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A Special Edition from Sokol Media



Photo: Howard Weschler



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PUBLISHER’S PAGE One Plus One Makes Five


TOP ORGANIZATION TO WATCH 2015 CREW NEW YORK This expanded organization is now stronger than ever, leveraging 50 years of combined histories and achievements


INDUSTRY NEWS The Urban Land Institute’s latest research reveals a surging real estate marketplace, while still taking nothing for granted








4 • 1

Publisher’s Page

Sokol Media, LLC

FOUNDER & PUBLISHER Lori M. Sokol ART DIRECTOR Kerstin Vogdes Diehn

One Plus One Makes Five Sometimes the numbers speak for themselves, even when they don’t quite add up on paper. Such is the case with the recent partnership of two women’s

combining 50 years of experience to now provide women in the real estate industry with a new and unmatched level of resources, education, and mentoring. “That’s why we believe, in this case, that president.

accomplished for 6,500 properties and over 1.5 million residential community and the planet are innumerable. So, whether by combining forces, turning the same age twice, or these cases, each of these numbers do add up. Lori Sokol, Ph.D. Founder & Publisher

2 •

PUBLISHING CONSULTANT James Janson CONTRIBUTING WRITER Faith Hope Consolo COPYWRITER/ RESEARCH ASSISTANT Jason H. Greenberg WEB DESIGN Design Disegno ACCOUNTING Citrin Cooperman PRINTING AmericasPrinter Sokol Media, LLC 75 West End Avenue, #P15F New York, NY 10023 Ph: 973-769-7012 Copyright by Sokol Media, LLC. No part of the publication may be reproduced or transmitted in any form or by any means without prior written consent from the publisher. The publisher reserves the right to accept or reject any advertising or editorial materials. Advertisers and/or their agents assume the responsibility for all content of published advertisements and assume responsibility for any claims against the published based upon the advertisement. Editorial contributors assume any claims against the publisher based on the published work. No part of this publication may be reproduced in any form or by any electronic ormechanical means, including information storage and retrieval systems without permission in writing from the publisher. All items submitted to Sokol Media, LLC. become the sole property of Sokol Media, LLC. Editorial content may not necessarily reflect the views of the publisher. All correspondence and inquiries should be addressed to: Sokol Media, LLC., 75 West End Avenue, #P15F, New York, NY 10023.

The Bella Abzug Leadership Institute “Inspiring Young Women and Girls to Lead the Future” Our Mission

At BALI we…

provide a skillsbased program in leadership and debate training, community building and civic engagement, governance, and advocacy, public policy, domestic and global issues to motivated students. focus on selfempowerment, emotional learning and social justice action. encourage students to excel and become advocates for their own education and communities.

Going into our 10 Year!

The Mission of The Bella Abzug Leadership Institute th (BALI) is to inspire girls and young women to become effective, dynamic and visionary 21st century leaders as well as active and creative participants in civic, political, corporate and community life. BALI’s signature leadership and debate training coupled with our mentoring program, provides the skill set that instills confidence, and gives a strong voice to girls and young women from middle school to high school and college in the New York Tri-state “Women will run area.

the 21st Century… This is going to be the women’s century and young people are going to be its leaders.” -Bella Abzug, April 1997

Since our inception, we have trained

over 900 girls in the NY Tri- state area.

For more information about BALI, please visit us at The Bella Abzug Leadership Institute is a 501 (C) (3) Not- For Profit Corporation, all donations are tax deductible to the maximum extent allowed by law


Photo Howard Weschler


“We can now mentor more women in all levels of real estate.” “We are now in more diverse verticals and varied industry segments.” “We are now the largest professional real estate women’s organization in New York.” “We now have a larger presence at the national level.” heading this larger and more powerful organization dedicated to strengthening women throughout New York City’s real estate arena. 4 •

CREW CT President Beth Ann Harney, AREW President Erin Bond,


Top: March 2011 Leading Ladies panel: From Left: Andrea Olshan, NYCREW 2011 President Karen Dome, Helena Durst, Lisa H. Silverstein, NYcrew Director of Communications and panel moderator

Rossi, NYCREW Past President Karen Dome.


6 •

Top: Leading Ladies 2014: NYCREW Board Member Erin Beitz, Speaker Laurie Zucker, Moderator and NYCREW Board Member Faith Hope Consolo, Speakers Shari Goodstein Rossi, Archie Gottesman. Michael Aisner, Paul Magda. Bottom Right: NYCREW’s Women Greening NYC Panel 2014 and the Board: Esen Edip, NYCREW Board Member Theresa Garelli, Esq., • 7

NYCREW 2014 Board, from left: Director Beth Zafonte, Treasurer Nancy Wood, Director Erin Beitz, President Laura Walker, President Elect Christine Chipurnoi, Directors Faith Hope Consolo and Annemarie DiCola, Past President Shari Linnick, Director Theresa Garelli, Esq.

Consolo says. “CREW New York’s new critical mass will allow us to invite leaders from chapters all over the country to speak at our events, which will also help them network with our members here. The con nection between our chapters around the country will make us a stronger force not only within our indus

And now, CREW New York has even more to cel ebrate. Lyons and Chipurnoi recently announced that CREW National will hold its 2016 National Conven tion in New York City, which stands as a testament to the strength and potential growth of this new or ganization, both locally and nationally. “New York adds, with a smile, “Here, we have the best and the From Left: Erin Bond, Laura Walker, Christine Chipurnoi. Photos © 8 •

Commercial Real Estate Women’s Network 2015 Board Bottom row: 2015 President Lori Kilberg Second row: CREW CEO Gail Ayers, President-Elect Laurie Baker, Immediate Past President Judith Nitsch Third row: Directors MaryBeth Shapiro, Faith Hope Consolo, Linda Adler Back Row: Directors Christine Gorham, Barbi Reuter, Alison Beddard, Jennifer Carey

SAVE THE DATE! for the

2015 CREW Network Convention and Marketplace September 30 to October 3, 2015 Hyatt Regency Bellevue Bellevue, Washington (on Seattle’s Eastside)

AUDIT COMMITTEE Jennifer Carey JLC Environmental Consultants

INDUSTRY RESEARCH COMMITTEE MaryBeth Shapiro Republic Title of Texas

COMMUNICATIONS COMMITTEE Faith Hope Consolo Douglas Elliman Real Estate

MEMBER EDUCATION COMMITTEE Christine Gorham Eastwood Real Estate Services LLC

Barbi Reuter Cushman& Wakefield/PICOR FINANCE COMMITTEE Linda Adler Carlton Fields Jorden Burt, P.A.

