Cover photograph by Michael Nagle
February 2014
34
/ Contents
321 West 44th Street, New York, NY 10036 212.755.2400
Carl Gaines Editor
16
Damian Ghigliotty Staff Writer Sam Chandan Joshua Stein Columnists
21 Editor’s Letter 02
36 26 Stein’s Law 12
Leasehold financing and the mortgage priority
News Exchange 04
Mortgage originations, note sales, investments and industry research u From the Vault: Already a swank address, the Carlton House, at 680 Madison Avenue, has a rich history. uIndustry Research: CMBS delinquencies continue to decline—Fitch Ratings. u Industry Research: 91 percent of top 50 commercial and multifamily firms say loan originations will rise this year—MBA.
by Joshua Stein
Even with growth, way forward for new Fed chair murky
Emily Assiran Photo Editor
by Sam Chandan
Work Force 14
Hirings, promotions, defections and appointments
investor interest.
by Matt Egan
Women in CRE 21
Monthly charts of commercial real estate financings in the boroughs
Top women in the industry share their backgrounds, current responsibilities and some words of advice. by Carl Gaines and Damian Ghigliotty
Mayor de Blasio’s Affordable Housing Push 26 Industry experts weigh in on the possibilities,
PHOTOGRAPHS BY MICHAEL NAGLE; GETTY IMAGES; ILLUSTRATION BY JACK HUGHES
FEBRUARY 2014 | $10
and limitations. by Damian Ghigliotty
Q&A 32 GE Capital’s Debbie Riley by Carl Gaines POWER PROFILE
PRISCILLA ALMODOVAR
» �� TOP WOMEN IN COMMERCIAL REAL ESTATE SHARE SECRETS TO SUCCESS
MAYOR DE BLASIO’S AMBITIOUS PLAN FOR AFFORDABLE UNITS
TMO.0214.CS3.TOC.indd 1
Q&A: GE CAPITAL’S DEBBIE RILEY ON HER TEAM’S ����
YOU’VE EARNED IT: ART TIPS FOR YOUR PLUM OFFICE SPOT
Barbara Ginsburg Shapiro Associate Publisher Lauren Draper Art Director
The J.P. Morgan Chase exec on helping to facilitate more affordable housing
Scheme of Things 10
Nadia Croes Copy Editor
The Basis Point 13
Lower Manhattan’s office towers are drawing by Michael Stoler
Suzanne Weinstock Klein Contributing Writer, Culture
conundrum
Priscilla Almodovar 16
In-Depth Look 08
Michael Stoler Contributor
The Sked 34 Our picks for the month’s must-attend events
Culture 36 Art to spruce up your plum corner office by Suzanne Weinstock Klein
Mark Stinson Senior Designer Lisa Medchill Advertising and Production Manager OBSERVER MEDIA GROUP Jared Kushner Publisher Joseph Meyer CEO Michael Albanese President Ken Kurson Editorial Director Robyn Reiss Vice President of Sales Zarah Burstein Marketing Manager Tom D’Agostino Controller Tracy Roberts Accounts Payable Manager Ian McCormick Accounts Receivable For real estate advertising, contact Robyn Reiss at rreiss@observer.com, or call 212-407-9382. For financial advertising, contact Barbara Ginsburg Shapiro at bshapiro@observer.com, or call 212-407-9383. To subscribe to Mortgage Observer Weekly, The Mortgage Observer’s companion PDF delivered directly to your inbox every Thursday, call 212 407-9371.
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