Mann Report March 2024

THE WOMEN IN REAL ESTATE ISSUE

NEW YORK LOS ANGELES MIAMI HAMPTONS LAS VEGAS ASPEN

JODI PULICE

Fighting the Good Fight for Inclusion and Diversity Founder and CEO, JRT Realty Group

Navigate turbulent times with confidence.

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

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MARCH 2024

| MANN REPORT 1

46TH ANNUAL

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REGISTER TODAY Mattie Shepheard | 212.297.0857 ShepheardM@njhealth.org njhealth.org/FID 2 MANN REPORT | MARCH 2024

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They said it couldn’t be done.

We didn’t listen.

We’ve done hard things before, we do them all the time.

For most cancer patients, the usual options are surgery, chemotherapy, or radiation. So we’re working on ways to get the immune system to deploy billions of cancer-killing cells and help more patients survive.

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Now we’re pioneering a bypass that goes through a few tiny incisions. With this surgery, we can get you back on your feet in weeks instead of months.

So if anyone ever tells you there’s no other way—don’t listen.

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MARCH 2024

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A NEW VIEW As we enter New York’s next chapter, our commitment to the City’s vitality, to our community, to our partners, to our tenants, and to our portfolio remains steadfast. We look forward to a bright and shared future.

Ownership/Management/Leasing • Tenant Representation Agency Representation • Co-GP and LP Real Estate Investments Scott Galin, Principal/CEO | 212.398.1888 | Handler-re.com

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PRESIDENT/CEO Jeff Mann

EDITORIAL

ART

BUSINESS

Editor Debra Hazel

Art Director Serena Bhullar

Technology Consultant Joshua Fried

Associate Editor Alex Baumbusch Laurie Melchionne

Graphic Designer Laura Chousa

Distribution Mitchell’s Delivery Service

Graphic Designer Madi McCreesh

DIGITAL MEDIA

Copy Editor Geraldine Melchionne Director of Communications and Marketing Penelope Herrera Director of Newsletter Division Cheri Phillips Director of Special Events Mirusha Damiani

Cover Photography Jill Lotenberg

CONTRIBUTORS Jared Antin Rob Budetti Diana Campbell Frank DeLucia Kris Kiser Joseph Mecagni William Sankey Carol A. Sigmond Del Williams

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

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MARCH 2024

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ONE MANN’S OPINION Welcome to our Women in Real Estate issue, just in time for Women’s History Month and International Women’s Day. Promoting women in business is a major cause for me and a family legacy. As many of you know, my father Irving Mann was a pioneer in hiring women executives in his apparel business women’s apparel, and our staff at Mann Publications is (except for me) entirely female.

That’s why I’m thrilled that Jodi Pulice of JRT Realty Group was the speaker at our first National Realty Club event of the year in February (you’ll see photos next month) and graces our cover this month.

As the founder of the largest certified woman-owned commerical real estate firm in the country, Jodi represents the best of the business, with an unparalleled reputation and list of achievements.

On a personal note, Jodi’s colleague at JRT, Ellen Israel, has been a friend from childhood.

With their associate Pay Wu at MWBE Unite, they are opening the doors for women and persons of color, making this a better business for us all.

As we celebrate our 30th year, we’re proud to feature JRT on our cover.

See you next month.

“Every worthwhile accomplishment, big or little, has its stages of drudgery and triumph: a beginning, a struggle and a victory.” — Mahatma Gandhi

MARCH 2024

TABLE OF CONTENTS

EVENTS 16

REBNY Annual Celebrates Real Estate Industry Achievements and Civic Leadership

18

CoreNet Global NYC Hosts Annual New Year’s Party

21

SL Green Celebrates 30th Green Deal Awards

NEWS BRIEFS 24

Commercial News

28

Residential News

32

Management News

36

Tech Talk

21

Photo by Erica Piedra

54

Photo by AO

40

Breaking News

FEATURES 50

Sandhya Espitia: A Leader in Reinventing REBNY

52

Evaluating the True Cost of Stair Tread Safety for Commercial Property

54

Experience Is The New Anchor

60

Jane Cohen: Pioneering Sustainability in Management

62

Zillow Immerse Takes Virtual Tours to the Nth Degree

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MARCH 2024

TOC

COVER FEATURE

DEPARTMENTS 9

One Mann’s Opinion

14

Editor’s Letter

66

Columns

90

Executive Changes

94

Commercial Corner: Michael Broder, CEO, Rckrbx

96

By the Numbers: Mind the Gap

44

JODI PULICE: FIGHTING THE GOOD FIGHT FOR INCLUSION AND DIVERSITY

Photo by Jill Lotenberg

AEC 82

Happy Valley Crossroads East Retail Develoment Adjoins Senior Living Facility

84

Eastman Cooke Completes Jaguar/Land Rover Dealerships

86

Marin Architects Designs the Xadia Hotel

86 mannpublications.com

Renderings By Marin Architects

MARCH 2024 | MANN REPORT 11

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12 MANN REPORT | MARCH 2024 contained herein has been obtained from sources believed reliable. While we do not doubt its accuracy,mannpublications.com The information we make no guarantee, warranty or representation about it. The prospective tenant should carefully verify each item, and all other information herein.

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MARCH 2024 | MANN REPORT 13

EDITOR’S

LETTER More than a decade ago, a corporate client asked me how she could get more involved with the ICSC, where I had been editor-at-large a few years before. One dinner with my friend, the vice president of meetings, later, the three of us had created the Women’s Special Industry Group (SIG) program, a series of roundtables and panels held at ICSC regional meetings across the country. Our goal was to educate and provide networking opportunities for women in that sector, and for many, those events became a conference highlight. That initiative eventually ended, but others have formed their own events to help women in all categories of real estate succeed.

That’s why I’m excited to spotlight so many extraordinary professionals in this month’s Women in Real Estate issue. It was a pleasure to speak with Jodi Pulice, founder of JRT Realty Group, for our cover feature about her efforts to diversify the industry and REBNY COO Sandhya Espitia (also an ICSC alumna) about the evolution of the association. The Dermot Company’s Jane Cohen pioneered sustainability long before it was a trend. And look to our columnists as they share their expertise.

As for the ICSC Women’s SIG, that client has since passed away and my friend retired, so as the last woman standing, thank you to all who continue our efforts to empower women not just in real estate but all businesses. As Jodi notes in our story, however, real success will be when we don’t need women or diversity initiatives any longer — we’re just all businesspeople, with a voice and a place at the table.

Until then, our work continues.

VISIT US ON mannpublications.com FOLLOW US ON INSTAGRAM @mannreport

14 MANN REPORT | MARCH 2024

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MARCH 2024 | MANN REPORT 15

EVENTS

REBNY Annual Celebrates Real Estate Industry Achievements and Civic Leadership Photos by Jill Lotenberg for REBNY The Real Estate Board of New York (REBNY) hosted more than 1,000 leaders of real estate, business and government at the REBNY Annual, now in its 128th year. The event was held at The Glasshouse in Manhattan and featured remarks by U.S. Senate Majority Leader Chuck Schumer, Governor Kathy Hochul and Mayor Eric Adams, as well as appearances by hundreds of top real industry executives and a wide array of public officials across New York City, state and federal government.

Following a red carpet showcasing the event’s annual honorees and other industry leaders, a cocktail reception featured canapés and hors d’oeuvres curated by Bar Boulud Executive Chef Dan Guzman, Hill Country Chef Chris Stark, Field Trip Chef JJ Johnson and kosher selections from Le Marais.

Guests then enjoyed a three-course dinner, with the first course prepared by Le Pavillon Co-executive Chef Michael Balboni, followed by a second course from Ci Siamo Executive Chef Hillary Sterling, and capped off with dessert from Le Pavillon Executive Pastry Chef Yohko Ogata. The dinner program included the prestigious REBNY awards ceremony honoring seven industry and civic leaders.

“Tonight’s honorees comprise individuals who have worked tirelessly to move our industry and New York City toward a more resilient, prosperous and inclusive future,” said REBNY President James Whelan.

“We’re proud that the REBNY Annual provides such a wonderful forum to celebrate that work while recognizing our vital partnerships with stakeholders across business, labor and government.”

The Harry B. Helmsley Distinguished New Yorker Award was presented to Douglas Durst, chairman of The Durst Organization, for exceptional accomplishments in the profession and invaluable contributions to New York’s civic welfare.

The Bernard H. Mendik Lifetime Leadership in Real Estate Award was presented to Joel Picket, chairman of Gotham Organization, for exceptional service to the industry and remarkable professional accomplishments over the course of his career. The Kenneth R. Gerrety Humanitarian Award was given to Elizabeth Ann Stribling-Kivlan, senior managing director of Compass, for outstanding service to the community. The John E. Zuccotti Public Service Award was presented to Fred Cerullo, president and CEO of the Grand Central Partnership, for exceptional accomplishments and service to the public’s interest. The George M. Brooker Management Executive of the Year Award was presented to Wayne Taub, executive managing director of operations, Jack Resnick & Sons, recognizing exceptional career accomplishments as well as service to the profession and the broader community. The Louis Smadbeck Memorial Broker Recognition Award was given to Ellen Israel, executive managing director, JRT Realty Group, recognizing a REBNY broker with personal and professional integrity, long-term leadership and prominence in the brokerage community and participation in REBNY’s committees.

Lastly, The Young Real Estate Professional of the Year Award was presented to Michael Rudder, principal, Rudder Property Group, for professional achievements as a rising star of the industry and for civic leadership.

James Whalen, Fred Cerullo and Jed Walentas

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REBNY’s James Whelan Guests at dinner

Mayor Eric Adams

James Whalen, Elizabeth Ann Stribling-Kivlan and Jed Walentas

REBNY Chair Jed Walentas Governor Kathy Hochul

Afterparty at REBNY annual

James Whalen, Michael Rudder and Jed Walentas

From left: Councilmember Kevin Riley, Tom Elghanayan, Mary Ann Tighe, NYC Planning Commission Chair Daniel Garodnick and Justin Elghanayan

The cocktail hour at REBNY annual

EVENTS

CoreNet Global NYC Hosts Annual New Year’s Party Photos by Greg Morris Photographer CoreNet Global NYC hosted more than 350 members of its chapter at its annual New Year’s Party at Gotham Hall.

The event showcased an evening of networking, as well as the Star Volunteer Awards, which recognizes one volunteer from each of the CoreNet NYC committees for their dedication and support of the Chapter.

CoreNet Global NYC membership is composed of corporate occupiers and leaders from New York’s built environment and real estate industries. This exclusive event was curated as a members-only event, underscoring the organization’s dedication to fostering a community and enhancing the experiences of its valued members.

“The New Year’s Celebration is a great opportunity to look back at the successes of the past year as well as to look forward to the goals we’re committed to achieving in the upcoming year,” shared Debra Cole, principal/global client relations director of HLW and chair of the special events committee.

Peter Kesaris, InsideSource; Chelsea Flaim, CBRE; Mary Jo Schweich, Shaw Contract; Ginger Gilden, Macro; Kelley Douglass, CR Laurence; Rebecca Dorris-Steiger, TPG Architecture; Wanda Dunaway, Sossego; Debra Cole, HLW; Jillian Aurrichio, Innovant; Jenna Wernikowski, InsideSource; Jillian Allerton, Gensler; Annie Vargas, CBRE and Elizabeth Beyer, Creative Office Resources

Jeremy Libby, Google; Dan Fishbein, NYU; Margaux Jaffa, IA Interior Architects; Courtney Gill, Skanska; Sonya Dufner, Gensler; Larry Charlip, Warner Music Group; Alison Kwiatkowski, Warner Music Group; Mindy Williams, Turner & Townsend; Chelsea Flaim, CBRE; Debra Cole, HLW; Laura Patel, CBRE; Sandra Yencho, Pacific Program Management and Christian Bryan, Alteryx

2024 Star Volunteer Awards

This year, the Chapter showcased Star Volunteers from each of the chapter’s committees. Executive Board committee winners were Steven Wong, GE (Finance and Investment); Jamie Feuerborn, Boeing (Governance and Nominating); Wanda Dunaway, Sossego (Marketing and Communications); Ariel Zurad, Creative Office Resources (Membership); Kelley Douglass, CRL (Programming and Outreach); Crissy Hathaway, NBBJ | ESI Design (Sponsorship); Sandra Yencho, Pacific Program Management (Strategic Planning) and Andie Moeder, Jacobs (Technology).

Content Council Committee winners were: Bruce Macaffer, New Stand (Career Development); Brittany Gallin, John Gallin & Son (Diversity, Equity and Inclusion); Jennifer Taranto, STO Building Group (ESG); Anthony Cugini, Vornado Realty Trust (Landlord Circle); Nekesha Sawh, Hines (End User Forums); Steven Wong, GE (Proptech); Guy Geier, FXCollaborative (Public Policy); Allie Lindsey, Gabriel (Special Events: Chapter Awards); Alison Eagle, Turner & Townsend (Special Events: Golf Outing); Jillian Aurrichio, Innovant (Special Events: New Year’s Party); Morgan Gorospe, Corgan (Special Events: REmmys Gala); Victoria Kocian, NYU Langone Health (Strategy and Portfolio Planning); Grant Friedman, Related Companies (University Relations); Kathleen Hoolahan, Creative Office Resources (Women’s Leadership) and Christie Brala, Jacobs (Young Leaders).

18 MANN REPORT | MARCH 2024

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Wanda Dunaway, Sossego; Jeremy Libby, Google and Anthony Cugini, Vornado

Linda Foggie; Jacqueline Faik, Perkins Eastman Architects PC and MaryLou Berk, LeFrak Organization

Vito Bacarella, Raymond James Financial Services; Arsha Cazazian-Clement, Blackstone; Rob Angilleta, Credit Suisse; Laura Patel, CBRE and Alexandra Liz, Blackstone

Steven Wong, GE; David Kontra, Children’s Hospital of Philadelphia and Dan Fishbein, NYU

Ted Moudis, Ted Moudis Associates and Ellen Albert

Patrick Dudiak, Pershing Technologies; Annie Zboray, CBRE; Dylan mannpublications.com Schedler, VVA; Samantha Levine, Empire Office and Michael Martino, CBRE

Mindy Williams, Turner & Townsend; Linda Foggie and Debra Cole, HLW

Laura Patel, CBRE; Margaux Jaffa, IA Interior Architects and Darrien Pinkman, Tishman Speyer

Katie Grishman, KG Rose Consulting LLC and James Love, TPG Global

Alex Patterson, Wachtell, Lipton, Rosen & Katz; Annie CBRE; MARCH 2024Vargas, | MANN REPORT Jeremy Libby, Google and Dale Schlather, Cushman & Wakefield

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EVENTS

SL Green Celebrates 30th Green Deal Awards Photos by Erica Piedra

The event was held at Cipriani

SL Green celebrated the 30th anniversary of its renowned GreenDeal awards at Cipriani on 42nd Street, honoring New York’s finest commercial real estate brokers. During those three decades of recognizing New York’s real estate movers and shakers, GreenDeals has become one of the pre-eminent events in the industry, the company said.

From left: Presenter, Steven Durels, Michael Movshovich, Marc Holliday and Andrew Mathias

The Jump Start Award was presented to Ethan Silverstein, Michael Movshovich and Bruce Mosler. The Most Number of 2023 Leases Award was presented to CBRE’s Hugh McDonald. The Broker of the Year Emerge212 was Alejandro Alvarez of Cushman Wakefield.

From Left: Steven Durels, Hugh McDonald, Marc Holliday and Andrew Mathias

Presenters with, from left: Alexandra Bogen Prosser, MarHolliday, Alejandro Alvarez, Andrew Mathias and Steven Durels

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A dramatic atmosphere

MARCH 2024 | MANN REPORT 21

22 MANN REPORT | MARCH 2024

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COMMERCIAL NEWS

Ariel Arranges $15.9M Sale of Manhattan Development Site Ariel Property Advisors announced the sale of a development site offering nearly 50,000 buildable square feet at 250 West 30th St. in the Chelsea neighborhood of Manhattan. The property traded for $15.875 million.

Photo courtesy of Ariel Property Advisors

An Ariel team comprised of Founding Partner Victor Sozio; Director Howard Raber, Esq.; President and Founder Shimon Shkury and Associate Director Gabriel Elyaszadeh, along with Harold J. Bordwin, Heather Milazzo and Matthew Bordwin of Keen-Summit Capital Partners LLC, represented the seller, Bridget Realty LLC. Currently home to a vacant 50-foot-wide, three-story, 14,811-squarefoot commercial building, the site’s flexible M1-6D zoning offers the potential to build a commercial and residential mixed-use development up to 49,375 total buildable square feet as of right.

“The sale of 250 West 30th St. confirms that there is still robust demand for well-located Manhattan development sites suitable for condo projects,” Sozio said. “Located between Seventh and Eighth Avenues, one block south of Penn Station, this area is seeing a number of new residential developments.”