NATIONAL CONVENTION COMMITTEE Allison Beddard Cushman & Wakefield Commerce RECOGNITION COMMITTEE Judith Nitsch Nitsch Engineering

CREW NATIONAL NEWS CREW Network’s Boston-based affiliated chapter changes name to CREW Boston All 72 affiliated chapters in U.S. and Canada now carry CREW name


changed its name to CREW Boston. With this name

the CREW name.

educational programs, networking, mentoring and other activities that support the professional development of women working in commercial real estate throughout the region. At the same time, the

with a national presence.

Three CREW Network presidents have come from CREW Bos

president and is currently serving on the CREW Network Board of

CREW Scholarship Program


REW Network Foundation schol arships are intended to encourage women to pursue an education which will lead to a career in the commer cial real estate industry. Applications are

CREW Network Foundation scholarship

CREW Network Foundation / Jane Ayers Wooley memorial scholarship *Funded by donations

To date, CREW Network and its Founda tion have awarded 66 scholarships totaling With the help of its generous donors, the CREW Network Foundation Scholarship Endowment and its scholarship program

10 •

CREW Network Foundation / Goldie B. Wolfe Miller Women Leaders in Real Estate Initiative scholarship

CREW Network Foundation / Prudential Real Estate Investors scholarship

• • • •

Matched with a CREW Network

• Network Convention & Marketplace

CREW Network exists to influence the success of the commercial real estate industry by advancing the achievements of women.


• • tioner; •

eMentoring Program

CREW 2015-2016 Leadership Summits 2015 Spring Leadership Summit

2015 Fall Leadership Summit - prior to convention

2016 Winter Leadership Summit

2016 Spring Leadership Summit • 11




long housing shortage. Without such bold initiatives, the preserve over the next decade, is bold. It will go a long way to keeping New York the greatest city in the world in which to live, work, and raise a family.

more expensive. Our industry stands ready to work with the Mayor and other stakeholders to put shovels in the ground and cranes in the sky to tackle this important goal.”

CUSHMAN & WAKEFIELD COMPLETES SALE OF AMERICAN BIBLE SOCIETY CORPORATE HEADQUARTERS BUILDING AT 1865 BROADWAY IN COLUMBUS CIRCLE C&W New York Capital Markets Group sells American Bible Society’s world headquarters site consisting of 265,000 square feet of zoning floor area for development into a prime, luxury residential building. CUSHMAN & WAKEFIELD recently announced that it has advised sale of its headquarters building at

Society in the transaction. “We are extremely pleased to assist American Bible Society in a transac tion that is so important to their mission,” said Hwang, a Cushman &

AvalonBay Communities, Inc. “The 1865 Broadway property has The decision to sell the property was made to unlock the value of the site to further the mission of American Bible Society,” said ABS Board chairman, Nick Athens. “As we approach a third century of mission, we are laying the

footprint and meaningful scale almost never become available in Manhattan, let alone within a location with such a global presence. To complete a deal with AvalonBay just speaks volumes for the potential of this project.” ABS recently announced plans for a new global headquarters in cen

changing message of the Bible.”

from its current New York City and

by Helen Hwang, Nat Rockett, Steve Kohn, Karen Wiedenmann and Brian Szczapa, represented American Bible

team, led by Heather Sloan,Timothy

12 •

American Bible Society in selecting its new ministry site. In addition to

Discovery Center on the doorstep of “American Bible Society has a re markable Scripture collection of over said Heather Sloan, a Cushman & collection will now be just steps from where the Declaration of Indepen dence was signed, close to many other incredible museums and historical sites, continuing the transformation

honored to have assisted American Bible Society with its headquarters relocation.”


serving tourists and resid world’s best holiday mark brick-and-mortar stores, a-kind Greenmarket boo namic and convenient ho

on New UNION SQUARE SEES Spotlight MAJOR JUMP IN Neighborhood The Union Square culinary landscape continues to evolve neighborhood Italian join DAILY VISITORS with a variety of new restaurants, innovative food concepts bar experience, Darrow’s and attractive opportunity sites. Recent additions to Park Avenue South include Florian’s classic Italian dishes, the 383,000 DAILY VISITORS MAKE GROUND-FLOOR RETAIL playful and inventive menu at Morton’s Grille, W New York OPPORTUNITIES IN DISTRICT EVEN DESIRABLE UnionMORE Square’s 201 Bar & Restaurant, and Thai street-food, Wok to Walk. Other district openings include Little Sal’s THE UNION SQUARE NEIGHBORHOOD

New Retailers & Eateries Aum Namaste Bookstore Burger & Lobster Chilewich City MD CrossFit Union Square CVS Darrow’s Eddie Bauer Florian Homenature Little Sal’s Lot Less MAC Cosmetics Morton’s Grille Shuko Wok to Walk

222 East 14th Street 39 West 19th Street 23 East 20th Street 216 East 14th Street 1 Union Square West, BSMT 2 West 14th Street 115 East 18th Street 100 Fifth Avenue 225 Park Avenue South 7 West 18th Street 10 East 16th Street 17 West 14th Street 853 Broadway 233 Park Avenue South 47 East 12th Street 42 Union Square East

Retail Food and Drink Retail Medical Gym Retail Food and Drink Retail Food and Drink Retail Food and Drink Retail Retail Food and Drink Food and Drink Food and Drink

Burger & Lobster serving concepts expected in th etarian ABC Home Gro restaurant in the former SF café and gourmet food of prominent spaces cur page), the neighborhood options are primed to c eateries and restaurants


About the Union Square Partnership • 13



Urban Land Institute’s Emerging Trends in Real Estate® Americas (2015) Sustaining momentum, but taking nothing for granted. Houston Voted Top City for 2015; Industrial Sector Remains Investor-Favored Property Type Charlotte N.C., in seventh place, is rated higher than Seattle and Boston; and Nashville, ranked at 14, tops Manhattan. “Investors are looking closely at opportunities beyond the core markets. These cities are positioning themselves as

THE SUSTAINED PERFORMANCE of the U.S. commercial real estate industry is expected to continue in 2015, fueled by improving fundamentals and robust investor

