground storage floor housing golf carts, bags and more, providing the staff easy access to share additional equipment with members when needed. “More than a century after our founding, this investment reflects our members’ commitment to both our history and our future,” said Rob Tanaka, general manager at Santa Ana Country Club. “The new clubhouse will enhance the member experience while preserving the traditions that define our club.” Driver SPG is working with the Santa Ana Country Club to keep the club in operation while the new clubhouse is being constructed. The general contractor has demolished the original structure while transporting items to the new building. It is expected to be completed in 2027 and will be located at 20382 Newport Blvd. in Santa Ana.
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OCTOBER 2026 | MANN REPORT 85
ARCHITECTURE | ENGINEERING | CONSTRUCTION
THE TRIANGLE: WHERE AFFORDABILITY WILL MEET LUXURY Workforce housing doesn’t need to be utilitarian. That’s the case at The Triangle, a $35 million mixed-use workforce housing development bringing 112 rental residences to 1750 NW 15th Street Road in Miami’s Health District. The eight-story, 121,636-square-foot project is currently under construction and will provide thoughtfully designed, attainable housing within close proximity to the district’s major employers and transit connections. Developed by DFRE and designed by ODP Architects, both locally based, The Triangle offers a luxury-caliber design approach to workforce housing. Its articulated façade of projecting balconies, recessed glazing, vertical screening elements and warm soffit accents create depth, privacy and a strong indoor-outdoor connection. Generous glazing and integrated planting bring natural light and greenery directly
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into the residential experience. These features also provide shade and reduce solar exposure, demonstrating that thoughtful design and affordable housing can go hand in hand.
“Our responsibility extends far beyond developing real estate,” said Daniel Dias, principal at DFRE. “With The Triangle, we’re turning a site in the heart of the Health District into attainable, well-designed housing for the people who serve this community. It’s about giving Miami’s workforce the opportunity to live closer to where they work while creating a place that strengthens the neighborhood for the long term.” The development will feature 112 rental, 450-square-foot studio units with private balconies and club membership included; a landscaped 10,000-square-foot pool terrace located on the fifth level, featuring private cabanas, an outdoor television, dedicated gathering spaces and a fully equipped outdoor grilling area; a 3,500-square-foot ground-level fitness center featuring a health food and juice bar, complemented by private fitness studios and dedicated cardio rooms across the second through fourth levels; direct access to green space designed to promote wellness and community connection and
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ARCHITECTURE | ENGINEERING | CONSTRUCTION
Renderings by ODP Architects
additional amenities include dedicated parking, secure bicycle storage, resident club room, in-residence laundry facilities, fulltime on-site staff and a dedicated package room. Ground-floor uses will activate the streetscape, while the project’s walkable location connects residents to Jackson Memorial Hospital, the University of Miami Health System, public transit, neighborhood services and retail throughout the Health District. Local artists will also be incorporated throughout the development, reinforcing Miami’s cultural identity and creating a distinctive sense of place. The Triangle reflects DFRE’s distinct approach to urban infill: transforming an overlooked, irregular “odd lot” parcel into a transit-oriented community designed around how residents live, work and connect. The triangular site, with a single point of ingress and egress along NW 15th Street Road, presented unique design and construction challenges. Through close collaboration between design and structural teams, DFRE optimized the building footprint, circulation, structural systems and overall site functionality while creating a compelling design.
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“Some developers see difficult sites. We see opportunities,” said Laura Weinstein-Berman, principal at DFRE, which plans to expand its South Florida pipeline with additional workforce housing and mixed-use developments grounded in affordability, design, sustainability and long-term neighborhood investment. “The Triangle proves that workforce housing does not mean compromising on design or quality. We’ve approached the architecture, residences and shared spaces with the same level of intention you would expect from a high-end development, because thoughtful design should not be determined by price point. We want to create a place that residents are genuinely proud to call home.” The development comes as Miami-Dade County faces a need for approximately 35,000 additional workforce housing units to address the growing gap between housing costs and local incomes, a challenge particularly relevant in the Health District, which supports more than 46,000 jobs across healthcare, institutional and other essential sectors. The Triangle is being developed under Florida’s Live Local Act, with all 112 rental residences income-restricted to households earning up to 120% of area median income (AMI). The Triangle is anticipated to top off in mid-2027, with completion slated for early 2028.
OCTOBER 2026 | MANN REPORT 87
YOU’RE INVITED TO
The 73 Top Hat Awards rd
OCTOBER 20TH, 2026 | 5:30 - 7:30 PM ARNO RISTARANTE 141 38TH ST - NEW YORK The Top Hat Award is a prestigious honor presented annually to an individual for lifetime achievement and dedication in the Credit Industry. We are proud to recognize Richard L. Stehl and Paul D. Schuldiner, who have reached new levels of achievement within our community. This year, we will celebrate their accomplishments with an award ceremony at Arno Ristorante.