Raber added, “Condo development sites have remained attractive in Manhattan because their construction isn’t dependent on the expired 421a tax abatement program, whose absence has contributed to a downturn in development sales in the outer boroughs.”

H&M Opens New Concept Featuring Resale Shop in Soho H&M has opened a new brand destination featuring its first shop-inshop with secondhand pieces in North America at 591 Broadway in SoHo. The nearly 10,000-square-foot store is a new concept for the brand, offering a unique, modern shopping experience with the fashionforward womenswear and elevated styling.

“This new location marks our return to SoHo, a neighborhood which continues to be an epicenter of fashion and style,” said Carlos Duarte, president of H&M Americas. “We’ve been testing new store concepts in New York City, such as our recent H&M Williamsburg store experience, with the aim to build the best, elevated shopping experience for our customers. We’re excited to bring H&M SoHo to life through curated, trend-driven products as well as a new secondhand offering, all in a sleek and inspiring store that fits seamlessly into the fabric of the neighborhood.”

The assortment of womenswear has been curated to mirror the neighborhood with fashionable and trend driven products, while still offering a diverse assortment to allow customers to express themselves. For admirers of preloved pieces, H&M SoHo’s “Pre-Loved” shop-in-shop will offer trendy secondhand garments, the first H&M store in North America to do so.

“After premiering our first U.S. secondhand platform ‘H&M Pre-Loved’ online last year, we are thrilled to build on this offering by launching H&M SoHo with the first secondhand shop-in-shop in North America,” said Linda Li, head of customer activation and marketing, H&M

24 MANN REPORT | MARCH 2024

Photo courtesy of PRNewswire

Americas. “Providing our customers the fashion they crave in a new store that is inspiring and tech-driven is exactly where we want to be as a brand to achieve our goal of liberating fashion for the many.”

The store also features customer service technology including mobile checkout from anywhere in the store and enjoy smart mirrors in fitting rooms that identify customers’ products, including the size and color, and provide personalized product or styling recommendations. The mirrors also allow for items to be requested and brought to fitting room cabins by a sales associate.

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MARCH 2024 | MANN REPORT 25

COMMERCIAL NEWS

JLL Signs 35,500SF at 1330 Avenue of the Americas JLL has leased 35,500 square feet of office space at 1330 Avenue of the Americas, where new ownership has unveiled a pre-built campaign designed to meet demand from mid-size office users who are the most active in the current market.

A joint venture of Creed Equities, Hakimian Capital, CH Capital Group and Nassimi Realty acquired the boutique, 525,000-square-foot Midtown tower in November 2022. Anchored by Silvercrest Asset Management, Intersystems and Rubenstein Public Relations, it is one of the few boutique office buildings along Sixth Avenue with floorplates ranging from 10,000 square feet to 16,000 square feet.

“1330 Avenue of the Americas is a highly attractive asset in the Sixth Avenue corridor, and this leasing velocity highlights the demand among leading midsize occupiers for custom space in highly amenitized properties in prime locations,” said Kevin Nassimi of Nassimi Realty.

“With the unveiling of our newest pre-built offerings, we look forward to welcoming more new tenants to this spectacular asset.”

A JLL leasing team led by Vice Chairman Mitch Konsker, Managing Director Simon Landmann, Senior Vice President Carlee Palmer and Associate Lance Yasinsky serves as the property’s exclusive agent and is marketing the new, fully-furnished pre-built units that range from 4,500 square feet to 16,000 square feet. Ownership has retained MKDA to design a new amenity center to open in the building by year end.

Since being retained as agent, JLL has completed five new transactions at the building: The Bahnsen Group, a wealth management company, relocated from 420 Lexington Ave. to a 4,545-square-foot office on the 31st floor.

Photo courtesy of JLL

Cushman & Wakefield’s Sean Hoffman represented the tenant in the 10-year transaction.

The hedge fund Aurelius Capital relocated from 535 Madison Ave. to 3,415 square feet on the partial 14th floor. CBRE’s Gary Davies represented the tenant in this three-year deal.

ConvergeOne, a growing global IT services provider backed by Luxembourg-based CVC Capital Partners, will open its first New York City office in 4,540 square feet on the 22nd floor. Cushman & Wakefield’s Mark Lauzon represented the tenant in the five-year deal.

Motion picture and video production services company CF Entertainment renewed its 16,400-square-foot office located across the entire ninth floor. Paige Engeldrum and Dan Organ of Cushman & Wakefield represented the tenant.

I80 Group, a specialty finance fund, expanded to 6,609 square feet on the eighth floor in a five-year deal negotiated on its behalf by CBRE’s Hugh McDonald.

Hudson Valley Property Group Acquires Northgate One National affordable housing preservation company Hudson Valley Property Group (HVPG) has acquired Northgate Apartments, a 321unit, 21-story family affordable housing building in Camden, New Jersey. The property was originally built in 1963 and is located at 433 North 7th St. “We are delighted to extend our partnership with the City of Camden, the U.S. Department of Housing and Urban Development (HUD), the New Jersey Economic Development Authority (NJEDA), the Camden County Improvement Authority (CCIA) and the New Jersey Housing and Mortgage Finance Agency (NJHMFA) to enhance the affordability and overall quality of housing in Camden,” said Jason Bordainick, cofounder and managing partner of Hudson Valley Property Group.

The acquisition and property rehabilitation of Northgate is financed with a mix of federal low-income housing tax credits (LIHTC) funded

by Enterprise, Aspire NJ state tax credits, and a HUD FHA 221d4 loan originated by PGIM. The City of Camden also supported the project with a long-term payment in lieu of taxes (PILOT) Agreement which will be instrumental in the property’s future success. The project received support from various partners, including the CCIA and NJHMFA providing financing support, The Metro Company which acted as the tax credit consultant and Citizens Bank as the construction lender.

Additionally, BlueHub Capital served as the Aspire lender.

To ensure the long-term affordability of the property, 96.5% of units are subject to a new 20-year project-based Section 8 HAP contract, which ensures units covered by this subsidy pay no more than 30% of their household income toward rent. The property will also be subject to LIHTC income restrictions through a 30-year compliance period, and

26 MANN REPORT | MARCH 2024

Rendering of revitalized Northgate exterior courtesy of KMA Design Studio.

tenants must qualify at 60% of Area Median Income (AMI) to reside at the property.

The planned transformative revitalization to Northgate will commence shortly after the acquisition closes and take place over a period of approximately two years. The upgrades will include a reimagination of the building’s façade, which will preserve the essence of the mid-century era when the former luxury apartment building was constructed. The scheduled upgrades will include a complete building revitalization with site infrastructure upgrades, mechanical system replacements and a number of in-unit bathroom, kitchen and apartment safety improvements.

The renovation also includes the creation of fully accessible dwelling units, and site improvements to create a fully accessible site. HVPG has also implemented a formal Community Enhancement Program that includes a site-specific emergency plan, active collaboration with local police departments and an enhanced, high-definition monitoring system providing sitewide security coverage.

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Schulte Roth & Zabel’s Real Estate Group

TRUSTED ADVISERS ON DEALS THAT DEFINE THE MARKET COMPLETING BILLIONS OF DOLLARS IN TRANSACTIONS ANNUALLY FOR MANY OF THE MOST INFLUENTIAL PARTICIPANTS IN THE REAL ESTATE INDUSTRY

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

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MARCH 2024 | MANN REPORT 27

RESIDENTIAL NEWS

Redfin: People Leaving Areas with Poor Air Quality Places facing high risk from poor air quality are losing residents faster than before, while places with low risk are gaining residents faster than previously, according to a report from tech-powered brokerage Redfin.

In 2021-2022, 1.2 million more people moved out of than into U.S. metros facing high risk from poor air quality, more than double the net outflow of the prior two years. Meanwhile, low-risk metros saw 1 million more people move in than out, nearly double the net inflow of the prior two years.

This is according to a Redfin analysis of domestic migration data from the U.S. Census Bureau, and air quality risk scores from First Street, which house hunters can now view on Redfin.com listings. First Street assigns nearly every U.S. home a risk rating — minimal, minor, moderate, major, severe or extreme. For this report, a “high-risk” metro is one where at least 10% of properties fall into the major, severe or extreme categories, and a “low-risk” metro is one where less than 10% of properties fall into those categories. First Street’s rating system is based on the number of poor air quality days expected annually today and in 30 years. It includes two common pollutants: particulate matter (PM2.5), which often comes from wildfire smoke, and ozone (O3), which occurs when pollutants react with heat/sunlight.

“Deciding where to live is all about prioritization. With housing costs hovering near their record high, the top priority for many homebuyers is getting a good deal,” said Redfin Chief Economist Daryl Fairweather.

“Even when homebuyers do consider climate change, poor air quality often isn’t top of mind because it’s not as visibly destructive as hazards like flooding and fires. But as the dangers of climate change intensify, we will likely see more people factor air quality and other disaster risks into their decisions about where to settle down.”

High-risk metros are concentrated in expensive Western states like California, which has been plagued by smoke from intensifying wildfires in recent years. The median home sale price in high-risk metros was

$563,710 as of December, 65% higher than the $341,483 median sale price in low-risk metros. A Redfin-commissioned survey fielded in MayJune found that 9% of recent U.S. home sellers cited concerns about climate change as a reason for their move. Other reasons were more common. The top three answers were more space (31%), proximity to family (24%) and getting a better deal on a home (20%).

There are roughly 14 million U.S. properties (about 10% of all properties) that are estimated to have at least a week of poor air quality per year due to PM2.5 today, and almost six million of those face at least two weeks. Some places grapple with months of unhealthy air.

Fresno, California is expected to have over two months of poor air quality in a bad year under current environmental conditions, and more than three months 30 years from now, primarily due to wildfire smoke.

There are 57 major metros where no homes face high risk from poor air quality. Nearly all of them (93%) are located outside of the West, and a majority (54%) saw more people move in than out in 2021-2022.

On average, 19% of homes for sale across those metros last year were affordable for the typical local homebuyer. While that’s low, it’s over six times higher than the share in high-risk metros.

Yonkers IDA Approves $187M of Incentives for Multifamily Residential Developments

The Yonkers Industrial Development Agency (YIDA) voted final approval of financial incentives for two multifamily residential developments — Miroza Tower and Warburton Avenue Apartments.

The two projects represent a total of $186.8 million in private investment and will create a total of 345 new residential units including senior affordable apartments and 503 construction jobs.

Miroza Tower, which is being developed by a subsidiary of Azorim Construction Co. Ltd., will be a 27-story, mixed-use building located at 44 Hudson St. The $133.5 million project will be a 250-unit, mainly residential tower that will include a party room, library, conference room, gym, two resident lounges, rooftop garden and a children’s playroom. The project will also include 1,920 square feet of retail space on the first floor and a 252-space parking garage. There will be 25 affordable rental units made available. The project developer is receiving a sales tax exemption of $5,768,750, a mortgage recording tax exemption of $1,282,286 and a 20-year payment in lieu of taxes (PILOT) valued at $12,389,928.

Warburton Avenue Apartments, located at 322 Warburton Ave., is being developed by the Center for Urban Rehabilitation and Empowerment, Inc, a local non-profit, and Conifer Realty LLC, in partnership with the City of Yonkers. The project will feature 93 units of senior affordable housing on existing vacant publicly and privately owned parcels in the Warburton-Ravine neighborhood in Yonkers. The $53.3 million project

28 MANN REPORT | MARCH 2024

Photo courtesy of Yonkers IDA

will transform the corner of Warburton and Point from vacant land and buildings into a vibrant senior community. The six-story, mid-rise building will consist of an overall unit mix of 36 studio apartments, 57 one-bedroom apartments and one two-bedroom apartment reserved for an onsite superintendent. The project is expected to create 179 construction jobs. The project developer is receiving a 30-year PILOT valued at $2,625,966 million.

“The Yonkers IDA is off to a strong start in 2024 with approval of incentives for two exciting and innovative multifamily developments.

These projects will create more than 500 construction jobs while adding to the vitality of our downtown with new luxury apartments as well as affordable housing for seniors. This is a great example of the diversity of housing that Yonkers has to offer,” said Mayor Mike Spano, chair of the Yonkers IDA Board.

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MARCH 2024 | MANN REPORT 29

RESIDENTIAL NEWS

California Housing Affordability Remains at 16-Year Low Elevated borrowing costs and a shortage of available homes for sale in the fourth quarter of 2023 kept California housing affordability suppressed at its lowest level in 16 years, reported the California Association of Realtors (C.A.R.).

While unchanged from the third quarter of 2023, only 15% of home buyers could afford to purchase a median-priced, existing single-family home in California in fourth-quarter 2023. The fourth quarter 2023 figure was down from 17% a year prior, according to C.A.R.’s Traditional Housing Affordability Index (HAI). The fourth-quarter 2023 figure is less than a third of the affordability index peak high of 56% in the first quarter of 2012.

C.A.R.’s HAI measures the percentage of all households that can afford to purchase a median-priced, single-family home in California. C.A.R. also reports affordability indices for regions and select counties within the state. The index is considered the most fundamental measure of housing well-being for home buyers in the state.

A minimum annual income of $222,800 was needed to qualify for the purchase of a $833,170 statewide median-priced, existing single-family home in the fourth quarter of 2023. The monthly payment, including taxes and insurance (PITI) on a 30-year, fixed-rate loan, would be $5,570, assuming a 20% down payment and an effective composite interest rate of 7.39%. This marked the second consecutive quarter that the effective interest rate rose above 7% in more than two decades.

The effective composite interest rate was 7.14% in the third quarter 2023 and 6.8% in the fourth quarter of 2022.

The median price of condominiums and townhomes in California held up better than single-family homes from both the previous quarter and

Photo via PRNewswire

a year ago. As a result, the share of households that could afford a typical condo/townhome in the fourth quarter 2023 dipped to 22% from the 23% recorded in the previous quarter and was down from the 26% recorded in the fourth quarter of 2022. An annual income of $174,000 was required to make the monthly payment of $4,350 on the $650,000 median-priced condo/townhome in the fourth quarter of 2023.

Compared with California, more than a third of the nation’s households could afford to purchase a $391,700 median-priced home, which required a minimum annual income of $104,800 to make monthly payments of $2,620. Nationwide affordability was down from 38% a year ago.

When compared to the previous quarter, housing affordability declined in 15 counties and remained unchanged in 17. Nineteen counties showed quarter-to-quarter improvements in affordability due to more modest price declines in comparison to other counties during that same time period. Compared to a year ago, five counties saw an improvement in affordability, while 39 counties recorded a decline on a year-overyear basis, and seven remained unchanged.

Elad Group Announces The 74 Luxury Condominiums Elad Group, a New York City-based residential developer, announced that sales have begun for The 74 condominium development at 201 East 74th St., boasting architecture by Pelli Clarke & Partners and interiors from AD100 superstar Rafael de Cárdenas.

With 42 high-design homes — many with full-floor layouts and Central Park views — the 32-story tower has topped out and sales are now underway with Corcoran Sunshine Marketing Group. Private with no more than three homes per floor, the collection includes two- to fivebedrooms, a duplex penthouse with substantial outdoor space and a townhome that enjoys the building’s luxury amenities and services.

“We created The 74 for the Upper East Side buyers who want a modern home that reflects their modern lifestyle,” said Orly Daniell, president of Elad Group.

The 74’s pleated facade is decidedly modern while textured with the quality of New York’s treasured Art Deco landmarks. The tower architecture features white terracotta, with bronze aluminum-framed windows, to form artful geometry with dynamic coloration that catches sunlight for a shimmering effect on the skyline.

“The mid-70s is one of the most prestigious neighborhoods in Manhattan, with such incredible history, legacy and beauty. We designed The 74 to contribute sympathetically to the community with a resonating aesthetic,” said Craig Copeland, partner at Pelli Clarke & Partners. “Too many contemporary buildings are lifeless, flat and all glass, while The 74 is animated with rich textures and colors.”

30 MANN REPORT | MARCH 2024

Renderings courtesy of Elad Group

Homes at The 74 are defined by sculptural neutrals and a clean, crisp atmosphere, with European white oak flooring styled in an oversized parquet pattern, bespoke hardwood millwork in the kitchens and bathrooms and signature floor-to-ceiling windows crafted by Polito Serramenti in Borgosatollo, Italy.

The building’s lobby on Third Avenue feature travertine floors and custom lacquer walls. An additional entrance on East 74th Street affords convenience and another layer of privacy. Light-filled spaces for relaxing, entertaining and wellness include a library lounge with a wet bar and private garden. Situated on a high floor, the entertainment suite allow residents to work from home or gather with friends, equipped with billiards, catering facilities and video conferencing capabilities.

The fitness center and Pilates studio are state of the art. The children’s playroom will entertain and engage young residents.

Prices range from $2.975 million for a two-bedroom to $12.5 million for a full-floor five-bedroom with Central Park views. Pricing for the penthouse and townhouse is available upon request.