“Unlike previous reports and previous cycles, we are seeing ings, and recreational and cultural amenities,” Phillips said. sustained growth,” said Mitch Roschelle, partner, U.S. real es PwC and ULI outline the top trends in real estate for 2015: tate advisory practice leader, PwC. “In the past several years, we reported that real estate market participants’ main fears revolved around the uncertainty with the economy. Now, the 1. The 18-hour city comes of age trepidation in their eyes has more to do with the ability of The urbanization of America has given life to cities that had the growing real estate markets to adapt to a series of mega trends impacting society and the global economy. These no longer is it accepted that only the great coastal cities mega trends include accelerating urbanization, demographic can be alive around the clock and on weekends. Downtown shifts and the impact of distributive technological transformations the key ingredients of hous Chapter advance 1: Sustaining Momentumhave butcombined Taking Nothing for Granted ments.” pointed to the continued rise of markets other than the larg est coastal cities as top choices for overall real estate pros

cores, spurring investment and development and raising the quality of life for a roster of cities. Buyers have more markets

ond, respectively, topped San Francisco as favorites for 2015;

Real Estate Business Prospects Exhibit 1-4 Real Estate Business Prospects Multifamily developers

Real estate brokers

3.95 3.68 3.49 3.14

Insurance company real estate lenders 3.32

3.22 3.62 3.56

3.91 3.62 3.21 2.95

Homebuilders/residential land developers 2.64 1.66


3.62 3.27 2.49 2.09

Real estate consultants

3.59 3.33 2.87 2.67

3.86 3.52

Private local real estate owners 3.18

2.84 3.76 3.46

Real estate investment managers 3.18


Commercial developers


3.57 3.43

3.72 3.68 3.49 3.14

Commercial bank real estate lenders 3.04 2.76

3.72 3.42 3.46 3.27

1 Abysmal

2015 2014 2013 2012

3.63 3.51

2015 2014 2013 2012

CMBS lenders/issuers

2 Poor

3 Fair

4 Good

5 Excellent

3.45 3.29 2.74 2.44

1 Abysmal

2 Poor

3 Fair

4 Good

5 Excellent

Source: Emerging Trends in Real Estate surveys. Notes: Based on U.S. respondents only. Before the 2015 survey, “Commercial developers”’ and “Multifamily developers” were combined under the category “Commercial/multifamily developers.”

have been much talked about, but for all their impact thus far, there is much more to come. And the changes will accelerate 14 • and become more complex over the next ten years.

An institutional investor notes, “Renter-by-choice is still a potent

home.” Investors do not have to plan on this remaining constant since emerging trends take time to unfold. “A typical investment hold period for a core investment fund is ten years. What will the impact of the millennials be then?”

Chapter 1: Sustaining Momentum but Taking Nothing for Granted


2.5% Labor force growth


Average growth, 1980–2007


2.0% Average projected growth, 2008–2025

Annual percentage change


2,000,000 1,500,000 1,000,000 500,000 0


U.S. Labor Force Exhibit 1-6 U.S. LaborGrowth Force Growth

Exhibit 1-6 U.S. Labor Force Growth


3,500,000 3,000,000


0.5% Labor force growth Average growth, 1980–2007




Annual percentage change

projected growth, 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Average 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025






Sources: U.S. Bureau of Labor Statistics; Moody’s Analytics (Economic & Consumer Credit Analytics) forecast.


and the influenza breakout. Without a change in immigration policy, the U.S. will face a severe shortage of workers.” (Yes, 3. Labor markets are trending toward a you read that right: “since the end of World War ONE.”) Some The millennials are an even larger cohort than their par tippinginpoint 500,000 developers the Southwest are already reporting feeling the pinch. And what about the disincentives in our visa system? Survey respondents place job growth at the top of the list Both the E-5 “investor immigrant” program’s constraints and a of most important 0issues for real estate, closely followed by 2001 and 2002 income 2003 2004growth. 2005 2006 2007 2008 2009 student 2010 2011visa 2012program 2013 2014that 2015 2016 2017international 2018 2019 2020 2021 2022 educates students and2023 the related concerns2000 of wage A leading -500,000 says, “Labor force growth in the next few then sends them home to compete against the United States are economic consultant considered ripe for change by our interviewees. years will drop to U.S. the Bureau slowest growth rateMoody’s since Analytics the end(Economic of WWI& Consumer Sources: of Labor Statistics; Credit Analytics) forecast.


for workers across the entire occupational spectrum. A global 1,000,000 search for talent is underway, and the United States needs to 2. The changing age game prepare for that. The steps need to start immediately.

workersSkills acrossGap theby entire occupational spectrum. A global Exhibit 1-7for Potential Market

10% 5% 0%

0.0% 2024 2025


and the influenza breakout. Without a change in immigration policy, the U.S. will face a severe shortage of workers.” (Yes, you read that right: “since the end of World War ONE.”) Some developers in the Southwest are already reporting feeling the pinch. And what about the disincentives in our visa system? Both the E-5 “investor immigrant” program’s constraints and a student visa program that educates international students and then sends them home to compete against the United States are considered ripe for change by our interviewees.

Madison Honolulu Raleigh/Durham Minneapolis/St. Paul Tucson Charleston Omaha Boise Oklahoma City Portland, OR Austin Norfolk Kansas City Denver Salt Lake City Des Moines Seattle All-market average Memphis Atlanta Birmingham Cleveland Richmond Dallas/Fort Worth Louisville Chicago Inland Empire Las Vegas Los Angeles Tampa/St. Petersburg Miami Providence Houston Philadelphia New York City

search for talent is underway, and the United States needs to prepare for that. The steps need to start immediately.


Survey respondents place job growth at the top of the list of most important issues for real estate, closely followed by the related concerns of wage and income growth. A leading economic consultant says, “Labor force growth in the next few years will drop to the slowest growth rate since the end of WWI


Potential by Skills Market Exhibit 1-7 Skills Potential Gap by Market

-15% -20% -25%

10% 5%

Madison Honolulu Raleigh/Durham Minneapolis/St. Paul Tucson Charleston Omaha Boise Oklahoma City Portland, OR Austin Norfolk Kansas City Denver Salt Lake City Des Moines Seattle All-market average Memphis Atlanta Birmingham Cleveland Richmond Dallas/Fort Worth Louisville Chicago Inland Empire Las Vegas Los Angeles Tampa/St. Petersburg Miami Providence Houston Philadelphia New York City


Notes: “Skills gap” is the difference between percentage of job openings projected to require some college and percentage of population with some college. Estimates are for year-end 2012. Source: Brookings 0% Institution.


Emerging Trends in Real Estate® 2015


-10% -15% -20% -25% Notes: “Skills gap” is the difference between percentage of job openings projected to require some college and percentage of population with some college. Estimates are for year-end 2012. Source: Brookings Institution.