Join Us to Honoo r
Richard L. Stehl
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Register at 475toppers.com or scan the QR code
88 MANN REPORT | OCTOBER 2026
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OCTOBER 2026 | MANN REPORT 89
Executive Changes Extra Space Storage Announces Executive Leadership Transition Extra Space Storage Inc. announced that Noah Springer, president, will become the company’s next chief executive officer, effective January 1, 2027. Current CEO Joe Margolis will retire at the end of the year and serve as an adviser to Extra Space Storage’s board of directors.
Noah Springer
Founded in 1977, Extra Space is the largest operator of self storage properties in the United States, offering a wide variety of conveniently located and secure storage units across the country. “It has been a privilege to lead the Extra Space Storage team over the past decade,” Margolis said. “I am deeply grateful for the opportunity to work alongside such an extraordinary team, who have made Extra Space the best company in the industry. Noah Springer is ideally prepared and fully ready to lead the company into the next chapter of its 50-year story of growth and success. He is a creative problem solver, a dedicated collaborator and an excellent leader. His contributions over his 20year tenure are too numerous to name, but they have helped build Extra Space into the company it is today. I am fully confident he is prepared to succeed.”
Joe Margolis
Springer joined Extra Space in 2006 and became chief strategy and partnership officer in 2020. He was promoted to president on January 1, 2026. Throughout his tenure, Springer developed, led and grew the company’s third-party management platform, Management Plus, which today boasts nearly 2,000 locations.
In addition, Springer has overseen the company’s asset management, construction and development, human resources and operations departments. Margolis began working with Extra Space in 1998 as part of a joint venture partnership. He joined the board of directors in 2005 and became chief investment officer in 2015 before being named CEO in 2017. During his tenure as CEO, Margolis has overseen the company’s accretive growth from some 100 million rentable square feet to more than 340 million rentable square feet. U n d er h i s lead ers h i p , E x tra Sp ac e’s mark et capitalization grew from approximately $9 billion to $30 billion, and annual revenue more than tripled from $1.1 billion to $3.5 billion. Margolis also oversaw multiple large transactions including the acquisition of Storage Express and the company’s merger with Life Storage. “Joe’s outstanding leadership has helped transform Extra Space into the company it is today. Over the past 10 years, Extra Space has grown its store count from 1,400 stores to more than 4,400 stores while maintaining exceptional operations and the unique company culture that makes the Extra Space team so special,” said Ken Woolley, Extra Space founder and chairman. “Under his leadership, Extra Space also delivered the highest 10-year total shareholder return in the storage sector. On behalf of the entire board of directors, we thank Joe for his many contributions, including mentoring and developing the deepest bench of talented leaders across the self-storage industry.”
Photo via PRNewswire
Norco Construction Promotes Gargano to Project Executive General contractor, construction manager and design/ builder Norco Construction has promoted Steven Gargano to project executive. He joined the firm in 2025 as senior project manager.
Photo courtesy of Ware Malcomb
Steven Gargano
Following the promotion, Gargano’s responsibilities encompass providing executive level oversight of Norco’s projects, including managing client relationships, budgets, schedules and construction quality. “Steven’s project management expertise has contributed significantly to Norco’s growth throughout the greater New York area, East Coast and Florida over the last year, particularly in the commercial, hospitality, educational and public market sectors. I look forward to Steven’s continuing contributions to both our company and the success of our clients’ projects,” said Norco CEO and President Norman O. Rijo.
Gargano serves as project executive for four ongoing Norco projects: the ground-up construction of the Princeton Farmhouse luxury wedding and event venue in Princeton, New Jersey; Stony Brook University pre-engineered metal campus warehouse structure in Stony Brook, New York; renovation of the Nassau BOCES Theater at Long Island High School for the Arts in Syosset, New York and three new maintenance operations buildings at the New York State Parks’ Planting Fields Arboretum State Historic Park in Oyster Bay, New York. Gargano holds a bachelor of science degree in construction management from Farmingdale State College. He is OSHA 30-hour certified, and holds multiple site safety and trade-related certifications. Previously, he served as project manager for several large contracting firms in the greater New York area.
Photo courtesy of Norco Construction
90 MANN REPORT | OCTOBER 2026
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Goldman Copeland Announces Co-Managing Principals Charlie Copeland
The board of directors of Goldman Copeland, a New York City-based consulting engineering firm, announced the appointment of Co-Managing Principals Daniel Colombini and Tristan Schwartzman, who will guide the firm’s operations and strategy going forward. Charlie Copeland, the firm’s namesake, initiated this passing of the management reins to a new generation. Copeland will remain a principal of the firm and will now also serve as chairman emeritus.