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MANAGEMENT NEWS

T&T Construction Management Awarded Orange County Fire Rescue Training Facility T&T Construction Management Group Inc., a woman-owned concrete specialty contractor, has been awarded the contract for the concrete and tilt-up scope of work at the Orange County Fire Rescue Training Facility in Orlando, Florida. Mulligan Constructors Inc. selected T&T for this project. T&T’s scope entails site work, new commercial construction and logistical support on the placement of various fire training props.

Photo courtesy of T&T Construction Management Group

“We are proud to be working on a project that has such a meaningful impact on our community and supports and trains our firefighters and medics,” said Rebecca Thomas, T&T Construction Management’s CEO. “Our team is working diligently to meet our client’s goals. We use modern construction techniques to ensure high-quality and long-lasting results that are delivered on time and within budget.”

The $38 million project sits on a roughly 38-acre parcel. The campus includes an education center with classrooms, administrative offices, locker rooms and mock fire station apparatus bays. The rest of the campus is supported by multi-story drill and burn towers, pavilions, a testing center, a collapse building and a trench training area.

KMF Architects’ partnership with Orange County has been four years in the making, the firm said.

“KMF’s vision aims to provide our fire and rescue personnel with a unique facility they can be proud of,” said Eric Kleinsteuber, AIA, design director and partner at KMF Architects. “Our firm is always looking for the best design solutions to any program question, and we have solved that for Orange County Fire Rescue.”

AMA Group Acquires SKYLINE Engineering Engineering services firm AMA Group has acquired Skyline Engineering, a 30-plus person, New York City-based professional services firm which provides MEPS engineering, commissioning and special inspections services across various market sectors in the New York City metropolitan area.

Skyline MEPS and Commissioning teams include a veteran staff with substantial residential project experience, bolstering AMA Group current services which, in addition to MEPS and commissioning, also include IT, security, audiovisual, acoustics, lighting, construction management and electrical product manufacturing.

Strategically, the acquisition adds a new service to AMA’s suite of offerings, in the form of special inspections, for which Skyline is a licensed Class 1 Agent. The goal is for Skyline to expand the core as well as grow the service to other regions that require special inspections, such as Florida, California, Pennsylvania and Texas.

Skyline was founded and is led by Matt Wavro, a 30-plus year veteran of the design and construction community in NYC. Wavro is now part of AMA Group senior leadership and will continue to lead the Skyline team, with particular focus on special inspections and commissioning.

“We are thrilled to welcome Skyline Engineering to AMA Group given their culture is similar to AMA, where we invest in our people as our most valuable asset,” said Arthur Metzler, PE, founder and CEO. “Moreover, the ability to add special inspections provides substantive growth potential given the projected expansion of Special Inspections being required in other major U.S. markets.”

32 MANN REPORT | MARCH 2024

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MANAGEMENT NEWS

IMC Architecture Launches Interior Design Studio Multifamily, commercial and institutional architectural firm IMC Architecture has launched its new interior design studio, led by Director of Design Federigo Luzzi, with a focus on workplace, commercial, retail, healthcare, hospitality and residential work.

Photo courtesy of IMC Architecture

“Our new interior design group will both serve its own clients and support IMC’s architectural projects. The studio will take advantage of the increasing volume of interior work in the New York City, national and international markets,” said IMC Principal Eugene Mekhtiyev, AIA, LEED GA. “Our interior design team brings together a group of accomplished designers with a wealth of experience and familiarity with international and multi-cultural aesthetics and practices. This expertise has already helped us win several new corporate, educational and residential projects,” added Luzzi.

The new interior design studio’s current projects include the 4,000-square-foot office fit-out for Brooksville and boutique 1,000-square-foot workplace for We Lend in Manhattan; 10,000-square-foot workplace for Bawabeh Realty Holdings in Brooklyn as well as interior design work for several charter and private schools in Manhattan, the Bronx and Brooklyn. In the retail and hospitality markets, the studio designed the new Le Café Coffee at the One Dag office tower in Midtown Manhattan.

In addition to design services, the firm also operates an affiliated zoning, expediting and permitting consultancy CORE Consultants.

The firm’s portfolio features in excess of seven million square feet of architectural design and zoning consulting projects, totaling more than $2 billion in construction value. IMC Architecture’s luxury, market-

rate and affordable condominium and rental multifamily design work includes the 41-unit 550 Prospect Place and 16-unit 701-703 Lafayette Ave. in Brooklyn, New York; 155-unit 289-299 East 161st St., 21-unit 35 Kingston Ave. and 34,000-square-foot Croton Residence in the Bronx, New York; 70-unit The Grand and 73-unit NewRo in New Rochelle, New York and multiple upgrades to the 37-story, 807-unit 63-67 Wall St. rental property in Manhattan.

The firm’s commercial and institutional design portfolio includes the 90,000-square-foot 15 Parkville Ave. commercial and medical office building, 36,500-square-foot Center 15 medical services building, 20,000-square-foot Spring Creek Towers property management office, Ascend Public Charter Schools at 1833 Nostrand Ave. and 8-48 Atlantic Ave. in Brooklyn, Elm Charter School at 79-20 Queens Blvd. in Queens, New York and Persian Congregation of Flatbush in Brooklyn.

ClearGen and King Energy Join Forces to Power Solar Progress in Multi-Tenant Real Estate ClearGen LLC, a provider of flexible capital to development partners in the clean energy sector, has committed over $150 million to funding the ongoing solar projects of King Energy, an innovator in delivering commercial-scale solar energy solutions for multi-tenant properties.

Under King Energy’s business model, real estate owners receive rent for their rooftops, while tenants and common areas enjoy clean power at discounted rates. Leveraging ClearGen’ s partnership, King Energy’s projects eliminate the need for upfront funding from property owners or tenants. Utilizing King Energy’s proprietary billing software, OneBill, the benefit of solar energy is provided to tenants (often small business owners) at significant cost savings. This not only generates a new revenue stream for property owners, enhancing long-term property value, but also delivers cost savings crucial to the local economy.

ClearGen said views this collaboration as a strategic move to advance its presence in the renewable energy sector.

“At ClearGen, we are more than financiers; we are catalysts for growth.

Empowering partners with efficient capital to source new customers and aggressively grow their business is our goal,” said Rob Howard, CEO of ClearGen. “King Energy’s ability to overcome historical

34 MANN REPORT | MARCH 2024

challenges in multi-tenant assets showcases their market leadership.”

“This partnership will fuel growth and set the standard for multitenant commercial renewable financing,” said John Witchel, King Energy founder. This is a huge win for property owners and tenants we serve.”

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TECHTALK

Cushman & Wakefield Elevates Sustainability Solutions with Measurabl Real estate services giant Cushman & Wakefield has formed a strategic collaboration with Measurabl, a provider of environmental, social and governance (ESG) performance data solutions.

“The challenge with ESG initiatives is in how you measure success,” said Marla Maloney, president of Americas Services. “This technology, along with our in-house sustainability and property expertise, enables our clients to access data-driven insights that can inform on areas of strength, and areas that need improvement. With Measurabl in place and supported by the Cushman & Wakefield sustainability team, our clients will have powerful benchmarking data within one integrated platform.”

This collaboration empowers Cushman & Wakefield’s clients to access comprehensive ESG data seamlessly, providing a centralized platform to elevate their environmental efforts.

The key functionality of Cushman & Wakefield and Measurabl offering includes energy use and carbon output, building trend analysis to identify opportunities for optimization, target setting for environmental goals, implementing and monitoring sustainable building practices, simplification of ESG reporting to stakeholders, centralized storage of essential documents, compliance with local ordinances and simplification of sustainable building certifications.

Through Cushman & Wakefield’s partnership with Measurabl, the sustainability team can help streamline data collections, deliver meaningful insights and optimize sustainability efforts for clients,

including automating ESG data collection, benchmarking, monitoring of key metrics and trends and transparent reporting of performance.

“Managing ESG without technology is not sustainable,” said Maureen Waters, chief growth officer at Measurabl. “Working together with Cushman & Wakefield, we can help clients advance their sustainability efforts, driving positive change in the commercial real estate industry.”

Pivot Selects Stayntouch PMS to Power Seven Properties Stayntouch, a provider of cloud hotel property management systems (PMS) and guest-centric technology, announced a new partnership with Pivot, the lifestyle operating vertical of Davidson Hospitality Group.

Stayntouch will implement its cloud PMS across seven Pivot hotels in the United States.

“We are thrilled to embark on a strategic partnership with Pivot, sharing their unwavering commitment to redefining guest-centric hospitality,” said Reid Webster, vice president of strategic growth and partnerships.

“We designed our cloud PMS to facilitate easy scaling and usability for boutique brands, and we are delighted to witness Pivot-operated hotels fully leveraging these capabilities. Our goal is to be a steadfast partner they can rely on, ensuring they gain the maximum benefit from their new cloud PMS.” Pivot caters to boutique and lifestyle brands that are reshaping the hospitality industry with unique service philosophies and data-driven results. Stayntouch was selected as a strategic partner to seamlessly facilitate the change management of Pivot’s property management system, transitioning it from legacy to modern cloud technology.

This partnership brings the benefit of premier customer service, robust functionality and comprehensive multi-property management capabilities, Stayntouch said.

“Our experience with Stayntouch has been transformative. The system is intuitive and scalable, and the Stayntouch team has simplified resource scheduling and deployment for our properties,

36 MANN REPORT | MARCH 2024

even on tight deadlines,” said Paula Weissend, regional director of revenue management at Pivot Hotels. “The platform’s flexibility and comprehensive features are ideal for companies pushing the boundaries of hospitality innovation. Specifically, their multi-property and chain configuration functionalities will significantly aid our team in implementation and portfolio management.”

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TECHTALK

Cove.tool Adds Project.assist to Analysis Engine Cove.tool, the AI-powered data engine for building design, launched an enhanced version of its analysis.tool solution, which now includes an AI-powered sustainable design consultant. Dubbed project.assist, this new feature offers advanced energy modeling and performance analysis through on-demand model uploads and reporting to empower architects with data-driven decisions.

Analysis.tool is a holistic web-based platform that utilizes machine learning to optimize projects for energy, carbon and cost. With the introduction of project.assist, users of the solution now have access to a suite of expert, on-demand assistance, which can act as a virtual sustainability consultant for architects. From energy analysis to LEED reporting, project.assist will offer a range of custom reports with accurate, timely and insightful results, reviewed by the in-house research team.

“The launch of project.assist is a game-changer for architects — it will provide firms with real-time and cost-effective access to highquality assistance, helping save time, and resources,” said Sandeep Ahuja, CEO and co-founder of cove.tool. “Users of analysis.tool have an adaptable, functional and flexible tool that actively contributes to project success by enabling performance-based design decisions.

Most notably, it will help architects further commit to sustainable, environmentally responsible design by simplifying sustainability reporting.”

All current analysis.tool users can access project.assist, which brings advanced sustainable design consulting and analysis to firms of all

sizes. Its AI-driven engine serves as a cost-effective, on-demand solution to expand sustainability efforts and streamline design processes with limited resources and on tight deadlines, the companies said in the announcement.

“AI is well-positioned to assist architects by handling bespoke and complex problems quickly to give architects the insights they need so they can focus on creativity, innovation, and meeting their clients’ needs,” explained Patrick Chopson, chief product officer and cofounder of cove.tool. “We are embracing and exploring all opportunities to integrate AI to make sustainability consulting accessible to every firm and every project no matter how big or small.”

Rocket Homes Real Estate Search App Available on Apple Vision Pro Tech-based real estate service provider Rocket Homes Real Estate LLC announced that its app is now available on Apple Vision Pro, the new spatial computer. Apple Vision Pro users can blend their physical and virtual worlds to view and tour properties to find their next home.

“At Rocket Homes, we know there are millions of people who are waiting for the right moment to buy a home. We also know that there are many ways to find and fall in love with your next house during the homebuying journey,” said Sam Vida, president and chief product officer of Rocket Homes. “We are constantly developing new ways to make the home search more convenient and effective. That’s exactly what we did when we created the Rocket Homes app for Apple Vision Pro, which will bring the home shopping experience to the gamechanging world of spatial computing.”

When homebuyers launch the Rocket Homes app in Apple Vision Pro, a home search page and map of nearby listings based on the user’s current location will fill their field of vision. From there, buyers can immerse themselves in the spaces they are considering, giving them a realistic sense of a home’s location and layout from miles away or even across the country. The app also features a “look around” option, enabling the user to explore the home’s exterior and view the surrounding neighborhood. Plus, on listings that include 3D tours, they can get a close-up look at every room in the home, helping consumers to picture their lives there.

Beyond the home search, additional features include the ability to compare multiple listings and view them side-by-side in Apple Vision Pro by using hand gestures to move listings around the space in front

38 MANN REPORT | MARCH 2024

of them and zoom in on the map. In addition, The Rocket Homes app also supports Apple’s SharePlay, enabling users to show a friend or family member what they see in their Apple Vision Pro via FaceTime.

A homebuyer can get a second opinion and virtually walk through the home together from anywhere in the world.

Interaction on Apple Vision Pro is predominantly driven by the user’s hands, eyes and voice, leveraging machine learning to accurately predict what command is being given. Home shoppers can simply say the location they are looking for and are instantly presented with possible listings. If the user is signed into their Rocket account, Rocket Homes’ advanced AI and machine learning technology will show properties the homebuyer is likely to be interested in based on their previous browsing and saved favorites.

Homebuyers can download the Rocket Homes app to use on their mobile device, in CarPlay or in the Vision Pro App Store.

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

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

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

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

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

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

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

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

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

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MARCH 2024 | MANN REPORT 39

BREAKING NEWS

J. Safra Real Estate to Acquire Faneuil Hall Marketplace J. Safra Real Estate (JSRE), the real estate arm of The J. Safra Group, announced plans to acquire Faneuil Hall Marketplace in Boston, Massachusetts from Ashkenazy Acquisition Corporation (AAC). Terms of the acquisition were not disclosed.

“Faneuil Hall Marketplace is a tremendous asset and truly the heart of Boston. It is consistent with our real estate portfolio of signature assets,” JSRE said in the announcement. “We look forward to working in lockstep with the Boston Planning & Development Agency, the City of Boston and other local constituents to continue the excitement, pride and success of this world-class destination.”

Faneuil Hall Marketplace has anchored downtown Boston since its construction in 1827, serving as a commercial hub of the city with a continuously vibrant mix of local business and life.

“It has been our honor and privilege to have served Faneuil Hall Marketplace, the City of Boston, and the millions of visitors who have

enjoyed their experiences at this historic asset,” said Joe Press, chief operating officer at Ashkenazy Acquisition Corporation.

The Safra Group, with total assets under management of over USD $300 billion, consists of privately-owned banks under the Safra name and investment holdings in asset-based business sectors such as real estate and agribusiness. Other Safra assets include the Gherkin Building in London and 660 Madison Ave. in New York City.

Deskpass and Industrious-owned Breather to Merge Deskpass, one of the largest networks of on-demand, flexible workspaces, announced plans to merge with Breather, a subsidiary of flexible workplace company Industrious.

The merger will expand Deskpass’s workplace solutions and network, supporting the shift toward hybrid work and bridging the gap between companies that prefer their employees to return to the office and employees who prefer the flexibility of working from home. Instead, employees can now have greater access to convenient workspaces, reducing the time they spend working from home and easing employer concerns, the companies said.

Breather was founded in 2012 with the goal of creating a network of private, comfortable spaces that could be rented by the hour for meetings, work and relaxation. It was acquired by Industrious in 2021.

“Over the past two years, Deskpass and Breather have both experienced a more than tenfold surge in bookings, revolutionizing how thousands of companies approach workspace flexibility,” said Sam Rosen, CEO of Deskpass. “Collectively the Deskpass and Breather brands have supported over 500,000 flexible workspace reservations.

As we operate Breather in partnership with Industrious, we’re poised to further accelerate this growth, bringing innovative, on-demand workspace solutions to the forefront of real estate strategy.”

The demand for hybrid work arrangements or alternatives to five-day-aweek in-office policies has continued to normalize in the years following the pandemic. In its annual “State of Hybrid Work 2023” research Owl Labs found that 66% of companies are mandating in-office work, while only 22% of employees are happy with the in-office work style. This divide results in only 41% of employees saying they would comply with the mandate without complaint, while 22% would return but be unhappy, 31% would return and start but start looking for a new job and 6% would quit entirely.

Some companies as a result have avoided this conflict by using marketplaces such as Breather and Deskpass. These solutions provide employees and teams with immediate access to extensive networks of third-party flexible workspaces, including desks, meeting rooms and private offices. This eliminates common objections to return-to-

40 MANN REPORT | MARCH 2024

the-office demands such as longer commutes, reduced autonomy, distracting work environments, inadequate technology and more.