Emerging Trends in Real Estate® 201515 7


Importance of Issuesoffor RealforEstate in 2015 Exhibit 1-8 Importance Issues Real Estate in 2015 4. Real estate’s love / hate relationship with technology intensifies

1 No importance

No form of real estate is exempt from the exponential expansion of technology. Interviewees see technological disruption as providing new business tools and environ ments, opening new business paths, and cycling forward as a source of user demand in an era when more tradi tional industries may be sluggish. Technology is pushing change in space use, locations, and demand levels at an accelerated pace. It is now the norm to anticipate, strat egize, and respond to new technologies before they are mainstream. Overall, the fear factor about technological disruption is easing, according to surveyed respondents.

5 3 4 Moderate Considerable Great importance importance importance

Economic/financial issues Job growth 4.59 Income and wage growth 4.11

Is this some excesses? N no one’s ide the alarm ab ahead. Its re Unemploym released in ●

Interest rates 4.01 Global economic growth 3.51 Inflation 3.49 European financial conditions 3.44 New federal financial regulations 3.26 Energy prices 3.19 Federal fiscal deficits/imbalances 3.13 State and local budget problems 3.08

viewed as an adaptation challenge, as retailers become

Slower growth and financial 2.94 instability in China

Social/political issues Terrorism/war 3.53 Political gridlock 3.37

5. Event risk is here to stay There is nothing new in seeing investors along the continuum from “core” to “opportunistic,” but the trend will be that such distinctions are heightened over time, and 2015 looks to be a year when this will be especially evident, interviewees note. The reason is that the concern about “event risk” is troubling the minds of more and

Federal government actions 3.35 Lack of qualified workers 3.31

Immigration 3.14 Rising cost of education 2.97 Social equity/inequality 2.75 Real estate/development issues Construction costs Land costs Vacancy rates Infrastructure funding/development Refinancing Transportation funding Future home prices CMBS market recovery NIMBYism Affordable/workforce housing Deleveraging Wellness/health features in buildings Green buildings Risks from extreme weather

considered to be the best prospect for increasing invest ment volume in 2015, according to the survey.

6. A Darwinian market keeps the squeeze on companies Competition is unrelenting, and the need to have a clear

expectations down to the service providers, the report states.





Source: Emerging Trends in Real Estate 2015 surveys.

7. A new 900-pound gorilla swings into view

Note: Based on U.S. respondents only.

What’s the emerging trend? Look for a change in the terms of debate from “defend our borders” to “send us workers” in the coming years.

Emerging Trends 2014 alerted readers to the establish help plan sponsors and their participants achieve better investment outcomes through the use of institutional

16 •


Data su knowled are seek facturing since Ja

The volu matches trends to Product

Since a pro to grow thei aggressivel

4.05 3.90 3.76 3.72 3.55 3.47 3.24 3.20 3.15 3.13 3.02 2.74 2.67 2.51 1

Many of perman erosion, tors wei force pa we talkin figures s been ou has bee

8. Infrastructure: time for the United States to get serious?® Emerging Trends in Real Estate 2015

For all our vaunted technological innovations, the founda tion of our commerce is eroding around us. It’s not just

What does veterans wo filling office for improvin hotels and r unemploym by restrictiv Conference with suppor a cap of 15, try’s constru

While those the claim th ness in the opposite dir

100% 90%

Asia-based investors


Europe-based investors


level60% since the Hoover Dam was constructed during the Great 50% Depression. The level of the lake has dropped 100 feet during this drought, and 150 feet from its high water mark in 1983. This 40% has cities like Denver, Phoenix, Las Vegas, and Los Angeles 30% Chapter 1: Sustaining scrambling, and has the federal government initiating a pilot pro20% gram to pay cash as an incentive to reduce water use. Needless 10% to say, if these cities were to face serious growth constraints on 0% population gains because of water deficiency, that would alter North America Europe Asia Global America’s real estate map considerably. A valuation specialist Source: Prequin. with a national practice had this to say: “How do we get what we need where weoff” need DroughtsLittle havewonder, been coming more them. That’s “risk to it?” an extreme. then, that frequently and are longer lasting. Can we figure out the transinternational investors are considered to be the best prospect portation of water? Pipelines, pricing? for increasing investment volume in 2015, according to the Investment Prospects byeasements, Asset Class

North America–based investors


Percentage targeting area over next 12 months

World Regions by Investor Location Exhibit 1-9 World Targeted, Regions Targeted, by Investor Location

structure quality and reliability is negative, both in the immediate and in the mid-range future. It may take a catastrophe to move us off this particular dime.

Momentum but Taking Nothing for Granted

9. Housing Steps Off the Roller Coaster

understanding of Wall Street analysts, the more “pure play” the 1,000 Emerging Trends in Real Estate® 2015 better. Hence, the recent spin-off activities in the retail, office, and hospitality real estate investment trust (REIT) sectors sound 500 a theme that will echo as a trend in 2015. One analyst notes that while 0 “industry metrics are good, it is hard to be accre2010 acquisitions. 2010 2010 Companies 2011 2011 2011 2012 2012 tive merely2010 through need2011 to sharpen Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 their focus.” Some see this as a necessary discipline, a sign Source: National Association of Realtors. of maturity for the industry, and a harbinger of greater stability ahead. The drive for efficiency and effectiveness in both service 14 Emerging Trends in Real Estate® 2015 delivery and cost will filter from investor expectations down to the service providers. 10

That applies on the institutional investment side as well, leading one public pension plan sponsor to say that “replacing under-

as this trend gathers momentum.






























Seasonal adjusted annual rate (thousands)