Dan Colombini
Tristan Schwartzman
Colombini, a principal of the firm since 2015, leads multidisciplinary design initiatives, involving engineering and architecture among other disciplines. Those initiatives — for commercial and institutional clients — often consist of large-scale programs of multiple projects. He has been recognized repeatedly with national awards. He was named Engineer of the Year for his fire protection expertise by Plumbing Engineer in 2018 and was named to Building Design + Construction’s Class of 40 Under 40 in 2020. The US Department of Energy presented him with its Blazing the Trail Grand Award in
2024, and the City and State of New York named him a Trailblazer in Clean Energy in 2025. Schwartzman, a principal of the firm since 2019, is director of energy services and an innovative presence in energy efficiency in Greater New York. He and his team have completed energy audits and retro-commissioning projects for more than 100 million square feet of commercial and institutional properties. He has helped lead those buildings through the design and implementation of annual multimillion-dollar capital improvement projects based on the findings of those reports. In 2024, he was named ACEC New York’s New Principal of the Year. Also in 2024, he was named International Energy Engineer of the Year by the Association of Energy Engineers. Copeland engineered many of the most iconic structures in Greater New York for leading commercial and institutional real estate owners, the firm said.
Photos courtesy of Goldman Copeland
Ted Moudis Associates Welcomes Shah as Senior Studio Design Principal Workplace architecture and interior design firm Ted Moudis Associates (TMA) announced that Arjav Shah has joined the firm as senior studio design principal. Bringing more than 18 years of design and leadership experience, Shah will help advance TMA’s creative practice and bring new perspectives to the firm’s work as organizations continue to rethink the role and potential of the workplace, it said.
Arjav Shah
Throughout his nearly career, Shah has led multidisciplinary teams and partnered with global clients across workplace, higher education, institutional, hospitality and mixed-use projects. That breadth of experience informs a design approach grounded in
collaboration and technical rigor, while his creative vision and ability to anticipate what’s next allow him to translate complex business objectives into forwardlooking design solutions that strengthen culture, inspire innovation and support organizational performance. “Arjav brings the kind of design leadership and perspective that will immediately strengthen our practice,” said Ted Moudis, AIA, senior principal and founder of Ted Moudis Associates, in the announcement. “He understands that the most successful environments are not only well designed, but deeply connected to how an organization operates, how its people work and where the business is headed.”
Photo courtesy of Ted Moudis Associates
Skanska Names Junelind CRO for USA Civil Operations Global construction and development firm Skanska has appointed Antonia Junelind as chief financial officer of its U.S.A. Civil operations, effective January 1, 2027. Junelind will succeed Jari Mäntylä as part of a longerterm leadership transition as Mäntylä shifts his focus to leading strategic initiatives for Skanska USA Civil while looking ahead to his future retirement. Junelind and Mäntylä will work closely together in the months ahead to ensure a smooth transition.
Junelind brings more than 15 years of experience with Skanska spanning finance, investor relations, transactions and business development. She currently serves as senior vice president of investor relations for Skanska AB and has also served as acting senior vice president of corporate finance and control. Earlier in her career, she held leadership roles within Skanska’s Commercial Property Development operations and Skanska Financial Services, as well as an international assignment with Skanska UK.
“Antonia brings a global perspective and a strong understanding of Skanska that will be valuable as we continue to grow,” said Don Fusco, president and CEO, Skanska USA Civil. “She brings tremendous energy, curiosity and a strong work ethic, along with a willingness to get into the details and do what it takes to move the business forward.”
Mäntylä joined Skanska Finland as chief financial officer in 2010 before relocating to the U.S. in 2016 to become chief financial officer for Skanska’s USA Civil unit. During his tenure, he has helped strengthen the financial performance of the business and worked closely with operational leaders and project teams to bring financial insight and discipline to business decisions.
Antonia Junelind
Jari Mäntylä
Photos courtesy of Skanska
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OCTOBER 2026 | MANN REPORT 91
Absolute Electrical Contracting of NY services commercial, industrial, residential and retail clients. Our construction division has the ability to do any task that is required of an electrical contractor. Our low voltage division provides electronic security, voice & data, fiber solutions and fire alarm installations for any size project. The project management team has over 100 years of experience.