“We are excited for this merger, and to partner with Deskpass in reshaping the future of the workplace,” said Jamie Hodari, CEO and co-founder of Industrious. “Employees want flexibility and more than anything, they want choice. Deskpass & Breather give employees the choice of where to work, from a few hours in a secluded spot, to on-demand access across entire metro areas. When companies incorporate flexible solutions like Deskpass and Breather into their overall office network strategy, they get happier employees who are more productive and collaborative when it truly counts.”

Hodari and Fain will both join the Deskpass board of directors.

Deskpass’s network consists of thousands of workspaces worldwide.

Industrious operates at nearly 200 locations in more than 65 markets globally.

“So much time, energy, and anxiety have been wasted in the return-towork debate because home and office are seen as the only options,” said Evan Fain, general manager of New Ventures at Industrious. “By simply adding Deskpass & Breather’s on-demand, flexible workspace network as the third option, companies instantly get the facetime and collaboration they want, while employees get the shorter commutes and greater personal control they embraced during the pandemic.”

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BREAKING NEWS

JT Magen Taps Former MLB Pitcher Bud Norris to Lead Business Development Efforts in Texas New York City-based JT Magen, a national construction firm specializing in preconstruction, construction management, design-build and general contracting across a variety of industries, announced that former Major League Baseball pitcher Bud Norris has joined the firm’s Austin, Texas office as business development representative. The news comes as the office marks its one-year anniversary in the Texas region.

Photo courtesy of JT Magen

The firm’s Austin office, overseen by JT Magen Vice President Vincent Ryan and led by Southwest Regional Director Dan Longshore, has seen substantial growth in its first year, tripling the team and conducting more than $80 million in pre-construction or construction projects across the technology, law, retail, office, university, manufacturing and distribution sectors.

Norris will lead business development efforts for JT Magen down in Texas. Following a 14-year baseball career, most recently with the St. Louis Cardinals, Norris transitioned his skills to the construction industry. He will focus on building relationships in the construction market and sourcing new work in the region, where his local network is set to play a role in the company’s ongoing growth and expansion efforts, JT Magen said.

“The recruitment of Bud Norris, with his genuine and authentic disposition, will support the firm’s business development efforts as we enhance engagement and amplify our footprint in Austin,” added Longshore. “Norris’s unique perspective, combining athletic discipline with business savvy, is poised to be a significant asset in navigating the competitive landscape of Texas’s construction market.”

“Singles Tax” for Renters Exceeds $7,000, Zillow Reports It isn’t cheap being single, according to Zillow. Renters braving the onebedroom market on their own are now paying a premium “singles tax” of $7,110 per year to live alone, an increase of more than $100 from last year’s already staggering figure.

Chart via PRNewswire

In New York City, where personal space comes at a premium, singles still shoulder the most significant burden in the country for the luxury of living alone. According to data from Zillow’s New York City brand StreetEasy, the additional annual cost for solo living has reached $20,100, a $600 increase from last year.

Conversely, cities like San Francisco, San Jose, California, Boston and Washington, D.C. have seen modest reductions in their singles tax.

While these small declines provide a bit of financial breathing room, they don’t mitigate the broader affordability challenges in major cities.

“While some renters may envy their coupled-up friends for dodging the ‘singles tax,’ solo renters enjoy perks that go beyond financial savings.

There’s no arguing over which show to binge-watch next or disputes about whose turn it is to clean up after dinner,” said Emily McDonald, Zillow rental trends expert. “Still, it’s crucial for renters to really dive into what living alone costs in their area and decide if the price tag is worth it.”

Zillow’s analysis also reveals that cohabitating renters across the country enjoy annual savings of $14,220 over their solo-dwelling counterparts. The financial benefits of living together becomes even

42 MANN REPORT | MARCH 2024

more pronounced in pricier cities, with couples in New York City seeing potential savings of $40,200. This considerable sum could be used to help erase credit card debt, invest in a retirement fund or contribute to a down payment on a home.

For singles looking to dodge the singles tax, embracing the roommate route presents a popular solution to keeping housing costs in check.

Zillow recently rolled out room listings, aimed at alleviating the financial strain of living alone. This new listing type offers users the flexibility to both find and offer individual rooms for rent, bridging the gap for those seeking a more budget-friendly living arrangement.

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RSA is the largest real estate trade association in New York. We’re a non-profit that has one priority: Housing New York Since 1983, the Rent Stabilization Association has worked for property owners in good times and bad. Now, during a public health crisis that is straining the economics of our industry, we are working hard to keep tenants in their homes and ensure that owners can continue providing safe and adequate housing.

RSA represents over 25,000 members with more than one million apartments. We provide cost effective and practical solutions to help owners run their buildings. In Albany and at City Hall, we are a forceful and consistent voice for the common sense needs of property owners. Our membership is deeply diverse and in every neighborhood. Though government and policy is unbalanced now, we’ve fought back through tough times before. And we’re doing it now.

We advocate for programs and funding.

We provide services to help our members comply with all laws and regulations.

We fight against reckless policies that unfairly target the industry.

Our counselors help members with any problems or government agency issues that come up.

Our monthly RSA Reporter is an industry must-read, always providing information necessary to keep owners up to date on compliance issues and other policies. We have weekly email blasts, policy action alerts, and updates on political and legal issues.

We are constantly fighting for policy that provides a fair balance to the needs of both building owners and their tenants.

mannpublications.com MARCH 2024 | MANN REPORT 43 123 William Street, New York, NY 10038 · 212-214-9200 · WWW.RSANYC.ORG

COVER STORY Photos by Jill Lotenberg

44 MANN REPORT | MARCH 2024

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COVER STORY

JODI PULICE

FIGHTING THE GOOD FIGHT FOR INCLUSION AND DIVERSITY

BY DEBRA HAZEL

I

t all started with a baseball team in the 1990s. Jodi Pulice, already an established commercial real estate broker at a New York City-based firm, had joined her company baseball team as a shortstop. A good athlete her entire life, she more than held her own with her male teammates for three years.

Then someone at the league level decided that women couldn’t play. She was offered a role as team manager but passed. The same obstacles existed for women in the corporate world.

“I was having meetings with gentlemen in our industry who were just dismissive, even if it was my deal and I brought it all together,” Pulice said. “They would never let me speak. I wasn’t given a seat at the table.”

Instead, she built her own table. She founded JRT Realty Group, a full-service firm that has become the largest certified woman-owned commercial real estate firm in the United States. And even as she continues to help women shatter glass ceilings, she now is helping others who have been traditionally underrepresented in the industry come into their own in a very insular business.

career in health, so she turned to travel, becoming a top sales producer at an airline and then seeing the world in the tours department. But tiring of flying standby, and one too many nights spent sleeping in an airport sent her in search of a more earthbound career. Friends suggested she interview at both residential and commercial real estate firms. She opted for the commercial side, working with Mary Salerno at Berley & Company for clients including the United Nations and a number of permanent missions to the U.N. (She also met her husband Greg Smith, JRT president, there.) When Berley & Company closed, she moved on to Huberth & Peters, and then to the Sylvan Lawrence Company.

But seeing she couldn’t make change from within an already established structure, Pulice formed JRT in 1996, offering a full range of customized client services, including strategic planning, corporate real estate portfolio management, tenant representation, leasing and property marketing, property management, financing and investment sales.

She began developing her own accounts including investment giant TIAA, a natural fit for her company.

Toppling that structure isn’t easy. But Pulice’s strength isn’t surprising for the Staten Island-raised daughter of an NYPD lieutenant detective dad and a gym teacher mom.

“Their big focus was on women-owned and minority companies because 65% of their annuitants were women and people of color. They were teachers,” she said.

“My dad was in the 10th Homicide Division in Brooklyn,” she recalled. “While he prepared for retirement, he was also serving as a travel agent for the police department. We’d go on group tours with him. I saw all of Europe and many other continents with the police department.”

On TIAA’s advice, she had the firm certified as a minority and women-owned business (MWBE) and began working with New York State, New York City and other agencies.

While she was earning her bachelor’s degree in bacteriology and public health from Wagner College, she worked three jobs to pay her way, coaching sports at her former high school, making eyeglasses at Sterling Optical and even cleaning the science labs at college.

She formed a non-exclusive strategic alliance with a larger company that provided a national footprint and stream of work. Today, JRT’s clients include Fortune 500 and institutional clients, as well as federal, state and city governments. The firm has worked on deals as small as a few hundred square feet to as large as one million square feet, including a recent 640,000-square-foot, longterm transaction that was the second-largest of 2023 in New York City. But despite her own success, Pulice continued to see that women and professionals of color were excluded from the top decisions.

“My dad wanted me to make my own way, which I appreciate now,” she said.

An internship in a pediatric cancer ward dissuaded her from a

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“From that point, we continued to grow and flourish,” she said.

MARCH 2024 | MANN REPORT 45

COVER STORY She made it her mission to change that.

Fortunately, she has sympathetic ears and vast experience with her team, including Ellen Israel, executive managing director, a 30-year industry veteran, who joined JRT in 2011.

“Ellen and I always had that spirit,” Pulice continued. “There aren’t that many women around in the industry. Ellen knows what I’m going through.”

Her advocacy extends beyond increasing the number of women in the power structure to bringing in others who didn’t have a voice in the industry, including business owners of color. In 2022, she co-founded MWBE Unite, which brings together the most qualified minority and women-owned firms to offer the commercial real estate industry and corporate occupiers a comprehensive resource for diverse project teams. Pay Wu, a former executive with experience working for a global real estate firm as well as name brand organizations including Deloitte, TD Bank and American Express among others, was brought in as president.

“Pay was in corporate America and has an unbelievable resume. We were doing presentations and various deals together,” Pulice said. “We saw how we could join forces to make this better.”

Wu knew skilled women and minority professionals who could be bidding on lucrative jobs, but they had trouble completing the often-complex RFPs, and faced the challenges of competing with larger, better-known contractors.

Together, Wu and Pulice created a platform where talented women and minority-led firms and indviduals could support each other, with Pulice’s and Wu’s guidance — often their presence at a presentation can sway a decision in the firm’s favor. In just two years, the platform has grown to more than 50 firms with the potential to affect generations.

“Generational growth will bring generational wealth,” Pulice said.

She continues to promote women’s success, distributing Female Friday Features, a weekly email that highlights trends and notable women in the news. She also continues to educate her clients on the needs of all working women, especially in the post-pandemic era.

“We lost 4.5 million women in the workforce during COVID-19,” she observed, largely due to childcare issues.

Pay Wu and Jodi Pulice

COVER STORY

Ellen Israel, Jodi Pulice and Pay Wu

To bring hybrid workers back to the office, many landlords installed luxury amenities, including golf simulators, fire pits, bars, restaurants and basketball courts, she observed. They may be well intentioned, but it doesn’t solve the problems of a working mom — or dad.

“If I have kids at home and need childcare, what am I going to do with those amenities?” she said. While acknowledging the challenges of providing onsite daycare, she’s brought this up at meetings, to discover there is not even one pilot program. “This must change. There has to be part of a contract with employees where childcare is considered, where mom and dad can drop off the child and take them home in the evening. This is the world we live in.”

Despite her success, being a woman in the industry is still a challenge, though the newest generation in the industry is more open to change and accepting of women in the industry and a more diverse workforce, she observed.

It’s all a part of building her own legacy in the industry.

“Do I know how to close deals and generate revenue? Absolutely. Have I done that? Absolutely. Now, what is my legacy? At this point in my life, I’m bringing in people who sit with me, architects, engineers, talented women who just want a seat at the table,” she said. “It’s bringing other people into the industry and giving them a voice. I want to give them a voice and empower them to be successful. ” As the three women have been the recipients of numerous awards from REBNY, the Greater New York Chapter of the Institute of Real Estate Management, the Association of Real Estate Women (new CREW Network) and more, Pulice makes a point of bringing junior associates on stage with her as she accepts the honors.

“I want to show them that they, too, can do this,” she said.

She also serves on a number of charitable boards, including the Jeffrey Modell Foundation, Columbus Citizens Foundation, United Nations Federal Credit Union Foundation to help women and youth overcome poverty and the United Nations Women’s Empowerment Principles.

JRT also offers an annual internship program to help top students get into the real estate business.

Ironically, though, Pulice said her greatest success will be when the MWBE certification is meaningless.

“Certification is something for the Dark Ages. Why do I have to be certified as a woman-owned business, if I’m good enough for the job? I’ve been doing this for 35 years. When am I good enough?” she said. “When women and people of color don’t need to be certified, that’s when I feel we’ve succeeded.”

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FEATURES | MANAGEMENT Photo By Jill Lotenberg/REBNY

SANDHYA ESPITIA

A Leader in Reinventing REBNY

By Debra Hazel

For more than a century, the Real Estate Board of New York (REBNY) has been the voice of the city’s real estate industry. And as the city’s skyline and the real estate industry have changed, so, too, is the trade association’s mission.

Helping to lead the way is Sandhya Espitia, the organization’s chief operating officer, charged with leading its organization-wide strategy and operations for programs, products and services, and bringing a new mindset to the association.

“REBNY’s power is its deep commitment to New York City real estate, which at times can be a silent engine, but we don’t stop working on moving both the industry and the City forward,” Espitia said.

REBNY today is an organization undergoing its own shifts even as it navigates and leads the rapid changes facing New York’s commercial and residential real estate industries with what Espitia calls a “small but mighty” staff of just 52.

“It is a balancing act. The most important thing is that we understand that we are so interconnected,” she observed. “It’s a diplomacy walk every single day. Sometimes you shift from one party to another.”

Managing that walk is the culmination of a career path that has taken her from real estate to academia to association leadership. Her first job right out of college was in commercial real estate in Fort Worth, Texas, working with retailers and redeveloping distressed assets.

“I loved it. Real estate so essential to everything we do in an economy.

50 MANN REPORT | MARCH MARCH 2024 2024

But I always had an interest in working internationally,” she said.

After a year in retail leasing, she earned a master’s degree in international education and moved on to academia, first at Texas Christian University, and then at Harvard University. She focused on development issues in South America and then as a program development officer for the Americas, working with non-government organizations, technology programs, emerging economies and more.

But New York City beckoned and Espitia moved to the city in 2012. She kept her job at Harvard, where she was managing programs in seven different countries, and returned to Cambridge for one week each month.

“I was traveling to Cambridge and internationally a lot, but wanted to get my life started in New York and fully transition to a life here,” she said.

In 2013, she transitioned to a post created for her in new business development for the education and certifications department at the then-International Council of Shopping Centers (now ICSC), and reinvented initiatives in knowledge development for the global retail real estate industry.

“We saw that innovation was needed at the intersection of consumers, retail and real estate,” she said. “We traveled to different global regions to understand their pressing needs and created education and certification committees with local know-how, moving away from the traditional centralized approach of doing everything from the U.S.” While at ICSC, Espitia was promoted to managing director of Latin America and the Caribbean. Her role ranged from being the Spanish spokes-

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FEATURES | MANAGEMENT

person for the association, to creating a new Board of Trustees, from overseeing events and education, to translating ICSC’s research and proofreading publications for the Latin American retail real estate market. She built teams in New York City and Mexico City, negotiated the office lease and got on a plane often to be wherever she was needed. She grew the regional membership by 20% in one year.

“I was wearing every single hat you could wear. It was a formative experience,” she recalled. “I was pretty much running a company in a region.”

Two years later Espitia was promoted to vice president of education and certification globally. Travel was constant, developing partnerships and running the John T. Riordan School in the U.S., Latin America, Europe, the Middle East and Asia-Pacific. She also worked with various business schools, including the Wharton School at the University of Pennsylvania, where she hosted ICSC’s own University of Shopping Centers program, held annually in Philadelphia.

“Then I had my daughter, and I wanted to see her every day, which meant I needed to travel less,” Espitia said. “I realized I could take all these years of experience to one city and still make an impact. And I found REBNY.” She joined REBNY in 2017 as a senior vice president of brokerage and felt the urgency to modernize the association.

“When I joined REBNY we had some organization-wide legacy issues affecting productivity, and I wanted to fix them, even though it wasn’t my job,” she recalled. “We needed new talent, better technology, a reliable database, performance accountability and deadline-driven processes.”

From there, her role naturally evolved into a chief operating officer, REBNY’s first, where she has continued to reinvent the organization.

The Annual Gala has been reimagined with a younger, more diverse feel and food from top chefs, and now has corporate sponsorships, necessary to raise the funds needed to serve the 15,000-strong membership.

“While the iconic REBNY Gala was not part of my portfolio, I asked if I could take over the entire operation in 2018. Since then, we have transformed the event, and it now pays 25% of our operating expenses,” she reported. “We surpassed our fundraising goal this year, allocated 20% to support social impact initiatives in New York City, and the rest helps keep the lights on. It’s a very important event for us and I am proud of orchestrating its ongoing transformation.”

That’s just part of an overall shift in how a trade association must operate today, Espitia observed. It’s not just about networking and luncheons anymore. And even a non-profit must have a solid business understanding to help its for-profit members.