There were numerous reasons to be aghast at the housing fiasco and the vast amount of collateral damage that was inflicted on the economy and the financial system. Prior to the bubble, housing itself was thought to be “too big to fail.” Not only was the value total for residential real estate huge—in excess of from China, is making an impact in Los Angeles, Las Vegas, $20 trillion—but it was so granular that few economists believed and Miami, as well as in New York’s burgeoning outer-borough it vulnerable to systemic collapse. But collapse it did, leading market, Brooklyn. In a sense, the recent propensity of offshore Exhibit 1-10 Investment Prospects by Asset Class the nation—and the world—on an epic, stomach-churning Emerging Trends survey. investors to expand their roster of investment preferences is roller-coaster ride. Some 5 at the end of the tunnel may come from the increas another sign of risk management—spreading their interests Excellentlight ing tendency of public agencies to turn to public/private partThe propensity for offshore wealth to find a home—literally—in across a wider geography is a way to limit downside volatility Good 4 Remarkably, housing seems to be putting the excesses of the nerships (PPPs) asisthe vehicle forofaddressing the infrastructure the United States a condition long standing. Latin American in any one place. bubble and the ensuing collapse behind it. The trend in residencrisis. Thehave daunting price tagMiami of needed improvements, families flocked to the area for many years. coupled Luxury tial real estate looks to be returning to the classic principles of with the straitjackets constraining public budgets, has prompted units Yield-oriented investors aren’t ceding the field. Value-add and Fairin3 the New York area have long been a part of that city’s supply and demand, with great sensitivity to any deviation from acosmopolitan wider degreeflavor. of cooperation. The PPP approach is notold a panaBut now, sovereign wealth funds, family opportunistic investments are considered to have the best prosequilibrium quickly reflected in transaction volume and priccea, of course. The private sector needsenjoying to earn ainitial return, and money, and high-net-worth individuals public pects for 2015 returns, according survey respondents, although ing. As this major segment of the economy—still the principal public face political pressure if theon return is derived offering are all converging the United States they think good, high-quality deals are difficult to find. But the Pooragencies 2 (IPO) proceeds of wealth for tens of millions of households—returns from increased opportunities. user fees (withReal tax increases notitseven onhas thegreat repository for investment estate in all forms best indicator that both conservative and aggressive investors to textbook fundamentals, we should see increasing confidence 1 Abysmal table in most places). Itproven is a conundrum. appeal as a durable, asset class in a risky world. will do well in 2015’s environment is the expectation that National emerge in the residential sector. There could hardly be a more Council of Real Estate Investment Fiduciaries (NCREIF) and positive the economyInvestment-grade as a whole. Private direct Publicly listed already. Publicly listed Publicly listed trend for Commercial On this subject, we are behind the curve ASCE estiToday’s offshore capital inflow is different in kind, as well as in National Association of Real Estate Trusts (NAREIT) real estate property companies homebuilders non–real estate mortgage–backed corporateInvestment bonds mates thatInternational theinvestments neededinvestment repair programs existing, identified or REITs securities degree. in U.S.for real estate is spread returns will risesecurities 60 to 90 basis points by 2020. Increasing returns What undergirds such a hopeful outlook? Even as the housing infrastructure needs will costand $2.2 over the next five years. across dozens markets, alltrillion income-producing property over time portend increasing capital flows, a trend that is good Source: Emerging Trendsof in Real Estate surveys. market became severely dislocated, the growth in the number Yet, a funding proposal for $50 billion to $75 billion and the Note: Based on the U.S. respondents only. types. In 12 months ending July 31, 2014, $50.3 billion across the board for the industry. of U.S. households continued at a steady pace. Rental housing enabling legislation createacquired a national infrastructure bank are in globally sourcedto capital U.S. real property. The benefited while single-family-home construction plummeted. mired in Washington politics. Unfortunately, the trend of infraCanadians represented the lion’s share, at $15.1 billion. But a Bottom line: America’s diversity—heterogeneity, to use academinvestors seek more control. This essence responsiblethe management. While hunkering down for veritableof“spanning world” lineup each put between $2 bil-on.” The ics’largest current buzzword—is a strength andreduces a shield.the It is a strength of new managers might have seen at thisdomestic point an apocalypse is nottoa work: widespread strategy, certainly notKong,number lion and $4 billion Norway, China,and Japan, Hong because in a worldyou of dire risk, it gives both and interExisting Homes for Sale and Months’ Supply Exhibit Existing Homes for Sale and Months’ Supply in the real estate cycle, aaccording to an industry association aGermany, trend, 1-14 a concern capital conservation is clearly abroad in that’s Israel, for and Australia all were in that league. And national capital chance not only to park money, but also to find A few niche offering funds. Capital raising the That most likely a trend that will have legs as themarketplace. most obvious of is the flows. Many international investors andmanagers real estateare opportunities that match a whole range 12 3,500 is difficult for mid-tier managers. long as the world remains unduly exposed to the black swan of Existing homes for sale (thousands) commingled funds or invest through tax havens like Bermuda. of preferences. It is a shield because the dense web of the U.S. event risk. economy makes for greater resilience when shocks occur. 3,000 One upshot: fees (again) are going to be squeezed 10 as the Months’ supply By and large, foreign capital remains concentrated on the usual capital sources want more services for less money. After a long 6. A Darwinian Market Keeps Squeeze 2,500 suspects: the gateway cities. The Sunbeltthe is making something year,outsourcing Emerging Trends were sensitive to periodThis in which was theinterviewees fundamental approach 8 of aCompanies comeback, attracting offshore capital to Phoenix ($700 (staying potential “black swan” developments. “It on “lean and mean”), there is some indicationisn’t thatwhat bring-you see, 2,000 and the Texas markets (Houston, $1.1 billion, and Dallas, million) it is what you don’t see,” as one economic forecaster put it. ing real estate talent in-house is not only an improvement in Competition is unrelenting, and the need to have a clear “brand 6 $1 billion) for apartments, and Hawaii ($2 billion) and south Accommodating the potential for a downturn almost defines the accountability, but also more cost-effective. Though this is going identity” 1,500 is important as firms seek to navigate in the swift stream billion) Development capital, especially on in just a slice of the industry, consolidation could accelerate ofFlorida capital.($1.1 For those in for thehotels. public markets, dependent upon the 4

2 difMeanwhile, capital raising in Europe has gotten more ficult with the Alternative Investment Fund Managers Directive (AIFMD). New regulations vastly increase reporting and 0 2012 2012 2013 2013 2013 Some 2013 managers 2014 2014 will 2014 compliance requirements. just not be Q3 toQ4 Q1operating Q2 Q3 Q1 reducing Q2 Q3the number of able afford underQ4AIFMD, private equity firms and hedge funds sourcing capital from the European Union, in the view of one such investor.

As more and more capital has become available, more and • 17 more players naturally have been looking to tap the cash. That leads to overpopulation in the field. Look for a winnowing-out process as the next step. The brokerage industry, it might be

Exhibit 1-15 Change in Disposable Income, Median Home Sales Price, and Affordability



Median sales price

Affordability index



Disposable income growth


6% 4%


2% 0% -2%

2010 Q1

2010 Q2

2010 Q3

2010 Q4

2011 Q1

2011 Q2

2011 Q3

2011 Q4

2012 Q1

2012 Q2

2012 Q3

2012 Q4

2013 Q1

2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

Affordability index


10% Year-over-year change


Change in Disposable Income, Median Home Sales Price, and Affordability


-4% 0

-6% Sources: U.S. Bureau of Economic Analysis; S&P Dow Jones Indices; National Association of Realtors.