Robert Romanoff, President 307 West 38th St., Suite 1301, New York, NY 10018 917.693.5416
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Absoluteelectric.com
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OCTOBER 2026 | MANN REPORT 93
COMMERCIAL CORNER
Tim Rodland Founder and CEO Rodland Real Estate
Tim Rodland is the founder and CEO of Rodland Real Estate, a boutique luxury brokerage in The Bahamas specializing in high-end properties, private islands and exclusive communities. With 17 years in the industry, he advises high-net-worth individuals and investors on relocations, off-market acquisitions and high-value investments. He is also the creator of RoRo, an AI-powered platform delivering real-time market intelligence to real estate professionals, and the founder of Rodland Private Members, a membership platform that gives independent brokerages access to RoRo so they can compete at the scale of national firms while keeping their own brand and autonomy. Through both ventures, he has become a voice on how independents can use AI to stay competitive amid industry consolidation. How long have you been in the business? 17 years. What brought you into the business? I’ve always been passionate about sales, so real estate felt like a natural fit. It allowed me to combine relationship-building, problem solving and entrepreneurship into one career. Who inspires you? I’m inspired by creative people, those who see opportunities where others see obstacles. Creativity drives innovation, and that motivates me. Everyone is trying to figure out the
94 MANN REPORT | OCTOBER 2026
best use of AI. What mistakes are they making? The biggest mistake people make is viewing AI as just ChatGPT. AI is much bigger than asking questions or generating content. Its real value is in improved systems, automating repetitive work, reducing costs and giving people back their time. Businesses that treat AI as infrastructure rather than just a chatbot will have a significant competitive advantage. How did you develop RoRo? Without getting into the specifics regarding the intellectual property, we developed RoRo to fix internal operations within our own brokerage. Rather than adding more staff to the problem, we decided to leverage AI to automate certain tasks that took time away from our agents, allowing them to focus on being more productive in the field. Our main goal was to simplify processes. We approached each task by asking, “Is there a better way to do this? What would make our operations leaner, and how can we make our agents operate smarter?” So, we built RoRo around our brokerage, with AI at the core of the business. As we refined it, we realized the challenges we were solving weren’t unique to our brokerage but were industry-wide. That ultimately led us to launch Rodland Private Members so other independent brokerages could benefit from the same technology. What will RoRo do that other platforms do not? RoRo is an entire brokerage operating system,
not just another AI tool. Most AI products today are built for individual agents, which often creates fragmented workflows and inconsistent processes across a brokerage. RoRo is designed for the brokerage itself. It combines AI, automation, analytics and operational workflows into one platform that brokers can deploy across their entire organization and all their agents. It automates administrative tasks, guides clients through standardized onboarding, assists agents by voice, generates market assets and provides leadership with real-time business intelligence. Because it was built inside a brokerage by people actively operating one, every feature is designed around how brokerages actually work, not how software companies think they should work. I’m still an active broker today, so we continuously refine RoRo based on real-world brokerage operations rather than assumptions. What keeps you up at night? Complacency. Technology is moving faster than our industry has ever experienced, and I think the biggest risk isn't competition, it’s standing still. I’m constantly thinking about how we can improve the experience for clients and agents while anticipating what’s next. My goal isn’t just to keep up with change; it’s to help shape where the industry is going. That mindset keeps me curious, keeps our team innovating, and keeps us focused on what’s next rather than relying on what worked yesterday.
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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 BHI is a registered service mark of Bank Hapoalim B.M. Member FDIC. Deposit accounts offered by the New York Branch are fully insured by the FDIC to the maximum extent permitted by law. Deposit accountsoffered by the Americas Tower Branch and Plaza Branch are not FDIC insured.
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OCTOBER 2026 | MANN REPORT 95
BY THE NUMBERS
Mixing It Up
For New Yorkers, mixed-use developments are an everyday fact of life. Walkable neighborhoods where people can live, work and play in the same area are how great metropolises evolved. But that's not true everywhere. In 1926, the Supreme Court ruled in Village of Euclid (Ohio) v. Ambler Realty Co. that local governments could separate development types into specific areas, creating the zoning laws we see today. A century later, however, the urban form is returning to favor, as we can see by the numbers.
542 The number of live-work-play developments opened between 2016 and 2025 across the U.S. Another 69 are in the pipeline for 2026. (Coworking Café)
50% The potential growth of mixed-use lifestyle districts by the end of the 2030s. (JLL, “Lifestyle Districts 2026”)
44% The percentage of survey respondents who said they’d prefer smaller homes closer to each other but within walking distance of stores, schools and restaurants, up from 42% in 2023. (Pew Research Center)
Also 44% The percentage of survey respondents who expect to focus future retail investment on residential-serving retail. (UCLA Anderson/Allen Matkins survey, 2026)
90,300 The nationwide office-to-apartment conversion pipeline at the start of 2026, nearly four times larger than in 2022. (RentCafe)
Photo courtesy of Adobe/Joanne Dale
96 MANN REPORT | OCTOBER 2026
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