“Trade associations can struggle with legacy practices that become comfortable as they go through cycles,” she continued. “Today, associations need to deliver impact, not legacy. That means a focused policy agenda, products that solve problems and programs or events that are worth members’ time and money. It takes a learner mindset to keep things relevant. When associations become very good at

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learning and understanding industry issues, they are effective. The best association professionals I have met are learners, not knowers.”

While other real estate organizations serve just one sector or professional, REBNY must serve the entire ecosystem, she noted, from commercial developers and owners to brokers working in office and retail, engineers and the residential community, which constitutes 80% of its membership.

That’s why Espitia saw that REBNY needed to reconceive how it supports its residential brokerage members, and brought in Ninve James, a former executive with Realtor.com and a member of the New York City founding team at Trulia.com, as senior vice president of residential brokerage services and products.

Through a partnership with CoStar Group, James led the launch of the first consumer-facing search website and mobile app for REBNY’s Residential Listing Service.

“She also brought a business mindset to the association, which was important to match the needs of agents, a segment that represents 80% of REBNY’s membership,” Espitia said. “She transformed the way we do business in supporting residential brokerage firms and their agents. We needed industry expertise, and she brought a lot of that. We share this sense of urgency and speed that isn’t always known in the nonprofit sector. Sometimes we get shamed for being strong women and that’s okay.”

Another focus has been diversifying an industry that has remained stubbornly white and male. REBNY’s staff, on the other hand, is 70% female, including women across leadership levels.

“I am proud to work with incredible women at REBNY, from HR to finance, and from policy to social impact,” Espitia said. “We became intentional about diversifying the industry by creating a position that focuses on social impact. We hired Yvonne Riley-Tepie over two years ago to lead this effort. She’s been collaborating with different organizations, from fellowship to internship programs designed to support career growth for underrepresented groups.”

Influential women now coach other women, she continued.

“We have a new generation of brokers coming into the business, and we see talented women in need of visibility,” Espitia said. “On average, members in our committees, working groups, courses and fellowship program are 50% women, many of whom I’ve personally coached and learned from. Will our industry be completely diverse tomorrow? No. It will take some time. But we’re consistent in our efforts to diversify it and elevate women.”

As the industry changes, so will REBNY, Espitia said.

“Every era brings new challenges, and you must be a great athlete in changing your form and your skills if you want to win. My role has changed during my time here and that keeps me on my toes,” she said. “We are effective in what we do, whether we are loud or silent about it. REBNY has been around for 128 years as an engine that powers New York City’s economy through real estate. I am very proud to have a role in it.”

MARCH 2024 | MANN REPORT 51

FEATURES | MANAGEMENT

Evaluating the True Cost of Stair Tread Safety for Commercial Property

By Del Williams For commercial property owners and managers, evaluating the total cost of ownership (TCO) for purchases is critical to acquiring items at the lowest long-term cost. Assessing TCO requires not only understanding the initial purchase cost but also consideration of the operating costs, longevity and remaining value beyond its expected life.

When managing properties, using the industry’s best practices and products with an eye on TCO can be a cost-effective way to increase safety as well as reduce maintenance, potential liability and even commercial insurance rates.

TCO is an even more critical analysis when new products disrupt the status quo. After all, it is difficult to evaluate the value of an innovative product that promises to be a much more effective, long-term solution but initially costs more, uses different materials or is applied differently.

For property owners and managers, this is the case when analyzing the TCO of non-skid stair tread striping applied to interior and exterior stairs to prevent slip and fall accidents.

Although simple in concept, the application and maintenance of safety stair tread striping is particularly challenging in outdoor or high-use settings. The traditional choice — non-skid adhesive tape — can peel or wear away in a short time so must be replaced frequently. However, a new, innovative, 100% epoxy-based material containing embedded nonskid aggregate is now available that promises to last much longer, requiring minimal reapplication.

To evaluate the TCO of both options, building owners and managers can apply a specific formula used for capital equipment, with slight variations for stair treads: TCO = initial cost (I) + maintenance costs over five years (M) + estimated downtime (D) – remaining value after 5 years of depreciation (R).

Initial Cost

When choosing among alternatives in a purchasing decision, property owners often look at the initial purchase price. However, they should also consider the long-term cost of ownership. The initial cost of nonskid adhesive tapes is approximately $1.50 per linear foot. In typical indoor conditions, non-skid tape generally lasts only about six months before it requires removal and reapplication. At this rate, using the tape costs about $3 per linear foot per year or $15 per linear foot over five years.

On exterior stairs or ramps, the expected life of traction tape is only three months but can be considerably shorter, particularly in areas exposed to chemicals, moisture, high temperatures or high traffic. With a three-month lifespan, tape costs approximately $6 per linear foot per

52 MANN REPORT | MARCH 2024

year or $30 per linear foot over five years.

Compare tape to a more durable option: a 100% epoxy-based material that creates a superior tread with an initial cost of $4.50 a linear foot.

Designers created the material to last at least five years in most outdoor applications and many more years in indoor applications. The product from Form-A-Tread Company achieves a strong bond to a wide range of stair tread surfaces and contains embedded non-skid aggregate to increase traction.

While the durable tread initially costs more than non-skid tape, it takes just 18 months to reach the breakeven point for indoor use. After 18 months, the Form-A-Tread stair tread saves the facility the cost of reapplying new non-skid tape every six months. For outdoor applications, the material savings is $25.50 over the same period of time.

Maintenance

Non-skid tape is difficult to maintain, can become unsightly and must be frequently inspected and replaced. Since tape cannot be repaired, it must be replaced if damaged. The remaining tape and residual adhesive must be thoroughly removed from the surface before the new tape is applied.

Peeling tape can also pose a trip hazard. Tape often peels off in a short time because it does not bond well, especially to common surfaces like concrete, stone and masonry. The surface non-skid grit layer can also become ineffective and quickly compromised, especially in high-traffic locations.

Because non-skid tape is not very durable it is primarily used on interior stairs. In outdoor applications, it may only last for as little as a week or less in harsh conditions or consistent exposure to the sun, rain, snow, ice melt chemicals, power washing and other cleaning methods.

“In my experience, non-skid tape comes off repeatedly. It is a temporary solution, so you are wasting your time, energy and effort every time you reapply it,” said Gani Bajraktari, senior property manager at New York-based Bajraktari Realty Management Corp.

Maintenance costs should also include the manager’s time as well as the labor required for frequent inspection and reapplication of the traction tape. In addition, purchasing and inventory costs accrue when the tape must be continually replaced and kept available for use.

A 100% solids epoxy paste that contains embedded slip-resistant aggregate is a more cost-effective and long-term stair safety tread solution. These materials create a tread with consistent, superior

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FEATURES | MANAGEMENT traction and safety for at least five years, even outdoors, with essentially no maintenance. They also resist UV, moisture, chemicals, ice melt, temperature extremes, aggressive cleaning and pedestrian and vehicle traffic.

Because the non-skid aggregate is held in suspension within the formula and is not just adhered to the surface, as with traction tape, it does not wear away. The hardness of the formula (75 Shore D) enhances the abrasion resistance, so the overall tread is much less susceptible to damage compared to traction tape. Unlike tape, if the epoxy material were to be damaged, by an ice chopper for example, it is easily reparable. If damaged, just clean the surface and reapply. The formula adheres to itself, a nice added feature. Overall, this removes the cost associated with frequent inspection and replacement and significantly lowers the total cost of ownership.

According to Bajraktari, he first used the Form-A-Tread to improve the safety and footing of outdoor stairs in residential projects that could become slippery when wet. “It held up amazingly well to the sun’s UV and outdoor weather. Seven years later it still looks as good as the day we applied it,” he stated.

Downtime

The evaluation of TCO includes consideration of any downtime due to equipment failure. In the case of stair treads, the equivalent of “downtime” is when the safety tread loses adhesion, starts to peel off, is damaged or the surface traction is worn away.

The reality is that in many cases stair tread replacement does not occur immediately, or even for some time if not discovered or facility personnel are busy elsewhere. This can effectively mean the facility is not following its own safety protocols.

Stair tread “downtime” can have serious financial consequences if a slip and fall accident occurs, leading to litigation, liability, workers’ compensation claims and rising insurance rates. A long-term solution that doesn’t require constant replacement minimizes any potential downtime provides a consistent and predictable level of safety and can reduce the potential for such claims.

According to Bajraktari, the epoxy product not only improved safety and eliminated the need for frequent re-application, but also had a more aesthetic look over time due to the lack of visible wear. He has found the approach surprisingly cost-effective in reducing maintenance, potential liability and commercial insurance rates. In his experience, the cost to apply the product proved more cost-effective than dealing with additional claims and insurance costs.

Remaining Value After Five Years

Even with depreciation, capital equipment often retains some value after five years. Similarly, more durable solutions like 100% solids epoxy pastes with embedded aggregate often still have value far beyond five years. These epoxy pastes are formulated to create a permanent mechanical bond. Not only does an epoxy paste adhere to the stair tread surface, but it also flows into the microscopic cracks and crevices of concrete or other porous substrates and mechanically bonds. The formula has also shown to have excellent adhesion to smooth surfaces like tile, and steel or aluminum diamond plate.

The bond is so strong that a chisel or angle grinder is required to remove the stair tread line, an advantage in high-traffic areas. Since the aggregate is embedded throughout the entire epoxy paste and not just on the surface, as the epoxy paste wears over time new aggregate is continually exposed to provide renewed traction.

“Instead of temporary applications, it is much more effective to solve the problem the first time with a product like Form-A-Tread and be done with it. The footing is amazing, and you feel more secure going up and down the stairs,” said Bajraktari. “As far as durability, I expect the stair treads to last for at least 10 years or more in indoor applications.”

Although it is natural for commercial property owners and managers to seek solutions with the lowest initial cost, considering the TCO is a much more cost-effective alternative. Given this, the properties can achieve significant long-term savings and increased safety by looking beyond short-term choices like non-skid tape in favor of much more durable options like epoxy paste stair tread that does not require continual replacement.

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MARCH 2024 | MANN REPORT 53

FEATURES | COMMERCIAL

Experience Is The New Anchor The Top 5 Design Considerations For Experiential Retail Centers

By Rob Budetti, Managing Partner, AO Retail centers are evolving, with experience and bumper boats are great ways to attract at the forefront and entertainment venues visitors and keep them coming back for more. emerging as the new anchors.

Consumer expectations are Slated to open at the end of at an all-time high, driving 2024 in Mesa, Arizona, Dink When designing and planning retail centers with retailers to engage custom& Dine Pickle Park sets the entertainment anchors, it is important to keep the ers like never before. Gone stage for a pioneering era in following best practices in mind: are the days when shopping “sportstainment,” seamlessly centers relied on products to blending play, entertainment 1. Create a mix of uses: The best retail centers offer drive sales. Today, customand refined culinary experia variety of uses, including entertainment, shopping, ers are seeking out places ences. This newly adapted dining and office space. This mix of uses creates that can deliver a 360-degree complex spans 72,0000 a vibrant and inviting environment for shoppers, experience, encompassing square feet, boasting both increasing dwell time, which is key to the success of fun activities, great food, new indoor and outdoor pickall centers. entertainment, as well as the leball courts, a dedicated latest products, goods and dog park, a food hall, bars, 2. Make it easy to get around: The retail center services. expansive event spaces and should be easy to navigate, with clear wayfinding a live entertainment arena. and ample parking. Shoppers should be able to easAs the era of the department The architectural design of ily get from one entertainment venue to another, as store as the only anchor the facility is both elegant well as to the surrounding shops and restaurants. fades, reimagining existing and timeless, featuring three shopping centers is increasiconic grand entry towers and 3. Design for flexibility: The retail center should be ingly important to developers, an open-concept layout within designed in a way that allows for flexibility in the fucities and communities. The a welcoming, family-friendly ture. Multi-purpose spaces allow areas to be easily rise of sports and adventure atmosphere. converted to support a variety of uses. tourism delivers the perfect opportunity to fill the void, Overall, the trend of en4. Integrate art and landscape: Placemaking is revitalizing retail destinatertainment venues as the critical in establishing an experiential retail center. tions and offering something new anchor in retail center Elements like local art, verdant landscape, outdoor new. Today, we are seeing developments is a positive furniture, pocket parks, found objects sports and adventure-themed one for both consumers and water features create unique and Instagramofferings such as pickleball, and developers. Entertainmable moments where people want to gather and surf parks, mini golf, bowling, ment venues offer a fun and be seen in person and on social media. indoor climbing gyms, roller engaging experience for skating rinks and tramposhoppers, and they can help 5. Incorporate green features: Shoppers are inline parks replacing former to revitalize retail centers. creasingly looking for retail centers that are sustaindepartment store locations.

Developers who are able to able and environmentally friendly. Developers can Additionally, live music and attract entertainment anchors incorporate green features such as solar panels, entertainment venues like to their properties can benefit rainwater harvesting and energy-efficient lighting. theaters and comedy clubs, from increased traffic, sales, as well as family entertaindwell times, rental rates and ment centers (FECs) like an overall more vibrant and arcades, batting cages, go-karts inviting center.

54 MANN REPORT | MARCH 2024

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FEATURES | COMMERCIAL Photo courtesy of AO

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FEATURES | MANAGEMENT

Jane Cohen: Pioneering Sustainability in Management Jane Cohen, vice president of operations and ESG at The Dermot Company, is a seasoned executive with over 15 years of experience in operations management and a strong commitment to environmental, social and governance (ESG) principles. She began her career in property management where she honed her analytical skills and gained invaluable experience in optimizing processes and workflows.

Over the years, she transitioned into management roles, where she demonstrated her ability to streamline operations, reduce costs and enhance overall efficiency.

She holds a bachelor’s degree in communications from Hofstra University. Here, she discusses the past, present and future of ESG initiatives.

60 MANN REPORT | MARCH 2024

Photo courtesy of The Dermot Company

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FEATURES | MANAGEMENT The Dermot Company has been pursuing sustainability initiatives for quite a long time — about 20 years. That’s rare in this business. How did sustainability become so integral to the company?

Dermot’s long-standing interest and commitment to sustainability and responsibility stems from our core belief that sustainable practices are synonymous with good business practices. This belief has been ingrained in our operations for years — since 2005, in fact, when we began building efficient properties and making existing properties more efficient — recognizing that this reduces operating costs and improves value. Additionally, our resident engagement and social programming efforts, formally initiated in 2014, underscore our dedication to fostering communities and enhancing tenant satisfaction, leading to improved retention rates, higher rents and increased tenant care for their homes.

How has environmental, social and governance (ESG) evolved in the last five years?

Over the past five years, ESG has gone from being something which companies gave lip service to, to something that companies are now truly integrating into their business plans and strategies. In the real estate industry, most companies engaged in ESG efforts have spent years gathering data and analyzing their own properties to discover opportunities for improvement.

At Dermot, we have shifted our focus from uncovering our opportunities to implementing improvements. Other companies at the forefront of these efforts are doing the same.

How will it continue to evolve?

The evolution from data gathering and tracking to acting will continue. In the real estate industry, most physical components have relatively long useful lives (10 to 30 years). To be truly sustainable and efficient, we don’t like to replace components (HVAC systems, light fixtures, windows, etc.) until they are approaching the end of their utility. As a result, there will be many years of implementing sustainable improvements to our properties. The incremental benefits will add up. We predict that buildings that have been positioned sustainably — with high-efficiency systems and increased resiliency — will be valued more highly than those that have not been positioned sustainably. This evolution will take time, but we are proud to be on the leading edge of these efforts as we and our investment partners prepare for the future.

How many of your buildings are green-building certified?

In our owned portfolio, 78% holds at least one green or healthy building certification, such as Leadership in Energy and Environmental Design (LEED), the National Green Building Standard (NGBS), Institute of Real Estate Management (IREM) Certified Sustainable Properties (CSP), Green Globes or Fitwel.

Have you found that these practices are benefiting the bottom line as well as the planet?

Absolutely! There is clear value in sustainable business practices and initiatives. While quantifying the “E” is relatively straightforward compared to the “S” and “G,” our sustainability initiatives directly impact our assets’ net operating income.

From enhancements to building systems to educating tenants on how to live more sustainably to benchmarking our energy use, each of these initiatives contributes to substantial reductions in utility expenses. Furthermore, our investment in em-

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ployee well-being and health not only enhances productivity but also attracts top-tier talent. Additionally, our robust governance practices serve to mitigate risks. It is clear that these initiatives contribute to our bottom line, underscoring the integral role of sustainability in our business strategy.

Of course, the environment is just one part of ESG. How has the “social” part of this continued to change? Dermot is dedicated to creating communities as much as managing buildings.

There is a real focus on health and well-being, both for our residents and our employees. Community and belonging are very important to our company. For example, take our residentexclusive lifestyle club, whose mission it is to activate our amenity spaces with regular programming like fitness classes, educational classes, social events and much more. We also partner with like-minded organizations and retailers to offer residents discounts on events, food, shopping, etc.