The result, over a period of years, has been an enormous

10. Keeping an Eye on the Bubble— 9. Housing off thefor-sale roller coaster shortfall insteps the supply of new units. That shortfall now 2. AUSTIN

Emerging Concerns to the millennial generation, and the lower cost of Housingamounts seems to putting the excesses of the bubble and appeal to 9be million homes. doing business inpositive Austin.outlook The market topyear’s choice for The generally flowing was fromathis Emerging the ensuing collapse behind it. The trend in residential real The production shortfall, in turn,looks has enabled the “monthstoof supTrends interviews and survey does have a dark side. Upcycles estate, according to interviewees, to be returning ply” figure calculated by the National Association of Realtors (NAR) breed optimism, excessive optimism can promote recklessand the number twobut ranked market for retail. Interviewees the classic principles of supply and demand. As this major to hover around five months since late 2012, with existing-home ness. Some interviewees asked, with good reason, whether segmentsales of the economy returns to textbook fundamentals, averaging 2.1 million over the same period. There seems to real estate will soon forget the hard-learned lessons of the market is an example of “jobs chasing people.” be a point of balance for single-family residential, and it has stayed

recent past. Such prophets of caution are worth listening to, if the respondents to our survey are right. Equity underwriting 3. SAN FRANCISCO will be less rigorous in 2015 than in 2014, say 40 percent of the Meanwhile, though, disposable income growth American spotresponses across all sources of equity. Easing of standards last year, according to surveyed participants, is due Emerging Trends interviews and survey does havefor a dark households hasoptimism, been lagging seriously. Homebuilders—and on the debt side will be even greater, with 42.1 percent seeing .side. Upcycles breed but excessive optimism can their lenders—clearly recognize that the recent price recovery in lenders loosening next year. And this is happening at a moment promote bad investment patterns. However, in most cycles, in the San Francisco market. The strong local economy and housing has outstripped incomes. And this time there is no funny when mortgage spreads are already tight, and Treasury rates improved domestic and international travel have made San overbuilding excess leverage would likely have moneyand being generated in shady mortgage deals.already So prices are will inevitably rise. started not building momentum by now. the degree that looks toFrancisco the number one choice for hotel investment in reinflating to bubble levels. In To other words, discipline be governing the market. Thanks to low interest rates, the NAR’s Exhibit 1-16 Time Horizon for Investing and the retail market number four. Affordability Index is still relatively high at 165, so the market should enjoy decent liquidity even if rates bump up. steady around that point for two years now. That’s a good thing.

1–3 years

4. DENVER Markets to Watch A healthy story is shaping up, whereby housing should anticipate


Real estate investors be willing tobuyers’ pay record moderate price continue increases, to solidly based on ability to 36.6% 3–5 years industry exposure to the technology and energy industries prices for assets in the markets duealong to the that pay, fluctuating in major a fairly narrow band withfact minor ups and has also attracted investor interest. The results of the survey downs in the NAR’s existing-home sales figures. It is a healthy—if But after the thrillof ride of the past decade only be boring—story. found in a limited number markets across thein housing, boring is a very, very good trend to report.

5–10 years 10+ years



a measured amount of new risk in search of higher yields. Two strategies mentioned repeatedly with interviewees

5. DALLAS/FORT WORTH 0% despite 10%being ranked 20% 30%than Houston, 40% possibility that lower Percentage of total survey respondents the economic diversity could make the current growth rate

ments in the major markets or in markets close to a major metropolitan area, or looking for the best assets in markets

tinues to be attractive to real estate investors because of its

Source: Emerging Trends in Real Estate 2015 surveys. Note: Based on U.S. respondents only.

Emerging Trends in Real Estate® 2015

strategies. respondents and their outlook for each market: 1. HOUSTON investment opportunity. Investors believe that the energy industry will continue to drive market growth and that will support real estate activity in 2015. Houston was ranked number one in both investment and development expecta tions for next year; housing market expectations are ranked number two.

18 •

Now in its 36th year, Emerging Trends inReal Estate® is one of the most highly regarded annual industry outlooks for the real estate and land use industry. It includes interviews and survey responses from more than 1,000 leading real estate experts, including inves tors, fund managers, developers, property companies, lenders, brokers, advisers, and consultants. Visit




Herald Square Harkens A

retail legend, but one that is in the middle of a revolution: One of the most exciting retail stories in town is the continuing extension and evolution of Herald Square. Always the retail heart of the city, now there’s a lot more than Macy’s to see!



Yes, technically Herald Square is the north part of the square between West 34th and West 35th Streets, Broadway and Sixth Avenue, named for the New York Herald newspaper that once was headquar

West 34th for some of the major national and international retailers here. Start with Bebe forward items for women and men at Express

ever, it became one of the most famous retail cores in the world, home to department stores such as Macy’s, Gimbel’s, E.J. Korvette and Stern’s. All but th

retail expand west from Fifth Avenue beyond the historic boundary of Seventh Avenue to the now

By Faith Hope Consolo and Sales Division

Strawberry even more options at Zumiez can check out casual and career wear at Banana Republic Who A.U. Aldo



Vince Camuto • 19

International and fashion for men, women

Heartland Brewery has Nick &

Sam Ash Music Stores Uniqlo


Stef ’s Forever 21 Fossil B&H Photo &

and shoes at Steve Madden Video

Bar & Grill th

from Lush


on JC Penney, Aeropostale, Gamestop

Brendan’s Féile

Foley’s NY Tír na nÓg Bar & Grill



at Gap at Payless Shoe Source


Foot House of

Locker’s Hoops


Victoria’s Secret Desigual



New York Golf Center th


at Kay Jewelers Macy’s

the changes! Casual shoes are the order of the Crocs Swarovski Joe Fresh Lane Bryant

including Stella 34 Trattoria the Cellar Bar & Grill and Cucina & Co. Nuchas Wafels & Dinges

Footaction, another Simit + Smith

20 •

Hyatt Place New th York Midtown South

Hilton Garden Inn New York th Best Western Premier th Herald Square Radisson Martinique on Broadway nd Holiday Inn Express Manhattan Times Square th South Return and see the changes at one of the

Calendar of Events FEBRUARY-APRIL 2015 FEBRUARY Wednesday, February 25 Tuesday, March 24 CREW New York SMPS-NY Client Panel: $100 Billion of Infrastructure in 5 Years – A Regional Perspective for Next Steps