Our staff is also involved regularly in DEI community-driven efforts. With the help of employee volunteers, we recently crafted Project D.E.R.M.O.T, which stands for: diversity, equity, resilience, mindfulness, outcomes and togetherness — our guiding principles for building communities.

What are some of the events and amenities you’re adding?

We have a full calendar of events for 2024 including our annual amazing race, upcycling workshops, comedy nights, kids’ music classes, sustainability education workshops and much more.

Has technology helped at all?

Technology is very helpful. We are always on the lookout for innovative tech to help make us more efficient. We have an internal technology team that explores and vets new products. It is a bottom-up approach that allows those most impacted by the technology to discover and implement tools that will make their lives easier.

We’ve employed many technologies that have made our residents’ lives easier (online bill paying, online lease signing and renewals, digital communication with our staff, booking classes online, etc.). We’ve employed technologies that have made our employees’ lives easier (AI-enhanced leasing technology, web-based policies and procedures, etc.) and we’ve employed technology to make our buildings run more efficiently (building management systems, utility management systems, motion/ light/temperature sensors, etc.). Each of these technologies makes incremental but meaningful impacts on all of our stakeholders and improves the bottom lines for our investors.

What do you still hope to add/achieve?

A lot! We have several ambitious goals including reducing energy and water usage. We are currently in the process of building an ESG business plan to help prioritize and model which measures will have the most impact.

We are excited to make more progress toward decarbonization and educate all those impacted on why this makes sense. We want to build a strong resiliency program and ensure we continue to mitigate our risks. We also want to continue to support a diverse and inclusive workforce while prioritizing employee well-being and satisfaction.

MARCH 2024 | MANN REPORT 61

FEATURES | TECHNOLOGY

Zillow Immerse Takes Virtual Tours to the Nth Degree

The pricey ($3,499 and up) Apple Vision Pro is certainly finding its home for real estate buyers.

Zillow Immerse, an interactive way to explore select home listings on Zillow, launched in the App Store, joining Rocket Homes and others (see Tech Talk, this issue) in creating a “you are there” feeling for home shoppers. With virtual walkthroughs and interactive 3D floor plans, Zillow Immerse elevates the tour experience to a jaw-dropping degree, the company said.

“At Zillow, we’re leaders in embracing the latest in technology to help more people get a home with speed, confidence and ease,” said Josh Weisberg, senior vice president of artificial intelligence.

“Apple Vision Pro enables Zillow shoppers to fully experience homes as we envisioned when we first introduced Listing Showcase. This advanced spatial technology allows users to explore homes in a way that is the next best thing to being there in person.”

Zillow Immerse utilizes the full capabilities of Apple Vision Pro to teleport users inside a for-sale home, giving a panoramic 360-degree view of every room, from the ceiling to the floor. Home shoppers can take a virtual walk down hallways and pop their heads into every closet, all while using an AI-generated floor plan as a guide, providing a better understanding of where they are in the home’s layout and getting a sense of its flow.

Zillow Immerse aligns with the preferences of home shoppers. According to Zillow’s latest “Consumer Housing Trends Report,” 74% of prospective buyers agreed that 3D tours help them to get a better feel for a home’s space than static photos, and 70% wish that more listings had 3D tours available.

One of the key features of Zillow Immerse is the AI-powered interactive floor plan, which helps users better understand the layout and flow of a home. Zillow’s survey showed that more than half of prospective buyers regret wasting time visiting properties they would have skipped if they had access to the floor plan beforehand. At the same time, 79% of prospective buyers are more likely to view a listing if it includes a floor plan that appeals to them. Additionally, three out of four prospective buyers recognize the value of a dynamic floor plan, which links each photo to where it was taken in the floor plan, providing the best possible understanding of whether a particular home is the right fit for their needs.

Photos via PRNewswire

62 MANN REPORT | MARCH 2024

Zillow Immerse is an experience designed specifically for Apple Vision Pro utilizing its elevated Listing Showcase listings. Real estate agents who subscribe to Listing Showcase will now have their listings automatically integrated into the Zillow Immerse app.

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FEATURES | TECHNOLOGY Photos via PRNewswire

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MARCH 2024 | MANN REPORT 63

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Gus Panopoulos

June 1970 - Febuary 2024 I lost a dear friend two weeks ago that many of you know.

I’ve been close with his father since I was a kid, when the restaurant was called the Hideaway. It was a landmark restaurant, which then years later became a bigger landmark, known as Frankie and Johnnie’s.

It was a hot spot in the garment industry and my father took me there when I was a child — I can guarantee you I was the youngest one in the room. The room was filled with a who’s who in the industry, and the smokefilled room and alcohol flowing was an incredible experience for me.

As time went on, I became very close with Van, and his two sons, Gus and Russ. Gus would always greet me with a big hug, and would sit with me at my table no matter who I was with and he was more than welcome.

By the end of the lunch or dinner, he was best friends with whoever I brought, he had that kind of personality.

We shared so many interests, but sports he knew well, as did I, and we could talk forever on that topic, whether it be basketball or football. We loved our time together, whether lunch or dinner. To this day, our company has our Christmas party there every year.

I can’t say enough about how classy the whole family is, but losing Gus is a real personal loss. My deepest sympathies to Van, Irene, Russ, and all the kids.

Gus, you will be missed forever.

Love and deep respect, Jeff Mann

COLUMNS

Condo-Co-op Helpline: Issues with Green Building Construction is an evolving industry that generally embraces advancements in materials, technology and safety. AI and its potential to enhance quality control and scheduling on projects is the most recent hot topic. Green building technology and materials have been at the forefront of discussions for years. The increasingly warmer weather, warmer oceans and violent storms we are experiencing has given impetus to efforts to build “green.”

Carol A. Sigmond Partner Greenspoon Marder LLP

590 Madison Avenue, Suite 1800 New York, NY 10022 carol.sigmond@gmlaw.com (212)524-5074

Building “green” is not easy, inexpensive or efficient. It is also not without risk. Managers and boards of co-ops and condos must balance the climate initiatives and Local Law 97-2019 with costs and risks of green building.

While managers of co-ops and condos are professional property managers, the decision makers (the members of the boards) are often volunteers with little or no training or experience with building materials. Moreover, even professional building managers are not schooled in new construction materials.

There are nine materials that are frequently associated with green building: bamboo, cork, wood, recycled glass and plastics, solar tiles/panels, Ferrock, wool and mycelium. Bamboo and cork are good choices for environmentally friendly flooring. Recycled glass and plastics are used in countertops and backsplashes, as well as glazing. Managing agents and boards should provide

66 MANN REPORT | MARCH 2024

incentives to unit owners to use these materials in unit renovations. Where appropriate, these are suitable materials for hallways and other common areas.

The day may be coming when hallways have cork floors and low VOC paint in lieu of carpet and wallpaper.

Solar tiles and panels are useful if there is a solar energy system. Ferrock is a material based on recycled concrete and other materials, that could be used on walkways, patios, steps and parking areas. Wool is an effective insulator. Mycelium is the root structure of a fungi that is a good insulator. However, this is in the early stages of review and its durability in high rises and multiple dwelling properties is not well known.

New York City is encouraging green roofs, but these require structures designed for the loads from soils, planters and water. Many older buildings cannot be retrofitted for green roofs without incurring significant expense.

Managing agents and boards must focus on how to manage construction in this “green” era.

The key is reliable licensed or registered design professionals (RDPs). Larger buildings should try to retain a local firm with meaningful co-op and condo experience as well as experience with the type of building, age, size and construction method under management.

Projects should be planned with an RDP who should be asked to provide green options where

appropriate.

Boards should avoid experimental materials and techniques and insist on materials that have been tested and used in similar conditions, including weather conditions.

Materials suitable in warm or dry conditions may not be a good fit in New York City, where it rains on average 111 days a year and the temperature range is approximately 100°F in the course of a year. Boards should be careful to obtain appropriate warranties to ensure that the durability promised is delivered.

In all cases, the costs of maintenance, the expected life of the repair or improvement and the cost to go green must be compared to the costs (maintenance and capital) as well as the expected life of the work must be considered. If the green project is more expensive, less durable and potentially more expensive to maintain, it may not be “green.” It may be wasteful.

So long as boards engage in this process, even in the event of a failure of a green project, the board and its members will have discharged their fiduciary obligations to act prudently.

Otherwise, unit owners or shareholders may have cause for concern that may translate into litigation.

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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For more than 20 years, our bankers have worked alongside middle-market and small business owners during the good times as well as the not-so-good – tailoring our traditional and innovative banking products and services to meet the challenges and seize opportunities in front of our clients.

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COLUMNS

Embracing the Trend: Mandatory Tenants’ Insurance Offers Mutual Benefits Investing in fostering a positive relationship with tenants can be a game-changer in avoiding costly legal battles. Mandatory tenants’ insurance appears as a win-win solution, offering advantages for landlords, property owners and tenants alike, and its adoption may prove instrumental in preventing conflicts down the line.

Frank DeLucia

Senior Vice President Hub International Northeast frank.delucia@hubinternational.com (212)338-2395

For landlords, implementing this requirement adds an extra layer of protection against potential litigation costs. Tenants covered by insurance are less likely to resort to legal action for compensation if there is a loss.

Even if a landlord successfully defends themselves in court, navigating the legal process incurs significant expenses.

On the tenant’s side, getting their insurance policy is the most effective way to safeguard their belongings in unforeseen circumstances, simultaneously reducing the number of claims on the property owner’s insurance policy.

Consider the scenario where a tenant-caused fire results in substantial property damage.

Here’s how tenants’ insurance can play a pivotal role in alleviating stress and financial strain: · Property Damage & Repairs: Contrary to common assumptions, typical landlord property insurance often excludes damages caused by residents.

Enforcing tenants’ insurance minimizes the likelihood of legal disputes over repair costs and

68 MANN REPORT | MARCH 2024

shields landlords from expensive legal fees. · Personal Property & Displacement: Tenants’ insurance covers temporary housing costs and property damage, addressing concerns about belongings and property improvements. This is especially crucial when tenants may try to attribute responsibility to the landlord. For a relatively low premium, tenants can protect personal items, with the National Association of Insurance Commissioners (NAIC) reporting an average monthly cost ranging between $15 and $30. Moreover, tenants may have to move during prolonged repairs, and tenants’ policies often cover hotel and restaurant expenses during the restoration period.

According to recent statistics from the NAIC, tenants’ insurance policies are an affordable investment compared to the potential costs of replacing all belongings in case of a disaster. Additional coverage for valuable items such as family heirlooms, jewelry or collectibles is available at a modest extra cost.

While implementing an insurance requirement may seem daunting, evolving practices make it more attractive and feasible for property managers and tenants. Some landlords work with commercial insurance brokers to design tenant insurance offerings that provide

incentives for both parties, simplifying the insurance purchasing and lease agreement processes.

In addition to mandating tenants’ insurance, landlords should consider other measures to minimize liability and avoid indirect damages when amending their lease agreements: · Common Lease Agreement: Opting for a standardized lease agreement for all tenants ensures clarity and consistency in rules, particularly regarding insurance, indemnification and hold-harmless clauses. While adjustments may occur, having a single lease agreement reduces potential headaches and liabilities. · Rental Abatement Wording: Examining the rental abatement clause is crucial post-covered loss, determining whether a tenant can suspend rent payment until their space is repaired. Landlords should carefully review and articulate rental abatement terms in their lease agreements.

Despite the inevitability of damages caused by tenants, strategic and cost-effective options like mandatory tenants’ insurance exist to mitigate risks for both tenants and property owners. Consult with your insurance advisor to explore the benefits of implementing a tenants’ insurance program for your properties today.

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LEASING | MANAGEMENT | INVESTMENTS

A MODERN APPROACH TO COMMERCIAL REAL ESTATE, POWERED BY A CENTURY'S WORTH OF EXPERIENCE.

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

KAUFMANORGANIZATION.COM

COLUMNS

Get Backyard Ready for Spring: A Checklist from TurfMutt

Kris Kiser

Outdoor Power Equipment Institute TurfMutt Foundation Equip Expo 1605 King St. Alexandria, VA 22314 turfmutt.com opei.org (703)549-7600

Work in your yard, and it will work for you. Spring is the perfect time to implement this credo of the TurfMutt Foundation, which advocates for the care and use of our green spaces.

The backyard is more than just a place that looks pretty — it is also purposeful. Backyards and community green spaces provide a safe place to play, gather and connect with one another and nature — backyarding, as the TurfMutt Foundation calls it. Our living landscapes also support a healthy environment.

Plants, shrubs, trees and grass are “environmental superheroes” that capture and filter rainwater, produce oxygen and absorb carbon.

The TurfMutt Foundation offers this checklist for getting your yard backyard ready for spring: 1. “Yard” your way. You can create a backyard that is the hub of activity for your family and friends. It just takes a little creativity to create activity zones in your backyard. Use a large patch of turfgrass to create a practice soccer pitch. A patio or deck makes a great setting for family game nights. Looking to save some money on eating out? Create an al fresco dining area that rivals the best restaurants in town. Involve your family in the planning to ensure you create something for everyone.

Shrubs and hedges are a great way to distinguish the different activity zones you create in your yard.

2. Clean Up. Walk around your yard and inspect the area for any debris that has collected over the winter. Clean out your flower beds and remove debris so you can build other elements from there. Remem-

70 MANN REPORT | MARCH 2024

ber, a leaf blower makes quick work of sprucing up dingy flower beds.

3. Improve Your Turfgrass.

A carpet of turfgrass is a welcome invitation for kids and pets to play and sets the scene for your outdoor living room.

Improve your existing grass by aerating and overseeding bare patches to fill in the lawn.

4. Plant for Pollinators and Backyard Wildlife. Plan to support pollinators by researching the native plants that are best suited for your microclimate.

These plants are better for the ecosystem and require less input from you — a win-win! Selecting native perennials over annuals means only having to plant once to enjoy their beauty for years to come. Plus, pollinators and other backyard wildlife will thank you as these types of plants provide a natural habitat and food for them.

5. Right Plant, Right Place.

Putting the right plant in the right place is the key to successful backyarding. More than just considering sun vs. shade exposure, this means selecting plants that will thrive in your climate zone, choosing a variety of greenery that will bloom year-round to support local pollinators and serve the connected ecosystem and creating a backyard canvas that supports your family’s lifestyle.

Sturdy, yet soft foliage should go near pathways, for example, while delicate plants should be placed in patio pots or elevated planters.

6. Freshen Up Mulch. Mulch creates a polished look around flower beds, shrubs and trees.

It also provides a buffer from hot temps and keeps water

where it’s needed — at the roots of your plants.

7. Create a Dog Dream Yard.

Plan for pet fun and pampering by planting trees for shade, adding a splash pool and maybe even a sandbox for digging. You can plant bushes to separate your pet’s “business” area from the rest of the yard.

Just remember that toxic plants should be avoided.

8. Take Stock of Lawn Equipment. Getting the right equipment for your lawn size and type customizes the experience of caring for your yard. Robotic mowers that act like a Roomba for the lawn and battery-powered leaf blowers that are lightweight, powerful and portable are good choices. For larger lawns, zero-turn mowers and even a UTV might be helpful. At the very least, you should plan to get your lawn mower serviced and its blade sharpened so it’s ready for the first mow of the season.

A few final points to note when using outdoor power equipment: Be aware of others.

Keep bystanders, children and animals out of your work area.

Do not allow other people near outdoor power equipment when starting the equipment or using it. Listen to your body. Do not operate power equipment when you are tired, drink plenty of water and take regular breaks.

For more information on this and other topics, sign up for Mutt Mail, a monthly e-newsletter with backyarding tips and all the news from the TurfMutt Foundation. To learn more about creating a dream yard, visit turfmutt.com. Look for Mulligan the TurfMutt on the CBS “Lucky Dog” television show.

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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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www.langsampropertyservices.com

Matt Engel, Matt President Engel, President

MARCH 2024 | MANN REPORT 71

COLUMNS

Deb’s Retail Dish and Deals: Back to Banking Remember when it seemed like banks were opening branches on every corner, sometimes even across the street, and then spent 2023 closing many of them? Well, Chase is bucking that trend, announcing plans to open 500 new branches, renovate some 1,700 locations and hire 3,500 employees over the next three years nationwide. And that will be a good thing for their main street and shopping center retail and service neighbors.

Debra Hazel

Debra Hazel Communications North Las Vegas, NV (201)618-5247

The financial giant will enter several new markets, including low-to-moderate income and rural communities with little access to traditional banking services — and will continue expanding its footprint in locations like Boston, Charlotte, North Carolina, metro Washington, D.C., Minneapolis and Philadelphia.

Chase has the largest branch network in the United States and is the only bank to have branches in all lower 48 states.