Friday, February 27 SMPS-NY Leadership Lunch: The Optimistic Leader Using Happiness and Positivity to Propel Performance

APRIIL Wednesday, April 8


SMPS-NY New Jersey Affiliate Client Panel: Higher Education and Real Estate Development in the Garden State

Thursday, March 5 REBNY Lower Manhattan Office Building Luncheon 56 Beaver Street

Saturday, April 18

Contact: Desiree Jones

REBNY Residential Upper Manhattan Committee Presents: Harlem Open House Expo

Thursday, March 12 The Secrets of Top Brokers and Industry Leaders

Wednesday, April 22 SMPS Northeast Regional Conference

Contact: Jay Perez

Monday, March 23 Tuesday, April 28 REBNY Commercial Real Estate Finance Luncheon Sales Broker’s Deal of the Year Cocktail Party REBNY Most Ingenious Deal of the Year Awards Contact: Desiree Jones • 21

FirstService Residential Boosting Efficiency while Shrinking Impact As the leading residential property management company in North America, FirstService Residential provides professional, full-service association management services to 6,500 properties. In New York City, the company manages more than 500 condominiums, cooperatives and rental buildings comprising 78,000 apartments that are home to more than 200,000 people. New York City’s residential buildings are the largest single

designed energy management strategies is not only envi

gases. In addition to these environmental costs, energy costs can comprise up to a third of a multifamily property’s

advisory subsidiary that guides clients on ways to reduce energy costs, consumption, and emissions that will result the challenge by pledging to reduce emissions by at least

have ranged from oil to gas conversions and cogeneration installations to mechanical control systems and lighting upgrades. Corporation to reward innovative resiliency measures. energy infrastructure capabilities that provide emergency power in the event of grid failure. from dangerous, heavy fuels to cleaner alternatives. innovative solutions. 12A •

THE STRAND CONDOMINIUM Project Type: Total Project Cost: Incentive: Annual Savings: Simple Payback: CO2 Reduction:

Oil to gas conversion and controls upgrade $276,000 $207,569 $173,851 1.59 years 21%

This 311-unit condominium installed two new dual fuel burners and a new boiler control system in conjunction with a conversion from oil to natural gas. Coupled with wireless apartment sensors, the energy management system monitors air and water temperature to ensure equal heat distribution throughout the building. The property is also installing a 100kW natural gas fueled cogeneration unit to provide backup power during grid outages and to also provide a portion of the electrical and thermal loads for heating and domestic hot water production. A NYSERDA incentive of $433,000 resulted in no upfront costs to the building.

WOODROW COURT OWNERS CORP. Project Type: Hallway lighting upgrade Total Project Cost: $5,687 Incentive: $4,018 Annual Savings: $5,322 Simple Payback: 1.07 years CO2 Reduction: 4% Electricity Usage Decrease: 25,758 kWh 565 W 169th St—Monthly Electric Usage Comparison 10,000

Pre-Retrofit Post-Retrofit

Usage (kWh)




4,000 AUG 12

DEC 12

MAY 13

SEP 13

Billing Start Date

FEB 14

JUN 14

This 60-unit cooperative demonstrated that even small projects can achieve substantial results. Woodrow Court recouped the cost of a hallway lighting upgrade project in just one year by replacing existing pendant fixtures with LED Energy Star lamps and integrating ultrasonic occupancy sensors. • 13A


Electrical sub-metering and LED lighting upgrade Total Project Cost: $792,235 Incentive: $385,156 Annual Savings: $392,253 Simple Payback: 2.02 years CO2 Reduction: 8.5% Electricity Usage Decrease: 1,529,100 kWh This 1,049 unit complex installed sub-meters in each apartment to enable residents to pay only for the electricity they consume. The development’s five buildings had been master metered, meaning all residents paid the same amount whether or not they were conservative with their use. Park City Estates also performed an extensive LED upgrade by retrofitting lighting in the basement, garage, corridors, stairwells, and outside. A NYSERDA incentive cut total projects costs by almost 50%.

TURTLE BAY TOWERS Project Type: Total Project Cost: Incentive: Annual Savings: Simple Payback: CO2 Reduction:

Oil to gas and controls upgrade $504,000 $39,000 $199,585 2.53 years 24%

This 338 unit cooperative converted from oil to gas after burning 160,000 gallons of No. 6 oil at a cost of nearly $500,000 annually. Additionally, the building replaced one of its boilers, relined the chimney, and upgraded the control system – all financed through an unsecured, low interest energy loan.

14A •

Classes held in the FirstService Residential Learning Center help educate staff on keeping equipment operating at maximum efficiency

EDUCATION & TRAINING FS Energy has found that improving op

members, building personnel and prop erty managers with information and so lutions for increasing sustainability and

es are proven measures to reduce energy Along these lines, the company regularly Residential Learning Center to educate building maintenance personnel on ways to keep operating systems and equipment sions have covered such key topics as

which has continued to grow bigger and more successful each year, is held in con junction with Earth Day to emphasize the company’s commitment to environmental Each year, the event features a distin experts who educate board members on topics such as incentives available to en tice buildings to reduce emissions and how

Three years ago, FirstService Residen for building personnel feature a supplier expo and seminar series on topics includ

lighting, pest extermination, tankless wa ter heaters, solar and wind solutions and

can deliver savings to a property,” says Wurtzel, “while reducing its environmen tal impact, increasing property values and

THE VALUE OF MEASUREMENT FS Energy’s innovative and analytical approach to energy improvement starts with taking baseline measurements, and the core of its success is a proprietary benchmarking database containing com • 15A

An exclusive event for FirstService Residential board members featuring a panel of green-minded experts discussing

How Your Property Can Decrease Costs

5:30 – 8:30pm 622 3rd Avenue, 14th Fl. New York City

FirstService Residential’s Annual Sustainability Expo & Symposium provides information and solutions for increasing efficiency in multi-family properties

prehensive historical data for nearly 1,000 buildings. Developed several annual benchmarking of energy and water use for buildings over 50,000


data analysis to evaluate a property’s consumption compared to similar buildings.


Report Cards, which are issued annually to clients and feature a Building TOP-RATED BUILDINGS


$1.59/sq ft

$2.04/sq ft



and arms our clients with measured data and a roadmap so they can implement the right energy management strategies for their buildings,” Wurtzel explains.

Your building’s square footage: 309,204 Your building’s total units: 304

our clients successfully reduce emissions because we assume the social


16A •

every New York City resident, board member and building we serve.”