Over the past five years, Chase has added more than 650 branches, including 400 locations in 25 new states. When this expansion is completed, Chase will have added more than 1,100 branches and hired more than 10,500 employees to its Consumer Bank team since 2018, significantly enhancing the customer experience.

But it bucks a trend dating back to the 2010s. In 2009, there were nearly 100,000 branches across the U.S. That number declined to 80,000 in 2023, as banks consolidated and focused more on online services, according to S&P Global Market Intelligence data.

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That resulted in a lot of empty storefronts on street corners and in strip centers during the Great Recession and beyond.

Technology has only advanced since, so why expand, when so many of us are using computers and our phones for most of our banking and bill-paying? I suspect it’s much like physical retail — sometimes you need a person to figure out a problem.

And it can even be entertaining — you never know when you’ll be standing in line behind an Elvis tribute artist in costume waiting for a teller. (True story and, yes, he thanked her, he thanked her very much.)

The main reason, it seems, is community. In recent years, banks including Capital One have added cafes and other services to increase personal reaction. Chase is continuing to expand its Community Center branches to help customers improve their financial health by offering workshops and more.

“When we open a branch, we’re not only investing in the financial health of residents, but we’re also committed to the health and vitality of the entire community,” said Marianne Lake, CEO of Consumer and Community Banking in the announcement. “We work with government and community leaders to help drive sustainable impact. We provide local expertise and support through our branches; we lend to local businesses of all sizes, create jobs and long-term careers, and finance vital amenities that are the cornerstone of healthy neighborhoods such as hospitals, schools, transportation and grocery stores.”

These branches are located in communities that have faced historical barriers to banking, often urban areas with larger Black, Hispanic and Latino populations, Chase said. They often include local artwork and architecture, and most locations are built with minority contractors as part of the firm’s efforts to engage more diverse vendors. Chase has 16 such branches across the country and will open three more this year including in the Bronx and Brooklyn, New York, and one in Columbus, Ohio.

“We want customers to feel welcomed when they walk through the door,” said Diedra Porche, head of Chase Community and Business Development in the same announcement. “Far too often, people are intimidated when they visit a bank. Our Community Centers are specifically designed to change that. We hire locally from the community because we know sometimes it’s easier to talk to a neighbor when a customer has a problem or needs advice on buying a home, saving for college or retirement, or simply opening a checking account.”

Chase isn’t alone in expanding.

Rival Bank of America also is expanding and entering new markets, and analysts expect other mega financial institutions to do so as well. The same economies of scale that apply to chain retail or any other institution apply here.

But it is good to see this industry learn what retailers have picked up on in this era of e-commerce — it’s about interacting with people.

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Leveraging AI Solutions for Talent Retention in Commercial Real Estate Development Projects In the wake of the COVID-19 pandemic and a rapidly shifting commercial real estate industry, the job market has faced significant disruption. Today’s labor market is marked by declining long-term job stability, with job-hopping becoming more prevalent among employees. These circumstances present commercial real estate developers with the unique challenge of retaining institutional knowledge amid the loss of valuable talent.

William Sankey CEO and Founder Northspyre

175 Pearl Street Brooklyn, NY 11201 william@northspyre.com (617)917-3850

What some of these development firms have discovered is that scaling their operations around a tech-first approach, as opposed to relying solely on traditional pen-and-paper methods, ensures continuous access to institutional knowledge — even as team members come and go. Adopting artificial intelligence (AI)-powered software that captures, stores and benchmarks historical data eliminates the risk of losing critical information as teams evolve and grow.

Historical Data and Institutional Knowledge

The real estate industry has historically been slow to adopt innovation, resulting in a significant amount of critical data being buried in emails and spreadsheets. Overreliance on spreadsheets can lead to version control errors, including incomplete or incorrect data collection, which can result in a poor exchange of information across the firm. When employees depart a company,

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key data is inevitably lost in the hand-off, leaving behind incomplete, disjointed and siloed information that remaining members must sift through.

In our current landscape, developers who actively leverage AI to maintain a centralized record system are seeing advantages within the market. When colleagues leave the firm, remaining employees can easily access valuable information through a real estate command center. This ensures that data related to deals, projects and contracts they have worked on remains accessible, helping to keep projects on schedule and within budget.

By arming employees with this historical and institutional data, developers empower better, more informed decision-making across their firms — a vital advantage as economic factors such as rising construction costs and an illiquid capital market pose major threats to project viability. Even seasoned developers building Class-A trophy assets are struggling with the challenge of increased competition when it comes to securing financing.

With institutional knowledge being harnessed by AI, developers can be equipped with insights into market trends, potential risk factors and project intricacies. This enables them to present more conservative project budgets to lenders and investors, giving them an upper hand in securing financing. In

essence, technology like AI has become a crucial differentiator for development firms looking to stand out from the pack and efficiently deploy capital in the face of market uncertainties.

Adapt to Thrive

Looking back at downturns of the past, the companies that found the greatest success were those that adapted and modernized their processes — and this market cycle will be no different. Teams that embrace technology, particularly AI, are more likely to emerge as the frontrunners. Accurately forecasting the impact of significant roadblocks on development plans remains a major challenge, however looking back in five years, we will likely identify winners and losers from the outcomes of 2024.

In all likelihood, the companies that prosper will be the ones using technology that can capture vital project information in a digital, searchable database, arming their teams with the analytics and resources needed for proactive decision-making.

In an era where the digital landscape is reshaping traditional paradigms, the advantages of technology designed to organize actionable data, simplify reporting, automate data entry and reduce cost overruns cannot be overstated.

The decisive factor between success and failure in the current real estate market will be your team’s ability to implement these tools.

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COLUMNS

Navigating the Self-Employment Tax Rules for Limited Partners

Joseph Mecagni, CPA, MST Partner Marcum LLP

Boston, MA joseph.mecagni@marcumllp.com

Every year, countless real estate investors channel their investments through limited liability companies (LLCs), partnerships, private equity and hedge funds. These taxpayers need to stay informed about the intricacies of self-employment tax obligations and keep on top of the latest regulatory shifts, such as the changes to the limited partner exception and the implications of the IRS’s audit campaign.

subject to self-employment taxes have been an unsettled area of the tax code. In 1997, the U.S. Treasury Department and the Internal Revenue Service proposed regulations to resolve the issue.

These regulations were highly criticized by Congress and never finalized. The proposed regulations set forth criteria to disqualify someone from being considered a limited partner for self-employment tax purposes.

Self-employment taxes require self-employed individuals to contribute to Social Security and Medicare taxes by taxing their net earnings. Unless an exception is met, the tax applies to a partner’s distributive share of the partnership’s business income.

These include: • Bearing personal liability for partnership debts.

• Having authority to contract on behalf of the partnership.

• Participating in the partnership’s trade or business for more than 500 hours during the partnership’s taxable year.

As of the current tax year, self-employment tax rates are 12.4% for Social Security on the first $168,600 of net earnings and 2.9% for Medicare on all net earnings. Unlike employees, who split these taxes with their employers, selfemployed individuals pay the full amount, making the combined rate 15.3%.

For years, the IRS has been concerned taxpayers were underreporting self-employment taxes. In 2018, the IRS launched a compliance campaign to increase compliance with the law. The IRS has increased audits in the area, and taxpayers need to evaluate their reporting of selfemployment taxes.

The limited partner exception is a tax code provision that exempts limited partners from paying self-employment taxes on their share of partnership income under certain conditions. To qualify for the limited partner exception, an individual must hold an interest in a partnership without actively participating in the partnership’s trade or business.

Generally, limited partners contribute capital but do not engage in the partnership’s day-to-day management or operational decisions.

On November 28, 2023, the U.S. Tax Court issued its opinion in Soroban Capital Partners LP v. Commissioner.

Soroban Capital Partners, a New York hedge fund manager organized as a Delaware limited partnership, reported guaranteed payments to its limited partners as net earnings from self-employment on its partnership tax returns but excluded the limited partners’ distributive share allocations of ordinary income.

Earnings of a limited partner

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The IRS challenged Soroban’s position and adjusted the reported net earnings from

self-employment to include the income that was allocated to the limited partners.

Soroban challenged the decision and was denied. The courts held that a functional analysis was required to determine whether a partner was acting as a limited partner, and the limited partner exception does not apply to a partner who is limited in name only.

The case is particularly significant for limited partners and a big win for the IRS. The decision, if upheld, could significantly limit the ability to claim the limited partner exception.

In addition to Soroban, there are other pending cases regarding taxpayers’ selfemployment taxes.

Last year, the IRS announced it will target high-net-worth individuals and partnership taxpayers. The IRS has recruited new auditors from outside the agency for this campaign to address areas with high noncompliance risks.

Partnerships and high-income taxpayers are often subjects of these campaigns due to the complexity of their tax situations and the potential for tax avoidance or evasion.

As a limited partner in LLCs, partnerships and funds, navigating the self-employment tax rules can be complex. The limited partner exception is not a universal shield against self-employment taxes, and one must evaluate their role in the partnership’s activities.

It’s crucial to consult with tax professionals and keep up-todate with recent developments to avoid legal implications and to manage tax liabilities effectively.

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African (Virtual) American CRE Workforce: An Economic Forecast On January 25, 2024, Commercial Real Estate Women Atlanta (CREW Atlanta) and the Georgia Chapter of Certified Commercial Investment Member (GA CCIM) co-hosted an Economic Forecast Breakfast, attracting a record-breaking 550 attendees.

Diana Campbell, CCIM Senior Partner DTSpade

Atlanta, GA diana.campbell@dtspade.com

This 16th annual event’s success was driven by Economist Marci Rosell, Ph.D., an expert forecaster, former CNBC chief economist and Squawk Box co-host. She predicted interest rate drops, noted U.S. oil’s buffering effect on the economy against global fluctuations, and suggested AI could uplift the least skilled workers.

Rosell’s analysis touched on critical current realities: · There are eight million unfilled jobs in the U.S. · Generation Z will not fill all available jobs. · Sub-Saharan Africa is the only region where the workforce population is growing, as visually documented at demografik.org. · AI is yet to take on roles caring for the elderly, children or hospital patients — and, I dare add commercial real estate brokerage to this list.

While Rosell made her case for why immigration policy may indeed be the most pressing issue of our time, I pondered the implications for the future of commercial real estate brokerage. My take is that commercial real estate brokers are safe from extinction. However, we will be required to operate with greater sophistication and may need to leverage a global workforce.

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Since the mid-1980s, a succession of technology platforms has both challenged and enhanced the practice of commercial real estate brokerage. The graying workforce transitioned from paper to Excel and then from Excel to client relationship management (CRM) platforms. This technological evolution retired some but allowed most to survive the revolution.

In the past 15 years, a broader range of brokerage firms has emerged, investing in technologies to benefit practitioners.

This development has elevated the quality of service provided by a wider array of commercial real estate professionals and introduced a healthy dose of competition. The days when only large brokerages had access to the information and analysis clients need for sound decision-making are over.

Now, AI is set to further level the playing field. Soon, everyone will have access to information and analysis. The differentiators will be crossdisciplinary sophistication, the synthesis of multiple technology platforms and the speed with which we can effectively communicate these insights.

Preparing for this landscape, I’ve collaborated with Ghanaian virtual assistant, Esther. I have taught Esther how to use publicly accessible tools for tasks ranging from site selection analysis to building databases for prospecting and managing social media content.

We have developed training protocols with Zoom recordings and utilize Monday.com and

WhatsApp for operations and communications.

Although our collaboration is just beginning, it already addresses some pressing workforce challenges. Commission-based sales present a continuity challenge, often acting as a revolving door for the capable and the wellintentioned. Delegating to a junior associate risks time and energy without a guaranteed return. Moreover, a junior associate’s growth could become unsustainable to the bottom line. Rosell illuminated the third challenge: the next generation may simply not be available.

Fear not, the continent of Africa is open for business. While an ordinary American may not know the difference between “aloha” and “hola,” our global workforce is highly proficient in multiple languages, including English. In an era of rapidly synthesizing technologies, staying above the fray may require the inclusion of talented individuals like Esther.

Reflecting on Rosell’s insights, it’s clear that the future of the commercial real estate workforce is at a pivotal crossroads.

Embracing a global workforce not only addresses immediate challenges but also enriches our industry with diverse perspectives and skills. As we navigate through these changing times, leveraging talents from around the world, like Esther’s, ensures that the commercial real estate sector remains dynamic, resilient, and forward-thinking, truly embodying the essence of an African (Virtual) American commercial real estate workforce.

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Spring 2024 NYC Real Estate Market Predictions Entering spring, the New York City real estate market is shifting. The challenges of low transaction volume and gridlock experienced in 2023, largely due to rising interest rates, are fading into the past.

With interest rates expected to decrease this year, there’s a newfound certainty and confidence in the economy, paving the way for a notable increase in real estate transactions.

Jared Antin

Managing Director/Associate Real Estate Broker Elegran | Forbes Global Properties O: 212-729-5712, Ext. 119 jared@elegran.com

With these changes on the horizon, buyers, sellers and investors must prepare for a dynamic market characterized by a narrowing gap between renovated and unrenovated properties, an imbalance between supply and demand and a shift in leverage toward sellers. Embracing the first-mover advantage and understanding the implications of FOMO will be crucial for success in this dynamic and competitive marketplace.

1. Anticipate a decline in mortgage interest rates. With the

Federal Reserve indicating potential interest rate reductions, mortgage rates are expected to continue their downward trend from recent highs set last fall. Lower rates will entice more potential buyers into the market. For those without an existing mortgage, any decline in interest rates from previous highs will be perceived as a “gain,” motivating them to enter the market. However, homeowners with fixed rates below 3% to 4% will require further rate drops, ideally reaching 5.5% (or below) for a 30-year fixed rate, to consider trading properties due to the perceived “loss” from a higher interest

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rate.

2. Imbalance between demand and supply. We anticipate

more buyer demand before a corresponding supply increase in line with the first prediction.

This situation will heighten competition in the market, reducing buyer leverage, concessions and discounts, consequently driving prices higher.

3. Shift in leverage toward sellers. As more buyers enter

the market and supply remains limited, especially for renovated or desirable properties, buyers will experience reduced leverage. However, properties that linger on the market for extended periods (90-plus days) will still favor buyers, while well-priced properties will attract multiple competing bids and favor sellers. Based on data from the Elegran | Forbes Global Properties Leverage Index, we predict a continued shift in leverage from buyers toward sellers as the traditional spring season approaches.

4. Narrowing the gap between renovated and unrenovated properties. Expect the price

difference between renovated and unrenovated properties to shrink. In a more competitive market with declining interest rates, buyers will assign less discount to properties needing renovation. Buyers should prioritize a property’s foundational elements over cosmetic needs.

Properties in prime locations and Grade-A buildings (even requiring significant renovation) will become more desirable as buyers become more

comfortable with renovations.

Renovated properties will still be in high demand, but the price gap between renovated and unrenovated properties will decrease.

5. Anticipate more listings.

Expect more supply to enter the market as interest rates drop (especially below 5.5%, which may motivate current homeowners to sell and trade into new properties). Increased supply will lead to a corresponding increase in demand as sellers transition into buyers. Although housing inventory will rise, a competitive market may persist, causing prices to also rise if demand outpaces supply.

6. Embrace the first mover advantage. Early buyers will

secure favorable terms in this transitional market and see appreciation during the market recovery. Historically, buyers who act during the initial stages of market transitions tend to experience greater appreciation of their investments compared to those who buy once the market is already in an upswing.

7. Fear of missing out (FOMO) effect. As prices rise, FOMO

will motivate more buyers to enter the market. First movers will have secured properties at advantageous terms, capitalizing on market appreciation as it rebounds. A successful market will attract more potential buyers, and the market dynamics will shift from being a buyer’s market (few sellers) to a seller’s market (many buyers), reinforcing the “buy low, sell high” principle.

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MARCH 2024 | MANN REPORT 81

ARCHITECTURE | ENGINEERING | CONSTRUCTION

Happy Valley Crossroads East Retail Develoment Adjoins Senior Living Facility Retail meets residential at the newly completed Happy Valley Crossroads East, a six-building, unanchored retail center linked by generous pedestrian-friendly plazas. Crossroads East puts open-air shopping, dining and wellness services within walking distance of nearby residential neighborhoods, providing up to 39 commercial spaces that vary in size and layout. LRS Architects completed the Crossroads East with its long-time client, Gramor Development.

Crossroads East is envisioned as an extension of the Happy Valley community, providing lifestyle retail and shopping in a walkable location not far from the center of town. Its unique connection to the adjacent senior living community – also designed by LRS – offers a new, replicable model for the successful coexistence of residential and retail spaces developed separately but in tandem.

“Our design for Crossroads East was meant to show how multifunctionality and simplicity can exist in harmony,” said Nathan Monger, project architect at LRS. “It has a clean, modern farmhouse aesthetic inspired by the agricultural roots of the community. Each building is expressed in a unique way, but they share many distinctive commonalities like the gabled roof forms and brick and stone exteriors.”