It’s a Window--NOT a Thermostat Tired of pa ying tto o heat an entire city? paying Heat-Timer controls help property owners effectively regulate boiler system output, so tenants stay comfortable and BTUs stay INSIDE the building where they belong.

Finetune Boiler Operation! Monitor space temperatures! Monitor water & oil usage!

Timer’s Int erne ol Plus, with HeatHeat-Timer’s Interne ernett Contr Control em (ICMS) and wireless System Management Syst space sensors, owners can remotely monitor their buildings 24/7. ICMS communicates with wireless space sensors, allowing owners/ operators to monitor space temperatures, water usage, oil tank levels so owners stop wasting fuel and water. Want to know EXACTLY how Heat-Timer can start saving you money? Contact us to schedule a FREE Boiler System Survey. E-mail us at FreeSur .com and a Systems reeSurvv e y@heat-timer Specialist will contact you to schedule an appointment! 20 New Dutch Lane • Fairfield, NJ 973.575.4004

Congratulations to CBX


35 East 21 Street

File Job No Version Contact App(s)

New York NY 10010 Main  212 404 7970


PROCESS COLORS MintX_Logo.eps JAD-001 M1 Maria Gaskill  CS3

Date Artist

11 Nov 09 KCMacD

Design Dir Allison Koller

Process Offset 100%









Logo Art

FS Residential






Congratulations to FirstService Residential on your leadership in energy efficiency and sustainability. Fax    212 404 7941



Pantone 2748 C


From your friends at JAD Corporation

New York Water Management 718-686-0040

JAD Corporation of America (718) 762-8900 20-48 119th Street College Point, NY 11356



From your Friends at Continental Lighting Continental Lighting Corp. Supplying commercial lighting services since 1988

268-04 Hillside Avenue, Floral Park, NY 11001 Tel: 1-800-560-1466

Jason Walker & The

Congratulates Esther on a wonderful achievement!


(212) 965 6090

Esther Muller

On Turning



opened my school twenty years ago, with the encouragement of Lewis Rudin, to focus on furthering ethics and providing relevant and updated content to the real estate brokerage community,” says Esther Muller, co-founder of the Academy for Continuing Education (ACE). “Since then, I’ve seen the industry transformed and revolutionized for the better.”

4A •

“People sometimes forget that Esther Muller was in the retail business, and

the Real Estate Academy and both our efforts to bring women into the and blessings in my life —Faith Hope Consolo, Chairperson, Retail Leasing Division, Douglas Elliman

Dottie Herman, President and CEO, Douglas Elliman, and Esther

It therefore comes as no surprise that ACE is now embarking on its third decade of success, having graduated over 4500 students

second book ‘Success is the Destination’, following on the heels position of Professor and Director at the Graduate School of Busi issues in major media. Her depth of knowledge and experience has made her a legend with industry peers.

PROFESSIONAL DELIVERY WITH LUMINARIES But it doesn’t stop there. While real estate professionals can reg

industry practitioners that teach have made her school so popular.”

Howard Lorber, Chairman, Douglas Elliman, and Esther

Jeff Appel, Esther, and Laura Scott • 5A

35 •

Top: Jonathan Miller, President and CEO, Miller Samuel, and Esther with one of her classes Center (Left): ACE Team: Esther Muller and Professor Benjamin Wieder, Co-Founders, with Edreana Hampton, Executive Director, and Karen Loew, Creative Director (Right): Tom Positilio, Esther and Mickey Conlon, stars of Selling New York Bottom (Left): Bruce Wayne Solomon, Esther Muller and Jerry Feeney, Esq. (Right): Architects panel: Randy Gerner of Gerner, Kronick + Valcarcel, Eugene Flotteron of CetraRuddy, Eran Chen of ODA-Architecture, Esther, and Susanna Sirefman, moderator, from Dovetail Design Strategies.


• •

Learn How to Become a Real Estate Agent Learn How to Get Your Broker’s License Renew Your License with Continuing Education Through Live Seminars Renew Your License with Continuing Education On-line Learn the Status of Your License

at ACE’s next continuing education empowerment 3-day conference New Jersey Real Estate Continuing Education

FLORIDA LICENSING COURSES ONLINE! ACE has partnered with Career WebSchool to offer the following online real estate & appraisal courses: •

New Jersey Appraisal Courses •

Florida Real Estate Licensing Courses Florida Appraisal Courses

Some of the industry’s leading experts include Amir Korangy, Barbara Corcoran, Barbara Fox, David Maundrell, David Schlamm, Diane Ramirez, Dottie Herman, Elizabeth Stribling, Eric Trump, Faith Hope Consolo, Frederick Peters, Gary Malin, Jerry Feeney, John Reinhardt, Kelly Mack, Leonard Steinberg, Richard Dickson, Richard Mack, Robert Knakal, Stefani Markowitz, Wendy Maitland, Wil liam Rudin, and many other notable guest lecturers.

ONLINE DELIVERY Understanding the need to remain current and build upon the advances of technology over the past two decades, ACE has strived to incorporate the latest delivery methods of its educational content. “I also busy schedules that brokers and sales agents are sub ject to,” Muller says. As a result, her school launched, continuing education courses. “With this innova tion, the school has successfully entered the world of virtual education,” Muller asserts. “I am thrilled to say that our courses may be completed anywhere

Esther with Barbara Corcoran

“Most of my teachers are practitioners, so they can talk about the business by having lived it, which makes a huge difference.” • 7A

Press panelists from left: David Kaufman, New York Post, Valerie Block of Crain’s New York Business, Esther, Faith Hope Consolo, moderator, Chairman of Retail at Douglas Elliman, Julie Satow, The New York Times, Guelda Voien, of the Mortgage Observer, Katherine Clarke, The Daily News, Peter Grant, The Wall Street Journal Center Left: Leigh Kamping-Carder, senior editor of BrickUnderground, Esther, Drew Lang of Lang Architecture, Zach and Cody Vichinsky of Bespoke Real Estate Center Right: Frederick Peters, President of Warburg Realty and Esther

Bottom: Developers Panel: Michael Stern of JDS Development Group, Esther, Ofer Yardeni of Stonehenge Partners, with Katherine Clarke– moderator, from the New York Daily News, Charles Bendit of Taconic Investment Partners, and David von Spreckelsen of Toll Brothers City Living

By bringing top practitioners together

8A •

©2015 Mattel. All Rights Reserved.



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A Special Edition from Sokol Media



Turning 20!

Photo: Howard Weschler



Sokol Media's Annual TOP Organization To Watch CREW NY


Sokol Media's Annual TOP Organization To Watch CREW NY