Located along a major thoroughfare, the development was designed to maximize multimodal accessibility for visitors arriving by all means of transportation. Neighbors and residents of the senior living community can easily walk or ride to the storefronts at Crossroads East via public paths that connect across the development to existing bike paths and sidewalks. A prominent corner courtyard entrance draws pedestrians in.

The master plan called for surrounding the senior living community with six retail buildings and various other mixed-use facilities for dining and leisure. Five were identically framed to increase efficiency and conserve the construction budget, while the sixth building was enlarged with an additional structural bay to accommodate restaurant tenants. The design incorporates neutral and earth-tone colors that complement the landscaping and foster a calm and inviting atmosphere.

Open swales throughout the plazas contribute to the peaceful outdoor spaces at Crossroads East, with the tranquil sound of flowing water that culminates in the water feature at the main corner entrance.

The swales play a significant role in mitigating excess stormwater, treating it before returning it to the natural ecosystem.

“Our approach to handling stormwater was environmentally friendly,” said Greg Mitchell, associate principal at LRS. “The rainwater must go through a cooling process since the development is close to a major stream, and maintaining fish habitat is important. It was our job to determine how to treat and cool the water before discharging it downstream. The swales are designed to successfully treat stormwater and express that process in a way everyone can enjoy.”

Attracting a wide variety of local businesses was a top priority. The storefronts are designed for flexibility and ease of use, maximizing their appeal for a robust mix of commercial tenants. Operable windows allow for flexibility and adaptation to support different retail environments and needs, ensuring that tenants can continue to evolve to meet the needs of their communities, cultures and customers.

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AEC

Photos courtesy of LRS Architects

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AEC

84 MANN REPORT | MARCH 2024

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ARCHITECTURE | ENGINEERING | CONSTRUCTION

Eastman Cooke

Completes Jaguar/Land Rover Dealerships After a hiatus related to the COVID-19 pandemic, construction has been completed on two auto dealerships with sales centers and electric vehicle (EV) charging stations for luxury brands Jaguar and Land Rover. The 100,000-square-foot Coney Island dealership is at 809 Neptune Ave. The 80,000-square-foot Glen Cove, Long Island dealership at 70 Cedar Swamp Rd. comprises a 40,000-square-foot service center and a separate 40,000-square-foot sales office.

“The completion of these two exciting projects represents the culmination of nearly three years of stops and starts due to COVID-19 restrictions and supply chain challenges,” said Peter Morandi, CEO, LEED AP, Eastman Cooke & Associates, the company responsible for the construction. “Because of the timeline, each project required great flexibility to meet changing regulations and a stronger focus on sustainability, which we were happy to accommodate.”

“Fortunately, we had already implemented our project development platforms, which enabled us to complete the deep foundations and structural steel work quickly and efficiently,” added April Intrabartola, vice president of Eastman Cooke & Associates. “Despite the pandemic-related hiatus, we hardly missed a beat, and the finished projects perfectly reflect these exclusive brands.”

Consulting on the Coney Island project were owner’s representative, The Eagleton Kathe Company; architect Penny Design Group LLC; MEP engineer, MG Engineering, D.P.C.; structural engineer DeSimone Consulting Engineering and civil engineering firm AKRF Inc. The consultants for the Glen Cove project included owner’s representative, The Eagleton Kathe Company; design architect and civil engineer SNS Architects & Engineers; MEP engineer Omdex Engineering and entitlement work by VHB Engineering.

Photos courtesy of Eastman Cooke & Company

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AEC

MARIN

ARCHITECTS DESIGNS THE

XADIA HOTEL

Midtown will have another, literal, crown jewel with the design of the upcoming Xadia Hotel, whose exterior will be easily identified by an illuminated crown sitting atop the tower.

New York City-based architecture and design firm Marin Architects is leading design efforts as the hotel’s architect of record and designer.

Located at 57 West 39th St., the 42-story tower, visible from Bryant Park, will make a tasteful impression on the city skyline through a unique, cantilever façade and eye-catching interior lighting design. Accentuated by a panoramic view of the city, the Xadia Hotel will feature 173 luxury guest rooms, a rooftop bar and restaurant, a plaza and an arcade.

The crown personifies modest refinement through architecture, a testament to the beauty found in clean lines and uncluttered form, while representing a departure from excessive ornamentation, focusing instead on the power of understatement, the designer said.

Conceived as a symbol of New York’s enduring spirit, the design reflects the city’s resilience, determination and unwavering commitment to progress, embracing diversity through universal appeal and establishing the building as an embodiment of the city’s character and aspirations.

“When we were approached to design the Xadia Hotel, we saw it as an exciting opportunity to combine our expertise in hospitality design with our firm’s knowledge of New York City’s zoning laws,” said Walter Marin, founder and senior principal at Marin Architects. “We are proud to be bringing a new design destination to the city and to be an important part of this era of reimagination in Midtown.”

The design for The Xadia Hotel utilizes a high-impact design paired with clever navigation of New York City’s zoning laws. Efficiency is at the forefront of the concept, converting smaller units into spacious, optimized environments. A 25-foot cantilever was added over the adjacent property, substantially increasing the building’s square footage and augmenting an additional 68 units.

To make this a reality, The Zoning Lab, Marin Architects’ inhouse service designed to navigate the complexities of zoning regulations, conducted a zoning analysis, and brought forth solutions to complexities faced throughout.

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ARCHITECTURE | ENGINEERING | CONSTRUCTION

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EXECUTIVE CHANGES

Taylor Joins DeSimone as Principal Engineering and construction services consulting firm DeSimone Consulting Engineering has expanded its structural engineering presence in Texas with the appointment of Thomas W. Taylor, P.E., as principal and director. Taylor will help lead the structural engineering practice in Dallas.

Taylor brings decades of structural engineering experience to DeSimone. Known as “an architects’ engineer,” he has served as project manager and principal-in-charge for over 50 structures in the Dallas Central Business District, including the Nasher Sculpture Center, Dallas Police Memorial, Federal Reserve Bank, the Dallas Convention Center and the AT&T corporate headquarters.

“We are thrilled Thomas has chosen DeSimone for this next chapter of his career,” said Stephen DeSimone, chairman and CEO of New York Citybased DeSimone Consulting Engineering. “His

exceptional track record of success with complex structural engineering projects in Texas further expands our ability to provide superior services to our clients in the region.”

Taylor pioneered the introduction of a range of structural systems, including a precast concrete-stack wall system for parking garages in 1974, the tallest slipform core for high-rise buildings (710 feet) in 1988 and an insulated, load-bearing masonry cavity wall. He also spearheaded the use of tilt-wall construction for “high design” architectural buildings in the early 2000s.

Taylor comes to DeSimone from Datum Engineers, a company he incorporated from Frank Chappell & Associates. He is a graduate of the University of Texas and a member of its Academy of Distinguished Engineers of the Civil, Environmental and Architectural Engineering Department.

AmTrust Promotes Thanasules to President of AmTrust Title

Global specialty property-casualty insurer AmTrust Financial Services Inc. has appointed James Thanasules as president of its subsidiary AmTrust Title Insurance Company. He will oversee AmTrust Title’s operations providing title insurance for commercial and residential real estate.

“I’m excited to continue working with James and seeing him shape the future of AmTrust Title,” said Jeffrey Fenster, executive vice president and head of North American Specialty Risk at AmTrust Financial Services. “His many years of underwriting experience, strong agent relationships and legal expertise give him a unique set of skills and perspective that will ensure the continued growth and success of our business.”

Thanasules joined AmTrust in 2016 as senior vice

president, and chief New York State Counsel, and has more than 25 years of experience in title servicing. Before AmTrust, he was vice president and senior underwriting counsel for First American Title Insurance Company’s New York Agency Division.

As a past president of the New York State Land Title Association, he presented training courses and continuing legal education (CLE) seminars on various topics such as claims, blockchain, cybersecurity and more.

Thanasules began his career as a financial analyst with Interpublic Group, then worked for New York law firms as an attorney associate before entering the insurance industry. Thanasules earned his Juris Doctor from St. John’s University, and holds a Bachelor of Science in accounting.

Andover Properties Names Kutner as Vice President of Marketing

Andover Properties, a real estate investment firm focused on alternative asset classes, has appointed Adam Kutner as vice president of marketing. He will be responsible for overseeing the company’s marketing strategies, driving innovation in digital marketing initiatives, and contributing to the overall growth and success of the organization In his most recent role as marketing manager at Pogoda Companies in Oklahoma City, Oklahoma, Kutner led the introduction of customer journey measurement tools, enhanced online platforms through A/B testing and identified cost-effective vendors to optimize operational efficiency and

90 MANN REPORT | MARCH 2024

budget allocation.

Prior to his tenure at Pogoda Companies, Kutner held various roles at BigWing/Gannett in Oklahoma City, where he served as the programmatic display and AdOps Manager. During his time there, he managed programmatic display product lines, developed and managed relationships with programmatic platforms and technology partners and led a team of AdOps professionals for NewsOK.com.

Kutner’s contributions also extended to creating and leading an analytics committee and implementing tracking best practices.

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Alexis Gagné

Dan Yannaccone

Johanna Phelps

Martha Desbiens

MNLA Elevates Four to Associate Principals Landscape architecture firm responsible for MNLA has elevated Alexis Gagné, Dan Yannaccone, Johanna Phelps and Martha Desbiens to the role of associate principals. This move “marks a pivotal moment in MNLA’s journey and underscores its commitment to growth, innovation and steadfast values,” the company said.

“At this crucial juncture in landscape architecture, shaped by environmental challenges and a commitment to systemic change, MNLA stands poised for growth,” said Founding Principal Signe Nielsen.

“As the firm steps into an exciting new chapter, we will continue to apply the same care and thoughtfulness as we have in the past to our clients, design, and staff.”

As they continue their leadership roles, the newly appointed associate principals will offer mentorship and act as reliable resources for the entire team while also taking on expanded responsibilities. .

The leadership progression includes a close collaboration between

Elisabetta Coschignano

existing principals and the new associate principals. To ensure continuity and guidance during this shift, Nielsen, along with Principals Rob DeMarco and Molly Bourne, will draw from their experience having assumed principal roles in 1994 and 2014, respectively. As the firm celebrates its 30th anniversary, Nielsen’s leadership mirrors three decades of dedication to the firm’s development.

“What employees can expect from leadership is a continued commitment to design, mentorship, training, and a collaborative approach to project success,” said DeMarco. “We believe in the collective strength of our team, and this progression is an opportunity for advancement and growth for all.”

The new leadership also demonstrates the firm’s commitment to maintaining private, female-majority ownership and its recognition as a Women Business Enterprise (WBE) and to pursuing work aligned with its core values, exploring new markets and making tangible contributions to society.

Michael Sahn

Jon Ward

Sahn Ward Braff Koblenz Coschignano PLLC Announces New Name/Firm Leadership Attorneys

As the firm began its 25th anniversary year, Sahn Ward announced that Elisabetta T. Coschignano has become a member of the firm. To recognize this milestone and Coschignano’s accomplishments and contributions to the firm’s growth and development, it has changed its name to Sahn Ward Braff Koblenz Coschignano PLLC.

Ward concentrates his practice in litigation and appeals, representing clients in complex civil litigation matters in state and federal trial and appellate courts. His cases involve commercial, real property, construction, environmental, municipal and land use litigation. He will remain chair of the firm’s Litigation and Appeals Practice Group.

The firm also announced that Michael H. Sahn and Jon A. Ward will share the role and responsibilities of co-managing members to guide the firm and its expanding practice.

Sahn founded the firm in 1999 as Michael H. Sahn PLLC. Ward joined the firm the following year. Both have worked together to build the firm in collaboration with members Daniel Braff and Adam Koblenz into a full-service firm.

Coschignano was previously a partner with the firm. She concentrates her practice in the areas of zoning and land use planning, municipal law and litigation, commercial and residential real estate transactions and estate planning.

She has guided approvals for many land use development projects of regional significance including projects for commercial, institutional and residential property owners and users.

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“As we enter our 25th year, we have experienced significant growth as a firm. I am excited to share the responsibilities of managing member with my longtime partner and friend, Jon Ward,” Sahn said. “Elisabetta’s elevation to member reflects her contributions to our growth and her leadership as a role model to our younger associates. I look forward to the future, and all that our team of attorneys and dedicated staff can accomplish for our clients.”

MARCH 2024 | MANN REPORT 91

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COMMERCIAL CORNER

Michael Broder Prior to founding multifamily data mining platform Rckrbx, Michael Broder served as president and chief executive officer of Brightline Strategies from January 1999 to May 2022, when the company was absorbed into Rckrbx as its bespoke research and advisory services provider.

Before 1999, he served as a campaign strategist and media consultant to several gubernatorial, senatorial and congressional candidates throughout the Northeast and Mid-Atlantic regions. Previously, Broder worked with Michael Deaver (former deputy chief of staff to President Reagan) at Edelman Public Relations and served in the Office of Political Affairs in the first Bush administration.

Michael Broder CEO Rckrbx

He holds a B.A. in political communications from George Washington University, an M.A. in campaign management from the Graduate School of Political Management at The George Washington University and a J.D. from The Catholic University of America, Columbus School of Law.

How long have you been in the industry?

I have been in the commercial real estate industry for nearly 28 years, particularly homing in on the research and data analytics critical to development, investment, leasing and management decision-making.

What brought you into the business?

Rckrbx, pronounced “rockerbox,” originated from my time leading Brightline Strategies, a research and advisory services firm that applied the science and discipline of political research methodologies and audience engagement tactics to commercial enterprise. Recognizing that commercial real estate is one of the only major mature markets making high-stakes business decisions without an accurate understanding of its end-users, I — alongside co-founders Jamie Moore and Kevin Hudak — created Rckrbx to deliver demand-side insights to the real estate industry.

The platform delivers actionable intelligence around the preferences, attitudes and viewpoints that drive renter decision-making and how such factors will impact asset NOI, competitive performance and returns once on the market.

Who inspires you?

Innovators and entrepreneurs who challenge conventional thinking. To paraphrase Nobel Prize Winner, Dr. Albert Szent-Gyorgyi, I am inspired by those who “see what everyone has seen and think what nobody has thought.”

94 MANN REPORT | MARCH 2024

What is the most challenging aspect of the multifamily sector right now?

Emerging from the pandemic, there has not only been a shift in what employees and employers want to get out of their office space, but what renters are looking for in their living spaces as well, given hybrid work models are the new normal and work-life balance is being prioritized across demographics. Changes in renter behavior and preferences that had been gradually emerging pre-pandemic are now fully realized, and the supply-side data that is most widely available to the industry does not accurately reflect or characterize these changes — leaving a lot of uncertainty that not only affects the industry, but everyday consumers.

How does data help this?

With demand-side insights, there is finally an opportunity to treat real estate as less of a location business and more of a customer one, allowing for the delivery of the right asset, in the right place, at the right premium and to the right audience.

With this intelligence, we’re witnessing multifamily players having “aha moments” as they now have access to real-time, leading indicators around where demand levels lie in a particular market, for what, at what premium and why.

Are all of these trends national, or are some markets better than others?

A handful of trends stand out to us as we’ve deployed the Rckrbx platform into the District of Columbia, Maryland and Virginia region and Dallas-Fort Worth this past year. There is a historic rise in office-to-residential conversions taking place in Washington D.C., and that could potentially contribute to a renter-driven economy. This is where demand-side data will be particularly crucial, providing holistic pictures of not just how ground-up projects will perform, but what opportunities exist for conversions as well as repositionings.

In Texas, Dallas-Fort Worth, four in 10 respondents are increasing their rent budgets for future residences as they look to delay a home purchase, with outdoor living amenities being of equal importance to “essentials” like transportation/parking and fitness/wellness, symbolizing a postCOVID-19 world.

What keeps you up at night?

The economic environment and challenges it presents to real estate investment/ development activity and, by extension, the potential ripple effects such dynamics will have on the larger ecosystem.

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MARCH 2024 | MANN REPORT 95

BY THE NUMBERS

Mind the Gap Women have always been a part of the real estate industry — but until recently, have never been part of the power structure.

Strides have been made in recent generations, especially on the residential side, but women remain in the minority in terms of top leadership, ownership and earnings, as you can see by the numbers.

31.6% The percentage of real estate investors who are women.

(Zippia)

62%

The percentage of Realtors who are women. (NAR)

9% The percentage of C-suite commercial real estate

executives who are women. (CREW Network, “Gender and Diversity in Commercial Real Estate”)

5%

Single females are 5% more likely to own a home than single males. (The Zebra)

14% The percentage of the Urban Land Institute’s CEO

members who are women. Women constitute 25% of the organization’s members. (ULI)

78¢

The amount of money women real estate agents and brokers earn to the dollar men earned in 2021. (narrowthegap.com)

96 MANN REPORT | MARCH MARCH 2024 2024

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